CARL DE BOECK: what changed
CARL DE BOECK
Largest movements
- Tangible fixed assets +€429,855
up €429,855 (+157%), from €273,649 to €703,504
of which Land and buildings: +€462,500
- Cash -€60,189
down €60,189 (-58.6%), from €102,710 to €42,522
mainly Investment in fixed assets (net) (-€474,255) and Contributions, distributions and other (-€90,000)
- Intangible fixed assets -€24,000
down €24,000 (-28.6%), from €84,000 to €60,000
- Receivables within one year +€15,369
up €15,369 (+766%), from €2,006 to €17,375
of which Trade receivables: +€17,266
- Deferred charges and accrued income +€8,780
new in 2025: €8,780
- Debts after one year +€197,444
up €197,444 (+208%), from €94,871 to €292,315
- Profit (loss) carried forward +€110,233
up €110,233 (+39.1%), from €282,200 to €392,432
- Current portion of long-term debt +€57,785
up €57,785 (+188%), from €30,669 to €88,453
- Other operating charges +€56,649
up €56,649 (+4,060%), from €1,395 to €58,044
- Gross operating margin +€26,746
up €26,746 (+6.4%), from €420,443 to €447,189
- Depreciation -€15,552
down €15,552 (-18.5%), from €83,952 to €68,400
- Financial charges +€5,933
up €5,933 (+190%), from €3,119 to €9,052
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 | €467,880 | €837,394 | +€369,514 | +79.0% |
| Fixed assets | 21/28 | €357,649 | €763,504 | +€405,855 | +113% |
| Intangible fixed assets | 21 | €84,000 | €60,000 | -€24,000 | -28.6% |
| Tangible fixed assets | 22/27 | €273,649 | €703,504 | +€429,855 | +157% |
| Land and buildings | 22 | €101,250 | €563,750 | +€462,500 | +457% |
| Plant, machinery and equipment | 23 | €54,058 | €46,028 | -€8,030 | -14.9% |
| Furniture and vehicles | 24 | €118,341 | €93,725 | -€24,615 | -20.8% |
| Current assets | 29/58 | €110,232 | €73,891 | -€36,341 | -33.0% |
| Stocks and contracts in progress | 3 | €5,515 | €5,214 | -€301 | -5.5% |
| Stocks | 30/36 | €5,515 | €5,214 | -€301 | -5.5% |
| Amounts receivable within one year | 40/41 | €2,006 | €17,375 | +€15,369 | +766% |
| Trade receivables | 40 | €109 | €17,375 | +€17,266 | +15,914% |
| Other amounts receivable | 41 | €1,897 | - | -€1,897 | |
| Cash at bank and in hand | 54/58 | €102,710 | €42,522 | -€60,189 | -58.6% |
| Deferred charges and accrued income | 490/1 | - | €8,780 | +€8,780 | |
| Total equity and liabilities | 10/49 | €467,880 | €837,394 | +€369,514 | +79.0% |
| Equity | 10/15 | €300,800 | €411,032 | +€110,233 | +36.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €282,200 | €392,432 | +€110,233 | +39.1% |
| Amounts payable | 17/49 | €167,081 | €426,362 | +€259,281 | +155% |
| Amounts payable after more than one year | 17 | €94,871 | €292,315 | +€197,444 | +208% |
| Financial debts | 170/4 | €94,871 | €292,315 | +€197,444 | +208% |
| Amounts payable within one year | 42/48 | €72,209 | €134,047 | +€61,838 | +85.6% |
| Current portion of amounts payable after more than one year | 42 | €30,669 | €88,453 | +€57,785 | +188% |
| Trade debts | 44 | €9,246 | €3,705 | -€5,541 | -59.9% |
| Suppliers | 440/4 | €9,246 | €3,705 | -€5,541 | -59.9% |
| Taxes, remuneration and social security | 45 | €14,062 | €18,483 | +€4,421 | +31.4% |
| Taxes | 450/3 | €5,055 | €9,723 | +€4,668 | +92.3% |
| Remuneration and social security | 454/9 | €9,007 | €8,760 | -€247 | -2.7% |
| Other amounts payable | 47/48 | €18,233 | €23,406 | +€5,173 | +28.4% |
| Remuneration, social security and pensions | 62 | €44,671 | €42,305 | -€2,366 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,952 | €68,400 | -€15,552 | -18.5% |
| Other operating charges | 640/8 | €1,395 | €58,044 | +€56,649 | +4,060% |
| Gross operating margin | 9900 | €420,443 | €447,189 | +€26,746 | +6.4% |
| Operating profit (loss) | 9901 | €290,425 | €278,440 | -€11,985 | -4.1% |
| Financial income | 75/76B | €540 | €729 | +€189 | +35.0% |
| Recurring financial income | 75 | €540 | €729 | +€189 | +35.0% |
| Financial charges | 65/66B | €3,119 | €9,052 | +€5,933 | +190% |
| Recurring financial charges | 65 | €3,119 | €9,052 | +€5,933 | +190% |
| Profit (loss) for the period before taxes | 9903 | €287,847 | €270,117 | -€17,730 | -6.2% |
| Income taxes | 67/77 | €70,055 | €69,884 | -€171 | -0.2% |
| Profit (loss) for the period | 9904 | €217,792 | €200,233 | -€17,559 | -8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €217,792 | €200,233 | -€17,559 | -8.1% |
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.