Boudar: 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.
Boudar
Largest movements
- Stocks and contracts +€63,278
up €63,278 (+44.7%), from €141,563 to €204,841
- Receivables within one year +€62,653
up €62,653 (+50.0%), from €125,409 to €188,062
of which Trade receivables: +€49,751
- Tangible fixed assets -€23,846
down €23,846 (-27.2%), from €87,510 to €63,664
of which Furniture and vehicles: -€12,731
- Cash +€12,190
up €12,190 (+91.1%), from €13,377 to €25,568
mainly Debts after one year (+€119,018) and Other debts (+€60,417)
- Debts after one year +€119,018
up €119,018 (+455.9%), from €26,107 to €145,125
- Other debts +€60,417
up €60,417 (+1006.9%), from €6,000 to €66,417
- Short-term financial debts -€55,000
down €55,000 (-30.6%), from €180,000 to €125,000
- Trade debts +€43,270
up €43,270 (+60.7%), from €71,330 to €114,600
- Reserves -€31,860
no longer reported in 2025 (was €31,860)
- Gross operating margin +€45,587
up €45,587 (+73.5%), from €62,065 to €107,652
- Staff costs +€37,836
up €37,836 (+5668.8%), from €667 to €38,503
- Financial charges +€11,532
up €11,532 (+89.0%), from €12,960 to €24,492
- Depreciation +€8,065
up €8,065 (+83.2%), from €9,696 to €17,761
- Financial income +€2,149
up €2,149 (+103.1%), from €2,084 to €4,233
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 | €368,578 | €485,376 | +€116,798 | +31.7% |
| Fixed assets | 21/28 | €87,510 | €63,664 | -€23,846 | -27.2% |
| Tangible fixed assets | 22/27 | €87,510 | €63,664 | -€23,846 | -27.2% |
| Plant, machinery and equipment | 23 | €52,071 | €42,760 | -€9,311 | -17.9% |
| Furniture and vehicles | 24 | €28,649 | €15,918 | -€12,731 | -44.4% |
| Other tangible fixed assets | 26 | €6,791 | €4,986 | -€1,804 | -26.6% |
| Current assets | 29/58 | €281,068 | €421,712 | +€140,644 | +50.0% |
| Stocks and contracts in progress | 3 | €141,563 | €204,841 | +€63,278 | +44.7% |
| Stocks | 30/36 | €141,563 | €204,841 | +€63,278 | +44.7% |
| Amounts receivable within one year | 40/41 | €125,409 | €188,062 | +€62,653 | +50.0% |
| Trade receivables | 40 | €79,133 | €128,884 | +€49,751 | +62.9% |
| Other amounts receivable | 41 | €46,275 | €59,177 | +€12,902 | +27.9% |
| Cash at bank and in hand | 54/58 | €13,377 | €25,568 | +€12,190 | +91.1% |
| Deferred charges and accrued income | 490/1 | €719 | €3,242 | +€2,523 | +351.0% |
| Total equity and liabilities | 10/49 | €368,578 | €485,376 | +€116,798 | +31.7% |
| Equity | 10/15 | €51,864 | €18,600 | -€33,264 | -64.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €31,860 | - | -€31,860 | |
| Distributable reserves | 133 | €31,860 | - | -€31,860 | |
| Profit (loss) carried forward | 14 | €1,404 | - | -€1,404 | |
| Amounts payable | 17/49 | €316,714 | €466,776 | +€150,062 | +47.4% |
| Amounts payable after more than one year | 17 | €26,107 | €145,125 | +€119,018 | +455.9% |
| Financial debts | 170/4 | €26,107 | €145,125 | +€119,018 | +455.9% |
| Amounts payable within one year | 42/48 | €290,608 | €318,230 | +€27,622 | +9.5% |
| Current portion of amounts payable after more than one year | 42 | €11,484 | €7,549 | -€3,935 | -34.3% |
| Financial debts | 43 | €180,000 | €125,000 | -€55,000 | -30.6% |
| Credit institutions | 430/8 | €180,000 | €125,000 | -€55,000 | -30.6% |
| Trade debts | 44 | €71,330 | €114,600 | +€43,270 | +60.7% |
| Suppliers | 440/4 | €71,330 | €114,600 | +€43,270 | +60.7% |
| Taxes, remuneration and social security | 45 | €21,794 | €4,664 | -€17,129 | -78.6% |
| Taxes | 450/3 | €16,903 | €0 | -€16,903 | -100.0% |
| Remuneration and social security | 454/9 | €4,891 | €4,664 | -€227 | -4.6% |
| Other amounts payable | 47/48 | €6,000 | €66,417 | +€60,417 | +1006.9% |
| Accrued charges and deferred income | 492/3 | - | €3,421 | +€3,421 | |
| Non-recurring operating income | 76A | - | €2,928 | +€2,928 | |
| Remuneration, social security and pensions | 62 | €667 | €38,503 | +€37,836 | +5668.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,696 | €17,761 | +€8,065 | +83.2% |
| Other operating charges | 640/8 | €1,182 | €1,903 | +€721 | +61.0% |
| Gross operating margin | 9900 | €62,065 | €107,652 | +€45,587 | +73.5% |
| Operating profit (loss) | 9901 | €50,520 | €49,485 | -€1,035 | -2.0% |
| Financial income | 75/76B | €2,084 | €4,233 | +€2,149 | +103.1% |
| Recurring financial income | 75 | €2,084 | €4,233 | +€2,149 | +103.1% |
| Financial charges | 65/66B | €12,960 | €24,492 | +€11,532 | +89.0% |
| Recurring financial charges | 65 | €12,960 | €24,492 | +€11,532 | +89.0% |
| Profit (loss) for the period before taxes | 9903 | €39,643 | €29,225 | -€10,418 | -26.3% |
| Income taxes | 67/77 | €8,405 | €9,632 | +€1,227 | +14.6% |
| Profit (loss) for the period | 9904 | €31,238 | €19,593 | -€11,645 | -37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,238 | €19,593 | -€11,645 | -37.3% |
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 7 October 2026 via checked.be.