BOUDRY PASCAL: 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.
BOUDRY PASCAL
Largest movements
- Current investments -€609,971
down €609,971 (-75.5%), from €807,852 to €197,881
- Cash -€56,017
down €56,017 (-59.8%), from €93,600 to €37,583
mainly Contributions, distributions and other (-€703,320) and Deferred charges and accrued income (-€49,989)
- Deferred charges and accrued income +€49,989
up €49,989 (+92.4%), from €54,101 to €104,090
- Tangible fixed assets -€31,587
down €31,587 (-13.9%), from €227,966 to €196,380
of which Furniture and vehicles: -€29,104
- Reserves -€634,174
down €634,174 (-69.8%), from €908,477 to €274,304
of which Distributable reserves: -€634,174
- Debts after one year -€32,548
down €32,548 (-52.9%), from €61,545 to €28,997
- Tax, wage and social debts +€16,947
up €16,947 (+226.0%), from €7,500 to €24,447
- Gross operating margin +€64,970
up €64,970 (+140.7%), from €46,176 to €111,146
- Taxes +€19,973
up €19,973 (+182.0%), from €10,974 to €30,947
- Financial income +€4,948
up €4,948 (+25.7%), from €19,230 to €24,178
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 | €1,189,613 | €540,807 | -€648,807 | -54.5% |
| Fixed assets | 21/28 | €227,966 | €196,380 | -€31,587 | -13.9% |
| Tangible fixed assets | 22/27 | €227,966 | €196,380 | -€31,587 | -13.9% |
| Land and buildings | 22 | €134,135 | €134,135 | = | 0.0% |
| Plant, machinery and equipment | 23 | €13,539 | €11,056 | -€2,483 | -18.3% |
| Furniture and vehicles | 24 | €68,368 | €39,264 | -€29,104 | -42.6% |
| Other tangible fixed assets | 26 | €11,925 | €11,925 | = | 0.0% |
| Current assets | 29/58 | €961,647 | €344,427 | -€617,220 | -64.2% |
| Amounts receivable within one year | 40/41 | €6,094 | €4,873 | -€1,221 | -20.0% |
| Other amounts receivable | 41 | €6,094 | €4,873 | -€1,221 | -20.0% |
| Current investments | 50/53 | €807,852 | €197,881 | -€609,971 | -75.5% |
| Cash at bank and in hand | 54/58 | €93,600 | €37,583 | -€56,017 | -59.8% |
| Deferred charges and accrued income | 490/1 | €54,101 | €104,090 | +€49,989 | +92.4% |
| Total equity and liabilities | 10/49 | €1,189,613 | €540,807 | -€648,807 | -54.5% |
| Equity | 10/15 | €1,087,896 | €453,722 | -€634,174 | -58.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €908,477 | €274,304 | -€634,174 | -69.8% |
| Tax-exempt reserves | 132 | €29,662 | €29,662 | = | 0.0% |
| Distributable reserves | 133 | €878,815 | €244,641 | -€634,174 | -72.2% |
| Profit (loss) carried forward | 14 | €173,218 | €173,218 | = | 0.0% |
| Amounts payable | 17/49 | €101,718 | €87,085 | -€14,633 | -14.4% |
| Amounts payable after more than one year | 17 | €61,545 | €28,997 | -€32,548 | -52.9% |
| Financial debts | 170/4 | €61,545 | €28,997 | -€32,548 | -52.9% |
| Amounts payable within one year | 42/48 | €40,173 | €58,088 | +€17,915 | +44.6% |
| Current portion of amounts payable after more than one year | 42 | €32,222 | €32,548 | +€326 | +1.0% |
| Trade debts | 44 | €311 | €953 | +€642 | +206.8% |
| Suppliers | 440/4 | €311 | €953 | +€642 | +206.8% |
| Taxes, remuneration and social security | 45 | €7,500 | €24,447 | +€16,947 | +226.0% |
| Taxes | 450/3 | €7,500 | €24,447 | +€16,947 | +226.0% |
| Other amounts payable | 47/48 | €140 | €140 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,811 | €31,587 | -€224 | -0.7% |
| Other operating charges | 640/8 | €2,490 | €2,372 | -€118 | -4.7% |
| Gross operating margin | 9900 | €46,176 | €111,146 | +€64,970 | +140.7% |
| Operating profit (loss) | 9901 | €11,874 | €77,187 | +€65,312 | +550.0% |
| Financial income | 75/76B | €19,230 | €24,178 | +€4,948 | +25.7% |
| Recurring financial income | 75 | €19,230 | €24,178 | +€4,948 | +25.7% |
| Financial charges | 65/66B | €1,819 | €1,271 | -€548 | -30.1% |
| Recurring financial charges | 65 | €1,819 | €1,271 | -€548 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | €29,286 | €100,094 | +€70,808 | +241.8% |
| Income taxes | 67/77 | €10,974 | €30,947 | +€19,973 | +182.0% |
| Profit (loss) for the period | 9904 | €18,312 | €69,146 | +€50,835 | +277.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,312 | €69,146 | +€50,835 | +277.6% |
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 28 September 2026 via checked.be.