BOGIMADS: 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.
BOGIMADS
Largest movements
- Current investments +€956,370
up €956,370 (+112%), from €855,973 to €1.8m
- Cash -€734,362
down €734,362 (-88.4%), from €830,316 to €95,954
mainly Current investments (-€956,370) and Contributions, distributions and other (-€307,867)
- Tangible fixed assets -€160,600
down €160,600 (-7.7%), from €2.1m to €1.9m
of which Land and buildings: -€160,303
- Other debts +€246,554
up €246,554 (+400%), from €61,631 to €308,185
- Reserves -€198,017
down €198,017 (-9.8%), from €2.0m to €1.8m
of which Distributable reserves: -€139,517
- Gross operating margin -€15,189
down €15,189 (-4.1%), from €372,426 to €357,238
- Depreciation -€11,028
down €11,028 (-6.3%), from €175,408 to €164,379
- Financial income +€4,552
up €4,552 (+33.0%), from €13,797 to €18,348
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 | €3,932,195 | €3,955,530 | +€23,334 | +0.6% |
| Fixed assets | 21/28 | €2,178,264 | €2,017,664 | -€160,600 | -7.4% |
| Tangible fixed assets | 22/27 | €2,078,264 | €1,917,664 | -€160,600 | -7.7% |
| Land and buildings | 22 | €2,068,507 | €1,908,204 | -€160,303 | -7.7% |
| Furniture and vehicles | 24 | €9,757 | €9,460 | -€297 | -3.0% |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €1,753,932 | €1,937,866 | +€183,934 | +10.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €38,037 | €25,741 | -€12,296 | -32.3% |
| Trade receivables | 40 | €38,037 | €25,741 | -€12,296 | -32.3% |
| Current investments | 50/53 | €855,973 | €1,812,343 | +€956,370 | +112% |
| Cash at bank and in hand | 54/58 | €830,316 | €95,954 | -€734,362 | -88.4% |
| Deferred charges and accrued income | 490/1 | €29,605 | €3,828 | -€25,778 | -87.1% |
| Total equity and liabilities | 10/49 | €3,932,195 | €3,955,530 | +€23,334 | +0.6% |
| Equity | 10/15 | €2,879,962 | €2,681,946 | -€198,017 | -6.9% |
| Contributions | 10/11 | €857,172 | €857,172 | = | 0.0% |
| Reserves | 13 | €2,022,791 | €1,824,774 | -€198,017 | -9.8% |
| Tax-exempt reserves | 132 | €898,591 | €840,091 | -€58,500 | -6.5% |
| Distributable reserves | 133 | €1,124,200 | €984,683 | -€139,517 | -12.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €911,284 | €891,784 | -€19,500 | -2.1% |
| Provisions for liabilities and charges | 160/5 | €628,534 | €628,534 | = | 0.0% |
| Pensions and similar obligations | 160 | €628,534 | €628,534 | = | 0.0% |
| Deferred taxes | 168 | €282,750 | €263,250 | -€19,500 | -6.9% |
| Amounts payable | 17/49 | €140,949 | €381,800 | +€240,851 | +171% |
| Amounts payable within one year | 42/48 | €99,703 | €329,435 | +€229,732 | +230% |
| Trade debts | 44 | €2,503 | €3,638 | +€1,135 | +45.3% |
| Suppliers | 440/4 | €2,503 | €3,638 | +€1,135 | +45.3% |
| Taxes, remuneration and social security | 45 | €35,569 | €17,612 | -€17,957 | -50.5% |
| Taxes | 450/3 | €35,569 | €17,612 | -€17,957 | -50.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €61,631 | €308,185 | +€246,554 | +400% |
| Accrued charges and deferred income | 492/3 | €41,246 | €52,365 | +€11,119 | +27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,408 | €164,379 | -€11,028 | -6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €147 | €0 | -€147 | -100% |
| Other operating charges | 640/8 | €38,328 | €41,300 | +€2,972 | +7.8% |
| Gross operating margin | 9900 | €372,426 | €357,238 | -€15,189 | -4.1% |
| Operating profit (loss) | 9901 | €158,544 | €151,559 | -€6,985 | -4.4% |
| Financial income | 75/76B | €13,797 | €18,348 | +€4,552 | +33.0% |
| Recurring financial income | 75 | €13,797 | €18,348 | +€4,552 | +33.0% |
| Financial charges | 65/66B | €112 | €83 | -€29 | -25.8% |
| Recurring financial charges | 65 | €112 | €83 | -€29 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €172,228 | €169,823 | -€2,405 | -1.4% |
| Transfer from deferred taxes | 780 | €19,500 | €19,500 | = | 0.0% |
| Income taxes | 67/77 | €77,788 | €79,473 | +€1,684 | +2.2% |
| Profit (loss) for the period | 9904 | €113,940 | €109,851 | -€4,089 | -3.6% |
| Transfer from tax-exempt reserves | 789 | €58,500 | €58,500 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €172,440 | €168,351 | -€4,089 | -2.4% |
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 13 October 2026 via checked.be.