BOURGONJON: 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.
BOURGONJON
Largest movements
- Receivables within one year +€74,931
up €74,931 (+31.8%), from €235,300 to €310,231
of which Trade receivables: +€146,594
- Cash -€18,058
down €18,058 (-44.0%), from €41,021 to €22,963
mainly Receivables within one year (-€74,931) and Other debts (-€37,834)
- Intangible fixed assets -€4,947
down €4,947 (-45.4%), from €10,886 to €5,939
- Reserves +€45,174
up €45,174 (+33.8%), from €133,502 to €178,677
- Other debts -€37,834
down €37,834 (-26.1%), from €144,887 to €107,053
- Trade debts +€23,859
up €23,859 (+80.4%), from €29,667 to €53,526
- Accrued charges and deferred income +€15,731
new in 2025: €15,731
- Debts after one year -€7,958
down €7,958 (-68.4%), from €11,629 to €3,671
- Gross operating margin +€16,269
up €16,269 (+5.9%), from €275,143 to €291,412
- Staff costs +€11,844
up €11,844 (+6.0%), from €198,609 to €210,454
- Taxes +€10,010
up €10,010 (+130.1%), from €7,693 to €17,703
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 | €369,645 | €415,152 | +€45,507 | +12.3% |
| Fixed assets | 21/28 | €54,966 | €47,178 | -€7,788 | -14.2% |
| Intangible fixed assets | 21 | €10,886 | €5,939 | -€4,947 | -45.4% |
| Tangible fixed assets | 22/27 | €42,086 | €39,245 | -€2,841 | -6.8% |
| Plant, machinery and equipment | 23 | €35,336 | €35,728 | +€392 | +1.1% |
| Furniture and vehicles | 24 | €6,750 | €3,517 | -€3,234 | -47.9% |
| Financial fixed assets | 28 | €1,994 | €1,994 | = | 0.0% |
| Current assets | 29/58 | €314,679 | €367,975 | +€53,296 | +16.9% |
| Stocks and contracts in progress | 3 | €35,673 | €31,547 | -€4,126 | -11.6% |
| Stocks | 30/36 | €35,673 | €31,547 | -€4,126 | -11.6% |
| Amounts receivable within one year | 40/41 | €235,300 | €310,231 | +€74,931 | +31.8% |
| Trade receivables | 40 | €154,365 | €300,960 | +€146,594 | +95.0% |
| Other amounts receivable | 41 | €80,935 | €9,271 | -€71,664 | -88.5% |
| Cash at bank and in hand | 54/58 | €41,021 | €22,963 | -€18,058 | -44.0% |
| Deferred charges and accrued income | 490/1 | €2,684 | €3,234 | +€549 | +20.5% |
| Total equity and liabilities | 10/49 | €369,645 | €415,152 | +€45,507 | +12.3% |
| Equity | 10/15 | €152,102 | €197,277 | +€45,174 | +29.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €133,502 | €178,677 | +€45,174 | +33.8% |
| Distributable reserves | 133 | €133,502 | €178,677 | +€45,174 | +33.8% |
| Amounts payable | 17/49 | €217,543 | €217,876 | +€333 | +0.2% |
| Amounts payable after more than one year | 17 | €11,629 | €3,671 | -€7,958 | -68.4% |
| Financial debts | 170/4 | €11,629 | €3,671 | -€7,958 | -68.4% |
| Amounts payable within one year | 42/48 | €205,914 | €198,474 | -€7,440 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €8,293 | €7,958 | -€335 | -4.0% |
| Trade debts | 44 | €29,667 | €53,526 | +€23,859 | +80.4% |
| Suppliers | 440/4 | €29,667 | €53,526 | +€23,859 | +80.4% |
| Taxes, remuneration and social security | 45 | €23,067 | €29,938 | +€6,871 | +29.8% |
| Taxes | 450/3 | - | €3,429 | +€3,429 | |
| Remuneration and social security | 454/9 | €23,067 | €26,509 | +€3,442 | +14.9% |
| Other amounts payable | 47/48 | €144,887 | €107,053 | -€37,834 | -26.1% |
| Accrued charges and deferred income | 492/3 | - | €15,731 | +€15,731 | |
| Non-recurring operating income | 76A | €413 | - | -€413 | |
| Remuneration, social security and pensions | 62 | €198,609 | €210,454 | +€11,844 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,265 | €15,150 | -€115 | -0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€97 | - | +€97 | |
| Other operating charges | 640/8 | €1,567 | €771 | -€796 | -50.8% |
| Gross operating margin | 9900 | €275,143 | €291,412 | +€16,269 | +5.9% |
| Operating profit (loss) | 9901 | €59,798 | €65,038 | +€5,240 | +8.8% |
| Financial income | 75/76B | €301 | €495 | +€194 | +64.3% |
| Recurring financial income | 75 | €301 | €495 | +€194 | +64.3% |
| Financial charges | 65/66B | €4,215 | €2,655 | -€1,560 | -37.0% |
| Recurring financial charges | 65 | €4,215 | €2,655 | -€1,560 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | €55,884 | €62,877 | +€6,993 | +12.5% |
| Income taxes | 67/77 | €7,693 | €17,703 | +€10,010 | +130.1% |
| Profit (loss) for the period | 9904 | €48,191 | €45,174 | -€3,017 | -6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €48,191 | €45,174 | -€3,017 | -6.3% |
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 8 October 2026 via checked.be.