BOUILLON PROJECTS: what changed
Two financial 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
BOUILLON PROJECTS
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€198,166
2024 · -€145,407-€52,759
Equity
€948,524
2024 · €1.1m-€198,166
Cash
€6,808
2024 · €3,761+€3,047
Balance sheet total
€2.9m
2024 · €2.5m+€453,307
Largest movements
Assets
- Stocks and contracts +€597,136
up €597,136 (+52.4%), from €1.1m to €1.7m
- Tangible fixed assets -€144,129
down €144,129 (-13.5%), from €1.1m to €922,462
of which Land and buildings: -€149,136
Equity and liabilities
- Debts after one year +€611,183
up €611,183 (+50.7%), from €1.2m to €1.8m
- Profit (loss) carried forward -€196,050
down €196,050 (-62.4%), from €314,163 to €118,113
- Trade debts +€46,651
up €46,651 (+384%), from €12,141 to €58,792
Income statement
- Gross operating margin -€27,080
down €27,080 (-91.0%), from -€29,750 to -€56,830
- Depreciation +€14,821
up €14,821 (+86.5%), from €17,143 to €31,964
- Financial income -€14,409
down €14,409 (-100.0%), from €14,411 to €1
- Other operating charges -€3,454
down €3,454 (-26.5%), from €13,052 to €9,598
- Financial charges -€1,500
down €1,500 (-2.9%), from €51,378 to €49,877
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
-€145,407
Gross operating margin
-€27,080
Staff costs
-€1,352
Depreciation
-€14,821
Other operating charges
+€3,454
Financial income
-€14,409
Financial charges
+€1,500
Taxes
-€51
Result 2025
-€198,166
raises the resultlowers the result
Derived cash bridge
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
-€696,667
Investment
+€112,165
Financing
+€587,549
Cash 2024
€3,761
From operations (derived)
-€696,667
Net result for the year
-€198,166
Depreciation
+€31,964
Stocks and contracts
-€597,136
Receivables within one year
+€2,747
Smaller working-capital items
-€375
Trade debts
+€46,651
Tax, wage and social debts
+€6,809
Other debts
+€10,839
Investment (derived)
+€112,165
Investment in fixed assets (net)
+€112,165
Financing
+€587,549
Debts after one year
+€611,183
Current portion of long-term debt
-€2,466
Short-term financial debts
-€21,167
Cash 2025
€6,808
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,475,911 | €2,929,218 | +€453,307 | +18.3% |
| Fixed assets | 21/28 | €1,077,075 | €932,946 | -€144,129 | -13.4% |
| Tangible fixed assets | 22/27 | €1,066,591 | €922,462 | -€144,129 | -13.5% |
| Land and buildings | 22 | €1,065,616 | €916,480 | -€149,136 | -14.0% |
| Plant, machinery and equipment | 23 | €975 | €5,982 | +€5,007 | +514% |
| Financial fixed assets | 28 | €10,484 | €10,484 | = | 0.0% |
| Current assets | 29/58 | €1,398,836 | €1,996,272 | +€597,436 | +42.7% |
| Stocks and contracts in progress | 3 | €1,140,221 | €1,737,357 | +€597,136 | +52.4% |
| Stocks | 30/36 | €1,140,221 | €1,737,357 | +€597,136 | +52.4% |
| Amounts receivable within one year | 40/41 | €254,854 | €252,107 | -€2,747 | -1.1% |
| Trade receivables | 40 | €2,747 | - | -€2,747 | |
| Other amounts receivable | 41 | €252,107 | €252,107 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,761 | €6,808 | +€3,047 | +81.0% |
| Total equity and liabilities | 10/49 | €2,475,911 | €2,929,218 | +€453,307 | +18.3% |
| Equity | 10/15 | €1,146,690 | €948,524 | -€198,166 | -17.3% |
| Contributions | 10/11 | €167,328 | €167,328 | = | 0.0% |
| Capital | 10 | €167,328 | €167,328 | = | 0.0% |
| Issued capital | 100 | €167,328 | €167,328 | = | 0.0% |
| Reserves | 13 | €665,199 | €663,083 | -€2,115 | -0.3% |
| Non-distributable reserves | 130/1 | €16,733 | €16,733 | = | 0.0% |
| Legal reserve | 130 | €16,733 | €16,733 | = | 0.0% |
| Tax-exempt reserves | 132 | €68,600 | €66,484 | -€2,115 | -3.1% |
| Distributable reserves | 133 | €579,866 | €579,866 | = | 0.0% |
| Profit (loss) carried forward | 14 | €314,163 | €118,113 | -€196,050 | -62.4% |
| Provisions and deferred taxes | 16 | €19,598 | €18,893 | -€705 | -3.6% |
| Deferred taxes | 168 | €19,598 | €18,893 | -€705 | -3.6% |
| Amounts payable | 17/49 | €1,309,623 | €1,961,800 | +€652,178 | +49.8% |
| Amounts payable after more than one year | 17 | €1,206,476 | €1,817,659 | +€611,183 | +50.7% |
| Financial debts | 170/4 | €1,206,476 | €1,817,659 | +€611,183 | +50.7% |
| Amounts payable within one year | 42/48 | €100,998 | €141,664 | +€40,665 | +40.3% |
| Current portion of amounts payable after more than one year | 42 | €35,449 | €32,983 | -€2,466 | -7.0% |
| Financial debts | 43 | €21,167 | - | -€21,167 | |
| Credit institutions | 430/8 | €21,167 | - | -€21,167 | |
| Trade debts | 44 | €12,141 | €58,792 | +€46,651 | +384% |
| Suppliers | 440/4 | €12,141 | €58,792 | +€46,651 | +384% |
| Taxes, remuneration and social security | 45 | €23,025 | €29,834 | +€6,809 | +29.6% |
| Taxes | 450/3 | €7,841 | €6,068 | -€1,774 | -22.6% |
| Remuneration and social security | 454/9 | €15,184 | €23,766 | +€8,583 | +56.5% |
| Other amounts payable | 47/48 | €9,216 | €20,055 | +€10,839 | +118% |
| Accrued charges and deferred income | 492/3 | €2,148 | €2,478 | +€330 | +15.4% |
| Remuneration, social security and pensions | 62 | €49,251 | €50,603 | +€1,352 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,143 | €31,964 | +€14,821 | +86.5% |
| Other operating charges | 640/8 | €13,052 | €9,598 | -€3,454 | -26.5% |
| Gross operating margin | 9900 | -€29,750 | -€56,830 | -€27,080 | -91.0% |
| Operating profit (loss) | 9901 | -€109,196 | -€148,995 | -€39,799 | -36.4% |
| Financial income | 75/76B | €14,411 | €1 | -€14,409 | -100.0% |
| Recurring financial income | 75 | €14,411 | €1 | -€14,409 | -100.0% |
| Financial charges | 65/66B | €51,378 | €49,877 | -€1,500 | -2.9% |
| Recurring financial charges | 65 | €51,378 | €49,877 | -€1,500 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | -€146,163 | -€198,871 | -€52,708 | -36.1% |
| Transfer from deferred taxes | 780 | €705 | €705 | = | 0.0% |
| Income taxes | 67/77 | -€51 | - | +€51 | |
| Profit (loss) for the period | 9904 | -€145,407 | -€198,166 | -€52,759 | -36.3% |
| Transfer from tax-exempt reserves | 789 | €2,115 | €2,115 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€143,291 | -€196,050 | -€52,759 | -36.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.