BOULANGER: 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
BOULANGER
NACE 55.209, Other holiday and short-stay accommodation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€72,042
2024 · €77,782-€5,740
Equity
€537,729
2024 · €465,687+€72,042
Cash
€193,063
2024 · €104,062+€89,001
Balance sheet total
€623,520
2024 · €538,337+€85,183
Largest movements
Assets
- Cash +€89,001
up €89,001 (+85.5%), from €104,062 to €193,063
mainly Net result for the year (+€72,042) and Trade debts (+€16,768)
Equity and liabilities
- Profit (loss) carried forward +€68,440
up €68,440 (+48.0%), from €142,657 to €211,097
- Trade debts +€16,768
up €16,768 (+202%), from €8,322 to €25,090
Income statement
- Gross operating margin -€44,045
down €44,045 (-25.7%), from €171,575 to €127,530
- Staff costs -€33,764
down €33,764 (-99.3%), from €33,988 to €223
- Taxes -€3,324
down €3,324 (-12.2%), from €27,273 to €23,949
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
€77,782
Gross operating margin
-€44,045
Staff costs
+€33,764
Depreciation
-€334
Other operating charges
+€666
Financial income
-€0
Financial charges
+€884
Taxes
+€3,324
Result 2025
€72,042
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
+€93,584
Investment
-€4,330
Financing
-€253
Cash 2024
€104,062
From operations (derived)
+€93,584
Net result for the year
+€72,042
Depreciation
+€6,804
Stocks and contracts
+€3,143
Receivables within one year
-€1,936
Deferred charges and accrued income
+€136
Trade debts
+€16,768
Tax, wage and social debts
-€2,125
Other debts
-€1,250
Investment (derived)
-€4,330
Investment in fixed assets (net)
-€4,330
Financing
-€253
Current portion of long-term debt
-€253
Cash 2025
€193,063
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €538,337 | €623,520 | +€85,183 | +15.8% |
| Fixed assets | 21/28 | €400,150 | €397,676 | -€2,474 | -0.6% |
| Tangible fixed assets | 22/27 | €398,906 | €396,431 | -€2,474 | -0.6% |
| Land and buildings | 22 | €393,581 | €389,563 | -€4,018 | -1.0% |
| Plant, machinery and equipment | 23 | €5,325 | €6,868 | +€1,544 | +29.0% |
| Financial fixed assets | 28 | €1,245 | €1,245 | = | 0.0% |
| Current assets | 29/58 | €138,186 | €225,844 | +€87,657 | +63.4% |
| Stocks and contracts in progress | 3 | €25,393 | €22,250 | -€3,143 | -12.4% |
| Stocks | 30/36 | €25,393 | €22,250 | -€3,143 | -12.4% |
| Amounts receivable within one year | 40/41 | €6,752 | €8,687 | +€1,936 | +28.7% |
| Trade receivables | 40 | €3,429 | €1,585 | -€1,844 | -53.8% |
| Other amounts receivable | 41 | €3,322 | €7,102 | +€3,780 | +114% |
| Cash at bank and in hand | 54/58 | €104,062 | €193,063 | +€89,001 | +85.5% |
| Deferred charges and accrued income | 490/1 | €1,980 | €1,843 | -€136 | -6.9% |
| Total equity and liabilities | 10/49 | €538,337 | €623,520 | +€85,183 | +15.8% |
| Equity | 10/15 | €465,687 | €537,729 | +€72,042 | +15.5% |
| Contributions | 10/11 | €298,700 | €298,700 | = | 0.0% |
| Capital | 10 | €298,700 | €298,700 | = | 0.0% |
| Issued capital | 100 | €298,700 | €298,700 | = | 0.0% |
| Reserves | 13 | €24,330 | €27,932 | +€3,602 | +14.8% |
| Non-distributable reserves | 130/1 | €19,372 | €22,974 | +€3,602 | +18.6% |
| Legal reserve | 130 | €19,372 | €22,974 | +€3,602 | +18.6% |
| Distributable reserves | 133 | €4,958 | €4,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | €142,657 | €211,097 | +€68,440 | +48.0% |
| Amounts payable | 17/49 | €72,650 | €85,791 | +€13,141 | +18.1% |
| Amounts payable within one year | 42/48 | €72,650 | €85,791 | +€13,141 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €253 | - | -€253 | |
| Trade debts | 44 | €8,322 | €25,090 | +€16,768 | +202% |
| Suppliers | 440/4 | €8,322 | €25,090 | +€16,768 | +202% |
| Taxes, remuneration and social security | 45 | €19,563 | €17,439 | -€2,125 | -10.9% |
| Taxes | 450/3 | €17,908 | €17,439 | -€469 | -2.6% |
| Remuneration and social security | 454/9 | €1,655 | - | -€1,655 | |
| Other amounts payable | 47/48 | €44,512 | €43,262 | -€1,250 | -2.8% |
| Remuneration, social security and pensions | 62 | €33,988 | €223 | -€33,764 | -99.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,470 | €6,804 | +€334 | +5.2% |
| Other operating charges | 640/8 | €24,183 | €23,517 | -€666 | -2.8% |
| Gross operating margin | 9900 | €171,575 | €127,530 | -€44,045 | -25.7% |
| Operating profit (loss) | 9901 | €106,935 | €96,986 | -€9,948 | -9.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,879 | €995 | -€884 | -47.0% |
| Recurring financial charges | 65 | €1,879 | €995 | -€884 | -47.0% |
| Profit (loss) for the period before taxes | 9903 | €105,056 | €95,991 | -€9,064 | -8.6% |
| Income taxes | 67/77 | €27,273 | €23,949 | -€3,324 | -12.2% |
| Profit (loss) for the period | 9904 | €77,782 | €72,042 | -€5,740 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €77,782 | €72,042 | -€5,740 | -7.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.