BUGA GEEL: 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.
BUGA GEEL
Largest movements
- Receivables within one year +€116,901
up €116,901 (+27.5%), from €424,361 to €541,262
of which Other amounts receivable: +€124,563
- Profit (loss) carried forward +€116,810
up €116,810 (+191.7%), from €60,932 to €177,742
- Gross operating margin +€84,027
up €84,027 (+83.3%), from €100,912 to €184,940
- Taxes +€20,829
up €20,829 (+136.7%), from €15,240 to €36,069
- Other operating charges -€8,220
down €8,220 (-39.4%), from €20,874 to €12,654
- Write-downs +€5,510
no longer reported in 2025 (was -€5,510)
- Depreciation -€4,625
down €4,625 (-81.3%), from €5,692 to €1,067
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €541,160 | €654,494 | +€113,335 | +20.9% |
| Fixed assets | 21/28 | €98,727 | €97,661 | -€1,067 | -1.1% |
| Tangible fixed assets | 22/27 | €59,064 | €57,998 | -€1,067 | -1.8% |
| Land and buildings | 22 | €57,438 | €57,438 | = | 0.0% |
| Furniture and vehicles | 24 | €1,626 | €559 | -€1,067 | -65.6% |
| Financial fixed assets | 28 | €39,663 | €39,663 | = | 0.0% |
| Current assets | 29/58 | €442,432 | €556,834 | +€114,401 | +25.9% |
| Amounts receivable within one year | 40/41 | €424,361 | €541,262 | +€116,901 | +27.5% |
| Trade receivables | 40 | €9,510 | €1,847 | -€7,662 | -80.6% |
| Other amounts receivable | 41 | €414,851 | €539,414 | +€124,563 | +30.0% |
| Deferred charges and accrued income | 490/1 | €18,072 | €15,572 | -€2,500 | -13.8% |
| Total equity and liabilities | 10/49 | €541,160 | €654,494 | +€113,335 | +20.9% |
| Equity | 10/15 | €525,428 | €642,238 | +€116,810 | +22.2% |
| Contributions | 10/11 | €246,364 | €246,364 | = | 0.0% |
| Capital | 10 | €246,200 | €246,200 | = | 0.0% |
| Issued capital | 100 | €246,200 | €246,200 | = | 0.0% |
| Outside capital | 11 | €164 | €164 | = | 0.0% |
| Share premium | 1100/10 | €164 | €164 | = | 0.0% |
| Reserves | 13 | €218,133 | €218,133 | = | 0.0% |
| Non-distributable reserves | 130/1 | €42,988 | €42,988 | = | 0.0% |
| Legal reserve | 130 | €42,988 | €42,988 | = | 0.0% |
| Tax-exempt reserves | 132 | €166,922 | €166,922 | = | 0.0% |
| Distributable reserves | 133 | €8,223 | €8,223 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,932 | €177,742 | +€116,810 | +191.7% |
| Amounts payable | 17/49 | €15,731 | €12,256 | -€3,475 | -22.1% |
| Amounts payable within one year | 42/48 | €14,742 | €11,967 | -€2,775 | -18.8% |
| Trade debts | 44 | €290 | €2,297 | +€2,008 | +693.6% |
| Suppliers | 440/4 | €290 | €2,297 | +€2,008 | +693.6% |
| Taxes, remuneration and social security | 45 | €14,453 | €9,669 | -€4,783 | -33.1% |
| Taxes | 450/3 | €10,185 | €4,157 | -€6,027 | -59.2% |
| Remuneration and social security | 454/9 | €4,268 | €5,512 | +€1,244 | +29.1% |
| Accrued charges and deferred income | 492/3 | €989 | €289 | -€700 | -70.7% |
| Non-recurring operating income | 76A | €4,250 | - | -€4,250 | |
| Remuneration, social security and pensions | 62 | €36,203 | €37,373 | +€1,170 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,692 | €1,067 | -€4,625 | -81.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,510 | - | +€5,510 | |
| Other operating charges | 640/8 | €20,874 | €12,654 | -€8,220 | -39.4% |
| Gross operating margin | 9900 | €100,912 | €184,940 | +€84,027 | +83.3% |
| Operating profit (loss) | 9901 | €43,654 | €133,846 | +€90,192 | +206.6% |
| Financial income | 75/76B | €16,750 | €19,213 | +€2,463 | +14.7% |
| Recurring financial income | 75 | €16,750 | €19,213 | +€2,463 | +14.7% |
| Financial charges | 65/66B | €687 | €180 | -€507 | -73.8% |
| Recurring financial charges | 65 | €687 | €180 | -€507 | -73.8% |
| Profit (loss) for the period before taxes | 9903 | €59,717 | €152,879 | +€93,162 | +156.0% |
| Income taxes | 67/77 | €15,240 | €36,069 | +€20,829 | +136.7% |
| Profit (loss) for the period | 9904 | €44,477 | €116,810 | +€72,333 | +162.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,477 | €116,810 | +€72,333 | +162.6% |
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 9 October 2026 via checked.be.