Bourlie: 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.
Bourlie
Largest movements
- Tangible fixed assets +€637,724
up €637,724 (+67.4%), from €945,711 to €1.6m
of which Plant, machinery and equipment: +€454,993
- Financial fixed assets -€213,505
down €213,505 (-92.2%), from €231,505 to €18,000
- Stocks and contracts +€58,987
new in 2025: €58,987
- Receivables within one year +€50,407
up €50,407 (+14401.9%), from €350 to €50,757
of which Other amounts receivable: +€50,055
- Cash +€38,336
up €38,336 (+79.0%), from €48,534 to €86,870
mainly Debts after one year (+€462,745) and Trade debts (+€88,745)
- Debts after one year +€462,745
up €462,745 (+54.7%), from €845,406 to €1.3m
- Trade debts +€88,745
up €88,745 (+1649.7%), from €5,380 to €94,124
- Reserves -€83,581
down €83,581 (-31.1%), from €269,139 to €185,558
- Other debts +€58,593
up €58,593 (+371.0%), from €15,794 to €74,387
- Current portion of long-term debt +€44,911
up €44,911 (+65.3%), from €68,823 to €113,734
- Financial charges +€136,673
up €136,673 (+648.8%), from €21,066 to €157,739
of which Financial charges: +€136,733
- Financial income -€26,702
down €26,702 (-79.4%), from €33,624 to €6,922
- Taxes -€16,923
down €16,923 (-98.2%), from €17,229 to €307
- Depreciation +€9,315
up €9,315 (+27.6%), from €33,760 to €43,075
- Gross operating margin -€5,475
down €5,475 (-4.4%), from €125,031 to €119,556
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 | €1,229,461 | €1,802,340 | +€572,879 | +46.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,177,216 | €1,601,435 | +€424,219 | +36.0% |
| Tangible fixed assets | 22/27 | €945,711 | €1,583,435 | +€637,724 | +67.4% |
| Land and buildings | 22 | €905,867 | €879,258 | -€26,609 | -2.9% |
| Plant, machinery and equipment | 23 | €28,596 | €483,589 | +€454,993 | +1591.1% |
| Furniture and vehicles | 24 | €9,080 | €41,094 | +€32,014 | +352.6% |
| Other tangible fixed assets | 26 | €2,168 | €179,494 | +€177,326 | +8179.3% |
| Financial fixed assets | 28 | €231,505 | €18,000 | -€213,505 | -92.2% |
| Current assets | 29/58 | €52,245 | €200,905 | +€148,660 | +284.5% |
| Stocks and contracts in progress | 3 | - | €58,987 | +€58,987 | |
| Stocks | 30/36 | - | €58,987 | +€58,987 | |
| Amounts receivable within one year | 40/41 | €350 | €50,757 | +€50,407 | +14401.9% |
| Trade receivables | 40 | €50 | €401 | +€351 | +702.7% |
| Other amounts receivable | 41 | €300 | €50,355 | +€50,055 | +16685.1% |
| Cash at bank and in hand | 54/58 | €48,534 | €86,870 | +€38,336 | +79.0% |
| Deferred charges and accrued income | 490/1 | €3,361 | €4,291 | +€930 | +27.7% |
| Total equity and liabilities | 10/49 | €1,229,461 | €1,802,340 | +€572,879 | +46.6% |
| Equity | 10/15 | €287,739 | €204,158 | -€83,581 | -29.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €269,139 | €185,558 | -€83,581 | -31.1% |
| Distributable reserves | 133 | €269,139 | €185,558 | -€83,581 | -31.1% |
| Amounts payable | 17/49 | €941,722 | €1,598,182 | +€656,460 | +69.7% |
| Amounts payable after more than one year | 17 | €845,406 | €1,308,151 | +€462,745 | +54.7% |
| Financial debts | 170/4 | €845,406 | €1,308,151 | +€462,745 | +54.7% |
| Amounts payable within one year | 42/48 | €94,967 | €290,031 | +€195,064 | +205.4% |
| Current portion of amounts payable after more than one year | 42 | €68,823 | €113,734 | +€44,911 | +65.3% |
| Trade debts | 44 | €5,380 | €94,124 | +€88,745 | +1649.7% |
| Suppliers | 440/4 | €5,380 | €94,124 | +€88,745 | +1649.7% |
| Taxes, remuneration and social security | 45 | €4,970 | €7,785 | +€2,816 | +56.7% |
| Taxes | 450/3 | €2,195 | €4,408 | +€2,213 | +100.9% |
| Remuneration and social security | 454/9 | €2,775 | €3,377 | +€602 | +21.7% |
| Other amounts payable | 47/48 | €15,794 | €74,387 | +€58,593 | +371.0% |
| Accrued charges and deferred income | 492/3 | €1,349 | - | -€1,349 | |
| Non-recurring operating income | 76A | €20,775 | - | -€20,775 | |
| Remuneration, social security and pensions | 62 | - | €2,020 | +€2,020 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,760 | €43,075 | +€9,315 | +27.6% |
| Other operating charges | 640/8 | €5,071 | €6,920 | +€1,849 | +36.5% |
| Non-recurring operating charges | 66A | €5,042 | - | -€5,042 | |
| Gross operating margin | 9900 | €125,031 | €119,556 | -€5,475 | -4.4% |
| Operating profit (loss) | 9901 | €81,158 | €67,541 | -€13,617 | -16.8% |
| Financial income | 75/76B | €33,624 | €6,922 | -€26,702 | -79.4% |
| Recurring financial income | 75 | €33,624 | €6,922 | -€26,702 | -79.4% |
| Financial charges | 65/66B | €21,066 | €157,739 | +€136,673 | +648.8% |
| Recurring financial charges | 65 | €21,006 | €157,739 | +€136,733 | +650.9% |
| Non-recurring financial charges | 66B | €60 | - | -€60 | |
| Profit (loss) for the period before taxes | 9903 | €93,716 | -€83,275 | -€176,991 | |
| Income taxes | 67/77 | €17,229 | €307 | -€16,923 | -98.2% |
| Profit (loss) for the period | 9904 | €76,487 | -€83,581 | -€160,068 | |
| Profit (loss) for the period to be appropriated | 9905 | €76,487 | -€83,581 | -€160,068 |
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 6 October 2026 via checked.be.