BOUGARD: 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.
What changed
BOUGARD
NACE 46.620, Wholesale of machine tools
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€90,663
2024 · €61,683+€28,980
Equity
€1.1m
2024 · €1.1m+€40,663
Cash
€198,413
2024 · €267,277-€68,864
Balance sheet total
€4.3m
2024 · €3.9m+€382,423
Largest movements
Assets
- Receivables within one year +€327,007
up €327,007 (+32.2%), from €1.0m to €1.3m
of which Other amounts receivable: +€172,651
- Stocks and contracts +€185,975
up €185,975 (+7.8%), from €2.4m to €2.6m
- Tangible fixed assets -€71,152
down €71,152 (-25.3%), from €280,740 to €209,589
of which Leasing and similar rights: -€48,026
- Cash -€68,864
down €68,864 (-25.8%), from €267,277 to €198,413
mainly Receivables within one year (-€327,007) and Stocks and contracts (-€185,975)
Equity and liabilities
- Trade debts +€348,612
up €348,612 (+36.7%), from €950,599 to €1.3m
- Debts after one year -€149,252
down €149,252 (-39.7%), from €375,562 to €226,310
- Short-term financial debts +€120,078
up €120,078 (+10.5%), from €1.1m to €1.3m
Income statement
- Gross operating margin +€86,305
up €86,305 (+10.3%), from €837,183 to €923,488
- Staff costs +€51,902
up €51,902 (+10.2%), from €509,497 to €561,400
- Financial charges -€16,826
down €16,826 (-11.6%), from €144,832 to €128,006
- Write-downs +€11,528
new in 2025: €11,528
- Depreciation +€10,784
up €10,784 (+13.6%), from €79,307 to €90,091
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.
Result 2024
€61,683
Gross operating margin
+€86,305
Staff costs
-€51,902
Depreciation
-€10,784
Write-downs
-€11,528
Other operating charges
-€112
Other operating items
+€6,115
Financial income
+€3,394
Financial charges
+€16,826
Taxes
-€9,335
Result 2025
€90,663
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.
From operations
+€50,674
Investment
-€25,923
Financing
-€93,615
Cash 2024
€267,277
From operations (derived)
+€50,674
Net result for the year
+€90,663
Depreciation
+€90,091
Stocks and contracts
-€185,975
Receivables within one year
-€327,007
Deferred charges and accrued income
-€2,472
Trade debts
+€348,612
Tax, wage and social debts
+€41,189
Advances received
+€9,678
Other debts
-€10,000
Accrued charges and deferred income
-€4,104
Investment (derived)
-€25,923
Investment in fixed assets (net)
-€25,923
Financing
-€93,615
Debts after one year
-€149,252
Current portion of long-term debt
-€14,441
Short-term financial debts
+€120,078
Contributions, distributions and other
-€50,000
Cash 2025
€198,413
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,934,768 | €4,317,191 | +€382,423 | +9.7% |
| Fixed assets | 21/28 | €280,740 | €216,572 | -€64,168 | -22.9% |
| Intangible fixed assets | 21 | - | €6,984 | +€6,984 | |
| Tangible fixed assets | 22/27 | €280,740 | €209,589 | -€71,152 | -25.3% |
| Land and buildings | 22 | €104,546 | €94,070 | -€10,476 | -10.0% |
| Plant, machinery and equipment | 23 | €60,856 | €42,581 | -€18,275 | -30.0% |
| Furniture and vehicles | 24 | - | €5,626 | +€5,626 | |
| Leasing and similar rights | 25 | €115,338 | €67,312 | -€48,026 | -41.6% |
| Current assets | 29/58 | €3,654,028 | €4,100,619 | +€446,591 | +12.2% |
| Stocks and contracts in progress | 3 | €2,370,316 | €2,556,291 | +€185,975 | +7.8% |
| Stocks | 30/36 | €2,370,316 | €2,556,291 | +€185,975 | +7.8% |
| Amounts receivable within one year | 40/41 | €1,016,408 | €1,343,416 | +€327,007 | +32.2% |
