DR. G. BOVEN: 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. G. BOVEN
Largest movements
- Cash +€22,295
up €22,295 (+56.5%), from €39,435 to €61,729
mainly Net result for the year (+€133,469) and Current investments (+€10,000)
- Current investments -€10,000
down €10,000 (-6.3%), from €160,000 to €150,000
- Receivables within one year -€8,117
down €8,117 (-2.3%), from €347,738 to €339,620
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€40,114
down €40,114 (-18.3%), from €219,478 to €179,364
- Taxes -€8,865
down €8,865 (-12.3%), from €71,834 to €62,969
- Financial charges -€4,434
down €4,434 (-93.9%), from €4,723 to €289
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 | €598,320 | €606,532 | +€8,212 | +1.4% |
| Fixed assets | 21/28 | €39,204 | €39,696 | +€492 | +1.3% |
| Tangible fixed assets | 22/27 | €4,004 | €4,496 | +€492 | +12.3% |
| Plant, machinery and equipment | 23 | €1,852 | €1,454 | -€398 | -21.5% |
| Furniture and vehicles | 24 | €2,152 | €3,042 | +€890 | +41.4% |
| Financial fixed assets | 28 | €35,200 | €35,200 | = | 0.0% |
| Current assets | 29/58 | €559,116 | €566,836 | +€7,720 | +1.4% |
| Amounts receivable within one year | 40/41 | €347,738 | €339,620 | -€8,117 | -2.3% |
| Other amounts receivable | 41 | €347,738 | €339,620 | -€8,117 | -2.3% |
| Current investments | 50/53 | €160,000 | €150,000 | -€10,000 | -6.3% |
| Cash at bank and in hand | 54/58 | €39,435 | €61,729 | +€22,295 | +56.5% |
| Deferred charges and accrued income | 490/1 | €11,943 | €15,486 | +€3,542 | +29.7% |
| Total equity and liabilities | 10/49 | €598,320 | €606,532 | +€8,212 | +1.4% |
| Equity | 10/15 | €586,308 | €590,187 | +€3,879 | +0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €567,708 | €571,587 | +€3,879 | +0.7% |
| Tax-exempt reserves | 132 | €18,253 | €18,253 | = | 0.0% |
| Distributable reserves | 133 | €549,456 | €553,335 | +€3,879 | +0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €12,012 | €16,344 | +€4,333 | +36.1% |
| Amounts payable within one year | 42/48 | €12,012 | €16,344 | +€4,333 | +36.1% |
| Financial debts | 43 | €530 | €173 | -€357 | -67.4% |
| Credit institutions | 430/8 | €530 | €173 | -€357 | -67.4% |
| Trade debts | 44 | €1,413 | €1,717 | +€305 | +21.6% |
| Suppliers | 440/4 | €1,413 | €1,717 | +€305 | +21.6% |
| Taxes, remuneration and social security | 45 | €10,069 | €14,454 | +€4,385 | +43.6% |
| Taxes | 450/3 | €10,069 | €14,454 | +€4,385 | +43.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,658 | €1,907 | +€250 | +15.1% |
| Other operating charges | 640/8 | €948 | €998 | +€50 | +5.3% |
| Gross operating margin | 9900 | €219,478 | €179,364 | -€40,114 | -18.3% |
| Operating profit (loss) | 9901 | €216,872 | €176,458 | -€40,413 | -18.6% |
| Financial income | 75/76B | €21,142 | €20,268 | -€873 | -4.1% |
| Recurring financial income | 75 | €21,142 | €20,268 | -€873 | -4.1% |
| Financial charges | 65/66B | €4,723 | €289 | -€4,434 | -93.9% |
| Recurring financial charges | 65 | €4,723 | €289 | -€4,434 | -93.9% |
| Profit (loss) for the period before taxes | 9903 | €233,291 | €196,438 | -€36,853 | -15.8% |
| Income taxes | 67/77 | €71,834 | €62,969 | -€8,865 | -12.3% |
| Profit (loss) for the period | 9904 | €161,457 | €133,469 | -€27,988 | -17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €161,457 | €133,469 | -€27,988 | -17.3% |
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 30 October 2026 via checked.be.