BOUCLE D'OR: 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.
BOUCLE D'OR
Largest movements
- Cash +€15,782
up €15,782 (+113%), from €14,002 to €29,784
mainly Depreciation (+€13,993) and Net result for the year (+€9,066)
- Tangible fixed assets -€11,209
down €11,209 (-9.4%), from €119,711 to €108,502
of which Land and buildings: -€11,209
- Stocks and contracts -€7,548
down €7,548 (-13.1%), from €57,825 to €50,278
- Receivables within one year +€5,049
up €5,049 (+42.2%), from €11,979 to €17,028
of which Other amounts receivable: +€5,218
- Intangible fixed assets -€2,784
down €2,784 (-22.2%), from €12,529 to €9,744
- Debts after one year -€18,650
down €18,650 (-11.3%), from €165,614 to €146,964
- Tax, wage and social debts +€8,867
up €8,867 (+30.6%), from €28,968 to €37,835
of which Taxes: +€9,817
- Reserves +€8,500
up €8,500 (+56.7%), from €15,000 to €23,500
- Other debts -€2,369
no longer reported in 2025 (was €2,369)
- Gross operating margin -€13,965
down €13,965 (-19.2%), from €72,745 to €58,779
- Taxes -€4,597
down €4,597 (-31.1%), from €14,800 to €10,203
- Staff costs +€3,659
up €3,659 (+589%), from €621 to €4,280
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.
Derived cash bridge
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 | €216,147 | €215,876 | -€271 | -0.1% |
| Fixed assets | 21/28 | €132,341 | €118,550 | -€13,791 | -10.4% |
| Intangible fixed assets | 21 | €12,529 | €9,744 | -€2,784 | -22.2% |
| Tangible fixed assets | 22/27 | €119,711 | €108,502 | -€11,209 | -9.4% |
| Land and buildings | 22 | €119,711 | €108,502 | -€11,209 | -9.4% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €101 | €303 | +€202 | +200% |
| Current assets | 29/58 | €83,806 | €97,326 | +€13,520 | +16.1% |
| Stocks and contracts in progress | 3 | €57,825 | €50,278 | -€7,548 | -13.1% |
| Stocks | 30/36 | €57,825 | €50,278 | -€7,548 | -13.1% |
| Amounts receivable within one year | 40/41 | €11,979 | €17,028 | +€5,049 | +42.2% |
| Trade receivables | 40 | €11,979 | €11,810 | -€169 | -1.4% |
| Other amounts receivable | 41 | €0 | €5,218 | +€5,218 | |
| Cash at bank and in hand | 54/58 | €14,002 | €29,784 | +€15,782 | +113% |
| Deferred charges and accrued income | 490/1 | €0 | €236 | +€236 | |
| Total equity and liabilities | 10/49 | €216,147 | €215,876 | -€271 | -0.1% |
| Equity | 10/15 | -€863 | €8,203 | +€9,066 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €15,000 | €23,500 | +€8,500 | +56.7% |
| Distributable reserves | 133 | €15,000 | €23,500 | +€8,500 | +56.7% |
| Profit (loss) carried forward | 14 | -€35,863 | -€35,297 | +€566 | +1.6% |
| Amounts payable | 17/49 | €217,009 | €207,673 | -€9,337 | -4.3% |
| Amounts payable after more than one year | 17 | €165,614 | €146,964 | -€18,650 | -11.3% |
| Financial debts | 170/4 | €165,614 | €146,964 | -€18,650 | -11.3% |
| Amounts payable within one year | 42/48 | €51,395 | €60,708 | +€9,313 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €17,931 | €18,650 | +€719 | +4.0% |
| Trade debts | 44 | €2,128 | €4,224 | +€2,096 | +98.5% |
| Suppliers | 440/4 | €2,128 | €4,224 | +€2,096 | +98.5% |
| Taxes, remuneration and social security | 45 | €28,968 | €37,835 | +€8,867 | +30.6% |
| Taxes | 450/3 | €28,018 | €37,835 | +€9,817 | +35.0% |
| Remuneration and social security | 454/9 | €950 | - | -€950 | |
| Other amounts payable | 47/48 | €2,369 | - | -€2,369 | |
| Remuneration, social security and pensions | 62 | €621 | €4,280 | +€3,659 | +589% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,306 | €13,993 | -€313 | -2.2% |
| Other operating charges | 640/8 | €2,213 | €2,649 | +€437 | +19.7% |
| Non-recurring operating charges | 66A | - | €9,965 | +€9,965 | |
| Gross operating margin | 9900 | €72,745 | €58,779 | -€13,965 | -19.2% |
| Operating profit (loss) | 9901 | €55,605 | €27,892 | -€27,713 | -49.8% |
| Financial income | 75/76B | €151 | €58 | -€93 | -61.5% |
| Recurring financial income | 75 | €151 | €58 | -€93 | -61.5% |
| Financial charges | 65/66B | €9,407 | €8,682 | -€726 | -7.7% |
| Recurring financial charges | 65 | €9,407 | €8,682 | -€726 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €46,349 | €19,269 | -€27,080 | -58.4% |
| Income taxes | 67/77 | €14,800 | €10,203 | -€4,597 | -31.1% |
| Profit (loss) for the period | 9904 | €31,549 | €9,066 | -€22,483 | -71.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,549 | €9,066 | -€22,483 | -71.3% |
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 18 October 2026 via checked.be.