BOULEMBERG: 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.
BOULEMBERG
Largest movements
- Cash -€157,886
down €157,886 (-90.5%), from €174,553 to €16,667
mainly Investment in fixed assets (net) (-€404,415) and Trade debts (-€371,891)
- Stocks and contracts +€145,651
up €145,651 (+60.4%), from €241,246 to €386,896
- Tangible fixed assets +€141,488
up €141,488 (+20.0%), from €706,476 to €847,964
of which Leasing and similar rights: +€231,888
- Trade debts -€371,891
down €371,891 (-28.3%), from €1.3m to €942,339
- Short-term financial debts +€284,902
up €284,902 (+145.5%), from €195,744 to €480,646
- Debts after one year +€157,677
up €157,677 (+50.7%), from €311,060 to €468,738
- Current portion of long-term debt +€34,689
up €34,689 (+28.4%), from €121,969 to €156,658
- Gross operating margin -€226,184
down €226,184 (-7.1%), from €3.2m to €3.0m
- Taxes -€86,102
down €86,102 (-99.9%), from €86,178 to €76
- Depreciation +€73,728
up €73,728 (+39.7%), from €185,942 to €259,670
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 | €3,330,720 | €3,434,648 | +€103,929 | +3.1% |
| Fixed assets | 21/28 | €794,315 | €939,060 | +€144,745 | +18.2% |
| Tangible fixed assets | 22/27 | €706,476 | €847,964 | +€141,488 | +20.0% |
| Land and buildings | 22 | €54,482 | €44,406 | -€10,076 | -18.5% |
| Plant, machinery and equipment | 23 | €210,708 | €198,758 | -€11,950 | -5.7% |
| Furniture and vehicles | 24 | €114,603 | €61,221 | -€53,382 | -46.6% |
| Leasing and similar rights | 25 | €185,226 | €417,114 | +€231,888 | +125.2% |
| Other tangible fixed assets | 26 | €141,457 | €126,465 | -€14,992 | -10.6% |
| Financial fixed assets | 28 | €87,839 | €91,096 | +€3,258 | +3.7% |
| Current assets | 29/58 | €2,536,405 | €2,495,588 | -€40,817 | -1.6% |
| Stocks and contracts in progress | 3 | €241,246 | €386,896 | +€145,651 | +60.4% |
| Stocks | 30/36 | €241,246 | €386,896 | +€145,651 | +60.4% |
| Amounts receivable within one year | 40/41 | €2,096,411 | €2,080,818 | -€15,593 | -0.7% |
| Trade receivables | 40 | €371,497 | €281,463 | -€90,035 | -24.2% |
| Other amounts receivable | 41 | €1,724,914 | €1,799,355 | +€74,442 | +4.3% |
| Cash at bank and in hand | 54/58 | €174,553 | €16,667 | -€157,886 | -90.5% |
| Deferred charges and accrued income | 490/1 | €24,195 | €11,207 | -€12,988 | -53.7% |
| Total equity and liabilities | 10/49 | €3,330,720 | €3,434,648 | +€103,929 | +3.1% |
| Equity | 10/15 | €1,183,501 | €1,196,345 | +€12,844 | +1.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €38,291 | €36,932 | -€1,359 | -3.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,431 | €35,072 | -€1,359 | -3.7% |
| Profit (loss) carried forward | 14 | €1,132,809 | €1,147,013 | +€14,204 | +1.3% |
| Amounts payable | 17/49 | €2,147,219 | €2,238,303 | +€91,084 | +4.2% |
| Amounts payable after more than one year | 17 | €311,060 | €468,738 | +€157,677 | +50.7% |
| Financial debts | 170/4 | €311,060 | €468,738 | +€157,677 | +50.7% |
| Amounts payable within one year | 42/48 | €1,836,159 | €1,769,566 | -€66,593 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €121,969 | €156,658 | +€34,689 | +28.4% |
| Financial debts | 43 | €195,744 | €480,646 | +€284,902 | +145.5% |
| Credit institutions | 430/8 | €195,744 | €480,646 | +€284,902 | +145.5% |
| Trade debts | 44 | €1,314,230 | €942,339 | -€371,891 | -28.3% |
| Suppliers | 440/4 | €1,314,230 | €942,339 | -€371,891 | -28.3% |
| Taxes, remuneration and social security | 45 | €204,216 | €189,923 | -€14,293 | -7.0% |
| Taxes | 450/3 | €14,812 | - | -€14,812 | |
| Remuneration and social security | 454/9 | €189,404 | €189,923 | +€519 | +0.3% |
| Non-recurring operating income | 76A | €4,188 | - | -€4,188 | |
| Remuneration, social security and pensions | 62 | €2,659,571 | €2,638,113 | -€21,459 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,942 | €259,670 | +€73,728 | +39.7% |
| Other operating charges | 640/8 | €7,473 | €9,628 | +€2,154 | +28.8% |
| Non-recurring operating charges | 66A | €1,331 | - | -€1,331 | |
| Gross operating margin | 9900 | €3,182,192 | €2,956,009 | -€226,184 | -7.1% |
| Operating profit (loss) | 9901 | €327,874 | €48,598 | -€279,276 | -85.2% |
| Financial income | 75/76B | €23,210 | €11,875 | -€11,335 | -48.8% |
| Recurring financial income | 75 | €23,210 | €11,875 | -€11,335 | -48.8% |
| Financial charges | 65/66B | €28,535 | €47,552 | +€19,017 | +66.6% |
| Recurring financial charges | 65 | €28,535 | €47,552 | +€19,017 | +66.6% |
| Profit (loss) for the period before taxes | 9903 | €322,549 | €12,920 | -€309,628 | -96.0% |
| Income taxes | 67/77 | €86,178 | €76 | -€86,102 | -99.9% |
| Profit (loss) for the period | 9904 | €236,370 | €12,844 | -€223,526 | -94.6% |
| Transfer from tax-exempt reserves | 789 | - | €1,359 | +€1,359 | |
| Profit (loss) for the period to be appropriated | 9905 | €236,370 | €14,204 | -€222,167 | -94.0% |
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 8 October 2026 via checked.be.