| Trade receivables | 40 | €1,007,168 | €1,161,524 | +€154,357 | +15.3% |
| Other amounts receivable | 41 | €9,241 | €181,892 | +€172,651 | +1868.3% |
| Cash at bank and in hand | 54/58 | €267,277 | €198,413 | -€68,864 | -25.8% |
| Deferred charges and accrued income | 490/1 | €27 | €2,499 | +€2,472 | +9159.3% |
| Total equity and liabilities | 10/49 | €3,934,768 | €4,317,191 | +€382,423 | +9.7% |
| Equity | 10/15 | €1,102,287 | €1,142,950 | +€40,663 | +3.7% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Capital | 10 | €155,000 | €155,000 | = | 0.0% |
| Issued capital | 100 | €155,000 | €155,000 | = | 0.0% |
| Reserves | 13 | €188,522 | €188,522 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,500 | €15,500 | = | 0.0% |
| Legal reserve | 130 | €15,500 | €15,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €67,710 | €67,710 | = | 0.0% |
| Distributable reserves | 133 | €105,312 | €105,312 | = | 0.0% |
| Profit (loss) carried forward | 14 | €758,766 | €799,428 | +€40,663 | +5.4% |
| Amounts payable | 17/49 | €2,832,481 | €3,174,241 | +€341,760 | +12.1% |
| Amounts payable after more than one year | 17 | €375,562 | €226,310 | -€149,252 | -39.7% |
| Financial debts | 170/4 | €375,562 | €226,310 | -€149,252 | -39.7% |
| Amounts payable within one year | 42/48 | €2,452,814 | €2,947,931 | +€495,116 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €165,435 | €150,994 | -€14,441 | -8.7% |
| Financial debts | 43 | €1,144,654 | €1,264,732 | +€120,078 | +10.5% |
| Credit institutions | 430/8 | €1,144,654 | €1,264,732 | +€120,078 | +10.5% |
| Trade debts | 44 | €950,599 | €1,299,211 | +€348,612 | +36.7% |
| Suppliers | 440/4 | €950,599 | €1,299,211 | +€348,612 | +36.7% |
| Advances received on contracts in progress | 46 | - | €9,678 | +€9,678 | |
| Taxes, remuneration and social security | 45 | €132,127 | €173,316 | +€41,189 | +31.2% |
| Taxes | 450/3 | €79,520 | €107,819 | +€28,299 | +35.6% |
| Remuneration and social security | 454/9 | €52,607 | €65,497 | +€12,890 | +24.5% |
| Other amounts payable | 47/48 | €60,000 | €50,000 | -€10,000 | -16.7% |
| Accrued charges and deferred income | 492/3 | €4,104 | - | -€4,104 | |
| Non-recurring operating income | 76A | - | €5,269 | +€5,269 | |
| Remuneration, social security and pensions | 62 | €509,497 | €561,400 | +€51,902 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,307 | €90,091 | +€10,784 | +13.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,528 | +€11,528 | |
| Other operating charges | 640/8 | €11,786 | €11,898 | +€112 | +1.0% |
| Non-recurring operating charges | 66A | €18,864 | €12,749 | -€6,115 | -32.4% |
| Gross operating margin | 9900 | €837,183 | €923,488 | +€86,305 | +10.3% |
| Operating profit (loss) | 9901 | €217,729 | €235,823 | +€18,094 | +8.3% |
| Financial income | 75/76B | €16,859 | €20,253 | +€3,394 | +20.1% |
| Recurring financial income | 75 | €16,859 | €20,253 | +€3,394 | +20.1% |
| Financial charges | 65/66B | €144,832 | €128,006 | -€16,826 | -11.6% |
| Recurring financial charges | 65 | €144,832 | €128,006 | -€16,826 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €89,755 | €128,070 | +€38,315 | +42.7% |
| Income taxes | 67/77 | €28,072 | €37,408 | +€9,335 | +33.3% |
| Profit (loss) for the period | 9904 | €61,683 | €90,663 | +€28,980 | +47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,683 | €90,663 | +€28,980 | +47.0% |
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 5 October 2026 via checked.be.