Bondec: 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.
Bondec
Largest movements
- Receivables within one year -€191,818
down €191,818 (-8.4%), from €2.3m to €2.1m
of which Trade receivables: -€214,700
- Stocks and contracts +€151,127
up €151,127 (+22.1%), from €684,373 to €835,500
- Cash -€113,117
down €113,117 (-23.5%), from €480,800 to €367,683
mainly Net result for the year (-€352,741) and Stocks and contracts (-€151,127)
- Reserves -€352,741
down €352,741 (-23.9%), from €1.5m to €1.1m
- Advances received +€161,008
up €161,008 (+10697.3%), from €1,505 to €162,514
- Short-term financial debts -€138,967
down €138,967 (-13.8%), from €1.0m to €865,515
- Debts after one year +€94,953
up €94,953 (+14.6%), from €651,423 to €746,376
- Staff costs +€322,713
up €322,713 (+11.8%), from €2.7m to €3.1m
- Gross operating margin -€93,942
down €93,942 (-3.0%), from €3.1m to €3.0m
- Taxes -€33,874
down €33,874 (-93.8%), from €36,106 to €2,232
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 | €4,685,976 | €4,481,195 | -€204,780 | -4.4% |
| Fixed assets | 21/28 | €1,228,727 | €1,176,807 | -€51,921 | -4.2% |
| Intangible fixed assets | 21 | €39,304 | €26,704 | -€12,600 | -32.1% |
| Tangible fixed assets | 22/27 | €1,184,989 | €1,145,668 | -€39,321 | -3.3% |
| Land and buildings | 22 | €911,289 | €875,783 | -€35,506 | -3.9% |
| Plant, machinery and equipment | 23 | €22,091 | €17,779 | -€4,312 | -19.5% |
| Furniture and vehicles | 24 | €251,610 | €252,107 | +€497 | +0.2% |
| Financial fixed assets | 28 | €4,435 | €4,435 | = | 0.0% |
| Current assets | 29/58 | €3,457,248 | €3,304,389 | -€152,860 | -4.4% |
| Stocks and contracts in progress | 3 | €684,373 | €835,500 | +€151,127 | +22.1% |
| Stocks | 30/36 | €684,373 | €835,500 | +€151,127 | +22.1% |
| Amounts receivable within one year | 40/41 | €2,280,155 | €2,088,337 | -€191,818 | -8.4% |
| Trade receivables | 40 | €2,101,161 | €1,886,461 | -€214,700 | -10.2% |
| Other amounts receivable | 41 | €178,994 | €201,876 | +€22,882 | +12.8% |
| Cash at bank and in hand | 54/58 | €480,800 | €367,683 | -€113,117 | -23.5% |
| Deferred charges and accrued income | 490/1 | €11,921 | €12,869 | +€948 | +8.0% |
| Total equity and liabilities | 10/49 | €4,685,976 | €4,481,195 | -€204,780 | -4.4% |
| Equity | 10/15 | €1,497,135 | €1,144,394 | -€352,741 | -23.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,478,535 | €1,125,794 | -€352,741 | -23.9% |
| Distributable reserves | 133 | €1,478,535 | €1,125,794 | -€352,741 | -23.9% |
| Amounts payable | 17/49 | €3,188,840 | €3,336,801 | +€147,961 | +4.6% |
| Amounts payable after more than one year | 17 | €651,423 | €746,376 | +€94,953 | +14.6% |
| Financial debts | 170/4 | €651,423 | €746,376 | +€94,953 | +14.6% |
| Amounts payable within one year | 42/48 | €2,537,417 | €2,590,425 | +€53,008 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €231,162 | €244,140 | +€12,978 | +5.6% |
| Financial debts | 43 | €1,004,482 | €865,515 | -€138,967 | -13.8% |
| Credit institutions | 430/8 | €1,004,482 | €865,515 | -€138,967 | -13.8% |
| Trade debts | 44 | €1,104,396 | €1,107,960 | +€3,564 | +0.3% |
| Suppliers | 440/4 | €1,104,396 | €1,107,960 | +€3,564 | +0.3% |
| Advances received on contracts in progress | 46 | €1,505 | €162,514 | +€161,008 | +10697.3% |
| Taxes, remuneration and social security | 45 | €195,871 | €210,296 | +€14,425 | +7.4% |
| Taxes | 450/3 | €6,106 | €6,106 | = | 0.0% |
| Remuneration and social security | 454/9 | €189,765 | €204,190 | +€14,425 | +7.6% |
| Remuneration, social security and pensions | 62 | €2,733,025 | €3,055,738 | +€322,713 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,117 | €192,556 | +€13,439 | +7.5% |
| Other operating charges | 640/8 | €20,391 | €20,810 | +€418 | +2.1% |
| Non-recurring operating charges | 66A | €2,617 | €1,935 | -€682 | -26.0% |
| Gross operating margin | 9900 | €3,099,707 | €3,005,765 | -€93,942 | -3.0% |
| Operating profit (loss) | 9901 | €164,558 | -€265,273 | -€429,831 | |
| Financial income | 75/76B | €18,535 | €9,362 | -€9,173 | -49.5% |
| Recurring financial income | 75 | €3,657 | €2,651 | -€1,007 | -27.5% |
| Non-recurring financial income | 76B | €14,878 | €6,712 | -€8,166 | -54.9% |
| Financial charges | 65/66B | €95,752 | €94,598 | -€1,153 | -1.2% |
| Recurring financial charges | 65 | €95,752 | €94,598 | -€1,153 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €87,342 | -€350,509 | -€437,851 | |
| Income taxes | 67/77 | €36,106 | €2,232 | -€33,874 | -93.8% |
| Profit (loss) for the period | 9904 | €51,235 | -€352,741 | -€403,977 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,235 | -€352,741 | -€403,977 |
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 3 October 2026 via checked.be.