FREDERIK BOUCKAERT: 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.
FREDERIK BOUCKAERT
Largest movements
- Cash -€15,755
down €15,755 (-44.2%), from €35,662 to €19,906
mainly Net result for the year (-€15,342) and Debts after one year (-€12,061)
- Tangible fixed assets -€12,598
down €12,598 (-36.0%), from €34,969 to €22,371
of which Land and buildings: -€11,794
- Receivables within one year -€1,738
down €1,738 (-31.7%), from €5,482 to €3,745
of which Other amounts receivable: -€1,738
- Profit (loss) carried forward -€15,342
down €15,342, from €0 to -€15,342
- Debts after one year -€12,061
down €12,061 (-30.4%), from €39,653 to €27,592
- Other debts -€3,090
down €3,090 (-36.8%), from €8,399 to €5,309
- Gross operating margin +€4,284
up €4,284, from -€4,035 to €250
- Financial charges -€383
down €383 (-18.5%), from €2,069 to €1,686
- Other operating charges +€44
up €44 (+3.1%), from €1,400 to €1,444
- Depreciation -€43
down €43 (-0.3%), from €12,641 to €12,598
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 | €76,249 | €46,022 | -€30,227 | -39.6% |
| Fixed assets | 21/28 | €34,969 | €22,371 | -€12,598 | -36.0% |
| Tangible fixed assets | 22/27 | €34,969 | €22,371 | -€12,598 | -36.0% |
| Land and buildings | 22 | €34,039 | €22,245 | -€11,794 | -34.6% |
| Plant, machinery and equipment | 23 | €765 | €126 | -€639 | -83.5% |
| Furniture and vehicles | 24 | €165 | €0 | -€165 | -100% |
| Current assets | 29/58 | €41,280 | €23,651 | -€17,629 | -42.7% |
| Amounts receivable within one year | 40/41 | €5,482 | €3,745 | -€1,738 | -31.7% |
| Trade receivables | 40 | €3,580 | €3,580 | = | 0.0% |
| Other amounts receivable | 41 | €1,902 | €164 | -€1,738 | -91.4% |
| Cash at bank and in hand | 54/58 | €35,662 | €19,906 | -€15,755 | -44.2% |
| Deferred charges and accrued income | 490/1 | €136 | €0 | -€136 | -100% |
| Total equity and liabilities | 10/49 | €76,249 | €46,022 | -€30,227 | -39.6% |
| Equity | 10/15 | €16,013 | €671 | -€15,342 | -95.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €9,813 | €9,813 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €7,953 | €7,953 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€15,342 | -€15,342 | |
| Amounts payable | 17/49 | €60,236 | €45,351 | -€14,885 | -24.7% |
| Amounts payable after more than one year | 17 | €39,653 | €27,592 | -€12,061 | -30.4% |
| Financial debts | 170/4 | €39,653 | €27,592 | -€12,061 | -30.4% |
| Amounts payable within one year | 42/48 | €20,583 | €17,759 | -€2,824 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €11,655 | €12,061 | +€406 | +3.5% |
| Trade debts | 44 | €65 | €389 | +€324 | +497% |
| Suppliers | 440/4 | €65 | €389 | +€324 | +497% |
| Taxes, remuneration and social security | 45 | €464 | €0 | -€464 | -100% |
| Taxes | 450/3 | €464 | €0 | -€464 | -100% |
| Other amounts payable | 47/48 | €8,399 | €5,309 | -€3,090 | -36.8% |
| Non-recurring operating income | 76A | €1,653 | €0 | -€1,653 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,641 | €12,598 | -€43 | -0.3% |
| Other operating charges | 640/8 | €1,400 | €1,444 | +€44 | +3.1% |
| Gross operating margin | 9900 | -€4,035 | €250 | +€4,284 | |
| Operating profit (loss) | 9901 | -€18,076 | -€13,792 | +€4,284 | +23.7% |
| Financial income | 75/76B | €100 | €136 | +€36 | +36.0% |
| Recurring financial income | 75 | €100 | €136 | +€36 | +36.0% |
| Financial charges | 65/66B | €2,069 | €1,686 | -€383 | -18.5% |
| Recurring financial charges | 65 | €2,069 | €1,686 | -€383 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | -€20,045 | -€15,342 | +€4,702 | +23.5% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€20,045 | -€15,342 | +€4,702 | +23.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,045 | -€15,342 | +€4,702 | +23.5% |
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 31 October 2026 via checked.be.