BOLSA: 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.
BOLSA
Largest movements
- Receivables within one year -€140,134
down €140,134 (-51.2%), from €273,686 to €133,552
of which Trade receivables: -€108,367
- Deferred charges and accrued income -€17,341
down €17,341 (-76.7%), from €22,609 to €5,268
- Cash +€16,906
up €16,906 (+24.1%), from €70,234 to €87,140
mainly Receivables within one year (+€140,134) and Depreciation (+€25,038)
- Tangible fixed assets -€13,372
down €13,372 (-18.3%), from €73,202 to €59,830
of which Furniture and vehicles: -€16,550
- Intangible fixed assets +€6,838
up €6,838 (+142.6%), from €4,797 to €11,635
- Trade debts -€130,393
down €130,393 (-41.0%), from €318,128 to €187,735
- Tax, wage and social debts -€9,570
down €9,570 (-12.4%), from €77,263 to €67,693
of which Remuneration and social security: -€16,410
- Other debts -€8,777
down €8,777 (-4.4%), from €199,220 to €190,443
- Accrued charges and deferred income -€4,754
no longer reported in 2025 (was €4,754)
- Gross operating margin -€479,057
down €479,057 (-56.5%), from €848,374 to €369,317
- Staff costs -€412,722
down €412,722 (-55.6%), from €742,421 to €329,699
- Other operating charges -€25,891
down €25,891 (-76.6%), from €33,804 to €7,913
- Financial charges -€22,420
down €22,420 (-73.9%), from €30,355 to €7,935
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 | €453,988 | €305,772 | -€148,216 | -32.6% |
| Fixed assets | 21/28 | €77,999 | €71,465 | -€6,534 | -8.4% |
| Intangible fixed assets | 21 | €4,797 | €11,635 | +€6,838 | +142.6% |
| Tangible fixed assets | 22/27 | €73,202 | €59,830 | -€13,372 | -18.3% |
| Furniture and vehicles | 24 | €73,202 | €56,651 | -€16,550 | -22.6% |
| Other tangible fixed assets | 26 | - | €3,178 | +€3,178 | |
| Current assets | 29/58 | €375,990 | €234,307 | -€141,682 | -37.7% |
| Stocks and contracts in progress | 3 | €9,461 | €8,348 | -€1,113 | -11.8% |
| Stocks | 30/36 | €9,461 | €8,348 | -€1,113 | -11.8% |
| Amounts receivable within one year | 40/41 | €273,686 | €133,552 | -€140,134 | -51.2% |
| Trade receivables | 40 | €233,579 | €125,212 | -€108,367 | -46.4% |
| Other amounts receivable | 41 | €40,107 | €8,340 | -€31,767 | -79.2% |
| Cash at bank and in hand | 54/58 | €70,234 | €87,140 | +€16,906 | +24.1% |
| Deferred charges and accrued income | 490/1 | €22,609 | €5,268 | -€17,341 | -76.7% |
| Total equity and liabilities | 10/49 | €453,988 | €305,772 | -€148,216 | -32.6% |
| Equity | 10/15 | -€145,377 | -€140,098 | +€5,278 | +3.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€161,520 | -€157,992 | +€3,528 | +2.2% |
| Investment grants | 15 | €11,143 | €12,893 | +€1,750 | +15.7% |
| Amounts payable | 17/49 | €599,365 | €445,870 | -€153,495 | -25.6% |
| Amounts payable within one year | 42/48 | €594,611 | €445,870 | -€148,741 | -25.0% |
| Trade debts | 44 | €318,128 | €187,735 | -€130,393 | -41.0% |
| Suppliers | 440/4 | €318,128 | €187,735 | -€130,393 | -41.0% |
| Taxes, remuneration and social security | 45 | €77,263 | €67,693 | -€9,570 | -12.4% |
| Taxes | 450/3 | €11,013 | €17,853 | +€6,840 | +62.1% |
| Remuneration and social security | 454/9 | €66,250 | €49,840 | -€16,410 | -24.8% |
| Other amounts payable | 47/48 | €199,220 | €190,443 | -€8,777 | -4.4% |
| Accrued charges and deferred income | 492/3 | €4,754 | - | -€4,754 | |
| Remuneration, social security and pensions | 62 | €742,421 | €329,699 | -€412,722 | -55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,384 | €25,038 | +€4,654 | +22.8% |
| Other operating charges | 640/8 | €33,804 | €7,913 | -€25,891 | -76.6% |
| Non-recurring operating charges | 66A | €5,669 | - | -€5,669 | |
| Gross operating margin | 9900 | €848,374 | €369,317 | -€479,057 | -56.5% |
| Operating profit (loss) | 9901 | €46,097 | €6,668 | -€39,429 | -85.5% |
| Financial income | 75/76B | €4,044 | €4,796 | +€751 | +18.6% |
| Recurring financial income | 75 | €4,044 | €4,796 | +€751 | +18.6% |
| Financial charges | 65/66B | €30,355 | €7,935 | -€22,420 | -73.9% |
| Recurring financial charges | 65 | €30,355 | €7,935 | -€22,420 | -73.9% |
| Profit (loss) for the period before taxes | 9903 | €19,786 | €3,528 | -€16,258 | -82.2% |
| Profit (loss) for the period | 9904 | €19,786 | €3,528 | -€16,258 | -82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,786 | €3,528 | -€16,258 | -82.2% |
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 1 October 2026 via checked.be.