MICHAEL BOLLEN: what changed
Two fiscal 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.
MICHAEL BOLLEN
Largest movements
- Current investments +€67,114
up €67,114 (+19.0%), from €353,775 to €420,889
- Cash -€29,557
down €29,557 (-10.0%), from €296,523 to €266,967
mainly Current investments (-€67,114) and Contributions, distributions and other (-€46,160)
- Reserves +€41,119
up €41,119 (+5.9%), from €698,073 to €739,192
of which Distributable reserves: +€41,119
- Gross operating margin -€122,327
down €122,327 (-53.8%), from €227,459 to €105,132
- Taxes -€34,983
down €34,983 (-52.0%), from €67,289 to €32,306
- Financial income -€8,938
down €8,938 (-30.1%), from €29,709 to €20,771
- Financial charges +€2,765
up €2,765 (+379.5%), from €729 to €3,493
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.
Cash bridge derived
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 | €723,501 | €764,712 | +€41,211 | +5.7% |
| Fixed assets | 21/28 | €47,016 | €47,365 | +€349 | +0.7% |
| Tangible fixed assets | 22/27 | €47,016 | €47,365 | +€349 | +0.7% |
| Land and buildings | 22 | €46,097 | €44,642 | -€1,455 | -3.2% |
| Furniture and vehicles | 24 | €919 | €2,723 | +€1,804 | +196.2% |
| Current assets | 29/58 | €676,484 | €717,347 | +€40,862 | +6.0% |
| Amounts receivable within one year | 40/41 | €23,881 | €27,128 | +€3,246 | +13.6% |
| Trade receivables | 40 | €15,882 | €20,853 | +€4,971 | +31.3% |
| Other amounts receivable | 41 | €7,999 | €6,275 | -€1,725 | -21.6% |
| Current investments | 50/53 | €353,775 | €420,889 | +€67,114 | +19.0% |
| Cash at bank and in hand | 54/58 | €296,523 | €266,967 | -€29,557 | -10.0% |
| Deferred charges and accrued income | 490/1 | €2,305 | €2,363 | +€58 | +2.5% |
| Total equity and liabilities | 10/49 | €723,501 | €764,712 | +€41,211 | +5.7% |
| Equity | 10/15 | €720,529 | €761,647 | +€41,119 | +5.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €698,073 | €739,192 | +€41,119 | +5.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,835 | €56,835 | = | 0.0% |
| Distributable reserves | 133 | €639,238 | €680,357 | +€41,119 | +6.4% |
| Profit (loss) carried forward | 14 | €10,055 | €10,055 | = | 0.0% |
| Amounts payable | 17/49 | €2,972 | €3,064 | +€92 | +3.1% |
| Amounts payable within one year | 42/48 | €2,972 | €3,064 | +€92 | +3.1% |
| Trade debts | 44 | €280 | €319 | +€39 | +14.0% |
| Suppliers | 440/4 | €280 | €319 | +€39 | +14.0% |
| Taxes, remuneration and social security | 45 | €2,692 | €2,745 | +€53 | +2.0% |
| Taxes | 450/3 | €2,692 | €2,745 | +€53 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,705 | €2,426 | -€278 | -10.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €227,459 | €105,132 | -€122,327 | -53.8% |
| Operating profit (loss) | 9901 | €224,368 | €102,306 | -€122,061 | -54.4% |
| Financial income | 75/76B | €29,709 | €20,771 | -€8,938 | -30.1% |
| Recurring financial income | 75 | €29,709 | €20,771 | -€8,938 | -30.1% |
| Financial charges | 65/66B | €729 | €3,493 | +€2,765 | +379.5% |
| Recurring financial charges | 65 | €729 | €3,493 | +€2,765 | +379.5% |
| Profit (loss) for the period before taxes | 9903 | €253,348 | €119,584 | -€133,764 | -52.8% |
| Income taxes | 67/77 | €67,289 | €32,306 | -€34,983 | -52.0% |
| Profit (loss) for the period | 9904 | €186,060 | €87,279 | -€98,781 | -53.1% |
| Transfer to tax-exempt reserves | 689 | €56,835 | - | -€56,835 | |
| Profit (loss) for the period to be appropriated | 9905 | €129,225 | €87,279 | -€41,946 | -32.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.