BOLDER: 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.
BOLDER
Largest movements
- Cash -€46,171
down €46,171 (-67.5%), from €68,425 to €22,254
mainly Contributions, distributions and other (-€45,000) and Investment in fixed assets (net) (-€44,780)
- Receivables within one year +€35,159
up €35,159 (+198.9%), from €17,675 to €52,833
- Receivables after one year +€32,285
new in 2025: €32,285
- Tangible fixed assets +€18,054
up €18,054 (+4.0%), from €455,474 to €473,528
of which Land and buildings: +€19,007
- Profit (loss) carried forward +€33,767
new in 2025: €33,767
- Debts after one year -€27,568
down €27,568 (-6.0%), from €460,315 to €432,747
- Current portion of long-term debt +€24,858
up €24,858 (+122.9%), from €20,228 to €45,085
- Tax, wage and social debts +€8,067
up €8,067 (+57.7%), from €13,989 to €22,056
- Gross operating margin +€55,197
up €55,197 (+63.8%), from €86,549 to €141,746
- Financial charges +€8,932
up €8,932 (+58.4%), from €15,296 to €24,228
- Depreciation +€8,800
up €8,800 (+49.1%), from €17,926 to €26,726
- Taxes +€5,027
up €5,027 (+95.7%), from €5,254 to €10,281
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 | €541,573 | €580,900 | +€39,327 | +7.3% |
| Fixed assets | 21/28 | €455,474 | €473,528 | +€18,054 | +4.0% |
| Tangible fixed assets | 22/27 | €455,474 | €473,528 | +€18,054 | +4.0% |
| Land and buildings | 22 | €454,445 | €473,452 | +€19,007 | +4.2% |
| Furniture and vehicles | 24 | €1,029 | €76 | -€953 | -92.6% |
| Current assets | 29/58 | €86,100 | €107,373 | +€21,273 | +24.7% |
| Amounts receivable after more than one year | 29 | - | €32,285 | +€32,285 | |
| Other amounts receivable | 291 | - | €32,285 | +€32,285 | |
| Amounts receivable within one year | 40/41 | €17,675 | €52,833 | +€35,159 | +198.9% |
| Trade receivables | 40 | €17,675 | €52,833 | +€35,159 | +198.9% |
| Cash at bank and in hand | 54/58 | €68,425 | €22,254 | -€46,171 | -67.5% |
| Total equity and liabilities | 10/49 | €541,573 | €580,900 | +€39,327 | +7.3% |
| Equity | 10/15 | €2,000 | €35,767 | +€33,767 | +1688.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €33,767 | +€33,767 | |
| Amounts payable | 17/49 | €539,573 | €545,133 | +€5,560 | +1.0% |
| Amounts payable after more than one year | 17 | €460,315 | €432,747 | -€27,568 | -6.0% |
| Financial debts | 170/4 | €460,315 | €432,747 | -€27,568 | -6.0% |
| Amounts payable within one year | 42/48 | €79,258 | €112,386 | +€33,127 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | €20,228 | €45,085 | +€24,858 | +122.9% |
| Trade debts | 44 | €1,383 | €245 | -€1,138 | -82.3% |
| Suppliers | 440/4 | €1,383 | €245 | -€1,138 | -82.3% |
| Taxes, remuneration and social security | 45 | €13,989 | €22,056 | +€8,067 | +57.7% |
| Taxes | 450/3 | €13,989 | €22,056 | +€8,067 | +57.7% |
| Other amounts payable | 47/48 | €43,659 | €45,000 | +€1,341 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,926 | €26,726 | +€8,800 | +49.1% |
| Other operating charges | 640/8 | €3,148 | €2,403 | -€745 | -23.7% |
| Gross operating margin | 9900 | €86,549 | €141,746 | +€55,197 | +63.8% |
| Operating profit (loss) | 9901 | €65,476 | €112,617 | +€47,142 | +72.0% |
| Financial income | 75/76B | - | €659 | +€659 | |
| Recurring financial income | 75 | - | €659 | +€659 | |
| Financial charges | 65/66B | €15,296 | €24,228 | +€8,932 | +58.4% |
| Recurring financial charges | 65 | €15,296 | €24,228 | +€8,932 | +58.4% |
| Profit (loss) for the period before taxes | 9903 | €50,180 | €89,048 | +€38,869 | +77.5% |
| Income taxes | 67/77 | €5,254 | €10,281 | +€5,027 | +95.7% |
| Profit (loss) for the period | 9904 | €44,925 | €78,767 | +€33,842 | +75.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,925 | €78,767 | +€33,842 | +75.3% |
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 29 September 2026 via checked.be.