BOIGELAW: 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.
BOIGELAW
Largest movements
- Cash +€89,654
up €89,654 (+154.4%), from €58,048 to €147,701
mainly Net result for the year (+€77,961) and Tax, wage and social debts (+€11,951)
- Reserves +€77,961
up €77,961 (+170.5%), from €45,727 to €123,688
- Tax, wage and social debts +€11,951
up €11,951 (+92.4%), from €12,940 to €24,891
- Gross operating margin +€41,921
up €41,921 (+69.1%), from €60,677 to €102,598
- Taxes +€9,511
up €9,511 (+74.9%), from €12,690 to €22,201
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 | €63,747 | €153,251 | +€89,504 | +140.4% |
| Formation expenses | 20 | €983 | €741 | -€242 | -24.6% |
| Current assets | 29/58 | €62,764 | €152,509 | +€89,746 | +143.0% |
| Cash at bank and in hand | 54/58 | €58,048 | €147,701 | +€89,654 | +154.4% |
| Deferred charges and accrued income | 490/1 | €4,716 | €4,808 | +€92 | +2.0% |
| Total equity and liabilities | 10/49 | €63,747 | €153,251 | +€89,504 | +140.4% |
| Equity | 10/15 | €49,227 | €127,188 | +€77,961 | +158.4% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €45,727 | €123,688 | +€77,961 | +170.5% |
| Distributable reserves | 133 | €45,727 | €123,688 | +€77,961 | +170.5% |
| Amounts payable | 17/49 | €14,520 | €26,063 | +€11,543 | +79.5% |
| Amounts payable within one year | 42/48 | €14,520 | €26,063 | +€11,543 | +79.5% |
| Trade debts | 44 | €426 | €1,172 | +€746 | +175.0% |
| Suppliers | 440/4 | €426 | €1,172 | +€746 | +175.0% |
| Taxes, remuneration and social security | 45 | €12,940 | €24,891 | +€11,951 | +92.4% |
| Taxes | 450/3 | €12,940 | €24,891 | +€11,951 | +92.4% |
| Other amounts payable | 47/48 | €1,154 | - | -€1,154 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €227 | €242 | +€15 | +6.7% |
| Other operating charges | 640/8 | €1,131 | €2,063 | +€933 | +82.5% |
| Gross operating margin | 9900 | €60,677 | €102,598 | +€41,921 | +69.1% |
| Operating profit (loss) | 9901 | €59,320 | €100,293 | +€40,973 | +69.1% |
| Financial charges | 65/66B | €70 | €132 | +€62 | +89.2% |
| Recurring financial charges | 65 | €70 | €132 | +€62 | +89.2% |
| Profit (loss) for the period before taxes | 9903 | €59,250 | €100,161 | +€40,911 | +69.0% |
| Income taxes | 67/77 | €12,690 | €22,201 | +€9,511 | +74.9% |
| Profit (loss) for the period | 9904 | €46,560 | €77,961 | +€31,400 | +67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,560 | €77,961 | +€31,400 | +67.4% |
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 3 October 2026 via checked.be.