BOULLE: 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.
BOULLE
Largest movements
- Receivables within one year +€32,084
up €32,084 (+104.0%), from €30,858 to €62,942
of which Trade receivables: +€22,307
- Cash -€8,567
down €8,567 (-3.5%), from €243,680 to €235,114
mainly Receivables within one year (-€32,084) and Other debts (-€24,752)
- Reserves +€44,286
up €44,286 (+17.7%), from €250,351 to €294,637
of which Distributable reserves: +€44,286
- Other debts -€24,752
down €24,752 (-47.4%), from €52,207 to €27,455
- Trade debts -€7,516
down €7,516 (-91.4%), from €8,224 to €708
- Purchases and services -€354,839
no longer reported in 2025 (was €354,839)
- Gross operating margin +€51,482
up €51,482 (+9.6%), from €533,976 to €585,458
- Staff costs +€31,344
up €31,344 (+6.4%), from €486,453 to €517,797
- Taxes +€7,486
up €7,486 (+173.3%), from €4,319 to €11,805
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 | €399,982 | €417,340 | +€17,358 | +4.3% |
| Fixed assets | 21/28 | €55,005 | €51,018 | -€3,987 | -7.2% |
| Tangible fixed assets | 22/27 | €54,796 | €50,809 | -€3,987 | -7.3% |
| Land and buildings | 22 | €52,032 | €46,621 | -€5,412 | -10.4% |
| Plant, machinery and equipment | 23 | €1,170 | €1,711 | +€541 | +46.3% |
| Furniture and vehicles | 24 | €1,594 | €2,477 | +€883 | +55.4% |
| Financial fixed assets | 28 | €209 | €209 | = | 0.0% |
| Current assets | 29/58 | €344,977 | €366,323 | +€21,345 | +6.2% |
| Stocks and contracts in progress | 3 | €23,510 | €20,688 | -€2,821 | -12.0% |
| Stocks | 30/36 | €23,510 | €20,688 | -€2,821 | -12.0% |
| Amounts receivable within one year | 40/41 | €30,858 | €62,942 | +€32,084 | +104.0% |
| Trade receivables | 40 | €3,545 | €25,852 | +€22,307 | +629.2% |
| Other amounts receivable | 41 | €27,313 | €37,090 | +€9,778 | +35.8% |
| Current investments | 50/53 | €45,270 | €45,270 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €243,680 | €235,114 | -€8,567 | -3.5% |
| Deferred charges and accrued income | 490/1 | €1,659 | €2,308 | +€649 | +39.1% |
| Total equity and liabilities | 10/49 | €399,982 | €417,340 | +€17,358 | +4.3% |
| Equity | 10/15 | €312,351 | €356,637 | +€44,286 | +14.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €250,351 | €294,637 | +€44,286 | +17.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €244,151 | €288,437 | +€44,286 | +18.1% |
| Amounts payable | 17/49 | €87,631 | €60,704 | -€26,927 | -30.7% |
| Amounts payable within one year | 42/48 | €87,631 | €58,707 | -€28,924 | -33.0% |
| Trade debts | 44 | €8,224 | €708 | -€7,516 | -91.4% |
| Suppliers | 440/4 | €8,224 | €708 | -€7,516 | -91.4% |
| Taxes, remuneration and social security | 45 | €27,201 | €30,544 | +€3,344 | +12.3% |
| Taxes | 450/3 | €7,685 | €6,130 | -€1,555 | -20.2% |
| Remuneration and social security | 454/9 | €19,515 | €24,414 | +€4,899 | +25.1% |
| Other amounts payable | 47/48 | €52,207 | €27,455 | -€24,752 | -47.4% |
| Accrued charges and deferred income | 492/3 | - | €1,997 | +€1,997 | |
| Goods, raw materials, services and sundry goods | 60/61 | €354,839 | - | -€354,839 | |
| Remuneration, social security and pensions | 62 | €486,453 | €517,797 | +€31,344 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,379 | €7,075 | -€305 | -4.1% |
| Other operating charges | 640/8 | €4,625 | €5,758 | +€1,133 | +24.5% |
| Gross operating margin | 9900 | €533,976 | €585,458 | +€51,482 | +9.6% |
| Operating profit (loss) | 9901 | €35,519 | €54,828 | +€19,310 | +54.4% |
| Financial income | 75/76B | €4,720 | €4,864 | +€144 | +3.0% |
| Recurring financial income | 75 | €4,720 | €4,864 | +€144 | +3.0% |
| Financial charges | 65/66B | €491 | €3,601 | +€3,111 | +633.9% |
| Recurring financial charges | 65 | €491 | €3,601 | +€3,111 | +633.9% |
| Profit (loss) for the period before taxes | 9903 | €39,748 | €56,091 | +€16,343 | +41.1% |
| Income taxes | 67/77 | €4,319 | €11,805 | +€7,486 | +173.3% |
| Profit (loss) for the period | 9904 | €35,429 | €44,286 | +€8,857 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,429 | €44,286 | +€8,857 | +25.0% |
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 7 October 2026 via checked.be.