Bold Expeditions: what changed
Bold Expeditions
Largest movements
- Receivables within one year -€24,703
down €24,703 (-24.5%), from €101,027 to €76,325
of which Trade receivables: -€15,311
- Deferred charges and accrued income +€2,400
new in 2025: €2,400
- Cash +€1,596
up €1,596 (+8.2%), from €19,423 to €21,019
mainly Receivables within one year (+€24,703) and Net result for the year (+€14,813)
- Trade debts -€22,664
down €22,664 (-79.3%), from €28,569 to €5,905
- Profit (loss) carried forward +€14,813
new in 2025: €14,813
- Tax, wage and social debts -€13,025
down €13,025 (-47.3%), from €27,547 to €14,522
- Gross operating margin -€3,525
down €3,525 (-11.8%), from €29,952 to €26,427
- Financial charges +€2,886
up €2,886 (+418%), from €691 to €3,577
- Other operating charges -€2,791
down €2,791 (-79.7%), from €3,504 to €713
- Depreciation -€2,467
down €2,467 (-56.2%), from €4,386 to €1,919
- Taxes -€2,286
down €2,286 (-29.5%), from €7,735 to €5,449
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €126,088 | €105,440 | -€20,648 | -16.4% |
| Fixed assets | 21/28 | €5,638 | €5,696 | +€58 | +1.0% |
| Tangible fixed assets | 22/27 | €5,638 | €5,196 | -€442 | -7.8% |
| Plant, machinery and equipment | 23 | €1,991 | €2,365 | +€374 | +18.8% |
| Furniture and vehicles | 24 | €3,647 | €2,831 | -€816 | -22.4% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €120,450 | €99,744 | -€20,706 | -17.2% |
| Amounts receivable within one year | 40/41 | €101,027 | €76,325 | -€24,703 | -24.5% |
| Trade receivables | 40 | €85,724 | €70,413 | -€15,311 | -17.9% |
| Other amounts receivable | 41 | €15,303 | €5,911 | -€9,392 | -61.4% |
| Cash at bank and in hand | 54/58 | €19,423 | €21,019 | +€1,596 | +8.2% |
| Deferred charges and accrued income | 490/1 | - | €2,400 | +€2,400 | |
| Total equity and liabilities | 10/49 | €126,088 | €105,440 | -€20,648 | -16.4% |
| Equity | 10/15 | €67,517 | €82,330 | +€14,813 | +21.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €61,317 | €61,317 | = | 0.0% |
| Distributable reserves | 133 | €61,317 | €61,317 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €14,813 | +€14,813 | |
| Amounts payable | 17/49 | €58,571 | €23,110 | -€35,461 | -60.5% |
| Amounts payable within one year | 42/48 | €58,571 | €23,110 | -€35,461 | -60.5% |
| Trade debts | 44 | €28,569 | €5,905 | -€22,664 | -79.3% |
| Suppliers | 440/4 | €28,569 | €5,905 | -€22,664 | -79.3% |
| Taxes, remuneration and social security | 45 | €27,547 | €14,522 | -€13,025 | -47.3% |
| Taxes | 450/3 | €27,547 | €14,522 | -€13,025 | -47.3% |
| Other amounts payable | 47/48 | €2,455 | €2,684 | +€228 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,386 | €1,919 | -€2,467 | -56.2% |
| Other operating charges | 640/8 | €3,504 | €713 | -€2,791 | -79.7% |
| Gross operating margin | 9900 | €29,952 | €26,427 | -€3,525 | -11.8% |
| Operating profit (loss) | 9901 | €22,062 | €23,795 | +€1,733 | +7.9% |
| Financial income | 75/76B | €0 | €45 | +€45 | +44,930% |
| Recurring financial income | 75 | €0 | €45 | +€45 | +44,930% |
| Financial charges | 65/66B | €691 | €3,577 | +€2,886 | +418% |
| Recurring financial charges | 65 | €691 | €3,577 | +€2,886 | +418% |
| Profit (loss) for the period before taxes | 9903 | €21,371 | €20,262 | -€1,109 | -5.2% |
| Income taxes | 67/77 | €7,735 | €5,449 | -€2,286 | -29.5% |
| Profit (loss) for the period | 9904 | €13,636 | €14,813 | +€1,177 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,636 | €14,813 | +€1,177 | +8.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.