BOUDEL: 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.
BOUDEL
Largest movements
- Receivables within one year +€17,029
up €17,029 (+55.7%), from €30,551 to €47,579
of which Other amounts receivable: +€19,925
- Cash +€8,967
up €8,967 (+22.2%), from €40,402 to €49,368
mainly Tax, wage and social debts (+€18,059) and Depreciation (+€6,050)
- Tangible fixed assets -€4,250
down €4,250 (-51.8%), from €8,210 to €3,961
of which Other tangible fixed assets: -€2,842
- Tax, wage and social debts +€18,059
up €18,059 (+269.4%), from €6,704 to €24,763
of which Remuneration and social security: +€17,599
- Profit (loss) carried forward +€3,058
up €3,058 (+15.7%), from €19,464 to €22,522
- Trade debts +€1,279
up €1,279 (+3.9%), from €32,498 to €33,777
- Gross operating margin -€2,216
down €2,216 (-13.8%), from €16,056 to €13,839
- Financial charges +€2,042
up €2,042 (+695.2%), from €294 to €2,335
- Other operating charges +€1,270
up €1,270 (+190.6%), from €666 to €1,937
- Taxes -€1,049
down €1,049 (-69.5%), from €1,509 to €460
- Depreciation -€254
down €254 (-4.0%), from €6,304 to €6,050
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 | €82,310 | €104,706 | +€22,396 | +27.2% |
| Fixed assets | 21/28 | €8,210 | €3,961 | -€4,250 | -51.8% |
| Tangible fixed assets | 22/27 | €8,210 | €3,961 | -€4,250 | -51.8% |
| Plant, machinery and equipment | 23 | €3,815 | €3,085 | -€730 | -19.1% |
| Furniture and vehicles | 24 | €1,554 | €876 | -€678 | -43.6% |
| Other tangible fixed assets | 26 | €2,842 | - | -€2,842 | |
| Current assets | 29/58 | €74,100 | €100,745 | +€26,645 | +36.0% |
| Stocks and contracts in progress | 3 | €1,647 | €2,298 | +€650 | +39.5% |
| Stocks | 30/36 | €1,647 | €2,298 | +€650 | +39.5% |
| Amounts receivable within one year | 40/41 | €30,551 | €47,579 | +€17,029 | +55.7% |
| Trade receivables | 40 | €23,636 | €20,740 | -€2,897 | -12.3% |
| Other amounts receivable | 41 | €6,915 | €26,840 | +€19,925 | +288.2% |
| Cash at bank and in hand | 54/58 | €40,402 | €49,368 | +€8,967 | +22.2% |
| Deferred charges and accrued income | 490/1 | €1,500 | €1,500 | = | 0.0% |
| Total equity and liabilities | 10/49 | €82,310 | €104,706 | +€22,396 | +27.2% |
| Equity | 10/15 | €38,869 | €41,927 | +€3,058 | +7.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,464 | €22,522 | +€3,058 | +15.7% |
| Investment grants | 15 | €855 | €855 | = | 0.0% |
| Provisions and deferred taxes | 16 | €285 | €285 | = | 0.0% |
| Deferred taxes | 168 | €285 | €285 | = | 0.0% |
| Amounts payable | 17/49 | €43,156 | €62,494 | +€19,338 | +44.8% |
| Amounts payable within one year | 42/48 | €43,156 | €62,494 | +€19,338 | +44.8% |
| Trade debts | 44 | €32,498 | €33,777 | +€1,279 | +3.9% |
| Suppliers | 440/4 | €32,498 | €33,777 | +€1,279 | +3.9% |
| Taxes, remuneration and social security | 45 | €6,704 | €24,763 | +€18,059 | +269.4% |
| Taxes | 450/3 | €941 | €1,401 | +€460 | +48.9% |
| Remuneration and social security | 454/9 | €5,763 | €23,362 | +€17,599 | +305.4% |
| Other amounts payable | 47/48 | €3,954 | €3,954 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,304 | €6,050 | -€254 | -4.0% |
| Other operating charges | 640/8 | €666 | €1,937 | +€1,270 | +190.6% |
| Gross operating margin | 9900 | €16,056 | €13,839 | -€2,216 | -13.8% |
| Operating profit (loss) | 9901 | €9,086 | €5,853 | -€3,233 | -35.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -58.8% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -58.8% |
| Financial charges | 65/66B | €294 | €2,335 | +€2,042 | +695.2% |
| Recurring financial charges | 65 | €294 | €2,335 | +€2,042 | +695.2% |
| Profit (loss) for the period before taxes | 9903 | €8,792 | €3,518 | -€5,275 | -60.0% |
| Income taxes | 67/77 | €1,509 | €460 | -€1,049 | -69.5% |
| Profit (loss) for the period | 9904 | €7,284 | €3,058 | -€4,226 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,284 | €3,058 | -€4,226 | -58.0% |
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 2 October 2026 via checked.be.