BOGER: 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.
BOGER
Largest movements
- Receivables after one year +€90,667
new in 2025: €90,667
- Receivables within one year -€58,451
down €58,451 (-64.5%), from €90,685 to €32,234
of which Other amounts receivable: -€71,441
- Tangible fixed assets -€27,197
down €27,197 (-7.9%), from €345,980 to €318,783
of which Land and buildings: -€30,387
- Debts after one year +€87,624
up €87,624 (+46.4%), from €189,018 to €276,642
of which Other amounts payable: +€131,383
- Other debts -€72,840
down €72,840 (-98.5%), from €73,940 to €1,100
- Tax, wage and social debts -€5,587
down €5,587 (-47.6%), from €11,745 to €6,158
of which Remuneration and social security: -€3,485
- Financial charges +€21,875
up €21,875 (+140%), from €15,577 to €37,453
- Taxes -€8,904
down €8,904, from €8,832 to -€72
- Gross operating margin -€4,529
down €4,529 (-5.6%), from €81,435 to €76,906
- Depreciation +€3,222
up €3,222 (+10.9%), from €29,601 to €32,823
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 | €449,125 | €449,163 | +€37 | 0.0% |
| Fixed assets | 21/28 | €351,423 | €324,226 | -€27,197 | -7.7% |
| Tangible fixed assets | 22/27 | €345,980 | €318,783 | -€27,197 | -7.9% |
| Land and buildings | 22 | €344,329 | €313,942 | -€30,387 | -8.8% |
| Plant, machinery and equipment | 23 | €1,483 | €4,842 | +€3,359 | +227% |
| Furniture and vehicles | 24 | €168 | €0 | -€168 | -100% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €5,443 | €5,443 | = | 0.0% |
| Current assets | 29/58 | €97,702 | €124,936 | +€27,234 | +27.9% |
| Amounts receivable after more than one year | 29 | - | €90,667 | +€90,667 | |
| Other amounts receivable | 291 | - | €90,667 | +€90,667 | |
| Amounts receivable within one year | 40/41 | €90,685 | €32,234 | -€58,451 | -64.5% |
| Trade receivables | 40 | €4,424 | €17,414 | +€12,989 | +294% |
| Other amounts receivable | 41 | €86,261 | €14,820 | -€71,441 | -82.8% |
| Cash at bank and in hand | 54/58 | €3,417 | €526 | -€2,891 | -84.6% |
| Deferred charges and accrued income | 490/1 | €3,600 | €1,510 | -€2,090 | -58.1% |
| Total equity and liabilities | 10/49 | €449,125 | €449,163 | +€37 | 0.0% |
| Equity | 10/15 | €118,529 | €118,862 | +€333 | +0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,560 | €57,560 | = | 0.0% |
| Distributable reserves | 133 | €57,560 | €57,560 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,370 | €42,702 | +€333 | +0.8% |
| Amounts payable | 17/49 | €330,596 | €330,301 | -€295 | -0.1% |
| Amounts payable after more than one year | 17 | €189,018 | €276,642 | +€87,624 | +46.4% |
| Financial debts | 170/4 | €189,018 | €145,259 | -€43,759 | -23.2% |
| Other amounts payable | 178/9 | €0 | €131,383 | +€131,383 | |
| Amounts payable within one year | 42/48 | €137,425 | €53,659 | -€83,766 | -61.0% |
| Current portion of amounts payable after more than one year | 42 | €49,071 | €45,201 | -€3,870 | -7.9% |
| Trade debts | 44 | €2,669 | €1,200 | -€1,469 | -55.0% |
| Suppliers | 440/4 | €2,669 | €1,200 | -€1,469 | -55.0% |
| Taxes, remuneration and social security | 45 | €11,745 | €6,158 | -€5,587 | -47.6% |
| Taxes | 450/3 | €8,260 | €6,158 | -€2,102 | -25.4% |
| Remuneration and social security | 454/9 | €3,485 | €0 | -€3,485 | -100% |
| Other amounts payable | 47/48 | €73,940 | €1,100 | -€72,840 | -98.5% |
| Accrued charges and deferred income | 492/3 | €4,153 | €0 | -€4,153 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,601 | €32,823 | +€3,222 | +10.9% |
| Other operating charges | 640/8 | €5,971 | €6,370 | +€399 | +6.7% |
| Gross operating margin | 9900 | €81,435 | €76,906 | -€4,529 | -5.6% |
| Operating profit (loss) | 9901 | €45,864 | €37,713 | -€8,150 | -17.8% |
| Financial income | 75/76B | - | €0 | = | |
| Recurring financial income | 75 | - | €0 | = | |
| Financial charges | 65/66B | €15,577 | €37,453 | +€21,875 | +140% |
| Recurring financial charges | 65 | €15,577 | €37,453 | +€21,875 | +140% |
| Profit (loss) for the period before taxes | 9903 | €30,286 | €261 | -€30,025 | -99.1% |
| Income taxes | 67/77 | €8,832 | -€72 | -€8,904 | |
| Profit (loss) for the period | 9904 | €21,454 | €333 | -€21,121 | -98.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,454 | €333 | -€21,121 | -98.4% |
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 25 October 2026 via checked.be.