BOXCARS: what changed
BOXCARS
Largest movements
- Cash -€64,736
down €64,736 (-75.0%), from €86,261 to €21,525
mainly Contributions, distributions and other (-€188,600) and Trade debts (-€11,333)
- Receivables within one year -€37,759
down €37,759 (-55.7%), from €67,814 to €30,055
of which Trade receivables: -€55,009
- Tangible fixed assets -€15,800
down €15,800 (-45.3%), from €34,900 to €19,100
of which Furniture and vehicles: -€13,671
- Stocks and contracts -€7,839
down €7,839 (-17.2%), from €45,478 to €37,639
- Deferred charges and accrued income -€2,587
no longer reported in 2025 (was €2,587)
- Profit (loss) carried forward -€73,588
down €73,588 (-83.8%), from €87,820 to €14,232
- Reserves -€59,400
no longer reported in 2025 (was €59,400)
of which Distributable reserves: -€57,540
- Other debts +€47,100
up €47,100 (+846%), from €5,568 to €52,668
- Contributions -€18,600
no longer reported in 2025 (was €18,600)
- Trade debts -€11,333
down €11,333 (-22.3%), from €50,876 to €39,543
- Gross operating margin +€30,258
up €30,258 (+43.6%), from €69,441 to €99,699
- Staff costs +€6,011
up €6,011 (+25.4%), from €23,711 to €29,722
- Financial charges -€2,274
down €2,274 (-68.9%), from €3,298 to €1,024
of which Financial charges: -€2,143
- Depreciation +€1,470
up €1,470 (+10.3%), from €14,330 to €15,800
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €237,039 | €108,318 | -€128,721 | -54.3% |
| Fixed assets | 21/28 | €34,900 | €19,100 | -€15,800 | -45.3% |
| Tangible fixed assets | 22/27 | €34,900 | €19,100 | -€15,800 | -45.3% |
| Plant, machinery and equipment | 23 | €2,698 | €569 | -€2,129 | -78.9% |
| Furniture and vehicles | 24 | €32,202 | €18,531 | -€13,671 | -42.5% |
| Current assets | 29/58 | €202,139 | €89,219 | -€112,921 | -55.9% |
| Stocks and contracts in progress | 3 | €45,478 | €37,639 | -€7,839 | -17.2% |
| Stocks | 30/36 | €45,478 | €37,639 | -€7,839 | -17.2% |
| Amounts receivable within one year | 40/41 | €67,814 | €30,055 | -€37,759 | -55.7% |
| Trade receivables | 40 | €58,302 | €3,293 | -€55,009 | -94.4% |
| Other amounts receivable | 41 | €9,512 | €26,761 | +€17,250 | +181% |
| Cash at bank and in hand | 54/58 | €86,261 | €21,525 | -€64,736 | -75.0% |
| Deferred charges and accrued income | 490/1 | €2,587 | - | -€2,587 | |
| Total equity and liabilities | 10/49 | €237,039 | €108,318 | -€128,721 | -54.3% |
| Equity | 10/15 | €165,820 | €14,232 | -€151,588 | -91.4% |
| Contributions | 10/11 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €59,400 | - | -€59,400 | |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €57,540 | - | -€57,540 | |
| Profit (loss) carried forward | 14 | €87,820 | €14,232 | -€73,588 | -83.8% |
| Amounts payable | 17/49 | €71,219 | €94,086 | +€22,868 | +32.1% |
| Amounts payable within one year | 42/48 | €60,835 | €94,086 | +€33,252 | +54.7% |
| Trade debts | 44 | €50,876 | €39,543 | -€11,333 | -22.3% |
| Suppliers | 440/4 | €50,876 | €39,543 | -€11,333 | -22.3% |
| Taxes, remuneration and social security | 45 | €4,390 | €1,875 | -€2,515 | -57.3% |
| Taxes | 450/3 | €4,390 | €1,875 | -€2,515 | -57.3% |
| Other amounts payable | 47/48 | €5,568 | €52,668 | +€47,100 | +846% |
| Accrued charges and deferred income | 492/3 | €10,384 | - | -€10,384 | |
| Remuneration, social security and pensions | 62 | €23,711 | €29,722 | +€6,011 | +25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,330 | €15,800 | +€1,470 | +10.3% |
| Other operating charges | 640/8 | €2,131 | €2,589 | +€458 | +21.5% |
| Gross operating margin | 9900 | €69,441 | €99,699 | +€30,258 | +43.6% |
| Operating profit (loss) | 9901 | €29,270 | €51,588 | +€22,318 | +76.3% |
| Financial income | 75/76B | €0 | €196 | +€195 | +81,442% |
| Recurring financial income | 75 | €0 | €196 | +€195 | +81,442% |
| Financial charges | 65/66B | €3,298 | €1,024 | -€2,274 | -68.9% |
| Recurring financial charges | 65 | €3,167 | €1,024 | -€2,143 | -67.7% |
| Non-recurring financial charges | 66B | €131 | - | -€131 | |
| Profit (loss) for the period before taxes | 9903 | €25,972 | €50,759 | +€24,787 | +95.4% |
| Income taxes | 67/77 | €14,478 | €13,747 | -€731 | -5.0% |
| Profit (loss) for the period | 9904 | €11,493 | €37,012 | +€25,518 | +222% |
| Profit (loss) for the period to be appropriated | 9905 | €11,493 | €37,012 | +€25,518 | +222% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.