BOURDEAUX MANAGEMENT: 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.
BOURDEAUX MANAGEMENT
Largest movements
- Tangible fixed assets +€617,013
up €617,013 (+28.8%), from €2.1m to €2.8m
of which Land and buildings: +€638,652
- Cash -€161,338
down €161,338 (-52.7%), from €306,312 to €144,974
mainly Investment in fixed assets (net) (-€728,130) and Contributions, distributions and other (-€125,000)
- Current investments -€114,524
down €114,524 (-56.9%), from €201,363 to €86,839
- Receivables within one year +€94,572
up €94,572 (+54.7%), from €172,825 to €267,397
- Debts after one year +€427,737
up €427,737 (+69.2%), from €618,218 to €1.0m
- Trade debts +€41,790
up €41,790 (+471%), from €8,867 to €50,657
- Gross operating margin +€174,517
up €174,517 (+147%), from €118,606 to €293,123
- Depreciation +€37,220
up €37,220 (+49.2%), from €75,697 to €112,917
- Other operating charges +€31,182
up €31,182 (+1,801%), from €1,731 to €32,913
- Financial charges +€15,145
up €15,145 (+261%), from €5,806 to €20,951
- Taxes -€7,057
down €7,057 (-97.5%), from €7,235 to €178
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 | €2,997,909 | €3,448,253 | +€450,344 | +15.0% |
| Fixed assets | 21/28 | €2,317,409 | €2,932,622 | +€615,213 | +26.5% |
| Tangible fixed assets | 22/27 | €2,145,609 | €2,762,622 | +€617,013 | +28.8% |
| Land and buildings | 22 | €2,116,550 | €2,755,202 | +€638,652 | +30.2% |
| Furniture and vehicles | 24 | €29,059 | €7,420 | -€21,639 | -74.5% |
| Financial fixed assets | 28 | €171,800 | €170,000 | -€1,800 | -1.0% |
| Current assets | 29/58 | €680,500 | €515,631 | -€164,869 | -24.2% |
| Amounts receivable within one year | 40/41 | €172,825 | €267,397 | +€94,572 | +54.7% |
| Other amounts receivable | 41 | €172,825 | €267,397 | +€94,572 | +54.7% |
| Current investments | 50/53 | €201,363 | €86,839 | -€114,524 | -56.9% |
| Cash at bank and in hand | 54/58 | €306,312 | €144,974 | -€161,338 | -52.7% |
| Deferred charges and accrued income | 490/1 | - | €16,421 | +€16,421 | |
| Total equity and liabilities | 10/49 | €2,997,909 | €3,448,253 | +€450,344 | +15.0% |
| Equity | 10/15 | €1,959,201 | €1,937,773 | -€21,428 | -1.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,950,759 | €1,924,411 | -€26,348 | -1.4% |
| Tax-exempt reserves | 132 | €862,889 | €961,541 | +€98,652 | +11.4% |
| Distributable reserves | 133 | €1,087,870 | €962,870 | -€125,000 | -11.5% |
| Profit (loss) carried forward | 14 | €2,242 | €7,162 | +€4,920 | +219% |
| Provisions and deferred taxes | 16 | €287,630 | €320,514 | +€32,884 | +11.4% |
| Deferred taxes | 168 | €287,630 | €320,514 | +€32,884 | +11.4% |
| Amounts payable | 17/49 | €751,078 | €1,189,966 | +€438,888 | +58.4% |
| Amounts payable after more than one year | 17 | €618,218 | €1,045,955 | +€427,737 | +69.2% |
| Financial debts | 170/4 | €618,218 | €1,045,955 | +€427,737 | +69.2% |
| Amounts payable within one year | 42/48 | €132,860 | €144,011 | +€11,151 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €82,547 | €87,804 | +€5,257 | +6.4% |
| Trade debts | 44 | €8,867 | €50,657 | +€41,790 | +471% |
| Suppliers | 440/4 | €8,867 | €50,657 | +€41,790 | +471% |
| Taxes, remuneration and social security | 45 | €33,296 | - | -€33,296 | |
| Taxes | 450/3 | €33,296 | - | -€33,296 | |
| Other amounts payable | 47/48 | €8,150 | €5,550 | -€2,600 | -31.9% |
| Non-recurring operating income | 76A | €70,000 | €60,000 | -€10,000 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,697 | €112,917 | +€37,220 | +49.2% |
| Other operating charges | 640/8 | €1,731 | €32,913 | +€31,182 | +1,801% |
| Gross operating margin | 9900 | €118,606 | €293,123 | +€174,517 | +147% |
| Operating profit (loss) | 9901 | €41,178 | €147,293 | +€106,115 | +258% |
| Financial income | 75/76B | €5,639 | €10,292 | +€4,653 | +82.5% |
| Recurring financial income | 75 | €5,639 | €10,292 | +€4,653 | +82.5% |
| Financial charges | 65/66B | €5,806 | €20,951 | +€15,145 | +261% |
| Recurring financial charges | 65 | €5,806 | €20,951 | +€15,145 | +261% |
| Profit (loss) for the period before taxes | 9903 | €41,011 | €136,634 | +€95,623 | +233% |
| Transfer from deferred taxes | 780 | €2,797 | €19,509 | +€16,712 | +597% |
| Transfer to deferred taxes | 680 | - | €52,393 | +€52,393 | |
| Income taxes | 67/77 | €7,235 | €178 | -€7,057 | -97.5% |
| Profit (loss) for the period | 9904 | €36,573 | €103,572 | +€66,999 | +183% |
| Transfer from tax-exempt reserves | 789 | €8,392 | €58,526 | +€50,134 | +597% |
| Transfer to tax-exempt reserves | 689 | €871,282 | €157,178 | -€714,104 | -82.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€826,317 | €4,920 | +€831,237 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.