BOGIMAC: 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.
BOGIMAC
Largest movements
- Intangible fixed assets -€246,743
down €246,743 (-19.5%), from €1.3m to €1.0m
- Receivables within one year +€151,193
up €151,193 (+83.7%), from €180,699 to €331,892
of which Trade receivables: +€157,738
- Tangible fixed assets +€74,721
up €74,721 (+169.6%), from €44,060 to €118,781
of which Assets under construction and advance payments: +€92,012
- Stocks and contracts -€37,669
down €37,669 (-7.1%), from €528,215 to €490,546
of which Contracts in progress: -€115,454
- Other debts +€199,596
up €199,596 (+38.2%), from €521,940 to €721,536
- Debts after one year -€180,832
down €180,832 (-29.3%), from €617,401 to €436,569
- Profit (loss) carried forward -€72,709
down €72,709 (-23.6%), from -€308,045 to -€380,754
- Depreciation +€73,869
up €73,869 (+37.7%), from €196,020 to €269,890
- Gross operating margin -€53,958
down €53,958 (-10.9%), from €496,992 to €443,035
- Staff costs +€51,526
up €51,526 (+32.0%), from €160,943 to €212,470
- Financial charges -€11,372
down €11,372 (-30.9%), from €36,813 to €25,441
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 | €2,036,745 | €1,984,237 | -€52,508 | -2.6% |
| Fixed assets | 21/28 | €1,308,393 | €1,136,371 | -€172,022 | -13.1% |
| Intangible fixed assets | 21 | €1,263,757 | €1,017,014 | -€246,743 | -19.5% |
| Tangible fixed assets | 22/27 | €44,060 | €118,781 | +€74,721 | +169.6% |
| Plant, machinery and equipment | 23 | €20,111 | €16,126 | -€3,984 | -19.8% |
| Furniture and vehicles | 24 | €13,041 | €3,782 | -€9,259 | -71.0% |
| Other tangible fixed assets | 26 | €10,908 | €6,861 | -€4,047 | -37.1% |
| Assets under construction and advance payments | 27 | - | €92,012 | +€92,012 | |
| Financial fixed assets | 28 | €576 | €576 | = | 0.0% |
| Current assets | 29/58 | €728,352 | €847,865 | +€119,514 | +16.4% |
| Stocks and contracts in progress | 3 | €528,215 | €490,546 | -€37,669 | -7.1% |
| Stocks | 30/36 | €375,391 | €453,176 | +€77,785 | +20.7% |
| Contracts in progress | 37 | €152,824 | €37,370 | -€115,454 | -75.5% |
| Amounts receivable within one year | 40/41 | €180,699 | €331,892 | +€151,193 | +83.7% |
| Trade receivables | 40 | €172,755 | €330,492 | +€157,738 | +91.3% |
| Other amounts receivable | 41 | €7,944 | €1,400 | -€6,545 | -82.4% |
| Cash at bank and in hand | 54/58 | €18,731 | €24,395 | +€5,664 | +30.2% |
| Deferred charges and accrued income | 490/1 | €708 | €1,033 | +€325 | +45.9% |
| Total equity and liabilities | 10/49 | €2,036,745 | €1,984,237 | -€52,508 | -2.6% |
| Equity | 10/15 | €552,955 | €480,246 | -€72,709 | -13.1% |
| Contributions | 10/11 | €861,000 | €861,000 | = | 0.0% |
| Capital | 10 | €861,000 | €861,000 | = | 0.0% |
| Issued capital | 100 | €861,000 | €861,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€308,045 | -€380,754 | -€72,709 | -23.6% |
| Amounts payable | 17/49 | €1,483,790 | €1,503,990 | +€20,201 | +1.4% |
| Amounts payable after more than one year | 17 | €617,401 | €436,569 | -€180,832 | -29.3% |
| Financial debts | 170/4 | €617,401 | €436,569 | -€180,832 | -29.3% |
| Amounts payable within one year | 42/48 | €863,023 | €1,067,421 | +€204,398 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €50,076 | €51,432 | +€1,356 | +2.7% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €60,918 | €60,605 | -€314 | -0.5% |
| Suppliers | 440/4 | €60,918 | €60,605 | -€314 | -0.5% |
| Taxes, remuneration and social security | 45 | €30,090 | €33,849 | +€3,759 | +12.5% |
| Taxes | 450/3 | €1,881 | €1,039 | -€842 | -44.8% |
| Remuneration and social security | 454/9 | €28,209 | €32,810 | +€4,601 | +16.3% |
| Other amounts payable | 47/48 | €521,940 | €721,536 | +€199,596 | +38.2% |
| Accrued charges and deferred income | 492/3 | €3,365 | - | -€3,365 | |
| Non-recurring operating income | 76A | €67,227 | - | -€67,227 | |
| Remuneration, social security and pensions | 62 | €160,943 | €212,470 | +€51,526 | +32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €196,020 | €269,890 | +€73,869 | +37.7% |
| Other operating charges | 640/8 | €5,637 | €7,684 | +€2,046 | +36.3% |
| Non-recurring operating charges | 66A | €5,469 | -€323 | -€5,792 | |
| Gross operating margin | 9900 | €496,992 | €443,035 | -€53,958 | -10.9% |
| Operating profit (loss) | 9901 | €128,922 | -€46,685 | -€175,607 | |
| Financial income | 75/76B | €3,303 | €119 | -€3,184 | -96.4% |
| Recurring financial income | 75 | €3,303 | €119 | -€3,184 | -96.4% |
| Financial charges | 65/66B | €36,813 | €25,441 | -€11,372 | -30.9% |
| Recurring financial charges | 65 | €36,813 | €25,441 | -€11,372 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €95,412 | -€72,007 | -€167,419 | |
| Income taxes | 67/77 | €955 | €702 | -€254 | -26.6% |
| Profit (loss) for the period | 9904 | €94,457 | -€72,709 | -€167,166 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,457 | -€72,709 | -€167,166 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.