den bogaerd: 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.
What changed
den bogaerd
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€7,991
2024 · -€13,070+€21,062
Equity
€2.3m
2024 · €2.3m+€7,991
Cash
€83,663
2024 · €32,390+€51,273
Balance sheet total
€4.1m
2024 · €4.1m-€16,701
Largest movements
Assets
- Tangible fixed assets -€102,551
down €102,551 (-2.5%), from €4.1m to €4.0m
of which Land and buildings: -€92,635
- Cash +€51,273
up €51,273 (+158%), from €32,390 to €83,663
mainly Depreciation (+€144,583) and Debts after one year (+€23,740)
Equity and liabilities
- Trade debts -€42,188
down €42,188 (-53.2%), from €79,266 to €37,077
Income statement
- Gross operating margin +€29,767
up €29,767 (+18.4%), from €162,167 to €191,934
- Financial charges +€8,062
up €8,062 (+29.8%), from €27,045 to €35,108
- Depreciation +€2,935
up €2,935 (+2.1%), from €141,648 to €144,583
- Other operating charges -€2,865
down €2,865 (-11.8%), from €24,200 to €21,334
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.
Result 2024
-€13,070
Gross operating margin
+€29,767
Depreciation
-€2,935
Other operating charges
+€2,865
Financial income
+€9
Financial charges
-€8,062
Deferred taxes and other
-€582
Result 2025
€7,991
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€67,424
Investment
-€42,033
Financing
+€25,882
Cash 2024
€32,390
From operations (derived)
+€67,424
Net result for the year
+€7,991
Depreciation
+€144,583
Receivables within one year
-€38,639
Deferred charges and accrued income
+€4,062
Provisions
-€17,021
Trade debts
-€42,188
Advances received
-€6,235
Other debts
-€1
Accrued charges and deferred income
+€14,871
Investment (derived)
-€42,033
Investment in fixed assets (net)
-€42,033
Financing
+€25,882
Debts after one year
+€23,740
Current portion of long-term debt
+€2,057
Short-term financial debts
+€84
Cash 2025
€83,663
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,113,419 | €4,096,718 | -€16,701 | -0.4% |
| Fixed assets | 21/28 | €4,076,520 | €3,973,969 | -€102,551 | -2.5% |
| Tangible fixed assets | 22/27 | €4,075,920 | €3,973,369 | -€102,551 | -2.5% |
| Land and buildings | 22 | €4,014,692 | €3,922,058 | -€92,635 | -2.3% |
| Plant, machinery and equipment | 23 | €61,227 | €51,311 | -€9,916 | -16.2% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €36,899 | €122,749 | +€85,850 | +233% |
| Amounts receivable within one year | 40/41 | €447 | €39,086 | +€38,639 | +8,640% |
| Trade receivables | 40 | €432 | €39,052 | +€38,620 | +8,940% |
| Other amounts receivable | 41 | €15 | €34 | +€19 | +123% |
| Cash at bank and in hand | 54/58 | €32,390 | €83,663 | +€51,273 | +158% |
| Deferred charges and accrued income | 490/1 | €4,062 | €0 | -€4,062 | -100% |
| Total equity and liabilities | 10/49 | €4,113,419 | €4,096,718 | -€16,701 | -0.4% |
| Equity | 10/15 | €2,335,044 | €2,343,036 | +€7,991 | +0.3% |
| Contributions | 10/11 | €1,363,414 | €1,363,414 | = | 0.0% |
| Capital | 10 | €1,363,414 | €1,363,414 | = | 0.0% |
| Issued capital | 100 | €1,363,414 | €1,363,414 | = | 0.0% |
| Reserves | 13 | €792,999 | €759,944 | -€33,055 | -4.2% |
| Non-distributable reserves | 130/1 | €41,332 | €41,332 | = | 0.0% |
| Legal reserve | 130 | €41,332 | €41,332 | = | 0.0% |
| Tax-exempt reserves | 132 | €751,667 | €718,612 | -€33,055 | -4.4% |
| Profit (loss) carried forward | 14 | €178,630 | €219,677 | +€41,046 | +23.0% |
| Provisions and deferred taxes | 16 | €387,328 | €370,307 | -€17,021 | -4.4% |
| Deferred taxes | 168 | €387,328 | €370,307 | -€17,021 | -4.4% |
| Amounts payable | 17/49 | €1,391,047 | €1,383,375 | -€7,672 | -0.6% |
| Amounts payable after more than one year | 17 | €1,216,178 | €1,239,918 | +€23,740 | +2.0% |
| Financial debts | 170/4 | €1,204,206 | €1,227,946 | +€23,740 | +2.0% |
| Other amounts payable | 178/9 | €11,972 | €11,972 | = | 0.0% |
| Amounts payable within one year | 42/48 | €164,957 | €118,674 | -€46,283 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €74,708 | €76,765 | +€2,057 | +2.8% |
| Financial debts | 43 | - | €84 | +€84 | |
| Credit institutions | 430/8 | - | €84 | +€84 | |
| Trade debts | 44 | €79,266 | €37,077 | -€42,188 | -53.2% |
| Suppliers | 440/4 | €79,266 | €37,077 | -€42,188 | -53.2% |
| Advances received on contracts in progress | 46 | €6,235 | €0 | -€6,235 | -100% |
| Other amounts payable | 47/48 | €4,748 | €4,747 | -€1 | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,912 | €24,783 | +€14,871 | +150% |
| Non-recurring operating income | 76A | €215 | €2,035 | +€1,820 | +846% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,648 | €144,583 | +€2,935 | +2.1% |
| Other operating charges | 640/8 | €24,200 | €21,334 | -€2,865 | -11.8% |
| Gross operating margin | 9900 | €162,167 | €191,934 | +€29,767 | +18.4% |
| Operating profit (loss) | 9901 | -€3,681 | €26,016 | +€29,697 | |
| Financial income | 75/76B | €53 | €62 | +€9 | +17.0% |
| Recurring financial income | 75 | €53 | €62 | +€9 | +17.0% |
| Financial charges | 65/66B | €27,045 | €35,108 | +€8,062 | +29.8% |
| Recurring financial charges | 65 | €27,045 | €35,108 | +€8,062 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | -€30,673 | -€9,029 | +€21,643 | +70.6% |
| Transfer from deferred taxes | 780 | €17,602 | €17,021 | -€582 | -3.3% |
| Profit (loss) for the period | 9904 | -€13,070 | €7,991 | +€21,062 | |
| Transfer from tax-exempt reserves | 789 | €34,184 | €33,055 | -€1,129 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,114 | €41,046 | +€19,932 | +94.4% |
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 17 October 2026 via checked.be.