BOGAFI: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BOGAFI
Largest movements
- Current investments +€1.3m
up €1.3m (+350%), from €377,515 to €1.7m
- Tangible fixed assets -€1.3m
down €1.3m (-9.4%), from €13.3m to €12.1m
of which Land and buildings: -€1.2m
- Receivables within one year -€1.1m
down €1.1m (-90.7%), from €1.2m to €110,444
of which Other amounts receivable: -€943,807
- Financial fixed assets +€900,000
up €900,000 (+900%), from €100,000 to €1.0m
- Cash +€274,516
up €274,516 (+152%), from €181,013 to €455,529
mainly Receivables within one year (+€1.1m) and Depreciation (+€703,337)
- Reserves +€585,195
up €585,195 (+7.2%), from €8.2m to €8.7m
of which Distributable reserves: +€488,504
- Debts after one year -€418,015
down €418,015 (-9.9%), from €4.2m to €3.8m
of which Financial debts: -€2.4m
- Gross operating margin +€1.2m
up €1.2m (+154%), from €769,550 to €2.0m
- Depreciation -€344,960
down €344,960 (-32.9%), from €1.0m to €703,337
- Taxes -€248,162
down €248,162 (-63.4%), from €391,666 to €143,503
- Financial charges +€56,021
up €56,021 (+28.5%), from €196,225 to €252,245
of which Non-recurring financial charges: +€45,632
- Staff costs -€31,959
down €31,959 (-13.9%), from €229,150 to €197,192
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,241,836 | €15,403,827 | +€161,990 | +1.1% |
| Fixed assets | 21/28 | €13,416,439 | €13,059,542 | -€356,896 | -2.7% |
| Tangible fixed assets | 22/27 | €13,316,439 | €12,059,542 | -€1.3m | -9.4% |
| Land and buildings | 22 | €13,236,408 | €12,016,651 | -€1.2m | -9.2% |
| Plant, machinery and equipment | 23 | €17,157 | €0 | -€17,157 | -100% |
| Furniture and vehicles | 24 | €62,874 | €42,891 | -€19,983 | -31.8% |
| Financial fixed assets | 28 | €100,000 | €1,000,000 | +€900,000 | +900% |
| Current assets | 29/58 | €1,825,398 | €2,344,284 | +€518,887 | +28.4% |
| Amounts receivable within one year | 40/41 | €1,186,414 | €110,444 | -€1.1m | -90.7% |
| Trade receivables | 40 | €228,162 | €96,000 | -€132,162 | -57.9% |
| Other amounts receivable | 41 | €958,252 | €14,444 | -€943,807 | -98.5% |
| Current investments | 50/53 | €377,515 | €1,700,000 | +€1.3m | +350% |
| Cash at bank and in hand | 54/58 | €181,013 | €455,529 | +€274,516 | +152% |
| Deferred charges and accrued income | 490/1 | €80,456 | €78,311 | -€2,145 | -2.7% |
| Total equity and liabilities | 10/49 | €15,241,836 | €15,403,827 | +€161,990 | +1.1% |
| Equity | 10/15 | €9,588,156 | €10,161,247 | +€573,091 | +6.0% |
| Contributions | 10/11 | €1,312,500 | €1,312,500 | = | 0.0% |
| Capital | 10 | €1,312,500 | €1,312,500 | = | 0.0% |
| Issued capital | 100 | €1,312,500 | €1,312,500 | = | 0.0% |
| Reserves | 13 | €8,160,652 | €8,745,847 | +€585,195 | +7.2% |
| Non-distributable reserves | 130/1 | €131,250 | €131,250 | = | 0.0% |
| Legal reserve | 130 | €131,250 | €131,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,524,213 | €5,620,904 | +€96,691 | +1.8% |
| Distributable reserves | 133 | €2,505,189 | €2,993,693 | +€488,504 | +19.5% |
| Investment grants | 15 | €115,004 | €102,900 | -€12,104 | -10.5% |
| Provisions and deferred taxes | 16 | €706,741 | €810,614 | +€103,873 | +14.7% |
| Deferred taxes | 168 | €706,741 | €810,614 | +€103,873 | +14.7% |
| Amounts payable | 17/49 | €4,946,940 | €4,431,965 | -€514,974 | -10.4% |
| Amounts payable after more than one year | 17 | €4,217,400 | €3,799,386 | -€418,015 | -9.9% |
| Financial debts | 170/4 | €4,217,400 | €1,811,386 | -€2.4m | -57.0% |
| Other amounts payable | 178/9 | - | €1,988,000 | +€2.0m | |
| Amounts payable within one year | 42/48 | €514,480 | €491,829 | -€22,651 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €415,218 | €418,015 | +€2,797 | +0.7% |
| Trade debts | 44 | €31,902 | €17,255 | -€14,647 | -45.9% |
| Suppliers | 440/4 | €31,902 | €17,255 | -€14,647 | -45.9% |
| Taxes, remuneration and social security | 45 | €67,361 | €56,560 | -€10,801 | -16.0% |
| Taxes | 450/3 | €8,384 | €8,193 | -€190 | -2.3% |
| Remuneration and social security | 454/9 | €58,977 | €48,366 | -€10,611 | -18.0% |
| Accrued charges and deferred income | 492/3 | €215,059 | €140,750 | -€74,309 | -34.6% |
| Non-recurring operating income | 76A | €318,117 | €1,292,091 | +€973,974 | +306% |
| Remuneration, social security and pensions | 62 | €229,150 | €197,192 | -€31,959 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,048,297 | €703,337 | -€344,960 | -32.9% |
| Other operating charges | 640/8 | €36,009 | €38,649 | +€2,640 | +7.3% |
| Gross operating margin | 9900 | €769,550 | €1,958,037 | +€1.2m | +154% |
| Operating profit (loss) | 9901 | -€543,906 | €1,018,859 | +€1.6m | |
| Financial income | 75/76B | €57,402 | €65,958 | +€8,556 | +14.9% |
| Recurring financial income | 75 | €57,402 | €65,958 | +€8,556 | +14.9% |
| Financial charges | 65/66B | €196,225 | €252,245 | +€56,021 | +28.5% |
| Recurring financial charges | 65 | €196,225 | €206,613 | +€10,389 | +5.3% |
| Non-recurring financial charges | 66B | - | €45,632 | +€45,632 | |
| Profit (loss) for the period before taxes | 9903 | -€682,730 | €832,571 | +€1.5m | |
| Transfer from deferred taxes | 780 | €605,984 | €122,243 | -€483,741 | -79.8% |
| Transfer to deferred taxes | 680 | - | €226,116 | +€226,116 | |
| Income taxes | 67/77 | €391,666 | €143,503 | -€248,162 | -63.4% |
| Profit (loss) for the period | 9904 | -€468,412 | €585,195 | +€1.1m | |
| Transfer from tax-exempt reserves | 789 | €1,811,917 | €581,656 | -€1.2m | -67.9% |
| Transfer to tax-exempt reserves | 689 | - | €678,348 | +€678,348 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,343,506 | €488,504 | -€855,002 | -63.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.