Cédric BOGAERTS: 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.
Cédric BOGAERTS
Largest movements
- Cash +€241,476
up €241,476 (+101%), from €237,989 to €479,465
mainly Other debts (+€455,000) and Current investments (+€150,000)
- Current investments -€150,000
down €150,000 (-100%), from €150,000 to €0
- Tangible fixed assets -€23,639
down €23,639 (-25.9%), from €91,363 to €67,724
- Other debts +€455,000
new in 2025: €455,000
- Profit (loss) carried forward -€365,860
down €365,860 (-99.3%), from €368,491 to €2,631
- Tax, wage and social debts -€19,664
down €19,664 (-53.2%), from €36,929 to €17,265
- Trade debts +€15,599
up €15,599 (+161%), from €9,666 to €25,266
- Debts after one year -€12,347
down €12,347 (-34.2%), from €36,125 to €23,777
- Depreciation +€13,528
up €13,528 (+134%), from €10,110 to €23,639
- Other operating charges -€6,540
down €6,540 (-67.1%), from €9,742 to €3,203
- Gross operating margin +€4,043
up €4,043 (+2.8%), from €142,267 to €146,310
- Taxes +€2,452
up €2,452 (+8.2%), from €29,858 to €32,309
- Financial income -€1,983
down €1,983 (-35.9%), from €5,521 to €3,538
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 | €484,742 | €552,787 | +€68,045 | +14.0% |
| Fixed assets | 21/28 | €91,363 | €67,724 | -€23,639 | -25.9% |
| Tangible fixed assets | 22/27 | €91,363 | €67,724 | -€23,639 | -25.9% |
| Furniture and vehicles | 24 | €91,363 | €67,724 | -€23,639 | -25.9% |
| Current assets | 29/58 | €393,379 | €485,062 | +€91,684 | +23.3% |
| Amounts receivable within one year | 40/41 | €3,288 | €3,351 | +€63 | +1.9% |
| Other amounts receivable | 41 | €3,288 | €3,351 | +€63 | +1.9% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100% |
| Cash at bank and in hand | 54/58 | €237,989 | €479,465 | +€241,476 | +101% |
| Deferred charges and accrued income | 490/1 | €2,101 | €2,246 | +€145 | +6.9% |
| Total equity and liabilities | 10/49 | €484,742 | €552,787 | +€68,045 | +14.0% |
| Equity | 10/15 | €384,991 | €19,131 | -€365,860 | -95.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €1,500 | €1,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,500 | €1,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €368,491 | €2,631 | -€365,860 | -99.3% |
| Amounts payable | 17/49 | €99,751 | €533,656 | +€433,905 | +435% |
| Amounts payable after more than one year | 17 | €36,125 | €23,777 | -€12,347 | -34.2% |
| Financial debts | 170/4 | €36,125 | €23,777 | -€12,347 | -34.2% |
| Amounts payable within one year | 42/48 | €63,626 | €509,878 | +€446,252 | +701% |
| Current portion of amounts payable after more than one year | 42 | €17,031 | €12,347 | -€4,683 | -27.5% |
| Trade debts | 44 | €9,666 | €25,266 | +€15,599 | +161% |
| Suppliers | 440/4 | €9,666 | €25,266 | +€15,599 | +161% |
| Taxes, remuneration and social security | 45 | €36,929 | €17,265 | -€19,664 | -53.2% |
| Taxes | 450/3 | €36,929 | €17,265 | -€19,664 | -53.2% |
| Other amounts payable | 47/48 | - | €455,000 | +€455,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,110 | €23,639 | +€13,528 | +134% |
| Other operating charges | 640/8 | €9,742 | €3,203 | -€6,540 | -67.1% |
| Gross operating margin | 9900 | €142,267 | €146,310 | +€4,043 | +2.8% |
| Operating profit (loss) | 9901 | €122,414 | €119,468 | -€2,946 | -2.4% |
| Financial income | 75/76B | €5,521 | €3,538 | -€1,983 | -35.9% |
| Recurring financial income | 75 | €5,521 | €3,538 | -€1,983 | -35.9% |
| Financial charges | 65/66B | €678 | €1,557 | +€879 | +130% |
| Recurring financial charges | 65 | €678 | €1,557 | +€879 | +130% |
| Profit (loss) for the period before taxes | 9903 | €127,257 | €121,450 | -€5,808 | -4.6% |
| Income taxes | 67/77 | €29,858 | €32,309 | +€2,452 | +8.2% |
| Profit (loss) for the period | 9904 | €97,400 | €89,140 | -€8,259 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €97,400 | €89,140 | -€8,259 | -8.5% |
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 16 October 2026 via checked.be.