BOVEND'AERDE: 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.
BOVEND'AERDE
Largest movements
- Cash +€80,596
up €80,596 (+14.3%), from €563,189 to €643,785
mainly Net result for the year (+€133,199) and Trade debts (+€66,185)
- Stocks and contracts +€47,172
up €47,172 (+15.4%), from €307,281 to €354,453
- Deferred charges and accrued income +€19,282
up €19,282 (+194%), from €9,938 to €29,220
- Reserves +€133,198
up €133,198 (+8.9%), from €1.5m to €1.6m
of which Distributable reserves: +€133,198
- Trade debts +€66,185
up €66,185 (+176%), from €37,573 to €103,758
- Debts after one year -€20,226
down €20,226 (-22.7%), from €88,954 to €68,728
- Gross operating margin -€15,255
down €15,255 (-5.8%), from €265,087 to €249,832
- Taxes -€6,164
down €6,164 (-14.1%), from €43,661 to €37,497
- Staff costs +€5,261
up €5,261 (+10.1%), from €52,323 to €57,584
- Financial charges +€3,740
up €3,740 (+62.7%), from €5,965 to €9,705
of which Non-recurring financial charges: +€1,987
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 | €1,733,720 | €1,910,594 | +€176,874 | +10.2% |
| Fixed assets | 21/28 | €210,629 | €229,573 | +€18,944 | +9.0% |
| Tangible fixed assets | 22/27 | €210,629 | €229,573 | +€18,944 | +9.0% |
| Land and buildings | 22 | €160,621 | €163,139 | +€2,518 | +1.6% |
| Plant, machinery and equipment | 23 | €15,192 | €12,512 | -€2,680 | -17.6% |
| Furniture and vehicles | 24 | €34,816 | €53,922 | +€19,106 | +54.9% |
| Current assets | 29/58 | €1,523,091 | €1,681,021 | +€157,930 | +10.4% |
| Stocks and contracts in progress | 3 | €307,281 | €354,453 | +€47,172 | +15.4% |
| Stocks | 30/36 | €307,281 | €354,453 | +€47,172 | +15.4% |
| Amounts receivable within one year | 40/41 | €142,683 | €153,563 | +€10,880 | +7.6% |
| Trade receivables | 40 | €142,232 | €144,128 | +€1,896 | +1.3% |
| Other amounts receivable | 41 | €451 | €9,435 | +€8,984 | +1,992% |
| Current investments | 50/53 | €500,000 | €500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €563,189 | €643,785 | +€80,596 | +14.3% |
| Deferred charges and accrued income | 490/1 | €9,938 | €29,220 | +€19,282 | +194% |
| Total equity and liabilities | 10/49 | €1,733,720 | €1,910,594 | +€176,874 | +10.2% |
| Equity | 10/15 | €1,554,621 | €1,687,819 | +€133,198 | +8.6% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €1,505,042 | €1,638,240 | +€133,198 | +8.9% |
| Non-distributable reserves | 130/1 | €4,958 | €4,958 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,958 | €4,958 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €1,462,584 | €1,595,782 | +€133,198 | +9.1% |
| Amounts payable | 17/49 | €179,099 | €222,775 | +€43,676 | +24.4% |
| Amounts payable after more than one year | 17 | €88,954 | €68,728 | -€20,226 | -22.7% |
| Financial debts | 170/4 | €88,954 | €68,728 | -€20,226 | -22.7% |
| Amounts payable within one year | 42/48 | €90,134 | €148,491 | +€58,357 | +64.7% |
| Current portion of amounts payable after more than one year | 42 | €19,294 | €20,227 | +€933 | +4.8% |
| Trade debts | 44 | €37,573 | €103,758 | +€66,185 | +176% |
| Suppliers | 440/4 | €37,573 | €103,758 | +€66,185 | +176% |
| Taxes, remuneration and social security | 45 | €33,267 | €22,275 | -€10,992 | -33.0% |
| Taxes | 450/3 | €17,904 | €3,240 | -€14,664 | -81.9% |
| Remuneration and social security | 454/9 | €15,363 | €19,035 | +€3,672 | +23.9% |
| Other amounts payable | 47/48 | - | €2,231 | +€2,231 | |
| Accrued charges and deferred income | 492/3 | €11 | €5,556 | +€5,545 | +50,409% |
| Non-recurring operating income | 76A | €8,191 | - | -€8,191 | |
| Remuneration, social security and pensions | 62 | €52,323 | €57,584 | +€5,261 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,591 | €54,549 | -€42 | -0.1% |
| Other operating charges | 640/8 | €4,775 | €4,834 | +€59 | +1.2% |
| Gross operating margin | 9900 | €265,087 | €249,832 | -€15,255 | -5.8% |
| Operating profit (loss) | 9901 | €153,398 | €132,865 | -€20,533 | -13.4% |
| Financial income | 75/76B | €45,011 | €47,536 | +€2,525 | +5.6% |
| Recurring financial income | 75 | €45,011 | €47,536 | +€2,525 | +5.6% |
| Financial charges | 65/66B | €5,965 | €9,705 | +€3,740 | +62.7% |
| Recurring financial charges | 65 | €5,965 | €7,718 | +€1,753 | +29.4% |
| Non-recurring financial charges | 66B | - | €1,987 | +€1,987 | |
| Profit (loss) for the period before taxes | 9903 | €192,444 | €170,696 | -€21,748 | -11.3% |
| Income taxes | 67/77 | €43,661 | €37,497 | -€6,164 | -14.1% |
| Profit (loss) for the period | 9904 | €148,783 | €133,199 | -€15,584 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €148,783 | €133,199 | -€15,584 | -10.5% |
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 29 October 2026 via checked.be.