Boyen Refactoring: 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.
Boyen Refactoring
Largest movements
- Receivables within one year -€3,427
down €3,427 (-33.9%), from €10,100 to €6,674
of which Trade receivables: -€3,315
- Tangible fixed assets +€1,010
up €1,010 (+99.7%), from €1,013 to €2,023
- Cash -€958
down €958 (-1.7%), from €57,909 to €56,951
mainly Contributions, distributions and other (-€50,000) and Investment in fixed assets (net) (-€3,340)
- Deferred charges and accrued income -€904
down €904 (-26.0%), from €3,470 to €2,567
- Profit (loss) carried forward -€20,795
down €20,795 (-60.7%), from €34,275 to €13,479
- Other debts +€17,931
up €17,931 (+55.6%), from €32,264 to €50,195
- Tax, wage and social debts -€1,466
down €1,466 (-32.3%), from €4,544 to €3,078
- Gross operating margin -€4,004
down €4,004 (-8.9%), from €44,880 to €40,876
- Depreciation +€1,977
up €1,977 (+558.5%), from €354 to €2,330
- Taxes -€1,200
down €1,200 (-12.5%), from €9,640 to €8,440
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 | €72,493 | €68,214 | -€4,279 | -5.9% |
| Fixed assets | 21/28 | €1,013 | €2,023 | +€1,010 | +99.7% |
| Tangible fixed assets | 22/27 | €1,013 | €2,023 | +€1,010 | +99.7% |
| Furniture and vehicles | 24 | €1,013 | €2,023 | +€1,010 | +99.7% |
| Current assets | 29/58 | €71,480 | €66,191 | -€5,289 | -7.4% |
| Amounts receivable within one year | 40/41 | €10,100 | €6,674 | -€3,427 | -33.9% |
| Trade receivables | 40 | €9,741 | €6,425 | -€3,315 | -34.0% |
| Other amounts receivable | 41 | €360 | €249 | -€111 | -30.9% |
| Cash at bank and in hand | 54/58 | €57,909 | €56,951 | -€958 | -1.7% |
| Deferred charges and accrued income | 490/1 | €3,470 | €2,567 | -€904 | -26.0% |
| Total equity and liabilities | 10/49 | €72,493 | €68,214 | -€4,279 | -5.9% |
| Equity | 10/15 | €35,275 | €14,479 | -€20,795 | -59.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,275 | €13,479 | -€20,795 | -60.7% |
| Amounts payable | 17/49 | €37,218 | €53,735 | +€16,516 | +44.4% |
| Amounts payable within one year | 42/48 | €37,115 | €53,668 | +€16,553 | +44.6% |
| Trade debts | 44 | €307 | €395 | +€88 | +28.8% |
| Suppliers | 440/4 | €307 | €395 | +€88 | +28.8% |
| Taxes, remuneration and social security | 45 | €4,544 | €3,078 | -€1,466 | -32.3% |
| Taxes | 450/3 | €4,544 | €3,078 | -€1,466 | -32.3% |
| Other amounts payable | 47/48 | €32,264 | €50,195 | +€17,931 | +55.6% |
| Accrued charges and deferred income | 492/3 | €104 | €67 | -€37 | -35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €354 | €2,330 | +€1,977 | +558.5% |
| Other operating charges | 640/8 | €566 | €584 | +€18 | +3.2% |
| Gross operating margin | 9900 | €44,880 | €40,876 | -€4,004 | -8.9% |
| Operating profit (loss) | 9901 | €43,960 | €37,962 | -€5,998 | -13.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €398 | €317 | -€81 | -20.3% |
| Recurring financial charges | 65 | €398 | €317 | -€81 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €43,562 | €37,644 | -€5,917 | -13.6% |
| Income taxes | 67/77 | €9,640 | €8,440 | -€1,200 | -12.5% |
| Profit (loss) for the period | 9904 | €33,922 | €29,205 | -€4,717 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,922 | €29,205 | -€4,717 | -13.9% |
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 9 October 2026 via checked.be.