DR. HANS 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. HANS BOGAERT
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Tangible fixed assets +€38,715
up €38,715 (+1,612%), from €2,401 to €41,116
of which Furniture and vehicles: +€36,450
- Receivables within one year -€8,241
down €8,241 (-7.5%), from €110,161 to €101,920
- Deferred charges and accrued income -€8,040
down €8,040 (-45.7%), from €17,574 to €9,534
- Other debts +€343,852
up €343,852 (+8,864%), from €3,879 to €347,731
- Reserves -€227,533
down €227,533 (-83.0%), from €274,100 to €46,567
- Taxes +€7,768
up €7,768 (+28.4%), from €27,336 to €35,104
- Gross operating margin +€7,746
up €7,746 (+5.2%), from €149,778 to €157,524
- Depreciation +€3,944
up €3,944 (+441%), from €894 to €4,839
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 | €285,763 | €404,997 | +€119,235 | +41.7% |
| Fixed assets | 21/28 | €2,401 | €41,116 | +€38,715 | +1,612% |
| Tangible fixed assets | 22/27 | €2,401 | €41,116 | +€38,715 | +1,612% |
| Plant, machinery and equipment | 23 | - | €2,265 | +€2,265 | |
| Furniture and vehicles | 24 | €2,401 | €38,851 | +€36,450 | +1,518% |
| Current assets | 29/58 | €283,361 | €363,881 | +€80,520 | +28.4% |
| Amounts receivable within one year | 40/41 | €110,161 | €101,920 | -€8,241 | -7.5% |
| Other amounts receivable | 41 | €110,161 | €101,920 | -€8,241 | -7.5% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €155,626 | €152,427 | -€3,199 | -2.1% |
| Deferred charges and accrued income | 490/1 | €17,574 | €9,534 | -€8,040 | -45.7% |
| Total equity and liabilities | 10/49 | €285,763 | €404,997 | +€119,235 | +41.7% |
| Equity | 10/15 | €279,100 | €51,567 | -€227,533 | -81.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €274,100 | €46,567 | -€227,533 | -83.0% |
| Distributable reserves | 133 | €274,100 | €46,567 | -€227,533 | -83.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,663 | €353,430 | +€346,767 | +5,204% |
| Amounts payable within one year | 42/48 | €6,663 | €353,176 | +€346,513 | +5,200% |
| Trade debts | 44 | €1,784 | €4,446 | +€2,661 | +149% |
| Suppliers | 440/4 | €1,784 | €4,446 | +€2,661 | +149% |
| Taxes, remuneration and social security | 45 | €1,000 | €1,000 | = | 0.0% |
| Taxes | 450/3 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €3,879 | €347,731 | +€343,852 | +8,864% |
| Accrued charges and deferred income | 492/3 | - | €254 | +€254 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €894 | €4,839 | +€3,944 | +441% |
| Other operating charges | 640/8 | €839 | €1,099 | +€260 | +30.9% |
| Gross operating margin | 9900 | €149,778 | €157,524 | +€7,746 | +5.2% |
| Operating profit (loss) | 9901 | €148,044 | €151,586 | +€3,542 | +2.4% |
| Financial income | 75/76B | €166 | €1,058 | +€892 | +538% |
| Recurring financial income | 75 | €166 | €1,058 | +€892 | +538% |
| Financial charges | 65/66B | €69 | €74 | +€5 | +6.5% |
| Recurring financial charges | 65 | €69 | €74 | +€5 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €148,141 | €152,571 | +€4,430 | +3.0% |
| Income taxes | 67/77 | €27,336 | €35,104 | +€7,768 | +28.4% |
| Profit (loss) for the period | 9904 | €120,806 | €117,467 | -€3,338 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €120,806 | €117,467 | -€3,338 | -2.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.