DEN BOER: 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.
DEN BOER
Largest movements
- Cash +€46,293
up €46,293 (+78.3%), from €59,118 to €105,412
mainly Depreciation (+€31,380) and Receivables within one year (+€24,272)
- Receivables within one year -€24,272
down €24,272 (-56.8%), from €42,701 to €18,429
of which Other amounts receivable: -€28,856
- Deferred charges and accrued income -€9,726
down €9,726 (-62.2%), from €15,643 to €5,917
- Stocks and contracts +€4,504
up €4,504 (+34.8%), from €12,959 to €17,463
- Reserves +€21,169
up €21,169 (+34.7%), from €61,051 to €82,220
- Debts after one year -€20,000
down €20,000 (-20.0%), from €100,000 to €80,000
- Trade debts +€6,827
up €6,827 (+24.4%), from €27,982 to €34,809
- Tax, wage and social debts +€6,151
up €6,151 (+12.9%), from €47,503 to €53,654
of which Remuneration and social security: +€6,700
- Gross operating margin +€85,595
up €85,595 (+17.0%), from €504,945 to €590,540
- Staff costs +€70,608
up €70,608 (+16.0%), from €440,984 to €511,592
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 | €287,492 | €303,742 | +€16,250 | +5.7% |
| Fixed assets | 21/28 | €157,072 | €156,522 | -€550 | -0.4% |
| Intangible fixed assets | 21 | €16,240 | €13,740 | -€2,500 | -15.4% |
| Tangible fixed assets | 22/27 | €140,832 | €142,782 | +€1,950 | +1.4% |
| Land and buildings | 22 | €48,672 | €54,186 | +€5,514 | +11.3% |
| Plant, machinery and equipment | 23 | €65,357 | €61,404 | -€3,954 | -6.0% |
| Furniture and vehicles | 24 | €26,803 | €27,193 | +€390 | +1.5% |
| Current assets | 29/58 | €130,420 | €147,220 | +€16,800 | +12.9% |
| Stocks and contracts in progress | 3 | €12,959 | €17,463 | +€4,504 | +34.8% |
| Stocks | 30/36 | €12,959 | €17,463 | +€4,504 | +34.8% |
| Amounts receivable within one year | 40/41 | €42,701 | €18,429 | -€24,272 | -56.8% |
| Trade receivables | 40 | €4,203 | €8,787 | +€4,585 | +109% |
| Other amounts receivable | 41 | €38,498 | €9,641 | -€28,856 | -75.0% |
| Cash at bank and in hand | 54/58 | €59,118 | €105,412 | +€46,293 | +78.3% |
| Deferred charges and accrued income | 490/1 | €15,643 | €5,917 | -€9,726 | -62.2% |
| Total equity and liabilities | 10/49 | €287,492 | €303,742 | +€16,250 | +5.7% |
| Equity | 10/15 | €101,051 | €122,220 | +€21,169 | +20.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €61,051 | €82,220 | +€21,169 | +34.7% |
| Distributable reserves | 133 | €61,051 | €82,220 | +€21,169 | +34.7% |
| Amounts payable | 17/49 | €186,441 | €181,522 | -€4,920 | -2.6% |
| Amounts payable after more than one year | 17 | €100,000 | €80,000 | -€20,000 | -20.0% |
| Other amounts payable | 178/9 | €100,000 | €80,000 | -€20,000 | -20.0% |
| Amounts payable within one year | 42/48 | €83,852 | €99,769 | +€15,917 | +19.0% |
| Financial debts | 43 | €2,552 | €2,552 | +€0 | 0.0% |
| Credit institutions | 430/8 | €2,552 | €2,552 | +€0 | 0.0% |
| Trade debts | 44 | €27,982 | €34,809 | +€6,827 | +24.4% |
| Suppliers | 440/4 | €27,982 | €34,809 | +€6,827 | +24.4% |
| Advances received on contracts in progress | 46 | €1,080 | €1,280 | +€200 | +18.5% |
| Taxes, remuneration and social security | 45 | €47,503 | €53,654 | +€6,151 | +12.9% |
| Taxes | 450/3 | €30,978 | €30,428 | -€550 | -1.8% |
| Remuneration and social security | 454/9 | €16,525 | €23,226 | +€6,700 | +40.5% |
| Other amounts payable | 47/48 | €4,735 | €7,475 | +€2,740 | +57.9% |
| Accrued charges and deferred income | 492/3 | €2,589 | €1,752 | -€837 | -32.3% |
| Remuneration, social security and pensions | 62 | €440,984 | €511,592 | +€70,608 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,880 | €31,380 | +€2,500 | +8.7% |
| Other operating charges | 640/8 | €7,330 | €8,010 | +€681 | +9.3% |
| Gross operating margin | 9900 | €504,945 | €590,540 | +€85,595 | +17.0% |
| Operating profit (loss) | 9901 | €27,751 | €39,558 | +€11,807 | +42.5% |
| Financial income | 75/76B | €146 | €129 | -€17 | -11.6% |
| Recurring financial income | 75 | €146 | €129 | -€17 | -11.6% |
| Financial charges | 65/66B | €9,907 | €8,022 | -€1,885 | -19.0% |
| Recurring financial charges | 65 | €9,907 | €8,022 | -€1,885 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €17,991 | €31,665 | +€13,674 | +76.0% |
| Income taxes | 67/77 | €5,968 | €8,863 | +€2,895 | +48.5% |
| Profit (loss) for the period | 9904 | €12,023 | €22,803 | +€10,780 | +89.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,023 | €22,803 | +€10,780 | +89.7% |
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 23 October 2026 via checked.be.