Dr. A. Boel: 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.
Dr. A. Boel
Largest movements
- Current investments +€80,000
new in 2025: €80,000
- Cash -€32,343
down €32,343 (-62.0%), from €52,179 to €19,836
mainly Current investments (-€80,000) and Other debts (-€33,690)
- Receivables within one year +€12,290
new in 2025: €12,290
- Tangible fixed assets -€7,999
down €7,999 (-19.9%), from €40,149 to €32,150
of which Furniture and vehicles: -€9,057
- Deferred charges and accrued income +€3,005
up €3,005 (+401%), from €750 to €3,755
- Reserves +€80,381
up €80,381 (+191%), from €42,019 to €122,400
- Other debts -€33,690
no longer reported in 2025 (was €33,690)
- Tax, wage and social debts +€9,999
up €9,999 (+93.3%), from €10,715 to €20,714
- Trade debts -€1,738
down €1,738 (-46.3%), from €3,754 to €2,016
- Gross operating margin +€49,685
up €49,685 (+81.7%), from €60,830 to €110,516
- Taxes +€9,999
up €9,999 (+93.3%), from €10,715 to €20,714
- Depreciation +€1,261
up €1,261 (+15.6%), from €8,061 to €9,322
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 | €93,678 | €148,631 | +€54,952 | +58.7% |
| Fixed assets | 21/28 | €40,749 | €32,750 | -€7,999 | -19.6% |
| Tangible fixed assets | 22/27 | €40,149 | €32,150 | -€7,999 | -19.9% |
| Plant, machinery and equipment | 23 | - | €1,058 | +€1,058 | |
| Furniture and vehicles | 24 | €40,149 | €31,092 | -€9,057 | -22.6% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €52,929 | €115,881 | +€62,952 | +119% |
| Amounts receivable within one year | 40/41 | - | €12,290 | +€12,290 | |
| Other amounts receivable | 41 | - | €12,290 | +€12,290 | |
| Current investments | 50/53 | - | €80,000 | +€80,000 | |
| Cash at bank and in hand | 54/58 | €52,179 | €19,836 | -€32,343 | -62.0% |
| Deferred charges and accrued income | 490/1 | €750 | €3,755 | +€3,005 | +401% |
| Total equity and liabilities | 10/49 | €93,678 | €148,631 | +€54,952 | +58.7% |
| Equity | 10/15 | €45,519 | €125,900 | +€80,381 | +177% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €42,019 | €122,400 | +€80,381 | +191% |
| Distributable reserves | 133 | €42,019 | €122,400 | +€80,381 | +191% |
| Amounts payable | 17/49 | €48,159 | €22,731 | -€25,428 | -52.8% |
| Amounts payable within one year | 42/48 | €48,159 | €22,731 | -€25,428 | -52.8% |
| Trade debts | 44 | €3,754 | €2,016 | -€1,738 | -46.3% |
| Suppliers | 440/4 | €3,754 | €2,016 | -€1,738 | -46.3% |
| Taxes, remuneration and social security | 45 | €10,715 | €20,714 | +€9,999 | +93.3% |
| Taxes | 450/3 | €10,715 | €20,714 | +€9,999 | +93.3% |
| Other amounts payable | 47/48 | €33,690 | - | -€33,690 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,061 | €9,322 | +€1,261 | +15.6% |
| Gross operating margin | 9900 | €60,830 | €110,516 | +€49,685 | +81.7% |
| Operating profit (loss) | 9901 | €52,769 | €101,194 | +€48,425 | +91.8% |
| Financial charges | 65/66B | €35 | €99 | +€64 | +182% |
| Recurring financial charges | 65 | €35 | €99 | +€64 | +182% |
| Profit (loss) for the period before taxes | 9903 | €52,734 | €101,095 | +€48,361 | +91.7% |
| Income taxes | 67/77 | €10,715 | €20,714 | +€9,999 | +93.3% |
| Profit (loss) for the period | 9904 | €42,019 | €80,381 | +€38,362 | +91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,019 | €80,381 | +€38,362 | +91.3% |
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 18 October 2026 via checked.be.