BOULOV: 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.
BOULOV
Largest movements
- Tangible fixed assets +€32,644
up €32,644 (+10.2%), from €321,497 to €354,142
of which Other tangible fixed assets: +€42,015
- Receivables within one year +€21,146
up €21,146 (+47.6%), from €44,466 to €65,613
of which Other amounts receivable: +€16,865
- Stocks and contracts +€5,679
up €5,679 (+45.1%), from €12,598 to €18,277
- Debts after one year +€58,841
up €58,841 (+216%), from €27,282 to €86,123
- Trade debts -€45,485
down €45,485 (-49.1%), from €92,574 to €47,090
- Other debts +€24,594
up €24,594 (+13.7%), from €178,971 to €203,566
- Current portion of long-term debt +€12,939
up €12,939 (+80.4%), from €16,098 to €29,037
- Profit (loss) carried forward +€10,492
up €10,492 (+50.4%), from -€20,836 to -€10,344
- Gross operating margin -€62,578
down €62,578 (-13.0%), from €479,944 to €417,366
- Staff costs -€23,987
down €23,987 (-6.6%), from €361,174 to €337,187
- Taxes -€8,738
down €8,738 (-48.0%), from €18,221 to €9,484
- Depreciation +€5,023
up €5,023 (+11.8%), from €42,556 to €47,579
- Financial charges +€4,937
up €4,937 (+185%), from €2,666 to €7,603
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 | €393,849 | €452,873 | +€59,024 | +15.0% |
| Fixed assets | 21/28 | €321,497 | €354,142 | +€32,644 | +10.2% |
| Tangible fixed assets | 22/27 | €321,497 | €354,142 | +€32,644 | +10.2% |
| Plant, machinery and equipment | 23 | €49,096 | €51,403 | +€2,307 | +4.7% |
| Furniture and vehicles | 24 | - | €31,175 | +€31,175 | |
| Other tangible fixed assets | 26 | €229,549 | €271,564 | +€42,015 | +18.3% |
| Assets under construction and advance payments | 27 | €42,853 | €0 | -€42,853 | -100% |
| Current assets | 29/58 | €72,351 | €98,731 | +€26,380 | +36.5% |
| Stocks and contracts in progress | 3 | €12,598 | €18,277 | +€5,679 | +45.1% |
| Stocks | 30/36 | €12,598 | €18,277 | +€5,679 | +45.1% |
| Amounts receivable within one year | 40/41 | €44,466 | €65,613 | +€21,146 | +47.6% |
| Trade receivables | 40 | €22,436 | €26,718 | +€4,281 | +19.1% |
| Other amounts receivable | 41 | €22,030 | €38,895 | +€16,865 | +76.6% |
| Cash at bank and in hand | 54/58 | €7,523 | €10,551 | +€3,028 | +40.2% |
| Deferred charges and accrued income | 490/1 | €7,764 | €4,291 | -€3,473 | -44.7% |
| Total equity and liabilities | 10/49 | €393,849 | €452,873 | +€59,024 | +15.0% |
| Equity | 10/15 | €46,814 | €57,306 | +€10,492 | +22.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,836 | -€10,344 | +€10,492 | +50.4% |
| Amounts payable | 17/49 | €347,035 | €395,567 | +€48,531 | +14.0% |
| Amounts payable after more than one year | 17 | €27,282 | €86,123 | +€58,841 | +216% |
| Financial debts | 170/4 | €27,282 | €86,123 | +€58,841 | +216% |
| Amounts payable within one year | 42/48 | €319,294 | €308,227 | -€11,067 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €16,098 | €29,037 | +€12,939 | +80.4% |
| Trade debts | 44 | €92,574 | €47,090 | -€45,485 | -49.1% |
| Suppliers | 440/4 | €92,574 | €47,090 | -€45,485 | -49.1% |
| Taxes, remuneration and social security | 45 | €31,651 | €28,535 | -€3,115 | -9.8% |
| Taxes | 450/3 | - | €1,116 | +€1,116 | |
| Remuneration and social security | 454/9 | €31,651 | €27,420 | -€4,231 | -13.4% |
| Other amounts payable | 47/48 | €178,971 | €203,566 | +€24,594 | +13.7% |
| Accrued charges and deferred income | 492/3 | €459 | €1,216 | +€757 | +165% |
| Non-recurring operating income | 76A | €12,574 | €419 | -€12,155 | -96.7% |
| Remuneration, social security and pensions | 62 | €361,174 | €337,187 | -€23,987 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,556 | €47,579 | +€5,023 | +11.8% |
| Other operating charges | 640/8 | €3,785 | €1,160 | -€2,625 | -69.3% |
| Non-recurring operating charges | 66A | €15,269 | €3,861 | -€11,408 | -74.7% |
| Gross operating margin | 9900 | €479,944 | €417,366 | -€62,578 | -13.0% |
| Operating profit (loss) | 9901 | €57,159 | €27,579 | -€29,581 | -51.8% |
| Financial income | 75/76B | €305 | €0 | -€305 | -100% |
| Recurring financial income | 75 | €305 | €0 | -€305 | -100% |
| Financial charges | 65/66B | €2,666 | €7,603 | +€4,937 | +185% |
| Recurring financial charges | 65 | €2,666 | €7,603 | +€4,937 | +185% |
| Profit (loss) for the period before taxes | 9903 | €54,799 | €19,976 | -€34,823 | -63.5% |
| Income taxes | 67/77 | €18,221 | €9,484 | -€8,738 | -48.0% |
| Profit (loss) for the period | 9904 | €36,578 | €10,492 | -€26,085 | -71.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,578 | €10,492 | -€26,085 | -71.3% |
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 22 October 2026 via checked.be.