BOULEAUX: 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
BOULEAUX
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€112,543
2024 · €256,979-€369,521
Equity
€323,905
2024 · €436,447-€112,543
Cash
€10,085
2024 · €7,361+€2,725
Balance sheet total
€662,355
2024 · €755,502-€93,147
Largest movements
Assets
- Receivables within one year -€69,544
down €69,544 (-74.6%), from €93,208 to €23,664
of which Trade receivables: -€49,357
- Tangible fixed assets -€30,256
down €30,256 (-5.0%), from €610,460 to €580,204
of which Land and buildings: -€28,769
Equity and liabilities
- Profit (loss) carried forward -€112,543
down €112,543 (-174%), from -€64,792 to -€177,335
- Other debts +€67,580
new in 2025: €67,580
- Trade debts -€48,369
down €48,369 (-96.5%), from €50,132 to €1,764
Income statement
- Gross operating margin -€273,044
down €273,044 (-92.6%), from €294,744 to €21,700
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
€256,979
Gross operating margin
-€273,044
Depreciation
+€2,670
Other operating charges
-€147
Other operating items
-€97,951
Financial income
-€1,111
Financial charges
+€61
Result 2025
-€112,543
raises the resultlowers the resultnot broken down further in the accounts
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
+€4,056
Investment
+€624
Financing
-€1,955
Cash 2024
€7,361
From operations (derived)
+€4,056
Net result for the year
-€112,543
Depreciation
+€30,852
Receivables within one year
+€69,544
Deferred charges and accrued income
-€5,149
Trade debts
-€48,369
Other debts
+€67,580
Accrued charges and deferred income
+€2,140
Investment (derived)
+€624
Investment in fixed assets (net)
+€624
Financing
-€1,955
Debts after one year
-€1,955
Cash 2025
€10,085
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €755,502 | €662,355 | -€93,147 | -12.3% |
| Fixed assets | 21/28 | €611,680 | €580,204 | -€31,476 | -5.1% |
| Intangible fixed assets | 21 | €1,221 | €0 | -€1,221 | -100% |
| Tangible fixed assets | 22/27 | €610,460 | €580,204 | -€30,256 | -5.0% |
| Land and buildings | 22 | €608,112 | €579,343 | -€28,769 | -4.7% |
| Furniture and vehicles | 24 | €2,348 | €862 | -€1,487 | -63.3% |
| Current assets | 29/58 | €143,822 | €82,151 | -€61,671 | -42.9% |
| Stocks and contracts in progress | 3 | €40,102 | €40,102 | = | 0.0% |
| Stocks | 30/36 | €40,102 | €40,102 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €93,208 | €23,664 | -€69,544 | -74.6% |
| Trade receivables | 40 | €72,185 | €22,828 | -€49,357 | -68.4% |
| Other amounts receivable | 41 | €21,022 | €836 | -€20,187 | -96.0% |
| Cash at bank and in hand | 54/58 | €7,361 | €10,085 | +€2,725 | +37.0% |
| Deferred charges and accrued income | 490/1 | €3,152 | €8,300 | +€5,149 | +163% |
| Total equity and liabilities | 10/49 | €755,502 | €662,355 | -€93,147 | -12.3% |
| Equity | 10/15 | €436,447 | €323,905 | -€112,543 | -25.8% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €1,239 | €1,239 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,239 | €1,239 | = | 0.0% |
| Legal reserve | 130 | €1,239 | €1,239 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,792 | -€177,335 | -€112,543 | -174% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Environmental obligations | 163 | €0 | - | = | |
| Amounts payable | 17/49 | €319,055 | €338,451 | +€19,396 | +6.1% |
| Amounts payable after more than one year | 17 | €268,762 | €266,807 | -€1,955 | -0.7% |
| Financial debts | 170/4 | €268,762 | €266,807 | -€1,955 | -0.7% |
| Amounts payable within one year | 42/48 | €50,132 | €69,344 | +€19,211 | +38.3% |
| Trade debts | 44 | €50,132 | €1,764 | -€48,369 | -96.5% |
| Suppliers | 440/4 | €50,132 | €1,764 | -€48,369 | -96.5% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €67,580 | +€67,580 | |
| Accrued charges and deferred income | 492/3 | €160 | €2,300 | +€2,140 | +1,333% |
| Non-recurring operating income | 76A | €270,289 | €0 | -€270,289 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,523 | €30,852 | -€2,670 | -8.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €5,091 | €5,238 | +€147 | +2.9% |
| Non-recurring operating charges | 66A | €0 | €97,951 | +€97,951 | |
| Gross operating margin | 9900 | €294,744 | €21,700 | -€273,044 | -92.6% |
| Operating profit (loss) | 9901 | €256,130 | -€112,342 | -€368,472 | |
| Financial income | 75/76B | €1,169 | €58 | -€1,111 | -95.0% |
| Recurring financial income | 75 | €1,169 | €58 | -€1,111 | -95.0% |
| Financial charges | 65/66B | €321 | €259 | -€61 | -19.2% |
| Recurring financial charges | 65 | €321 | €259 | -€61 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €256,979 | -€112,543 | -€369,521 | |
| Profit (loss) for the period | 9904 | €256,979 | -€112,543 | -€369,521 | |
| Profit (loss) for the period to be appropriated | 9905 | €256,979 | -€112,543 | -€369,521 |
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 18 October 2026 via checked.be.