HILDE BOGAERTS: 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.
HILDE BOGAERTS
Largest movements
- Cash -€41,895
down €41,895 (-43.0%), from €97,447 to €55,551
mainly Trade debts (-€30,147) and Accrued charges and deferred income (-€21,039)
- Receivables within one year -€17,425
down €17,425 (-42.5%), from €40,972 to €23,547
of which Trade receivables: -€18,463
- Tangible fixed assets -€9,117
down €9,117 (-35.8%), from €25,487 to €16,370
of which Plant, machinery and equipment: -€8,277
- Stocks and contracts -€6,534
down €6,534 (-7.3%), from €89,622 to €83,088
- Deferred charges and accrued income +€2,941
up €2,941 (+55.9%), from €5,263 to €8,203
- Trade debts -€30,147
down €30,147 (-53.7%), from €56,130 to €25,983
- Accrued charges and deferred income -€21,039
no longer reported in 2025 (was €21,039)
- Reserves -€7,227
down €7,227 (-4.4%), from €162,868 to €155,641
of which Distributable reserves: -€7,227
- Tax, wage and social debts -€6,479
down €6,479 (-93.4%), from €6,934 to €455
of which Taxes: -€6,467
- Investment grants -€6,200
down €6,200 (-33.3%), from €18,600 to €12,400
- Taxes -€1,480
down €1,480 (-87.8%), from €1,685 to €205
- Other operating charges -€1,101
down €1,101 (-35.7%), from €3,087 to €1,986
- Gross operating margin -€473
down €473 (-14.7%), from €3,219 to €2,746
- Financial income -€349
down €349 (-5.3%), from €6,556 to €6,207
of which Non-recurring financial income: -€356
- Financial charges -€347
down €347 (-26.6%), from €1,304 to €957
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 | €290,490 | €218,459 | -€72,031 | -24.8% |
| Fixed assets | 21/28 | €26,687 | €17,570 | -€9,117 | -34.2% |
| Tangible fixed assets | 22/27 | €25,487 | €16,370 | -€9,117 | -35.8% |
| Plant, machinery and equipment | 23 | €22,404 | €14,127 | -€8,277 | -36.9% |
| Furniture and vehicles | 24 | €3,083 | €2,243 | -€840 | -27.3% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €263,803 | €200,889 | -€62,914 | -23.8% |
| Amounts receivable after more than one year | 29 | €30,500 | €30,500 | = | 0.0% |
| Other amounts receivable | 291 | €30,500 | €30,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €89,622 | €83,088 | -€6,534 | -7.3% |
| Stocks | 30/36 | €89,622 | €83,088 | -€6,534 | -7.3% |
| Amounts receivable within one year | 40/41 | €40,972 | €23,547 | -€17,425 | -42.5% |
| Trade receivables | 40 | €23,668 | €5,204 | -€18,463 | -78.0% |
| Other amounts receivable | 41 | €17,304 | €18,342 | +€1,038 | +6.0% |
| Cash at bank and in hand | 54/58 | €97,447 | €55,551 | -€41,895 | -43.0% |
| Deferred charges and accrued income | 490/1 | €5,263 | €8,203 | +€2,941 | +55.9% |
| Total equity and liabilities | 10/49 | €290,490 | €218,459 | -€72,031 | -24.8% |
| Equity | 10/15 | €200,060 | €186,633 | -€13,427 | -6.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €162,868 | €155,641 | -€7,227 | -4.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €161,009 | €153,782 | -€7,227 | -4.5% |
| Investment grants | 15 | €18,600 | €12,400 | -€6,200 | -33.3% |
| Amounts payable | 17/49 | €90,430 | €31,826 | -€58,604 | -64.8% |
| Amounts payable within one year | 42/48 | €69,391 | €31,826 | -€37,565 | -54.1% |
| Current portion of amounts payable after more than one year | 42 | €1,260 | €1,164 | -€96 | -7.6% |
| Trade debts | 44 | €56,130 | €25,983 | -€30,147 | -53.7% |
| Suppliers | 440/4 | €56,130 | €25,983 | -€30,147 | -53.7% |
| Taxes, remuneration and social security | 45 | €6,934 | €455 | -€6,479 | -93.4% |
| Taxes | 450/3 | €6,922 | €455 | -€6,467 | -93.4% |
| Remuneration and social security | 454/9 | €12 | - | -€12 | |
| Other amounts payable | 47/48 | €5,067 | €4,224 | -€843 | -16.6% |
| Accrued charges and deferred income | 492/3 | €21,039 | - | -€21,039 | |
| Non-recurring operating income | 76A | - | €770 | +€770 | |
| Remuneration, social security and pensions | 62 | €3,888 | €3,914 | +€26 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,117 | €9,117 | = | 0.0% |
| Other operating charges | 640/8 | €3,087 | €1,986 | -€1,101 | -35.7% |
| Gross operating margin | 9900 | €3,219 | €2,746 | -€473 | -14.7% |
| Operating profit (loss) | 9901 | -€12,873 | -€12,272 | +€601 | +4.7% |
| Financial income | 75/76B | €6,556 | €6,207 | -€349 | -5.3% |
| Recurring financial income | 75 | €6,200 | €6,207 | +€7 | +0.1% |
| Non-recurring financial income | 76B | €356 | - | -€356 | |
| Financial charges | 65/66B | €1,304 | €957 | -€347 | -26.6% |
| Recurring financial charges | 65 | €1,304 | €957 | -€347 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,621 | -€7,022 | +€599 | +7.9% |
| Income taxes | 67/77 | €1,685 | €205 | -€1,480 | -87.8% |
| Profit (loss) for the period | 9904 | -€9,306 | -€7,227 | +€2,079 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,306 | -€7,227 | +€2,079 | +22.3% |
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 18 October 2026 via checked.be.