BOUD BALDUCK: what changed
BOUD BALDUCK
Largest movements
- Receivables within one year -€16,181
down €16,181 (-31.5%), from €51,323 to €35,143
of which Trade receivables: -€11,265
- Cash +€6,720
up €6,720 (+13.9%), from €48,308 to €55,027
mainly Receivables within one year (+€16,181) and Depreciation (+€6,952)
- Tangible fixed assets +€6,209
up €6,209 (+16.3%), from €38,118 to €44,327
of which Furniture and vehicles: +€5,556
- Accrued charges and deferred income -€2,870
down €2,870 (-100%), from €2,870 to €0
- Trade debts -€2,335
down €2,335 (-16.1%), from €14,525 to €12,190
- Reserves +€2,176
up €2,176 (+8.1%), from €26,808 to €28,984
of which Distributable reserves: +€2,176
- Gross operating margin -€16,522
down €16,522 (-55.1%), from €29,974 to €13,452
- Depreciation -€9,789
down €9,789 (-58.5%), from €16,741 to €6,952
- Taxes -€1,848
down €1,848 (-35.1%), from €5,266 to €3,417
- Other operating charges +€577
up €577 (+77.1%), from €749 to €1,326
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 | €137,749 | €135,635 | -€2,114 | -1.5% |
| Fixed assets | 21/28 | €38,118 | €44,327 | +€6,209 | +16.3% |
| Tangible fixed assets | 22/27 | €38,118 | €44,327 | +€6,209 | +16.3% |
| Land and buildings | 22 | €27,106 | €23,105 | -€4,002 | -14.8% |
| Plant, machinery and equipment | 23 | €9,467 | €14,122 | +€4,654 | +49.2% |
| Furniture and vehicles | 24 | €1,544 | €7,101 | +€5,556 | +360% |
| Current assets | 29/58 | €99,631 | €91,308 | -€8,323 | -8.4% |
| Amounts receivable within one year | 40/41 | €51,323 | €35,143 | -€16,181 | -31.5% |
| Trade receivables | 40 | €46,408 | €35,143 | -€11,265 | -24.3% |
| Other amounts receivable | 41 | €4,915 | €0 | -€4,915 | -100% |
| Cash at bank and in hand | 54/58 | €48,308 | €55,027 | +€6,720 | +13.9% |
| Deferred charges and accrued income | 490/1 | €0 | €1,138 | +€1,138 | |
| Total equity and liabilities | 10/49 | €137,749 | €135,635 | -€2,114 | -1.5% |
| Equity | 10/15 | €45,408 | €47,584 | +€2,176 | +4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,808 | €28,984 | +€2,176 | +8.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,968 | €3,968 | = | 0.0% |
| Distributable reserves | 133 | €20,980 | €23,156 | +€2,176 | +10.4% |
| Provisions and deferred taxes | 16 | €66,004 | €66,004 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €66,004 | €66,004 | = | 0.0% |
| Pensions and similar obligations | 160 | €66,004 | €66,004 | = | 0.0% |
| Amounts payable | 17/49 | €26,337 | €22,047 | -€4,290 | -16.3% |
| Amounts payable within one year | 42/48 | €23,467 | €22,047 | -€1,420 | -6.1% |
| Financial debts | 43 | €594 | €208 | -€385 | -64.9% |
| Credit institutions | 430/8 | €594 | €208 | -€385 | -64.9% |
| Trade debts | 44 | €14,525 | €12,190 | -€2,335 | -16.1% |
| Suppliers | 440/4 | €14,525 | €12,190 | -€2,335 | -16.1% |
| Taxes, remuneration and social security | 45 | €3,200 | €4,521 | +€1,321 | +41.3% |
| Taxes | 450/3 | €3,200 | €4,521 | +€1,321 | +41.3% |
| Other amounts payable | 47/48 | €5,148 | €5,128 | -€20 | -0.4% |
| Accrued charges and deferred income | 492/3 | €2,870 | €0 | -€2,870 | -100% |
| Remuneration, social security and pensions | 62 | €125 | €0 | -€125 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,741 | €6,952 | -€9,789 | -58.5% |
| Other operating charges | 640/8 | €749 | €1,326 | +€577 | +77.1% |
| Gross operating margin | 9900 | €29,974 | €13,452 | -€16,522 | -55.1% |
| Operating profit (loss) | 9901 | €12,359 | €5,174 | -€7,185 | -58.1% |
| Financial income | 75/76B | €435 | €610 | +€175 | +40.2% |
| Recurring financial income | 75 | €435 | €610 | +€175 | +40.2% |
| Financial charges | 65/66B | €95 | €190 | +€95 | +100% |
| Recurring financial charges | 65 | €95 | €190 | +€95 | +100% |
| Profit (loss) for the period before taxes | 9903 | €12,699 | €5,594 | -€7,105 | -56.0% |
| Income taxes | 67/77 | €5,266 | €3,417 | -€1,848 | -35.1% |
| Profit (loss) for the period | 9904 | €7,433 | €2,176 | -€5,257 | -70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,433 | €2,176 | -€5,257 | -70.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.