DR ROBERT BOLDERMAN: what changed
Two fiscal 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 ROBERT BOLDERMAN
Largest movements
- Cash -€322,622
down €322,622 (-44.4%), from €725,814 to €403,192
mainly Contributions, distributions and other (-€680,000) and Investment in fixed assets (net) (-€6,346)
- Receivables within one year -€46,888
down €46,888 (-14.9%), from €314,400 to €267,512
of which Trade receivables: -€49,067
- Reserves -€383,711
down €383,711 (-37.3%), from €1.0m to €644,661
- Gross operating margin -€7,407
down €7,407 (-1.8%), from €411,732 to €404,325
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.
Cash bridge derived
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 | €1,064,042 | €685,993 | -€378,049 | -35.5% |
| Fixed assets | 21/28 | €20,706 | €12,112 | -€8,595 | -41.5% |
| Tangible fixed assets | 22/27 | €20,506 | €11,912 | -€8,595 | -41.9% |
| Furniture and vehicles | 24 | €11,880 | €4,278 | -€7,602 | -64.0% |
| Other tangible fixed assets | 26 | €8,626 | €7,634 | -€993 | -11.5% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €1,043,335 | €673,881 | -€369,454 | -35.4% |
| Amounts receivable within one year | 40/41 | €314,400 | €267,512 | -€46,888 | -14.9% |
| Trade receivables | 40 | €285,400 | €236,334 | -€49,067 | -17.2% |
| Other amounts receivable | 41 | €29,000 | €31,178 | +€2,178 | +7.5% |
| Cash at bank and in hand | 54/58 | €725,814 | €403,192 | -€322,622 | -44.4% |
| Deferred charges and accrued income | 490/1 | €3,121 | €3,177 | +€56 | +1.8% |
| Total equity and liabilities | 10/49 | €1,064,042 | €685,993 | -€378,049 | -35.5% |
| Equity | 10/15 | €1,033,372 | €649,661 | -€383,711 | -37.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,028,372 | €644,661 | -€383,711 | -37.3% |
| Distributable reserves | 133 | €1,028,372 | €644,661 | -€383,711 | -37.3% |
| Amounts payable | 17/49 | €30,670 | €36,332 | +€5,662 | +18.5% |
| Amounts payable within one year | 42/48 | €28,750 | €33,476 | +€4,726 | +16.4% |
| Trade debts | 44 | €985 | - | -€985 | |
| Suppliers | 440/4 | €985 | - | -€985 | |
| Taxes, remuneration and social security | 45 | €7,717 | €4,800 | -€2,917 | -37.8% |
| Taxes | 450/3 | €7,717 | €4,800 | -€2,917 | -37.8% |
| Other amounts payable | 47/48 | €20,048 | €28,676 | +€8,628 | +43.0% |
| Accrued charges and deferred income | 492/3 | €1,920 | €2,856 | +€936 | +48.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,673 | €14,941 | -€733 | -4.7% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €411,732 | €404,325 | -€7,407 | -1.8% |
| Operating profit (loss) | 9901 | €395,933 | €389,256 | -€6,677 | -1.7% |
| Financial charges | 65/66B | €74 | €145 | +€72 | +97.5% |
| Recurring financial charges | 65 | €74 | €145 | +€72 | +97.5% |
| Profit (loss) for the period before taxes | 9903 | €395,859 | €389,111 | -€6,748 | -1.7% |
| Income taxes | 67/77 | €94,917 | €92,822 | -€2,095 | -2.2% |
| Profit (loss) for the period | 9904 | €300,942 | €296,289 | -€4,653 | -1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €300,942 | €296,289 | -€4,653 | -1.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.