Docteur Sofiane BOULARES: 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.
Docteur Sofiane BOULARES
Largest movements
- Tangible fixed assets +€103,502
up €103,502 (+29.0%), from €357,019 to €460,521
of which Land and buildings: +€114,132
- Cash +€89,507
up €89,507 (+89.9%), from €99,551 to €189,058
mainly Net result for the year (+€72,280) and Debts after one year (+€70,478)
- Receivables within one year -€15,020
down €15,020 (-46.1%), from €32,583 to €17,562
of which Other amounts receivable: -€22,619
- Profit (loss) carried forward +€72,280
up €72,280 (+350%), from €20,642 to €92,923
- Debts after one year +€70,478
up €70,478 (+20.6%), from €341,955 to €412,433
- Tax, wage and social debts +€17,107
up €17,107 (+4,355%), from €393 to €17,500
- Trade debts +€9,749
up €9,749 (+96.8%), from €10,074 to €19,822
- Current portion of long-term debt +€9,093
up €9,093 (+18.0%), from €50,429 to €59,522
- Gross operating margin +€70,062
up €70,062 (+66.1%), from €105,914 to €175,976
- Taxes +€16,278
up €16,278 (+442%), from €3,682 to €19,961
- Other operating charges -€8,785
down €8,785 (-56.5%), from €15,548 to €6,764
- Depreciation -€5,228
down €5,228 (-7.2%), from €72,145 to €66,917
- Financial charges +€2,547
up €2,547 (+33.9%), from €7,508 to €10,055
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 | €489,778 | €668,507 | +€178,729 | +36.5% |
| Fixed assets | 21/28 | €357,019 | €460,521 | +€103,502 | +29.0% |
| Tangible fixed assets | 22/27 | €357,019 | €460,521 | +€103,502 | +29.0% |
| Land and buildings | 22 | €272,209 | €386,341 | +€114,132 | +41.9% |
| Plant, machinery and equipment | 23 | €79 | €7,674 | +€7,595 | +9,603% |
| Furniture and vehicles | 24 | €84,731 | €66,506 | -€18,225 | -21.5% |
| Current assets | 29/58 | €132,759 | €207,986 | +€75,227 | +56.7% |
| Amounts receivable within one year | 40/41 | €32,583 | €17,562 | -€15,020 | -46.1% |
| Trade receivables | 40 | €7,565 | €15,163 | +€7,599 | +100% |
| Other amounts receivable | 41 | €25,018 | €2,399 | -€22,619 | -90.4% |
| Cash at bank and in hand | 54/58 | €99,551 | €189,058 | +€89,507 | +89.9% |
| Deferred charges and accrued income | 490/1 | €626 | €1,365 | +€739 | +118% |
| Total equity and liabilities | 10/49 | €489,778 | €668,507 | +€178,729 | +36.5% |
| Equity | 10/15 | €85,311 | €157,591 | +€72,280 | +84.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €52,269 | €52,269 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €409 | €409 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,642 | €92,923 | +€72,280 | +350% |
| Amounts payable | 17/49 | €404,467 | €510,915 | +€106,448 | +26.3% |
| Amounts payable after more than one year | 17 | €341,955 | €412,433 | +€70,478 | +20.6% |
| Financial debts | 170/4 | €341,955 | €412,433 | +€70,478 | +20.6% |
| Amounts payable within one year | 42/48 | €62,512 | €98,482 | +€35,970 | +57.5% |
| Current portion of amounts payable after more than one year | 42 | €50,429 | €59,522 | +€9,093 | +18.0% |
| Trade debts | 44 | €10,074 | €19,822 | +€9,749 | +96.8% |
| Suppliers | 440/4 | €10,074 | €19,822 | +€9,749 | +96.8% |
| Taxes, remuneration and social security | 45 | €393 | €17,500 | +€17,107 | +4,355% |
| Taxes | 450/3 | €393 | €17,500 | +€17,107 | +4,355% |
| Other amounts payable | 47/48 | €1,616 | €1,638 | +€21 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,145 | €66,917 | -€5,228 | -7.2% |
| Other operating charges | 640/8 | €15,548 | €6,764 | -€8,785 | -56.5% |
| Gross operating margin | 9900 | €105,914 | €175,976 | +€70,062 | +66.1% |
| Operating profit (loss) | 9901 | €18,221 | €102,296 | +€84,075 | +461% |
| Financial charges | 65/66B | €7,508 | €10,055 | +€2,547 | +33.9% |
| Recurring financial charges | 65 | €7,508 | €10,055 | +€2,547 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €10,713 | €92,241 | +€81,528 | +761% |
| Income taxes | 67/77 | €3,682 | €19,961 | +€16,278 | +442% |
| Profit (loss) for the period | 9904 | €7,031 | €72,280 | +€65,250 | +928% |
| Profit (loss) for the period to be appropriated | 9905 | €7,031 | €72,280 | +€65,250 | +928% |
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 1 November 2026 via checked.be.