BOUDREZ LIEN: 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.
BOUDREZ LIEN
Largest movements
- Stocks and contracts +€11,071
up €11,071 (+42.4%), from €26,134 to €37,205
- Cash -€6,455
down €6,455 (-16.2%), from €39,732 to €33,278
mainly Stocks and contracts (-€11,071) and Debts after one year (-€10,090)
- Tangible fixed assets -€3,006
down €3,006 (-19.6%), from €15,361 to €12,355
of which Plant, machinery and equipment: -€2,063
- Receivables within one year +€1,024
up €1,024 (+523.6%), from €195 to €1,219
- Debts after one year -€10,090
down €10,090 (-36.6%), from €27,592 to €17,502
- Reserves +€6,244
up €6,244 (+82.4%), from €7,582 to €13,826
- Accrued charges and deferred income +€4,244
up €4,244 (+283.0%), from €1,500 to €5,744
- Trade debts +€1,012
up €1,012 (+20.7%), from €4,885 to €5,897
- Gross operating margin -€4,998
down €4,998 (-16.8%), from €29,668 to €24,669
- Write-downs +€3,257
up €3,257 (+68.0%), from €4,788 to €8,045
- Depreciation -€3,255
down €3,255 (-40.3%), from €8,071 to €4,816
- Financial charges -€2,064
down €2,064 (-53.1%), from €3,889 to €1,826
- Taxes +€401
up €401 (+12.3%), from €3,258 to €3,659
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 | €83,554 | €85,589 | +€2,035 | +2.4% |
| Fixed assets | 21/28 | €17,492 | €13,887 | -€3,606 | -20.6% |
| Intangible fixed assets | 21 | €2,132 | €1,532 | -€600 | -28.1% |
| Tangible fixed assets | 22/27 | €15,361 | €12,355 | -€3,006 | -19.6% |
| Plant, machinery and equipment | 23 | €7,512 | €5,449 | -€2,063 | -27.5% |
| Furniture and vehicles | 24 | €2,735 | €2,060 | -€675 | -24.7% |
| Other tangible fixed assets | 26 | €5,114 | €4,846 | -€268 | -5.2% |
| Current assets | 29/58 | €66,062 | €71,702 | +€5,640 | +8.5% |
| Stocks and contracts in progress | 3 | €26,134 | €37,205 | +€11,071 | +42.4% |
| Stocks | 30/36 | €26,134 | €37,205 | +€11,071 | +42.4% |
| Amounts receivable within one year | 40/41 | €195 | €1,219 | +€1,024 | +523.6% |
| Trade receivables | 40 | €195 | €1,219 | +€1,024 | +523.6% |
| Cash at bank and in hand | 54/58 | €39,732 | €33,278 | -€6,455 | -16.2% |
| Total equity and liabilities | 10/49 | €83,554 | €85,589 | +€2,035 | +2.4% |
| Equity | 10/15 | €27,582 | €33,826 | +€6,244 | +22.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €7,582 | €13,826 | +€6,244 | +82.4% |
| Distributable reserves | 133 | €7,582 | €13,826 | +€6,244 | +82.4% |
| Amounts payable | 17/49 | €55,973 | €51,763 | -€4,210 | -7.5% |
| Amounts payable after more than one year | 17 | €27,592 | €17,502 | -€10,090 | -36.6% |
| Financial debts | 170/4 | €27,592 | €17,502 | -€10,090 | -36.6% |
| Amounts payable within one year | 42/48 | €26,881 | €28,517 | +€1,636 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €9,793 | €10,090 | +€297 | +3.0% |
| Trade debts | 44 | €4,885 | €5,897 | +€1,012 | +20.7% |
| Suppliers | 440/4 | €4,885 | €5,897 | +€1,012 | +20.7% |
| Taxes, remuneration and social security | 45 | €5,904 | €5,864 | -€40 | -0.7% |
| Taxes | 450/3 | €5,904 | €5,864 | -€40 | -0.7% |
| Other amounts payable | 47/48 | €6,298 | €6,666 | +€368 | +5.8% |
| Accrued charges and deferred income | 492/3 | €1,500 | €5,744 | +€4,244 | +283.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,071 | €4,816 | -€3,255 | -40.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,788 | €8,045 | +€3,257 | +68.0% |
| Other operating charges | 640/8 | €115 | €126 | +€11 | +9.6% |
| Non-recurring operating charges | 66A | €2,014 | - | -€2,014 | |
| Gross operating margin | 9900 | €29,668 | €24,669 | -€4,998 | -16.8% |
| Operating profit (loss) | 9901 | €14,679 | €11,682 | -€2,997 | -20.4% |
| Financial income | 75/76B | €50 | €47 | -€3 | -5.8% |
| Recurring financial income | 75 | €50 | €47 | -€3 | -5.8% |
| Financial charges | 65/66B | €3,889 | €1,826 | -€2,064 | -53.1% |
| Recurring financial charges | 65 | €3,889 | €1,826 | -€2,064 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | €10,840 | €9,903 | -€936 | -8.6% |
| Income taxes | 67/77 | €3,258 | €3,659 | +€401 | +12.3% |
| Profit (loss) for the period | 9904 | €7,582 | €6,244 | -€1,337 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,582 | €6,244 | -€1,337 | -17.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.