De Bourgraaf: 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.
De Bourgraaf
Largest movements
- Cash +€178,365
up €178,365 (+69.2%), from €257,610 to €435,975
mainly Net result for the year (+€134,251) and Tax, wage and social debts (+€42,241)
- Tangible fixed assets -€11,596
down €11,596 (-36.9%), from €31,420 to €19,824
of which Furniture and vehicles: -€9,523
- Receivables within one year +€5,132
up €5,132 (+15.8%), from €32,517 to €37,649
of which Other amounts receivable: +€4,467
- Reserves +€134,251
up €134,251 (+50.1%), from €267,960 to €402,211
- Tax, wage and social debts +€42,241
up €42,241 (+115%), from €36,620 to €78,862
- Debts after one year -€5,211
down €5,211 (-59.4%), from €8,777 to €3,567
- Gross operating margin +€48,067
up €48,067 (+34.8%), from €137,926 to €185,992
- Taxes +€12,279
up €12,279 (+45.5%), from €26,978 to €39,256
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 | €323,471 | €495,618 | +€172,147 | +53.2% |
| Fixed assets | 21/28 | €31,420 | €19,824 | -€11,596 | -36.9% |
| Tangible fixed assets | 22/27 | €31,420 | €19,824 | -€11,596 | -36.9% |
| Plant, machinery and equipment | 23 | €3,005 | €1,456 | -€1,549 | -51.5% |
| Furniture and vehicles | 24 | €24,531 | €15,009 | -€9,523 | -38.8% |
| Other tangible fixed assets | 26 | €3,884 | €3,360 | -€524 | -13.5% |
| Current assets | 29/58 | €292,051 | €475,794 | +€183,743 | +62.9% |
| Amounts receivable within one year | 40/41 | €32,517 | €37,649 | +€5,132 | +15.8% |
| Trade receivables | 40 | €32,517 | €33,183 | +€666 | +2.0% |
| Other amounts receivable | 41 | - | €4,467 | +€4,467 | |
| Cash at bank and in hand | 54/58 | €257,610 | €435,975 | +€178,365 | +69.2% |
| Deferred charges and accrued income | 490/1 | €1,924 | €2,170 | +€246 | +12.8% |
| Total equity and liabilities | 10/49 | €323,471 | €495,618 | +€172,147 | +53.2% |
| Equity | 10/15 | €270,460 | €404,711 | +€134,251 | +49.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €267,960 | €402,211 | +€134,251 | +50.1% |
| Distributable reserves | 133 | €267,960 | €402,211 | +€134,251 | +50.1% |
| Amounts payable | 17/49 | €53,011 | €90,907 | +€37,896 | +71.5% |
| Amounts payable after more than one year | 17 | €8,777 | €3,567 | -€5,211 | -59.4% |
| Financial debts | 170/4 | €8,777 | €3,567 | -€5,211 | -59.4% |
| Amounts payable within one year | 42/48 | €44,234 | €87,340 | +€43,106 | +97.5% |
| Current portion of amounts payable after more than one year | 42 | €5,048 | €5,211 | +€162 | +3.2% |
| Trade debts | 44 | €322 | €3,268 | +€2,946 | +915% |
| Suppliers | 440/4 | €322 | €3,268 | +€2,946 | +915% |
| Taxes, remuneration and social security | 45 | €36,620 | €78,862 | +€42,241 | +115% |
| Taxes | 450/3 | €36,620 | €78,862 | +€42,241 | +115% |
| Other amounts payable | 47/48 | €2,243 | - | -€2,243 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,893 | €11,596 | -€297 | -2.5% |
| Other operating charges | 640/8 | €696 | €315 | -€380 | -54.7% |
| Gross operating margin | 9900 | €137,926 | €185,992 | +€48,067 | +34.8% |
| Operating profit (loss) | 9901 | €125,337 | €174,081 | +€48,744 | +38.9% |
| Financial charges | 65/66B | €728 | €573 | -€154 | -21.2% |
| Recurring financial charges | 65 | €728 | €573 | -€154 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €124,609 | €173,508 | +€48,899 | +39.2% |
| Income taxes | 67/77 | €26,978 | €39,256 | +€12,279 | +45.5% |
| Profit (loss) for the period | 9904 | €97,631 | €134,251 | +€36,620 | +37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €97,631 | €134,251 | +€36,620 | +37.5% |
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 29 October 2026 via checked.be.