Didier BOUCKAERT: 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.
Didier BOUCKAERT
Largest movements
- Tangible fixed assets +€122,347
up €122,347 (+38.2%), from €320,068 to €442,415
of which Land and buildings: +€141,351
- Cash +€23,814
up €23,814 (+9.9%), from €241,012 to €264,826
mainly Net result for the year (+€197,020) and Depreciation (+€61,534)
- Receivables within one year -€19,432
down €19,432 (-19.5%), from €99,698 to €80,266
- Reserves +€197,020
up €197,020 (+19.1%), from €1.0m to €1.2m
of which Distributable reserves: +€200,020
- Current portion of long-term debt -€62,058
down €62,058 (-13.0%), from €477,698 to €415,640
- Gross operating margin +€80,940
up €80,940 (+25.7%), from €315,071 to €396,011
- Financial income -€26,578
down €26,578 (-63.3%), from €42,015 to €15,437
of which Non-recurring financial income: -€14,894
- Depreciation +€24,727
up €24,727 (+67.2%), from €36,807 to €61,534
- Taxes +€21,194
up €21,194 (+24.4%), from €86,714 to €107,908
- Other operating charges +€7,744
up €7,744 (+121%), from €6,402 to €14,146
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 | €1,794,830 | €1,923,139 | +€128,309 | +7.1% |
| Fixed assets | 21/28 | €320,139 | €442,486 | +€122,347 | +38.2% |
| Tangible fixed assets | 22/27 | €320,068 | €442,415 | +€122,347 | +38.2% |
| Land and buildings | 22 | €296,913 | €438,264 | +€141,351 | +47.6% |
| Plant, machinery and equipment | 23 | €1,459 | €517 | -€942 | -64.6% |
| Furniture and vehicles | 24 | €3,912 | €3,634 | -€278 | -7.1% |
| Leasing and similar rights | 25 | €17,784 | €0 | -€17,784 | -100% |
| Financial fixed assets | 28 | €71 | €71 | = | 0.0% |
| Current assets | 29/58 | €1,474,691 | €1,480,653 | +€5,962 | +0.4% |
| Amounts receivable after more than one year | 29 | €1,106,000 | €1,106,000 | = | 0.0% |
| Trade receivables | 290 | €1,106,000 | €1,106,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €99,698 | €80,266 | -€19,432 | -19.5% |
| Other amounts receivable | 41 | €99,698 | €80,266 | -€19,432 | -19.5% |
| Cash at bank and in hand | 54/58 | €241,012 | €264,826 | +€23,814 | +9.9% |
| Deferred charges and accrued income | 490/1 | €27,981 | €29,561 | +€1,580 | +5.6% |
| Total equity and liabilities | 10/49 | €1,794,830 | €1,923,139 | +€128,309 | +7.1% |
| Equity | 10/15 | €1,174,519 | €1,371,539 | +€197,020 | +16.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,028,840 | €1,225,860 | +€197,020 | +19.1% |
| Non-distributable reserves | 130/1 | €3,000 | - | -€3,000 | |
| Reserves not available under the articles | 1311 | €3,000 | - | -€3,000 | |
| Distributable reserves | 133 | €1,025,840 | €1,225,860 | +€200,020 | +19.5% |
| Profit (loss) carried forward | 14 | €115,679 | €115,679 | = | 0.0% |
| Amounts payable | 17/49 | €620,311 | €551,600 | -€68,711 | -11.1% |
| Amounts payable after more than one year | 17 | €58,999 | €44,860 | -€14,139 | -24.0% |
| Financial debts | 170/4 | €58,999 | €44,860 | -€14,139 | -24.0% |
| Amounts payable within one year | 42/48 | €537,623 | €481,661 | -€55,962 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €477,698 | €415,640 | -€62,058 | -13.0% |
| Trade debts | 44 | €22,365 | €13,183 | -€9,182 | -41.1% |
| Suppliers | 440/4 | €22,365 | €13,183 | -€9,182 | -41.1% |
| Taxes, remuneration and social security | 45 | €37,560 | €52,838 | +€15,278 | +40.7% |
| Taxes | 450/3 | €37,560 | €52,838 | +€15,278 | +40.7% |
| Accrued charges and deferred income | 492/3 | €23,689 | €25,079 | +€1,390 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,807 | €61,534 | +€24,727 | +67.2% |
| Other operating charges | 640/8 | €6,402 | €14,146 | +€7,744 | +121% |
| Gross operating margin | 9900 | €315,071 | €396,011 | +€80,940 | +25.7% |
| Operating profit (loss) | 9901 | €271,862 | €320,331 | +€48,469 | +17.8% |
| Financial income | 75/76B | €42,015 | €15,437 | -€26,578 | -63.3% |
| Recurring financial income | 75 | €27,121 | €15,437 | -€11,684 | -43.1% |
| Non-recurring financial income | 76B | €14,894 | - | -€14,894 | |
| Financial charges | 65/66B | €30,678 | €30,840 | +€162 | +0.5% |
| Recurring financial charges | 65 | €30,678 | €30,840 | +€162 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €283,199 | €304,928 | +€21,729 | +7.7% |
| Income taxes | 67/77 | €86,714 | €107,908 | +€21,194 | +24.4% |
| Profit (loss) for the period | 9904 | €196,485 | €197,020 | +€535 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €196,485 | €197,020 | +€535 | +0.3% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.