GROUP BOULANGER: 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.
GROUP BOULANGER
Largest movements
- Tangible fixed assets -€22,218
down €22,218 (-28.5%), from €77,997 to €55,779
of which Furniture and vehicles: -€23,283
- Receivables within one year -€6,855
down €6,855 (-2.9%), from €234,886 to €228,032
of which Trade receivables: -€23,674
- Cash -€5,505
down €5,505 (-73.0%), from €7,540 to €2,035
mainly Net result for the year (-€121,043) and Investment in fixed assets (net) (-€8,971)
- Deferred charges and accrued income +€3,608
up €3,608 (+1,567%), from €230 to €3,838
- Profit (loss) carried forward -€121,043
down €121,043 (-33.8%), from -€357,990 to -€479,033
- Short-term financial debts +€49,999
new in 2025: €49,999
- Other debts +€47,064
up €47,064 (+45.5%), from €103,480 to €150,544
- Trade debts -€8,147
down €8,147 (-60.3%), from €13,519 to €5,372
- Financial income -€45,543
down €45,543 (-99.8%), from €45,617 to €74
- Taxes +€16,560
up €16,560 (+62.9%), from -€26,316 to -€9,756
- Write-downs -€7,000
no longer reported in 2025 (was €7,000)
- Depreciation -€4,824
down €4,824 (-13.4%), from €36,013 to €31,189
- Financial charges +€4,094
up €4,094 (+354%), from €1,156 to €5,250
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 | €321,659 | €290,689 | -€30,969 | -9.6% |
| Fixed assets | 21/28 | €79,002 | €56,784 | -€22,218 | -28.1% |
| Tangible fixed assets | 22/27 | €77,997 | €55,779 | -€22,218 | -28.5% |
| Plant, machinery and equipment | 23 | €5,388 | €8,036 | +€2,648 | +49.1% |
| Furniture and vehicles | 24 | €60,471 | €37,188 | -€23,283 | -38.5% |
| Other tangible fixed assets | 26 | €12,138 | €10,555 | -€1,582 | -13.0% |
| Financial fixed assets | 28 | €1,005 | €1,005 | = | 0.0% |
| Current assets | 29/58 | €242,656 | €233,905 | -€8,752 | -3.6% |
| Amounts receivable within one year | 40/41 | €234,886 | €228,032 | -€6,855 | -2.9% |
| Trade receivables | 40 | €45,168 | €21,493 | -€23,674 | -52.4% |
| Other amounts receivable | 41 | €189,719 | €206,538 | +€16,820 | +8.9% |
| Cash at bank and in hand | 54/58 | €7,540 | €2,035 | -€5,505 | -73.0% |
| Deferred charges and accrued income | 490/1 | €230 | €3,838 | +€3,608 | +1,567% |
| Total equity and liabilities | 10/49 | €321,659 | €290,689 | -€30,969 | -9.6% |
| Equity | 10/15 | €204,660 | €83,617 | -€121,043 | -59.1% |
| Contributions | 10/11 | €511,500 | €511,500 | = | 0.0% |
| Capital | 10 | €511,500 | €511,500 | = | 0.0% |
| Issued capital | 100 | €511,500 | €511,500 | = | 0.0% |
| Reserves | 13 | €51,150 | €51,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €51,150 | €51,150 | = | 0.0% |
| Legal reserve | 130 | €51,150 | €51,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€357,990 | -€479,033 | -€121,043 | -33.8% |
| Amounts payable | 17/49 | €116,999 | €207,072 | +€90,073 | +77.0% |
| Amounts payable within one year | 42/48 | €116,999 | €205,915 | +€88,917 | +76.0% |
| Financial debts | 43 | - | €49,999 | +€49,999 | |
| Credit institutions | 430/8 | - | €49,999 | +€49,999 | |
| Trade debts | 44 | €13,519 | €5,372 | -€8,147 | -60.3% |
| Suppliers | 440/4 | €13,519 | €5,372 | -€8,147 | -60.3% |
| Other amounts payable | 47/48 | €103,480 | €150,544 | +€47,064 | +45.5% |
| Accrued charges and deferred income | 492/3 | - | €1,157 | +€1,157 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,013 | €31,189 | -€4,824 | -13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,000 | - | -€7,000 | |
| Other operating charges | 640/8 | €1,143 | €1,198 | +€56 | +4.9% |
| Gross operating margin | 9900 | -€93,951 | -€93,236 | +€715 | +0.8% |
| Operating profit (loss) | 9901 | -€138,106 | -€125,623 | +€12,483 | +9.0% |
| Financial income | 75/76B | €45,617 | €74 | -€45,543 | -99.8% |
| Recurring financial income | 75 | €45,617 | €74 | -€45,543 | -99.8% |
| Financial charges | 65/66B | €1,156 | €5,250 | +€4,094 | +354% |
| Recurring financial charges | 65 | €1,156 | €5,250 | +€4,094 | +354% |
| Profit (loss) for the period before taxes | 9903 | -€93,645 | -€130,799 | -€37,154 | -39.7% |
| Income taxes | 67/77 | -€26,316 | -€9,756 | +€16,560 | +62.9% |
| Profit (loss) for the period | 9904 | -€67,329 | -€121,043 | -€53,714 | -79.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€67,329 | -€121,043 | -€53,714 | -79.8% |
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.