BOLKAR: 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.
BOLKAR
Largest movements
- Receivables within one year +€611,618
up €611,618 (+248.4%), from €246,174 to €857,792
of which Trade receivables: +€581,564
- Deferred charges and accrued income +€247,377
up €247,377 (+543.0%), from €45,554 to €292,931
- Tangible fixed assets -€166,234
down €166,234 (-11.3%), from €1.5m to €1.3m
of which Plant, machinery and equipment: -€97,085
- Stocks and contracts +€39,623
up €39,623 (+6.4%), from €618,759 to €658,382
- Trade debts +€993,238
up €993,238 (+204.1%), from €486,527 to €1.5m
- Current portion of long-term debt -€176,072
down €176,072 (-56.2%), from €313,428 to €137,356
- Debts after one year -€173,382
down €173,382 (-22.4%), from €774,452 to €601,069
of which Financial debts: -€173,382
- Profit (loss) carried forward +€74,706
up €74,706 (+35.2%), from €211,987 to €286,693
- Gross operating margin +€68,650
up €68,650 (+11.9%), from €578,237 to €646,887
- Taxes +€17,957
up €17,957 (+125.0%), from €14,361 to €32,317
- Staff costs +€14,759
up €14,759 (+6.3%), from €234,731 to €249,490
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 | €2,412,924 | €3,141,080 | +€728,157 | +30.2% |
| Fixed assets | 21/28 | €1,473,817 | €1,306,383 | -€167,434 | -11.4% |
| Tangible fixed assets | 22/27 | €1,472,504 | €1,306,270 | -€166,234 | -11.3% |
| Land and buildings | 22 | €1,062,946 | €1,013,110 | -€49,836 | -4.7% |
| Plant, machinery and equipment | 23 | €308,450 | €211,364 | -€97,085 | -31.5% |
| Furniture and vehicles | 24 | €9,731 | €11,988 | +€2,257 | +23.2% |
| Leasing and similar rights | 25 | €91,234 | €69,747 | -€21,488 | -23.6% |
| Other tangible fixed assets | 26 | €143 | €61 | -€82 | -57.3% |
| Financial fixed assets | 28 | €1,313 | €113 | -€1,200 | -91.4% |
| Current assets | 29/58 | €939,107 | €1,834,698 | +€895,591 | +95.4% |
| Stocks and contracts in progress | 3 | €618,759 | €658,382 | +€39,623 | +6.4% |
| Stocks | 30/36 | €618,759 | €658,382 | +€39,623 | +6.4% |
| Amounts receivable within one year | 40/41 | €246,174 | €857,792 | +€611,618 | +248.4% |
| Trade receivables | 40 | €222,761 | €804,324 | +€581,564 | +261.1% |
| Other amounts receivable | 41 | €23,414 | €53,468 | +€30,054 | +128.4% |
| Cash at bank and in hand | 54/58 | €28,619 | €25,592 | -€3,026 | -10.6% |
| Deferred charges and accrued income | 490/1 | €45,554 | €292,931 | +€247,377 | +543.0% |
| Total equity and liabilities | 10/49 | €2,412,924 | €3,141,080 | +€728,157 | +30.2% |
| Equity | 10/15 | €776,865 | €851,571 | +€74,706 | +9.6% |
| Contributions | 10/11 | €151,768 | €151,768 | = | 0.0% |
| Revaluation surpluses | 12 | €413,110 | €413,110 | = | 0.0% |
| Profit (loss) carried forward | 14 | €211,987 | €286,693 | +€74,706 | +35.2% |
| Amounts payable | 17/49 | €1,636,059 | €2,289,510 | +€653,450 | +39.9% |
| Amounts payable after more than one year | 17 | €774,452 | €601,069 | -€173,382 | -22.4% |
| Financial debts | 170/4 | €771,952 | €598,569 | -€173,382 | -22.5% |
| Other amounts payable | 178/9 | €2,500 | €2,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €861,033 | €1,688,440 | +€827,407 | +96.1% |
| Current portion of amounts payable after more than one year | 42 | €313,428 | €137,356 | -€176,072 | -56.2% |
| Trade debts | 44 | €486,527 | €1,479,765 | +€993,238 | +204.1% |
| Suppliers | 440/4 | €486,527 | €1,479,765 | +€993,238 | +204.1% |
| Taxes, remuneration and social security | 45 | €51,965 | €51,319 | -€646 | -1.2% |
| Taxes | 450/3 | €15,142 | €13,495 | -€1,647 | -10.9% |
| Remuneration and social security | 454/9 | €36,823 | €37,824 | +€1,001 | +2.7% |
| Other amounts payable | 47/48 | €9,113 | €20,000 | +€10,887 | +119.5% |
| Accrued charges and deferred income | 492/3 | €575 | €0 | -€575 | -100.0% |
| Remuneration, social security and pensions | 62 | €234,731 | €249,490 | +€14,759 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,912 | €175,604 | +€5,692 | +3.4% |
| Other operating charges | 640/8 | €34,539 | €36,294 | +€1,755 | +5.1% |
| Gross operating margin | 9900 | €578,237 | €646,887 | +€68,650 | +11.9% |
| Operating profit (loss) | 9901 | €139,055 | €185,498 | +€46,443 | +33.4% |
| Financial income | 75/76B | - | €802 | +€802 | |
| Recurring financial income | 75 | - | €802 | +€802 | |
| Financial charges | 65/66B | €85,638 | €79,277 | -€6,361 | -7.4% |
| Recurring financial charges | 65 | €85,638 | €79,277 | -€6,361 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €53,417 | €107,024 | +€53,606 | +100.4% |
| Income taxes | 67/77 | €14,361 | €32,317 | +€17,957 | +125.0% |
| Profit (loss) for the period | 9904 | €39,056 | €74,706 | +€35,650 | +91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,056 | €74,706 | +€35,650 | +91.3% |
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 8 October 2026 via checked.be.