BOUDIN: 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.
BOUDIN
Largest movements
- Cash +€87,413
up €87,413 (+117.3%), from €74,522 to €161,935
mainly Net result for the year (+€64,669) and Depreciation (+€52,495)
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Tangible fixed assets -€47,728
down €47,728 (-21.7%), from €220,365 to €172,637
of which Plant, machinery and equipment: -€41,392
- Reserves +€55,500
up €55,500 (+43.5%), from €127,500 to €183,000
- Debts after one year -€33,157
down €33,157 (-36.2%), from €91,643 to €58,486
- Other debts -€21,807
down €21,807 (-70.0%), from €31,152 to €9,345
- Trade debts -€8,253
down €8,253 (-20.7%), from €39,878 to €31,625
- Current portion of long-term debt -€8,033
down €8,033 (-18.6%), from €43,219 to €35,186
- Gross operating margin +€41,781
up €41,781 (+27.0%), from €155,029 to €196,811
- Staff costs +€21,653
up €21,653 (+73.8%), from €29,350 to €51,003
- Taxes +€7,407
up €7,407 (+40.6%), from €18,263 to €25,670
- Financial charges -€6,183
down €6,183 (-73.7%), from €8,384 to €2,201
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 | €378,322 | €364,996 | -€13,326 | -3.5% |
| Fixed assets | 21/28 | €220,365 | €172,987 | -€47,378 | -21.5% |
| Tangible fixed assets | 22/27 | €220,365 | €172,637 | -€47,728 | -21.7% |
| Land and buildings | 22 | €5,225 | €4,484 | -€741 | -14.2% |
| Plant, machinery and equipment | 23 | €205,497 | €164,105 | -€41,392 | -20.1% |
| Furniture and vehicles | 24 | €9,643 | €4,048 | -€5,595 | -58.0% |
| Financial fixed assets | 28 | - | €350 | +€350 | |
| Current assets | 29/58 | €157,957 | €192,009 | +€34,052 | +21.6% |
| Stocks and contracts in progress | 3 | €4,475 | €5,003 | +€528 | +11.8% |
| Stocks | 30/36 | €4,475 | €5,003 | +€528 | +11.8% |
| Amounts receivable within one year | 40/41 | €25,313 | €21,645 | -€3,669 | -14.5% |
| Trade receivables | 40 | €24,347 | €21,354 | -€2,993 | -12.3% |
| Other amounts receivable | 41 | €966 | €291 | -€676 | -69.9% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €74,522 | €161,935 | +€87,413 | +117.3% |
| Deferred charges and accrued income | 490/1 | €3,646 | €3,426 | -€220 | -6.0% |
| Total equity and liabilities | 10/49 | €378,322 | €364,996 | -€13,326 | -3.5% |
| Equity | 10/15 | €137,076 | €193,079 | +€56,003 | +40.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €127,500 | €183,000 | +€55,500 | +43.5% |
| Distributable reserves | 133 | €127,500 | €183,000 | +€55,500 | +43.5% |
| Profit (loss) carried forward | 14 | €3,576 | €4,079 | +€503 | +14.1% |
| Amounts payable | 17/49 | €241,246 | €171,917 | -€69,329 | -28.7% |
| Amounts payable after more than one year | 17 | €91,643 | €58,486 | -€33,157 | -36.2% |
| Financial debts | 170/4 | €91,643 | €58,486 | -€33,157 | -36.2% |
| Amounts payable within one year | 42/48 | €142,600 | €101,134 | -€41,466 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €43,219 | €35,186 | -€8,033 | -18.6% |
| Trade debts | 44 | €39,878 | €31,625 | -€8,253 | -20.7% |
| Suppliers | 440/4 | €39,878 | €31,625 | -€8,253 | -20.7% |
| Taxes, remuneration and social security | 45 | €28,351 | €24,978 | -€3,373 | -11.9% |
| Taxes | 450/3 | €25,812 | €19,120 | -€6,691 | -25.9% |
| Remuneration and social security | 454/9 | €2,539 | €5,858 | +€3,318 | +130.7% |
| Other amounts payable | 47/48 | €31,152 | €9,345 | -€21,807 | -70.0% |
| Accrued charges and deferred income | 492/3 | €7,003 | €12,297 | +€5,294 | +75.6% |
| Remuneration, social security and pensions | 62 | €29,350 | €51,003 | +€21,653 | +73.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,780 | €52,495 | -€285 | -0.5% |
| Other operating charges | 640/8 | €1,542 | €1,192 | -€350 | -22.7% |
| Non-recurring operating charges | 66A | €2,407 | - | -€2,407 | |
| Gross operating margin | 9900 | €155,029 | €196,811 | +€41,781 | +27.0% |
| Operating profit (loss) | 9901 | €68,950 | €92,121 | +€23,171 | +33.6% |
| Financial income | 75/76B | €0 | €420 | +€420 | +4195100.0% |
| Recurring financial income | 75 | €0 | €420 | +€420 | +4195100.0% |
| Financial charges | 65/66B | €8,384 | €2,201 | -€6,183 | -73.7% |
| Recurring financial charges | 65 | €8,384 | €2,201 | -€6,183 | -73.7% |
| Profit (loss) for the period before taxes | 9903 | €60,566 | €90,339 | +€29,773 | +49.2% |
| Income taxes | 67/77 | €18,263 | €25,670 | +€7,407 | +40.6% |
| Profit (loss) for the period | 9904 | €42,303 | €64,669 | +€22,366 | +52.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,303 | €64,669 | +€22,366 | +52.9% |
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 6 October 2026 via checked.be.