Dr. H. Bogaert: 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. H. Bogaert
Largest movements
- Tangible fixed assets +€25,544
up €25,544 (+8.1%), from €317,170 to €342,714
of which Furniture and vehicles: +€32,670
- Cash -€20,841
down €20,841 (-57.2%), from €36,457 to €15,617
mainly Investment in fixed assets (net) (-€45,299) and Receivables within one year (-€17,294)
- Receivables within one year +€17,294
up €17,294 (+20.4%), from €84,859 to €102,153
of which Trade receivables: +€8,848
- Reserves +€25,710
up €25,710 (+6.4%), from €400,673 to €426,383
- Gross operating margin -€12,277
down €12,277 (-15.9%), from €77,131 to €64,854
- Taxes -€4,953
down €4,953 (-23.9%), from €20,763 to €15,810
- Other operating charges +€2,631
up €2,631 (+334%), from €787 to €3,418
- Depreciation +€1,229
up €1,229 (+6.6%), from €18,526 to €19,755
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 | €438,486 | €461,309 | +€22,822 | +5.2% |
| Fixed assets | 21/28 | €317,170 | €342,714 | +€25,544 | +8.1% |
| Tangible fixed assets | 22/27 | €317,170 | €342,714 | +€25,544 | +8.1% |
| Land and buildings | 22 | €282,377 | €275,222 | -€7,156 | -2.5% |
| Plant, machinery and equipment | 23 | €1,957 | €2,365 | +€408 | +20.8% |
| Furniture and vehicles | 24 | €31,000 | €63,670 | +€32,670 | +105% |
| Other tangible fixed assets | 26 | €1,836 | €1,457 | -€379 | -20.6% |
| Current assets | 29/58 | €121,316 | €118,594 | -€2,722 | -2.2% |
| Amounts receivable within one year | 40/41 | €84,859 | €102,153 | +€17,294 | +20.4% |
| Trade receivables | 40 | €31,929 | €40,777 | +€8,848 | +27.7% |
| Other amounts receivable | 41 | €52,930 | €61,375 | +€8,446 | +16.0% |
| Cash at bank and in hand | 54/58 | €36,457 | €15,617 | -€20,841 | -57.2% |
| Deferred charges and accrued income | 490/1 | - | €825 | +€825 | |
| Total equity and liabilities | 10/49 | €438,486 | €461,309 | +€22,822 | +5.2% |
| Equity | 10/15 | €418,655 | €444,364 | +€25,710 | +6.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €400,673 | €426,383 | +€25,710 | +6.4% |
| Distributable reserves | 133 | €400,673 | €426,383 | +€25,710 | +6.4% |
| Profit (loss) carried forward | 14 | €5,582 | €5,582 | = | 0.0% |
| Amounts payable | 17/49 | €19,832 | €16,944 | -€2,887 | -14.6% |
| Amounts payable within one year | 42/48 | €19,832 | €16,944 | -€2,887 | -14.6% |
| Trade debts | 44 | €40 | €1,134 | +€1,094 | +2,725% |
| Suppliers | 440/4 | €40 | €1,134 | +€1,094 | +2,725% |
| Taxes, remuneration and social security | 45 | €19,792 | €15,810 | -€3,981 | -20.1% |
| Taxes | 450/3 | €19,792 | €15,810 | -€3,981 | -20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,526 | €19,755 | +€1,229 | +6.6% |
| Other operating charges | 640/8 | €787 | €3,418 | +€2,631 | +334% |
| Gross operating margin | 9900 | €77,131 | €64,854 | -€12,277 | -15.9% |
| Operating profit (loss) | 9901 | €57,818 | €41,681 | -€16,136 | -27.9% |
| Financial income | 75/76B | €28 | €32 | +€4 | +15.5% |
| Recurring financial income | 75 | €28 | €32 | +€4 | +15.5% |
| Financial charges | 65/66B | €68 | €194 | +€126 | +187% |
| Recurring financial charges | 65 | €68 | €194 | +€126 | +187% |
| Profit (loss) for the period before taxes | 9903 | €57,778 | €41,520 | -€16,258 | -28.1% |
| Income taxes | 67/77 | €20,763 | €15,810 | -€4,953 | -23.9% |
| Profit (loss) for the period | 9904 | €37,015 | €25,710 | -€11,305 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,015 | €25,710 | -€11,305 | -30.5% |
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 27 October 2026 via checked.be.