Boulinier: 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.
Boulinier
Largest movements
- Cash -€346,034
down €346,034 (-56.1%), from €616,968 to €270,933
mainly Current investments (-€294,227) and Investment in fixed assets (net) (-€136,432)
- Current investments +€294,227
up €294,227 (+29.4%), from €1.0m to €1.3m
- Tangible fixed assets +€47,622
up €47,622 (+2.0%), from €2.4m to €2.4m
of which Land and buildings: +€52,665
- Debts after one year +€106,558
up €106,558 (+16.9%), from €629,938 to €736,495
of which Financial debts: +€106,558
- Reserves -€55,006
down €55,006 (-2.1%), from €2.7m to €2.6m
of which Tax-exempt reserves: -€55,006
- Financial income -€47,489
down €47,489 (-77.0%), from €61,666 to €14,177
- Depreciation +€47,422
up €47,422 (+114.6%), from €41,387 to €88,809
- Financial charges +€17,621
up €17,621 (+185.6%), from €9,492 to €27,113
- Other operating charges +€2,346
up €2,346 (+54.2%), from €4,330 to €6,676
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 | €4,279,403 | €4,304,385 | +€24,982 | +0.6% |
| Fixed assets | 21/28 | €2,365,435 | €2,413,058 | +€47,622 | +2.0% |
| Tangible fixed assets | 22/27 | €2,365,296 | €2,412,918 | +€47,622 | +2.0% |
| Land and buildings | 22 | €2,352,141 | €2,404,805 | +€52,665 | +2.2% |
| Furniture and vehicles | 24 | €13,155 | €8,113 | -€5,042 | -38.3% |
| Financial fixed assets | 28 | €139 | €139 | = | 0.0% |
| Current assets | 29/58 | €1,913,968 | €1,891,327 | -€22,640 | -1.2% |
| Amounts receivable within one year | 40/41 | €294,971 | €324,138 | +€29,168 | +9.9% |
| Other amounts receivable | 41 | €294,971 | €324,138 | +€29,168 | +9.9% |
| Current investments | 50/53 | €1,000,000 | €1,294,227 | +€294,227 | +29.4% |
| Cash at bank and in hand | 54/58 | €616,968 | €270,933 | -€346,034 | -56.1% |
| Deferred charges and accrued income | 490/1 | €2,029 | €2,029 | -€0 | 0.0% |
| Total equity and liabilities | 10/49 | €4,279,403 | €4,304,385 | +€24,982 | +0.6% |
| Equity | 10/15 | €2,735,680 | €2,671,432 | -€64,248 | -2.3% |
| Contributions | 10/11 | €104,800 | €104,800 | = | 0.0% |
| Reserves | 13 | €2,681,855 | €2,626,849 | -€55,006 | -2.1% |
| Tax-exempt reserves | 132 | €2,640,104 | €2,585,099 | -€55,006 | -2.1% |
| Distributable reserves | 133 | €41,751 | €41,751 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,975 | -€60,217 | -€9,242 | -18.1% |
| Provisions and deferred taxes | 16 | €880,035 | €861,700 | -€18,335 | -2.1% |
| Deferred taxes | 168 | €880,035 | €861,700 | -€18,335 | -2.1% |
| Amounts payable | 17/49 | €663,688 | €771,253 | +€107,565 | +16.2% |
| Amounts payable after more than one year | 17 | €629,938 | €736,495 | +€106,558 | +16.9% |
| Financial debts | 170/4 | €629,913 | €736,470 | +€106,558 | +16.9% |
| Other amounts payable | 178/9 | €25 | €25 | = | 0.0% |
| Amounts payable within one year | 42/48 | €33,751 | €34,758 | +€1,007 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €33,192 | €34,397 | +€1,205 | +3.6% |
| Trade debts | 44 | €559 | €361 | -€197 | -35.3% |
| Suppliers | 440/4 | €559 | €361 | -€197 | -35.3% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,387 | €88,809 | +€47,422 | +114.6% |
| Other operating charges | 640/8 | €4,330 | €6,676 | +€2,346 | +54.2% |
| Gross operating margin | 9900 | €26,148 | €26,026 | -€122 | -0.5% |
| Operating profit (loss) | 9901 | -€19,569 | -€69,459 | -€49,889 | -254.9% |
| Financial income | 75/76B | €61,666 | €14,177 | -€47,489 | -77.0% |
| Recurring financial income | 75 | €61,666 | €14,177 | -€47,489 | -77.0% |
| Financial charges | 65/66B | €9,492 | €27,113 | +€17,621 | +185.6% |
| Recurring financial charges | 65 | €9,492 | €27,113 | +€17,621 | +185.6% |
| Profit (loss) for the period before taxes | 9903 | €32,605 | -€82,395 | -€114,999 | |
| Transfer from deferred taxes | 780 | €6,180 | €18,335 | +€12,155 | +196.7% |
| Income taxes | 67/77 | -€36 | €188 | +€224 | |
| Profit (loss) for the period | 9904 | €38,820 | -€64,248 | -€103,068 | |
| Transfer from tax-exempt reserves | 789 | €18,540 | €55,006 | +€36,466 | +196.7% |
| Profit (loss) for the period to be appropriated | 9905 | €57,360 | -€9,242 | -€66,602 |
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 28 September 2026 via checked.be.