BOLEC: 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.
What changed
BOLEC
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€22,528
2024 · -€8,698+€31,226
Equity
€1.6m
2024 · €1.6m+€7,037
Cash
€175,219
2024 · €84,471+€90,748
Balance sheet total
€2.4m
2024 · €2.3m+€92,728
Largest movements
Assets
- Cash +€90,748
up €90,748 (+107.4%), from €84,471 to €175,219
mainly Depreciation (+€133,326) and Debts after one year (+€95,149)
Equity and liabilities
- Debts after one year +€95,149
up €95,149 (+20.3%), from €468,092 to €563,241
Income statement
- Gross operating margin +€48,722
up €48,722 (+29.2%), from €166,815 to €215,538
- Depreciation +€8,323
up €8,323 (+6.7%), from €125,003 to €133,326
- Taxes +€4,917
up €4,917 (+19.9%), from €24,658 to €29,575
- Other operating charges +€3,777
up €3,777 (+21.3%), from €17,702 to €21,479
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.
Result 2024
-€8,698
Gross operating margin
+€48,722
Depreciation
-€8,323
Other operating charges
-€3,777
Financial charges
-€478
Taxes
-€4,917
Result 2025
€22,528
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.
From operations
+€151,887
Investment
-€141,336
Financing
+€80,198
Cash 2024
€84,471
From operations (derived)
+€151,887
Net result for the year
+€22,528
Depreciation
+€133,326
Receivables within one year
+€10,342
Deferred charges and accrued income
-€4,312
Trade debts
+€331
Tax, wage and social debts
+€4,575
Other debts
-€17,256
Accrued charges and deferred income
+€2,352
Investment (derived)
-€141,336
Investment in fixed assets (net)
-€141,336
Financing
+€80,198
Debts after one year
+€95,149
Current portion of long-term debt
+€540
Contributions, distributions and other
-€15,491
Cash 2025
€175,219
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,311,847 | €2,404,575 | +€92,728 | +4.0% |
| Fixed assets | 21/28 | €2,203,953 | €2,211,963 | +€8,010 | +0.4% |
| Tangible fixed assets | 22/27 | €2,203,953 | €2,211,963 | +€8,010 | +0.4% |
| Land and buildings | 22 | €2,200,275 | €2,209,495 | +€9,220 | +0.4% |
| Plant, machinery and equipment | 23 | - | €1,303 | +€1,303 | |
| Furniture and vehicles | 24 | €3,677 | €1,164 | -€2,513 | -68.3% |
| Current assets | 29/58 | €107,894 | €192,612 | +€84,718 | +78.5% |
| Amounts receivable within one year | 40/41 | €10,342 | - | -€10,342 | |
| Trade receivables | 40 | €5,000 | - | -€5,000 | |
| Other amounts receivable | 41 | €5,342 | - | -€5,342 | |
| Cash at bank and in hand | 54/58 | €84,471 | €175,219 | +€90,748 | +107.4% |
| Deferred charges and accrued income | 490/1 | €13,082 | €17,393 | +€4,312 | +33.0% |
| Total equity and liabilities | 10/49 | €2,311,847 | €2,404,575 | +€92,728 | +4.0% |
| Equity | 10/15 | €1,629,378 | €1,636,415 | +€7,037 | +0.4% |
| Contributions | 10/11 | €1,130,642 | €1,130,642 | = | 0.0% |
| Capital | 10 | €1,130,642 | €1,130,642 | = | 0.0% |
| Issued capital | 100 | €1,130,642 | €1,130,642 | = | 0.0% |
| Revaluation surpluses | 12 | €42,777 | €40,525 | -€2,251 | -5.3% |
| Reserves | 13 | €466,497 | €454,384 | -€12,113 | -2.6% |
| Non-distributable reserves | 130/1 | €74,702 | €75,828 | +€1,126 | +1.5% |
| Legal reserve | 130 | €74,702 | €75,828 | +€1,126 | +1.5% |
| Tax-exempt reserves | 132 | €181,507 | €168,267 | -€13,239 | -7.3% |
| Distributable reserves | 133 | €210,288 | €210,288 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,538 | €10,863 | +€21,402 | |
| Amounts payable | 17/49 | €682,469 | €768,160 | +€85,691 | +12.6% |
| Amounts payable after more than one year | 17 | €468,092 | €563,241 | +€95,149 | +20.3% |
| Financial debts | 170/4 | €468,092 | €563,241 | +€95,149 | +20.3% |
| Amounts payable within one year | 42/48 | €212,998 | €201,189 | -€11,810 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €41,346 | €41,886 | +€540 | +1.3% |
| Trade debts | 44 | €668 | €998 | +€331 | +49.6% |
| Suppliers | 440/4 | €668 | €998 | +€331 | +49.6% |
| Taxes, remuneration and social security | 45 | - | €4,575 | +€4,575 | |
| Taxes | 450/3 | - | €4,575 | +€4,575 | |
| Other amounts payable | 47/48 | €170,985 | €153,729 | -€17,256 | -10.1% |
| Accrued charges and deferred income | 492/3 | €1,379 | €3,730 | +€2,352 | +170.6% |
| Non-recurring operating income | 76A | €15,491 | €15,491 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,003 | €133,326 | +€8,323 | +6.7% |
| Other operating charges | 640/8 | €17,702 | €21,479 | +€3,777 | +21.3% |
| Gross operating margin | 9900 | €166,815 | €215,538 | +€48,722 | +29.2% |
| Operating profit (loss) | 9901 | €24,110 | €60,732 | +€36,622 | +151.9% |
| Financial charges | 65/66B | €8,151 | €8,629 | +€478 | +5.9% |
| Recurring financial charges | 65 | €8,151 | €8,629 | +€478 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €15,959 | €52,103 | +€36,144 | +226.5% |
| Income taxes | 67/77 | €24,658 | €29,575 | +€4,917 | +19.9% |
| Profit (loss) for the period | 9904 | -€8,698 | €22,528 | +€31,226 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,698 | €22,528 | +€31,226 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.