BOURGEOIS-NARDINI: 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.
BOURGEOIS-NARDINI
Largest movements
- Intangible fixed assets -€50,000
down €50,000 (-26.7%), from €187,500 to €137,500
- Tangible fixed assets -€10,749
down €10,749 (-14.0%), from €76,965 to €66,216
of which Furniture and vehicles: -€10,216
- Receivables within one year -€9,547
down €9,547 (-53.2%), from €17,945 to €8,398
of which Other amounts receivable: -€10,223
- Cash -€7,152
down €7,152 (-5.7%), from €124,402 to €117,250
mainly Contributions, distributions and other (-€165,958) and Other debts (-€59,839)
- Other debts -€59,839
down €59,839 (-29.9%), from €200,000 to €140,161
- Debts after one year -€7,070
no longer reported in 2025 (was €7,070)
- Current portion of long-term debt -€6,969
down €6,969 (-49.6%), from €14,039 to €7,070
- Gross operating margin -€30,838
down €30,838 (-9.7%), from €317,914 to €287,077
- Taxes -€7,664
down €7,664 (-13.5%), from €56,620 to €48,956
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 | €412,089 | €334,945 | -€77,144 | -18.7% |
| Fixed assets | 21/28 | €264,465 | €203,716 | -€60,749 | -23.0% |
| Intangible fixed assets | 21 | €187,500 | €137,500 | -€50,000 | -26.7% |
| Tangible fixed assets | 22/27 | €76,965 | €66,216 | -€10,749 | -14.0% |
| Plant, machinery and equipment | 23 | €3,217 | €2,684 | -€533 | -16.6% |
| Furniture and vehicles | 24 | €73,748 | €63,532 | -€10,216 | -13.9% |
| Current assets | 29/58 | €147,624 | €131,229 | -€16,396 | -11.1% |
| Stocks and contracts in progress | 3 | €3,000 | €3,000 | = | 0.0% |
| Stocks | 30/36 | €3,000 | €3,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,945 | €8,398 | -€9,547 | -53.2% |
| Trade receivables | 40 | - | €676 | +€676 | |
| Other amounts receivable | 41 | €17,945 | €7,722 | -€10,223 | -57.0% |
| Cash at bank and in hand | 54/58 | €124,402 | €117,250 | -€7,152 | -5.7% |
| Deferred charges and accrued income | 490/1 | €2,277 | €2,581 | +€303 | +13.3% |
| Total equity and liabilities | 10/49 | €412,089 | €334,945 | -€77,144 | -18.7% |
| Equity | 10/15 | €186,418 | €182,844 | -€3,574 | -1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €165,958 | €162,384 | -€3,574 | -2.2% |
| Amounts payable | 17/49 | €225,671 | €152,101 | -€73,570 | -32.6% |
| Amounts payable after more than one year | 17 | €7,070 | - | -€7,070 | |
| Financial debts | 170/4 | €7,070 | - | -€7,070 | |
| Amounts payable within one year | 42/48 | €217,093 | €152,101 | -€64,992 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €14,039 | €7,070 | -€6,969 | -49.6% |
| Trade debts | 44 | €354 | €2,170 | +€1,816 | +513% |
| Suppliers | 440/4 | €354 | €2,170 | +€1,816 | +513% |
| Taxes, remuneration and social security | 45 | €2,700 | €2,700 | = | 0.0% |
| Taxes | 450/3 | €2,700 | €2,700 | = | 0.0% |
| Other amounts payable | 47/48 | €200,000 | €140,161 | -€59,839 | -29.9% |
| Accrued charges and deferred income | 492/3 | €1,508 | - | -€1,508 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,262 | €73,391 | +€128 | +0.2% |
| Other operating charges | 640/8 | €2,589 | €2,438 | -€151 | -5.8% |
| Gross operating margin | 9900 | €317,914 | €287,077 | -€30,838 | -9.7% |
| Operating profit (loss) | 9901 | €242,063 | €211,248 | -€30,815 | -12.7% |
| Financial income | 75/76B | €319 | €1,006 | +€687 | +215% |
| Recurring financial income | 75 | €319 | €1,006 | +€687 | +215% |
| Financial charges | 65/66B | €755 | €914 | +€159 | +21.1% |
| Recurring financial charges | 65 | €755 | €914 | +€159 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €241,627 | €211,340 | -€30,287 | -12.5% |
| Income taxes | 67/77 | €56,620 | €48,956 | -€7,664 | -13.5% |
| Profit (loss) for the period | 9904 | €185,007 | €162,384 | -€22,623 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €185,007 | €162,384 | -€22,623 | -12.2% |
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 24 October 2026 via checked.be.