BOING: 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.
BOING
Largest movements
- Stocks and contracts +€136,541
up €136,541 (+70.5%), from €193,680 to €330,221
- Receivables within one year -€118,199
down €118,199 (-58.4%), from €202,543 to €84,343
of which Trade receivables: -€118,168
- Cash +€68,818
up €68,818 (+25.2%), from €273,283 to €342,101
mainly Receivables within one year (+€118,199) and Net result for the year (+€111,817)
- Reserves +€109,091
up €109,091 (+49.4%), from €220,853 to €329,944
of which Distributable reserves: +€109,091
- Trade debts +€56,523
up €56,523 (+142%), from €39,809 to €96,332
- Debts after one year -€37,868
down €37,868 (-4.0%), from €957,297 to €919,428
- Advances received -€32,156
down €32,156 (-26.9%), from €119,742 to €87,587
- Gross operating margin +€136,699
up €136,699 (+42.3%), from €323,212 to €459,911
- Depreciation -€120,068
down €120,068 (-69.4%), from €173,056 to €52,988
- Taxes +€45,092
up €45,092, from -€3,419 to €41,673
- Financial charges +€38,313
up €38,313 (+398%), from €9,634 to €47,947
- Financial income +€8,804
up €8,804 (+148%), from €5,946 to €14,751
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 | €1,957,099 | €2,043,896 | +€86,797 | +4.4% |
| Fixed assets | 21/28 | €1,277,873 | €1,262,333 | -€15,540 | -1.2% |
| Tangible fixed assets | 22/27 | €1,277,873 | €1,262,333 | -€15,540 | -1.2% |
| Land and buildings | 22 | €1,254,062 | €1,211,678 | -€42,385 | -3.4% |
| Plant, machinery and equipment | 23 | €8,971 | €31,053 | +€22,081 | +246% |
| Furniture and vehicles | 24 | €14,840 | €19,603 | +€4,763 | +32.1% |
| Current assets | 29/58 | €679,226 | €781,563 | +€102,337 | +15.1% |
| Stocks and contracts in progress | 3 | €193,680 | €330,221 | +€136,541 | +70.5% |
| Stocks | 30/36 | €193,680 | €330,221 | +€136,541 | +70.5% |
| Amounts receivable within one year | 40/41 | €202,543 | €84,343 | -€118,199 | -58.4% |
| Trade receivables | 40 | €187,066 | €68,899 | -€118,168 | -63.2% |
| Other amounts receivable | 41 | €15,476 | €15,445 | -€32 | -0.2% |
| Cash at bank and in hand | 54/58 | €273,283 | €342,101 | +€68,818 | +25.2% |
| Deferred charges and accrued income | 490/1 | €9,720 | €24,898 | +€15,178 | +156% |
| Total equity and liabilities | 10/49 | €1,957,099 | €2,043,896 | +€86,797 | +4.4% |
| Equity | 10/15 | €740,433 | €852,249 | +€111,817 | +15.1% |
| Contributions | 10/11 | €507,744 | €507,744 | = | 0.0% |
| Capital | 10 | €507,744 | €507,744 | = | 0.0% |
| Issued capital | 100 | €507,744 | €507,744 | = | 0.0% |
| Reserves | 13 | €220,853 | €329,944 | +€109,091 | +49.4% |
| Non-distributable reserves | 130/1 | €50,774 | €50,774 | = | 0.0% |
| Legal reserve | 130 | €50,774 | €50,774 | = | 0.0% |
| Distributable reserves | 133 | €170,079 | €279,170 | +€109,091 | +64.1% |
| Profit (loss) carried forward | 14 | €11,835 | €14,561 | +€2,726 | +23.0% |
| Amounts payable | 17/49 | €1,216,667 | €1,191,647 | -€25,020 | -2.1% |
| Amounts payable after more than one year | 17 | €957,297 | €919,428 | -€37,868 | -4.0% |
| Financial debts | 170/4 | €957,297 | €919,428 | -€37,868 | -4.0% |
| Amounts payable within one year | 42/48 | €259,370 | €272,025 | +€12,655 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €36,698 | €37,868 | +€1,170 | +3.2% |
| Financial debts | 43 | €6,824 | €434 | -€6,390 | -93.6% |
| Credit institutions | 430/8 | €6,824 | €434 | -€6,390 | -93.6% |
| Trade debts | 44 | €39,809 | €96,332 | +€56,523 | +142% |
| Suppliers | 440/4 | €39,809 | €96,332 | +€56,523 | +142% |
| Advances received on contracts in progress | 46 | €119,742 | €87,587 | -€32,156 | -26.9% |
| Taxes, remuneration and social security | 45 | €51,661 | €47,147 | -€4,514 | -8.7% |
| Taxes | 450/3 | €17,197 | €26,795 | +€9,598 | +55.8% |
| Remuneration and social security | 454/9 | €34,464 | €20,352 | -€14,112 | -40.9% |
| Other amounts payable | 47/48 | €4,636 | €2,657 | -€1,979 | -42.7% |
| Accrued charges and deferred income | 492/3 | - | €194 | +€194 | |
| Remuneration, social security and pensions | 62 | €202,591 | €209,122 | +€6,531 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,056 | €52,988 | -€120,068 | -69.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €660 | - | -€660 | |
| Other operating charges | 640/8 | €3,356 | €11,115 | +€7,760 | +231% |
| Gross operating margin | 9900 | €323,212 | €459,911 | +€136,699 | +42.3% |
| Operating profit (loss) | 9901 | -€56,451 | €186,685 | +€243,136 | |
| Financial income | 75/76B | €5,946 | €14,751 | +€8,804 | +148% |
| Recurring financial income | 75 | €5,946 | €14,751 | +€8,804 | +148% |
| Financial charges | 65/66B | €9,634 | €47,947 | +€38,313 | +398% |
| Recurring financial charges | 65 | €9,634 | €47,947 | +€38,313 | +398% |
| Profit (loss) for the period before taxes | 9903 | -€60,138 | €153,489 | +€213,628 | |
| Income taxes | 67/77 | -€3,419 | €41,673 | +€45,092 | |
| Profit (loss) for the period | 9904 | -€56,719 | €111,817 | +€168,536 | |
| Profit (loss) for the period to be appropriated | 9905 | -€56,719 | €111,817 | +€168,536 |
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 19 October 2026 via checked.be.