Boulet Cedric: 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.
Boulet Cedric
Largest movements
- Tangible fixed assets +€107,886
up €107,886 (+149%), from €72,400 to €180,286
of which Furniture and vehicles: +€110,035
- Receivables within one year -€106,166
down €106,166 (-40.3%), from €263,336 to €157,170
of which Other amounts receivable: -€159,229
- Cash -€31,672
down €31,672 (-19.0%), from €166,886 to €135,214
mainly Contributions, distributions and other (-€337,300) and Investment in fixed assets (net) (-€131,280)
- Deferred charges and accrued income +€20,357
up €20,357 (+55.8%), from €36,467 to €56,824
- Tax, wage and social debts +€27,755
up €27,755 (+188%), from €14,732 to €42,487
- Reserves -€22,803
down €22,803 (-3.1%), from €729,396 to €706,593
of which Distributable reserves: -€22,803
- Trade debts -€14,867
down €14,867 (-97.6%), from €15,232 to €365
- Gross operating margin +€288,367
up €288,367 (+162%), from €177,866 to €466,233
- Taxes +€92,629
up €92,629 (+185%), from €50,146 to €142,776
- Financial income +€6,037
up €6,037 (+48.5%), from €12,442 to €18,479
- Depreciation +€5,164
up €5,164 (+28.3%), from €18,229 to €23,394
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €759,509 | €749,594 | -€9,915 | -1.3% |
| Fixed assets | 21/28 | €72,500 | €180,386 | +€107,886 | +149% |
| Tangible fixed assets | 22/27 | €72,400 | €180,286 | +€107,886 | +149% |
| Plant, machinery and equipment | 23 | €5,711 | €3,798 | -€1,913 | -33.5% |
| Furniture and vehicles | 24 | €56,388 | €166,423 | +€110,035 | +195% |
| Other tangible fixed assets | 26 | €10,301 | €10,065 | -€235 | -2.3% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €687,009 | €569,208 | -€117,801 | -17.1% |
| Amounts receivable after more than one year | 29 | €220,000 | €220,000 | = | 0.0% |
| Other amounts receivable | 291 | €220,000 | €220,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €263,336 | €157,170 | -€106,166 | -40.3% |
| Trade receivables | 40 | - | €53,063 | +€53,063 | |
| Other amounts receivable | 41 | €263,336 | €104,107 | -€159,229 | -60.5% |
| Current investments | 50/53 | €319 | - | -€319 | |
| Cash at bank and in hand | 54/58 | €166,886 | €135,214 | -€31,672 | -19.0% |
| Deferred charges and accrued income | 490/1 | €36,467 | €56,824 | +€20,357 | +55.8% |
| Total equity and liabilities | 10/49 | €759,509 | €749,594 | -€9,915 | -1.3% |
| Equity | 10/15 | €729,545 | €706,742 | -€22,803 | -3.1% |
| Reserves | 13 | €729,396 | €706,593 | -€22,803 | -3.1% |
| Tax-exempt reserves | 132 | €1,896 | €1,896 | = | 0.0% |
| Distributable reserves | 133 | €727,500 | €704,697 | -€22,803 | -3.1% |
| Profit (loss) carried forward | 14 | €149 | €149 | = | 0.0% |
| Amounts payable | 17/49 | €29,964 | €42,852 | +€12,888 | +43.0% |
| Amounts payable within one year | 42/48 | €29,964 | €42,852 | +€12,888 | +43.0% |
| Trade debts | 44 | €15,232 | €365 | -€14,867 | -97.6% |
| Suppliers | 440/4 | €15,232 | €365 | -€14,867 | -97.6% |
| Taxes, remuneration and social security | 45 | €14,732 | €42,487 | +€27,755 | +188% |
| Taxes | 450/3 | €14,732 | €42,487 | +€27,755 | +188% |
| Non-recurring operating income | 76A | €8,733 | €50,654 | +€41,921 | +480% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,229 | €23,394 | +€5,164 | +28.3% |
| Other operating charges | 640/8 | €723 | €610 | -€114 | -15.7% |
| Gross operating margin | 9900 | €177,866 | €466,233 | +€288,367 | +162% |
| Operating profit (loss) | 9901 | €158,914 | €442,230 | +€283,316 | +178% |
| Financial income | 75/76B | €12,442 | €18,479 | +€6,037 | +48.5% |
| Recurring financial income | 75 | €12,442 | €18,479 | +€6,037 | +48.5% |
| Financial charges | 65/66B | €3,715 | €3,437 | -€278 | -7.5% |
| Recurring financial charges | 65 | €3,715 | €3,437 | -€278 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €167,641 | €457,272 | +€289,631 | +173% |
| Income taxes | 67/77 | €50,146 | €142,776 | +€92,629 | +185% |
| Profit (loss) for the period | 9904 | €117,495 | €314,497 | +€197,002 | +168% |
| Profit (loss) for the period to be appropriated | 9905 | €117,495 | €314,497 | +€197,002 | +168% |
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 21 October 2026 via checked.be.