G. Boeckx: 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.
G. Boeckx
Largest movements
- Financial fixed assets +€1.6m
up €1.6m (+327%), from €500,000 to €2.1m
- Cash -€287,453
down €287,453 (-81.7%), from €351,788 to €64,335
mainly Investment in fixed assets (net) (-€1.7m) and Contributions, distributions and other (-€85,259)
- Receivables within one year +€77,621
up €77,621 (+210%), from €36,965 to €114,586
of which Other amounts receivable: +€53,621
- Debts after one year +€1.4m
up €1.4m (+16,866%), from €8,480 to €1.4m
- Reserves -€54,108
down €54,108 (-3.3%), from €1.7m to €1.6m
of which Distributable reserves: -€51,561
- Gross operating margin -€88,972
down €88,972 (-53.3%), from €166,818 to €77,846
- Financial income +€24,386
up €24,386 (+2,710%), from €900 to €25,286
- Taxes -€18,318
down €18,318 (-47.9%), from €38,243 to €19,925
- Financial charges -€5,162
down €5,162 (-87.2%), from €5,921 to €758
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 | €1,722,178 | €3,136,264 | +€1.4m | +82.1% |
| Fixed assets | 21/28 | €1,293,425 | €2,917,344 | +€1.6m | +126% |
| Tangible fixed assets | 22/27 | €793,425 | €782,070 | -€11,355 | -1.4% |
| Land and buildings | 22 | €764,871 | €749,169 | -€15,702 | -2.1% |
| Plant, machinery and equipment | 23 | €21,632 | €26,208 | +€4,576 | +21.2% |
| Furniture and vehicles | 24 | €6,922 | €6,693 | -€229 | -3.3% |
| Financial fixed assets | 28 | €500,000 | €2,135,273 | +€1.6m | +327% |
| Current assets | 29/58 | €428,753 | €218,921 | -€209,832 | -48.9% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,965 | €114,586 | +€77,621 | +210% |
| Trade receivables | 40 | €0 | €24,000 | +€24,000 | |
| Other amounts receivable | 41 | €36,965 | €90,586 | +€53,621 | +145% |
| Cash at bank and in hand | 54/58 | €351,788 | €64,335 | -€287,453 | -81.7% |
| Total equity and liabilities | 10/49 | €1,722,178 | €3,136,264 | +€1.4m | +82.1% |
| Equity | 10/15 | €1,679,992 | €1,625,884 | -€54,108 | -3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,661,392 | €1,607,284 | -€54,108 | -3.3% |
| Tax-exempt reserves | 132 | €53,477 | €50,931 | -€2,547 | -4.8% |
| Distributable reserves | 133 | €1,607,915 | €1,556,353 | -€51,561 | -3.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €27,537 | €26,225 | -€1,311 | -4.8% |
| Deferred taxes | 168 | €27,537 | €26,225 | -€1,311 | -4.8% |
| Amounts payable | 17/49 | €14,650 | €1,484,155 | +€1.5m | +10,031% |
| Amounts payable after more than one year | 17 | €8,480 | €1,438,704 | +€1.4m | +16,866% |
| Financial debts | 170/4 | €8,480 | €1,438,704 | +€1.4m | +16,866% |
| Amounts payable within one year | 42/48 | €6,170 | €45,451 | +€39,281 | +637% |
| Current portion of amounts payable after more than one year | 42 | €4,935 | €5,049 | +€114 | +2.3% |
| Trade debts | 44 | €162 | €20,874 | +€20,712 | +12,792% |
| Suppliers | 440/4 | €162 | €20,874 | +€20,712 | +12,792% |
| Taxes, remuneration and social security | 45 | €322 | €19,374 | +€19,052 | +5,919% |
| Taxes | 450/3 | €322 | €19,374 | +€19,052 | +5,919% |
| Other amounts payable | 47/48 | €751 | €154 | -€597 | -79.5% |
| Non-recurring operating income | 76A | €111,804 | €0 | -€111,804 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,264 | €38,895 | +€1,631 | +4.4% |
| Other operating charges | 640/8 | €13,649 | €13,714 | +€65 | +0.5% |
| Gross operating margin | 9900 | €166,818 | €77,846 | -€88,972 | -53.3% |
| Operating profit (loss) | 9901 | €115,905 | €25,237 | -€90,668 | -78.2% |
| Financial income | 75/76B | €900 | €25,286 | +€24,386 | +2,710% |
| Recurring financial income | 75 | €900 | €25,286 | +€24,386 | +2,710% |
| Financial charges | 65/66B | €5,921 | €758 | -€5,162 | -87.2% |
| Recurring financial charges | 65 | €5,921 | €758 | -€5,162 | -87.2% |
| Profit (loss) for the period before taxes | 9903 | €110,884 | €49,765 | -€61,119 | -55.1% |
| Transfer from deferred taxes | 780 | €1,311 | €1,311 | = | 0.0% |
| Income taxes | 67/77 | €38,243 | €19,925 | -€18,318 | -47.9% |
| Profit (loss) for the period | 9904 | €73,952 | €31,151 | -€42,801 | -57.9% |
| Transfer from tax-exempt reserves | 789 | €2,547 | €2,547 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,499 | €33,697 | -€42,801 | -56.0% |
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 25 October 2026 via checked.be.