DR. TOM BOGAERT: 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. TOM BOGAERT
Largest movements
- Cash -€152,950
down €152,950 (-60.3%), from €253,557 to €100,607
mainly Contributions, distributions and other (-€693,143) and Receivables within one year (-€106,666)
- Receivables within one year +€106,666
up €106,666 (+139.8%), from €76,274 to €182,940
- Current investments +€39,410
up €39,410 (+20.3%), from €194,106 to €233,515
- Reserves -€495,600
no longer reported in 2025 (was €495,600)
- Other debts +€492,489
up €492,489 (+75317.9%), from €654 to €493,143
- Debts after one year -€15,000
no longer reported in 2025 (was €15,000)
- Tax, wage and social debts +€11,314
up €11,314 (+377.1%), from €3,000 to €14,314
- Gross operating margin -€56,588
down €56,588 (-17.4%), from €324,687 to €268,099
- Taxes -€12,730
down €12,730 (-17.1%), from €74,366 to €61,636
- Financial charges -€5,788
down €5,788 (-62.3%), from €9,287 to €3,500
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 | €549,042 | €536,650 | -€12,393 | -2.3% |
| Fixed assets | 21/28 | €19,104 | €15,140 | -€3,964 | -20.7% |
| Tangible fixed assets | 22/27 | €19,104 | €15,140 | -€3,964 | -20.7% |
| Furniture and vehicles | 24 | €14,239 | €11,788 | -€2,451 | -17.2% |
| Other tangible fixed assets | 26 | €4,865 | €3,352 | -€1,513 | -31.1% |
| Current assets | 29/58 | €529,938 | €521,509 | -€8,429 | -1.6% |
| Amounts receivable within one year | 40/41 | €76,274 | €182,940 | +€106,666 | +139.8% |
| Other amounts receivable | 41 | €76,274 | €182,940 | +€106,666 | +139.8% |
| Current investments | 50/53 | €194,106 | €233,515 | +€39,410 | +20.3% |
| Cash at bank and in hand | 54/58 | €253,557 | €100,607 | -€152,950 | -60.3% |
| Deferred charges and accrued income | 490/1 | €6,001 | €4,447 | -€1,555 | -25.9% |
| Total equity and liabilities | 10/49 | €549,042 | €536,650 | -€12,393 | -2.3% |
| Equity | 10/15 | €514,258 | €18,600 | -€495,658 | -96.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €495,600 | - | -€495,600 | |
| Distributable reserves | 133 | €495,600 | - | -€495,600 | |
| Profit (loss) carried forward | 14 | €58 | - | -€58 | |
| Amounts payable | 17/49 | €34,784 | €518,050 | +€483,265 | +1389.3% |
| Amounts payable after more than one year | 17 | €15,000 | - | -€15,000 | |
| Other amounts payable | 178/9 | €15,000 | - | -€15,000 | |
| Amounts payable within one year | 42/48 | €15,196 | €518,050 | +€502,854 | +3309.2% |
| Trade debts | 44 | €11,542 | €10,593 | -€949 | -8.2% |
| Suppliers | 440/4 | €11,542 | €10,593 | -€949 | -8.2% |
| Taxes, remuneration and social security | 45 | €3,000 | €14,314 | +€11,314 | +377.1% |
| Taxes | 450/3 | €3,000 | €14,314 | +€11,314 | +377.1% |
| Other amounts payable | 47/48 | €654 | €493,143 | +€492,489 | +75317.9% |
| Accrued charges and deferred income | 492/3 | €4,589 | - | -€4,589 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,672 | €5,403 | +€731 | +15.6% |
| Other operating charges | 640/8 | €1,229 | €1,150 | -€79 | -6.4% |
| Gross operating margin | 9900 | €324,687 | €268,099 | -€56,588 | -17.4% |
| Operating profit (loss) | 9901 | €318,786 | €261,546 | -€57,240 | -18.0% |
| Financial income | 75/76B | €829 | €1,074 | +€245 | +29.6% |
| Recurring financial income | 75 | €829 | €1,074 | +€245 | +29.6% |
| Financial charges | 65/66B | €9,287 | €3,500 | -€5,788 | -62.3% |
| Recurring financial charges | 65 | €9,287 | €3,500 | -€5,788 | -62.3% |
| Profit (loss) for the period before taxes | 9903 | €310,328 | €259,121 | -€51,207 | -16.5% |
| Income taxes | 67/77 | €74,366 | €61,636 | -€12,730 | -17.1% |
| Profit (loss) for the period | 9904 | €235,962 | €197,485 | -€38,477 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €235,962 | €197,485 | -€38,477 | -16.3% |
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 5 October 2026 via checked.be.