BOUCHAR: what changed
Two financial 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.
BOUCHAR
Largest movements
- Receivables within one year +€133,959
up €133,959 (+30.0%), from €445,961 to €579,920
of which Trade receivables: +€128,931
- Tangible fixed assets +€114,984
up €114,984 (+16.5%), from €698,468 to €813,452
of which Plant, machinery and equipment: +€115,933
- Current investments -€38,297
down €38,297 (-26.7%), from €143,297 to €105,000
- Stocks and contracts +€23,264
up €23,264 (+18.0%), from €128,891 to €152,155
- Reserves +€82,918
up €82,918 (+16.3%), from €508,438 to €591,356
of which Distributable reserves: +€90,954
- Trade debts +€79,899
up €79,899 (+94.2%), from €84,810 to €164,709
- Tax, wage and social debts +€27,310
up €27,310 (+79.9%), from €34,182 to €61,492
of which Taxes: +€30,210
- Other debts +€27,090
up €27,090 (+8.2%), from €329,446 to €356,536
- Current portion of long-term debt +€22,700
up €22,700 (+33.9%), from €67,016 to €89,716
- Depreciation +€44,966
up €44,966 (+42.6%), from €105,659 to €150,625
- Gross operating margin +€16,472
up €16,472 (+4.0%), from €414,697 to €431,169
- Staff costs -€15,321
down €15,321 (-20.5%), from €74,750 to €59,428
- Financial charges +€7,971
up €7,971 (+50.8%), from €15,695 to €23,667
- Taxes +€4,943
up €4,943 (+13.0%), from €37,992 to €42,936
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 | €1,484,657 | €1,723,631 | +€238,974 | +16.1% |
| Fixed assets | 21/28 | €698,468 | €813,452 | +€114,984 | +16.5% |
| Tangible fixed assets | 22/27 | €698,468 | €813,452 | +€114,984 | +16.5% |
| Plant, machinery and equipment | 23 | €551,852 | €667,785 | +€115,933 | +21.0% |
| Furniture and vehicles | 24 | €26,781 | €42,089 | +€15,307 | +57.2% |
| Other tangible fixed assets | 26 | €119,835 | €103,579 | -€16,256 | -13.6% |
| Current assets | 29/58 | €786,188 | €910,178 | +€123,990 | +15.8% |
| Stocks and contracts in progress | 3 | €128,891 | €152,155 | +€23,264 | +18.0% |
| Stocks | 30/36 | €128,891 | €152,155 | +€23,264 | +18.0% |
| Amounts receivable within one year | 40/41 | €445,961 | €579,920 | +€133,959 | +30.0% |
| Trade receivables | 40 | €445,396 | €574,327 | +€128,931 | +28.9% |
| Other amounts receivable | 41 | €565 | €5,593 | +€5,028 | +890.2% |
| Current investments | 50/53 | €143,297 | €105,000 | -€38,297 | -26.7% |
| Cash at bank and in hand | 54/58 | €62,362 | €64,293 | +€1,931 | +3.1% |
| Deferred charges and accrued income | 490/1 | €5,677 | €8,810 | +€3,133 | +55.2% |
| Total equity and liabilities | 10/49 | €1,484,657 | €1,723,631 | +€238,974 | +16.1% |
| Equity | 10/15 | €674,538 | €757,456 | +€82,918 | +12.3% |
| Contributions | 10/11 | €166,100 | €166,100 | = | 0.0% |
| Reserves | 13 | €508,438 | €591,356 | +€82,918 | +16.3% |
| Tax-exempt reserves | 132 | €8,036 | €0 | -€8,036 | -100.0% |
| Distributable reserves | 133 | €500,402 | €591,356 | +€90,954 | +18.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €3,564 | €0 | -€3,564 | -100.0% |
| Deferred taxes | 168 | €3,564 | €0 | -€3,564 | -100.0% |
| Amounts payable | 17/49 | €806,555 | €966,174 | +€159,620 | +19.8% |
| Amounts payable after more than one year | 17 | €290,136 | €291,548 | +€1,412 | +0.5% |
| Financial debts | 170/4 | €290,136 | €291,548 | +€1,412 | +0.5% |
| Amounts payable within one year | 42/48 | €515,454 | €672,452 | +€156,999 | +30.5% |
| Current portion of amounts payable after more than one year | 42 | €67,016 | €89,716 | +€22,700 | +33.9% |
| Trade debts | 44 | €84,810 | €164,709 | +€79,899 | +94.2% |
| Suppliers | 440/4 | €84,810 | €164,709 | +€79,899 | +94.2% |
| Taxes, remuneration and social security | 45 | €34,182 | €61,492 | +€27,310 | +79.9% |
| Taxes | 450/3 | €27,639 | €57,849 | +€30,210 | +109.3% |
| Remuneration and social security | 454/9 | €6,543 | €3,643 | -€2,899 | -44.3% |
| Other amounts payable | 47/48 | €329,446 | €356,536 | +€27,090 | +8.2% |
| Accrued charges and deferred income | 492/3 | €965 | €2,174 | +€1,209 | +125.3% |
| Remuneration, social security and pensions | 62 | €74,750 | €59,428 | -€15,321 | -20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,659 | €150,625 | +€44,966 | +42.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,371 | -€35 | -€1,406 | |
| Other operating charges | 640/8 | €2,512 | €2,467 | -€45 | -1.8% |
| Gross operating margin | 9900 | €414,697 | €431,169 | +€16,472 | +4.0% |
| Operating profit (loss) | 9901 | €230,405 | €218,684 | -€11,721 | -5.1% |
| Financial income | 75/76B | €7,332 | €7,273 | -€59 | -0.8% |
| Recurring financial income | 75 | €7,332 | €7,273 | -€59 | -0.8% |
| Financial charges | 65/66B | €15,695 | €23,667 | +€7,971 | +50.8% |
| Recurring financial charges | 65 | €15,695 | €23,667 | +€7,971 | +50.8% |
| Profit (loss) for the period before taxes | 9903 | €222,042 | €202,290 | -€19,751 | -8.9% |
| Transfer from deferred taxes | 780 | €858 | €3,564 | +€2,706 | +315.5% |
| Income taxes | 67/77 | €37,992 | €42,936 | +€4,943 | +13.0% |
| Profit (loss) for the period | 9904 | €184,907 | €162,918 | -€21,989 | -11.9% |
| Transfer from tax-exempt reserves | 789 | €2,042 | €8,036 | +€5,994 | +293.5% |
| Profit (loss) for the period to be appropriated | 9905 | €186,949 | €170,954 | -€15,995 | -8.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.