BOGEST: what changed
Two fiscal 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.
BOGEST
Largest movements
- Receivables within one year +€93,123
up €93,123 (+177.8%), from €52,374 to €145,497
of which Other amounts receivable: +€79,566
- Cash -€30,729
down €30,729 (-42.5%), from €72,348 to €41,619
mainly Receivables within one year (-€93,123) and Stocks and contracts (-€12,624)
- Stocks and contracts +€12,624
up €12,624 (+8.2%), from €153,963 to €166,587
- Short-term financial debts +€46,862
new in 2025: €46,862
- Reserves +€18,940
up €18,940 (+13.1%), from €144,143 to €163,083
of which Distributable reserves: +€39,990
- Trade debts +€5,784
up €5,784 (+5.3%), from €108,555 to €114,339
- Tax, wage and social debts +€4,005
up €4,005 (+28.6%), from €13,993 to €17,998
of which Taxes: +€4,006
- Gross operating margin +€6,384
up €6,384 (+12.2%), from €52,434 to €58,818
- Taxes +€4,114
up €4,114 (+41.5%), from €9,915 to €14,029
- Depreciation -€3,509
down €3,509 (-79.4%), from €4,418 to €908
- Financial income -€1,257
down €1,257 (-33.2%), from €3,783 to €2,526
- Financial charges -€907
down €907 (-7.9%), from €11,469 to €10,562
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.
Cash bridge derived
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 | €291,905 | €367,587 | +€75,682 | +25.9% |
| Fixed assets | 21/28 | €6,002 | €5,094 | -€908 | -15.1% |
| Tangible fixed assets | 22/27 | €4,659 | €3,750 | -€908 | -19.5% |
| Land and buildings | 22 | €3,468 | €3,140 | -€328 | -9.4% |
| Plant, machinery and equipment | 23 | €1,191 | €610 | -€581 | -48.8% |
| Financial fixed assets | 28 | €1,344 | €1,344 | = | 0.0% |
| Current assets | 29/58 | €285,903 | €362,493 | +€76,591 | +26.8% |
| Stocks and contracts in progress | 3 | €153,963 | €166,587 | +€12,624 | +8.2% |
| Stocks | 30/36 | €153,963 | €166,587 | +€12,624 | +8.2% |
| Amounts receivable within one year | 40/41 | €52,374 | €145,497 | +€93,123 | +177.8% |
| Trade receivables | 40 | €48,096 | €61,653 | +€13,558 | +28.2% |
| Other amounts receivable | 41 | €4,279 | €83,844 | +€79,566 | +1859.6% |
| Cash at bank and in hand | 54/58 | €72,348 | €41,619 | -€30,729 | -42.5% |
| Deferred charges and accrued income | 490/1 | €7,218 | €8,790 | +€1,573 | +21.8% |
| Total equity and liabilities | 10/49 | €291,905 | €367,587 | +€75,682 | +25.9% |
| Equity | 10/15 | €163,305 | €182,247 | +€18,943 | +11.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €144,143 | €163,083 | +€18,940 | +13.1% |
| Tax-exempt reserves | 132 | €81,683 | €60,633 | -€21,050 | -25.8% |
| Distributable reserves | 133 | €62,459 | €102,449 | +€39,990 | +64.0% |
| Profit (loss) carried forward | 14 | €570 | €573 | +€3 | +0.5% |
| Amounts payable | 17/49 | €128,600 | €185,340 | +€56,740 | +44.1% |
| Amounts payable within one year | 42/48 | €122,548 | €179,199 | +€56,651 | +46.2% |
| Financial debts | 43 | - | €46,862 | +€46,862 | |
| Credit institutions | 430/8 | - | €46,862 | +€46,862 | |
| Trade debts | 44 | €108,555 | €114,339 | +€5,784 | +5.3% |
| Suppliers | 440/4 | €108,555 | €114,339 | +€5,784 | +5.3% |
| Taxes, remuneration and social security | 45 | €13,993 | €17,998 | +€4,005 | +28.6% |
| Taxes | 450/3 | €13,264 | €17,270 | +€4,006 | +30.2% |
| Remuneration and social security | 454/9 | €729 | €728 | -€1 | -0.1% |
| Accrued charges and deferred income | 492/3 | €6,052 | €6,141 | +€89 | +1.5% |
| Remuneration, social security and pensions | 62 | €4,137 | €4,137 | +€0 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,418 | €908 | -€3,509 | -79.4% |
| Other operating charges | 640/8 | €4,630 | €4,764 | +€135 | +2.9% |
| Gross operating margin | 9900 | €52,434 | €58,818 | +€6,384 | +12.2% |
| Operating profit (loss) | 9901 | €39,249 | €49,008 | +€9,758 | +24.9% |
| Financial income | 75/76B | €3,783 | €2,526 | -€1,257 | -33.2% |
| Recurring financial income | 75 | €3,783 | €2,526 | -€1,257 | -33.2% |
| Financial charges | 65/66B | €11,469 | €10,562 | -€907 | -7.9% |
| Recurring financial charges | 65 | €11,469 | €10,562 | -€907 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €31,563 | €40,972 | +€9,408 | +29.8% |
| Income taxes | 67/77 | €9,915 | €14,029 | +€4,114 | +41.5% |
| Profit (loss) for the period | 9904 | €21,648 | €26,943 | +€5,294 | +24.5% |
| Transfer from tax-exempt reserves | 789 | - | €21,050 | +€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,648 | €47,993 | +€26,344 | +121.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.