Bonne M&A: what changed
Bonne M&A
Largest movements
- Tangible fixed assets +€12,969
up €12,969 (+80.1%), from €16,198 to €29,167
of which Plant, machinery and equipment: +€13,407
- Current investments -€10,000
down €10,000 (-15.4%), from €65,000 to €55,000
- Cash -€4,258
down €4,258 (-7.7%), from €55,550 to €51,292
mainly Contributions, distributions and other (-€140,000) and Investment in fixed assets (net) (-€21,261)
- Receivables within one year -€2,712
down €2,712 (-28.3%), from €9,601 to €6,889
of which Trade receivables: -€1,417
- Stocks and contracts -€1,765
down €1,765 (-31.6%), from €5,580 to €3,815
- Reserves -€32,299
down €32,299 (-30.7%), from €105,375 to €73,076
- Other debts +€10,085
up €10,085 (+32.6%), from €30,968 to €41,053
- Trade debts +€9,284
up €9,284 (+75.0%), from €12,383 to €21,667
- Tax, wage and social debts +€6,163
up €6,163 (+84.5%), from €7,291 to €13,454
of which Taxes: +€5,049
- Gross operating margin +€76,132
up €76,132 (+88.9%), from €85,635 to €161,768
- Taxes +€11,220
up €11,220 (+62.5%), from €17,946 to €29,166
- Staff costs +€5,256
up €5,256 (+86.7%), from €6,060 to €11,316
- Depreciation -€3,307
down €3,307 (-26.2%), from €12,600 to €9,293
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €159,016 | €152,250 | -€6,766 | -4.3% |
| Fixed assets | 21/28 | €23,286 | €35,255 | +€11,969 | +51.4% |
| Intangible fixed assets | 21 | €7,088 | €6,088 | -€1,000 | -14.1% |
| Tangible fixed assets | 22/27 | €16,198 | €29,167 | +€12,969 | +80.1% |
| Plant, machinery and equipment | 23 | €15,760 | €29,167 | +€13,407 | +85.1% |
| Furniture and vehicles | 24 | €438 | €0 | -€438 | -100% |
| Current assets | 29/58 | €135,730 | €116,996 | -€18,735 | -13.8% |
| Stocks and contracts in progress | 3 | €5,580 | €3,815 | -€1,765 | -31.6% |
| Stocks | 30/36 | €5,580 | €3,815 | -€1,765 | -31.6% |
| Amounts receivable within one year | 40/41 | €9,601 | €6,889 | -€2,712 | -28.3% |
| Trade receivables | 40 | €7,475 | €6,058 | -€1,417 | -19.0% |
| Other amounts receivable | 41 | €2,126 | €831 | -€1,296 | -60.9% |
| Current investments | 50/53 | €65,000 | €55,000 | -€10,000 | -15.4% |
| Cash at bank and in hand | 54/58 | €55,550 | €51,292 | -€4,258 | -7.7% |
| Total equity and liabilities | 10/49 | €159,016 | €152,250 | -€6,766 | -4.3% |
| Equity | 10/15 | €108,375 | €76,076 | -€32,299 | -29.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €105,375 | €73,076 | -€32,299 | -30.7% |
| Distributable reserves | 133 | €105,375 | €73,076 | -€32,299 | -30.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €50,642 | €76,174 | +€25,533 | +50.4% |
| Amounts payable within one year | 42/48 | €50,642 | €76,174 | +€25,533 | +50.4% |
| Trade debts | 44 | €12,383 | €21,667 | +€9,284 | +75.0% |
| Suppliers | 440/4 | €12,383 | €21,667 | +€9,284 | +75.0% |
| Taxes, remuneration and social security | 45 | €7,291 | €13,454 | +€6,163 | +84.5% |
| Taxes | 450/3 | €6,309 | €11,358 | +€5,049 | +80.0% |
| Remuneration and social security | 454/9 | €982 | €2,097 | +€1,114 | +113% |
| Other amounts payable | 47/48 | €30,968 | €41,053 | +€10,085 | +32.6% |
| Remuneration, social security and pensions | 62 | €6,060 | €11,316 | +€5,256 | +86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,600 | €9,293 | -€3,307 | -26.2% |
| Other operating charges | 640/8 | €698 | €718 | +€20 | +2.9% |
| Gross operating margin | 9900 | €85,635 | €161,768 | +€76,132 | +88.9% |
| Operating profit (loss) | 9901 | €66,278 | €140,441 | +€74,164 | +112% |
| Financial income | 75/76B | - | €1,031 | +€1,031 | |
| Recurring financial income | 75 | - | €1,031 | +€1,031 | |
| Financial charges | 65/66B | €3,234 | €4,605 | +€1,371 | +42.4% |
| Recurring financial charges | 65 | €3,234 | €4,605 | +€1,371 | +42.4% |
| Profit (loss) for the period before taxes | 9903 | €63,044 | €136,868 | +€73,824 | +117% |
| Income taxes | 67/77 | €17,946 | €29,166 | +€11,220 | +62.5% |
| Profit (loss) for the period | 9904 | €45,098 | €107,701 | +€62,604 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €45,098 | €107,701 | +€62,604 | +139% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.