HET BOERHOF: 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.
HET BOERHOF
Largest movements
- Tangible fixed assets -€127,319
down €127,319 (-15.2%), from €839,971 to €712,652
of which Plant, machinery and equipment: -€112,280
- Cash -€64,502
down €64,502 (-26.1%), from €247,453 to €182,952
mainly Contributions, distributions and other (-€103,701) and Debts after one year (-€85,627)
- Receivables within one year -€54,811
down €54,811 (-87.0%), from €63,024 to €8,212
of which Trade receivables: -€51,630
- Receivables after one year +€25,000
up €25,000 (+27.8%), from €90,000 to €115,000
of which Other amounts receivable: +€25,000
- Reserves -€120,288
down €120,288 (-23.5%), from €512,122 to €391,834
of which Distributable reserves: -€103,701
- Other debts +€86,358
up €86,358 (+437%), from €19,757 to €106,115
- Debts after one year -€85,627
down €85,627 (-18.2%), from €471,355 to €385,729
of which Financial debts: -€85,627
- Trade debts -€49,438
down €49,438 (-64.5%), from €76,652 to €27,214
- Profit (loss) carried forward -€37,621
down €37,621, from €926 to -€36,695
- Gross operating margin -€612,815
down €612,815 (-93.3%), from €657,126 to €44,312
- Taxes -€76,966
down €76,966 (-99.6%), from €77,256 to €290
- Staff costs -€47,169
no longer reported in 2025 (was €47,169)
- Financial charges -€16,530
down €16,530 (-43.1%), from €38,314 to €21,784
- Depreciation +€9,741
up €9,741 (+14.5%), from €67,103 to €76,844
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 | €1,257,385 | €1,036,692 | -€220,693 | -17.6% |
| Fixed assets | 21/28 | €840,931 | €713,612 | -€127,319 | -15.1% |
| Tangible fixed assets | 22/27 | €839,971 | €712,652 | -€127,319 | -15.2% |
| Land and buildings | 22 | €437,202 | €431,953 | -€5,249 | -1.2% |
| Plant, machinery and equipment | 23 | €369,711 | €257,431 | -€112,280 | -30.4% |
| Furniture and vehicles | 24 | €33,059 | €23,269 | -€9,790 | -29.6% |
| Financial fixed assets | 28 | €960 | €960 | = | 0.0% |
| Current assets | 29/58 | €416,454 | €323,080 | -€93,374 | -22.4% |
| Amounts receivable after more than one year | 29 | €90,000 | €115,000 | +€25,000 | +27.8% |
| Trade receivables | 290 | €80,000 | €80,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €35,000 | +€25,000 | +250% |
| Stocks and contracts in progress | 3 | €7,565 | €7,199 | -€366 | -4.8% |
| Stocks | 30/36 | €7,565 | €7,199 | -€366 | -4.8% |
| Amounts receivable within one year | 40/41 | €63,024 | €8,212 | -€54,811 | -87.0% |
| Trade receivables | 40 | €53,640 | €2,009 | -€51,630 | -96.3% |
| Other amounts receivable | 41 | €9,384 | €6,203 | -€3,181 | -33.9% |
| Cash at bank and in hand | 54/58 | €247,453 | €182,952 | -€64,502 | -26.1% |
| Deferred charges and accrued income | 490/1 | €8,412 | €9,717 | +€1,306 | +15.5% |
| Total equity and liabilities | 10/49 | €1,257,385 | €1,036,692 | -€220,693 | -17.6% |
| Equity | 10/15 | €548,047 | €390,139 | -€157,909 | -28.8% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €512,122 | €391,834 | -€120,288 | -23.5% |
| Tax-exempt reserves | 132 | €179,920 | €163,334 | -€16,587 | -9.2% |
| Distributable reserves | 133 | €332,201 | €228,500 | -€103,701 | -31.2% |
| Profit (loss) carried forward | 14 | €926 | -€36,695 | -€37,621 | |
| Provisions and deferred taxes | 16 | €44,980 | €40,833 | -€4,147 | -9.2% |
| Deferred taxes | 168 | €44,980 | €40,833 | -€4,147 | -9.2% |
| Amounts payable | 17/49 | €664,358 | €605,720 | -€58,638 | -8.8% |
| Amounts payable after more than one year | 17 | €471,355 | €385,729 | -€85,627 | -18.2% |
| Financial debts | 170/4 | €469,105 | €383,479 | -€85,627 | -18.3% |
| Other amounts payable | 178/9 | €2,250 | €2,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €193,003 | €219,991 | +€26,989 | +14.0% |
| Current portion of amounts payable after more than one year | 42 | €89,747 | €85,626 | -€4,120 | -4.6% |
| Trade debts | 44 | €76,652 | €27,214 | -€49,438 | -64.5% |
| Suppliers | 440/4 | €76,652 | €27,214 | -€49,438 | -64.5% |
| Taxes, remuneration and social security | 45 | €6,847 | €1,035 | -€5,812 | -84.9% |
| Taxes | 450/3 | €5,264 | €1,035 | -€4,229 | -80.3% |
| Remuneration and social security | 454/9 | €1,583 | - | -€1,583 | |
| Other amounts payable | 47/48 | €19,757 | €106,115 | +€86,358 | +437% |
| Non-recurring operating income | 76A | €483,937 | - | -€483,937 | |
| Remuneration, social security and pensions | 62 | €47,169 | - | -€47,169 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,103 | €76,844 | +€9,741 | +14.5% |
| Other operating charges | 640/8 | €5,852 | €7,185 | +€1,333 | +22.8% |
| Gross operating margin | 9900 | €657,126 | €44,312 | -€612,815 | -93.3% |
| Operating profit (loss) | 9901 | €537,002 | -€39,718 | -€576,720 | |
| Financial income | 75/76B | €113 | €3,438 | +€3,325 | +2,951% |
| Recurring financial income | 75 | €113 | €3,438 | +€3,325 | +2,951% |
| Financial charges | 65/66B | €38,314 | €21,784 | -€16,530 | -43.1% |
| Recurring financial charges | 65 | €38,314 | €21,784 | -€16,530 | -43.1% |
| Profit (loss) for the period before taxes | 9903 | €498,800 | -€58,064 | -€556,865 | |
| Transfer from deferred taxes | 780 | €2,475 | €4,147 | +€1,672 | +67.6% |
| Transfer to deferred taxes | 680 | €47,455 | - | -€47,455 | |
| Income taxes | 67/77 | €77,256 | €290 | -€76,966 | -99.6% |
| Profit (loss) for the period | 9904 | €376,564 | -€54,207 | -€430,772 | |
| Transfer from tax-exempt reserves | 789 | €9,899 | €16,587 | +€6,687 | +67.6% |
| Transfer to tax-exempt reserves | 689 | €189,820 | - | -€189,820 | |
| Profit (loss) for the period to be appropriated | 9905 | €196,644 | -€37,621 | -€234,265 |
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 27 October 2026 via checked.be.