DANEEL 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.
DANEEL BOGAERTS
Largest movements
- Receivables within one year +€11,509
up €11,509 (+68.5%), from €16,795 to €28,304
of which Other amounts receivable: +€6,890
- Cash -€8,229
down €8,229 (-21.8%), from €37,686 to €29,457
mainly Receivables within one year (-€11,509) and Investment in fixed assets (net) (-€9,408)
- Tangible fixed assets -€6,688
down €6,688 (-13.2%), from €50,765 to €44,077
of which Furniture and vehicles: -€5,809
- Intangible fixed assets +€1,159
new in 2025: €1,159
- Debts after one year -€8,825
down €8,825 (-43.6%), from €20,255 to €11,431
- Reserves +€5,550
up €5,550 (+9.4%), from €59,189 to €64,739
- Trade debts +€2,683
up €2,683 (+211%), from €1,269 to €3,952
- Tax, wage and social debts -€1,964
down €1,964 (-24.1%), from €8,153 to €6,189
- Gross operating margin -€16,719
down €16,719 (-33.0%), from €50,688 to €33,969
- Taxes -€5,097
down €5,097 (-49.1%), from €10,378 to €5,281
- Depreciation +€2,653
up €2,653 (+21.6%), from €12,284 to €14,937
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 | €106,545 | €103,651 | -€2,893 | -2.7% |
| Fixed assets | 21/28 | €50,765 | €45,236 | -€5,529 | -10.9% |
| Intangible fixed assets | 21 | - | €1,159 | +€1,159 | |
| Tangible fixed assets | 22/27 | €50,765 | €44,077 | -€6,688 | -13.2% |
| Plant, machinery and equipment | 23 | €2,429 | €1,550 | -€879 | -36.2% |
| Furniture and vehicles | 24 | €48,336 | €42,527 | -€5,809 | -12.0% |
| Current assets | 29/58 | €55,780 | €58,415 | +€2,636 | +4.7% |
| Amounts receivable within one year | 40/41 | €16,795 | €28,304 | +€11,509 | +68.5% |
| Trade receivables | 40 | €16,795 | €21,414 | +€4,619 | +27.5% |
| Other amounts receivable | 41 | - | €6,890 | +€6,890 | |
| Cash at bank and in hand | 54/58 | €37,686 | €29,457 | -€8,229 | -21.8% |
| Deferred charges and accrued income | 490/1 | €1,299 | €654 | -€644 | -49.6% |
| Total equity and liabilities | 10/49 | €106,545 | €103,651 | -€2,893 | -2.7% |
| Equity | 10/15 | €66,146 | €70,948 | +€4,802 | +7.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €59,189 | €64,739 | +€5,550 | +9.4% |
| Distributable reserves | 133 | €59,189 | €64,739 | +€5,550 | +9.4% |
| Profit (loss) carried forward | 14 | €757 | €9 | -€748 | -98.8% |
| Amounts payable | 17/49 | €40,398 | €32,703 | -€7,695 | -19.0% |
| Amounts payable after more than one year | 17 | €20,255 | €11,431 | -€8,825 | -43.6% |
| Financial debts | 170/4 | €20,255 | €11,431 | -€8,825 | -43.6% |
| Amounts payable within one year | 42/48 | €20,143 | €21,272 | +€1,129 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €8,500 | €8,825 | +€324 | +3.8% |
| Financial debts | 43 | €22 | €51 | +€29 | +133% |
| Credit institutions | 430/8 | €22 | €51 | +€29 | +133% |
| Trade debts | 44 | €1,269 | €3,952 | +€2,683 | +211% |
| Suppliers | 440/4 | €1,269 | €3,952 | +€2,683 | +211% |
| Taxes, remuneration and social security | 45 | €8,153 | €6,189 | -€1,964 | -24.1% |
| Taxes | 450/3 | €8,153 | €6,189 | -€1,964 | -24.1% |
| Other amounts payable | 47/48 | €2,199 | €2,256 | +€57 | +2.6% |
| Non-recurring operating income | 76A | €6,154 | - | -€6,154 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,284 | €14,937 | +€2,653 | +21.6% |
| Other operating charges | 640/8 | €616 | €919 | +€302 | +49.1% |
| Non-recurring operating charges | 66A | €267 | - | -€267 | |
| Gross operating margin | 9900 | €50,688 | €33,969 | -€16,719 | -33.0% |
| Operating profit (loss) | 9901 | €37,520 | €18,113 | -€19,407 | -51.7% |
| Financial income | 75/76B | €1 | €30 | +€29 | +3,226% |
| Recurring financial income | 75 | €1 | €30 | +€29 | +3,226% |
| Financial charges | 65/66B | €1,121 | €1,226 | +€106 | +9.4% |
| Recurring financial charges | 65 | €1,121 | €1,226 | +€106 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €36,400 | €16,917 | -€19,484 | -53.5% |
| Income taxes | 67/77 | €10,378 | €5,281 | -€5,097 | -49.1% |
| Profit (loss) for the period | 9904 | €26,022 | €11,635 | -€14,387 | -55.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,022 | €11,635 | -€14,387 | -55.3% |
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 29 October 2026 via checked.be.