PIERRE BODEN: 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.
PIERRE BODEN
Largest movements
- Cash +€22,212
up €22,212 (+9.8%), from €227,457 to €249,669
mainly Net result for the year (+€87,297) and Other debts (+€39,100)
- Tangible fixed assets -€6,560
down €6,560 (-2.9%), from €222,659 to €216,099
of which Land and buildings: -€6,061
- Other debts +€39,100
up €39,100 (+39.0%), from €100,285 to €139,385
- Reserves -€13,453
down €13,453 (-7.8%), from €172,202 to €158,749
of which Distributable reserves: -€13,453
- Debts after one year -€7,470
down €7,470 (-4.4%), from €168,361 to €160,891
of which Financial debts: -€7,470
- Depreciation -€8,832
down €8,832 (-57.6%), from €15,336 to €6,504
- Gross operating margin +€6,190
up €6,190 (+5.1%), from €120,205 to €126,395
- Taxes +€4,055
up €4,055 (+20.5%), from €19,771 to €23,827
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 | €477,734 | €490,056 | +€12,321 | +2.6% |
| Fixed assets | 21/28 | €222,659 | €216,099 | -€6,560 | -2.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €222,659 | €216,099 | -€6,560 | -2.9% |
| Land and buildings | 22 | €221,766 | €215,706 | -€6,061 | -2.7% |
| Furniture and vehicles | 24 | €893 | €394 | -€499 | -55.9% |
| Current assets | 29/58 | €255,075 | €273,956 | +€18,881 | +7.4% |
| Amounts receivable within one year | 40/41 | €27,028 | €22,914 | -€4,114 | -15.2% |
| Trade receivables | 40 | €16,045 | €22,741 | +€6,696 | +41.7% |
| Other amounts receivable | 41 | €10,983 | €173 | -€10,810 | -98.4% |
| Cash at bank and in hand | 54/58 | €227,457 | €249,669 | +€22,212 | +9.8% |
| Deferred charges and accrued income | 490/1 | €590 | €1,373 | +€783 | +133% |
| Total equity and liabilities | 10/49 | €477,734 | €490,056 | +€12,321 | +2.6% |
| Equity | 10/15 | €190,802 | €177,349 | -€13,453 | -7.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €172,202 | €158,749 | -€13,453 | -7.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €170,342 | €156,889 | -€13,453 | -7.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €286,932 | €312,707 | +€25,775 | +9.0% |
| Amounts payable after more than one year | 17 | €168,361 | €160,891 | -€7,470 | -4.4% |
| Financial debts | 170/4 | €166,461 | €158,991 | -€7,470 | -4.5% |
| Other amounts payable | 178/9 | €1,900 | €1,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €116,631 | €150,330 | +€33,699 | +28.9% |
| Current portion of amounts payable after more than one year | 42 | €7,227 | €7,470 | +€243 | +3.4% |
| Trade debts | 44 | €4,852 | €1,801 | -€3,051 | -62.9% |
| Suppliers | 440/4 | €4,852 | €1,801 | -€3,051 | -62.9% |
| Taxes, remuneration and social security | 45 | €4,268 | €1,674 | -€2,593 | -60.8% |
| Taxes | 450/3 | €4,268 | €1,674 | -€2,593 | -60.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €100,285 | €139,385 | +€39,100 | +39.0% |
| Accrued charges and deferred income | 492/3 | €1,940 | €1,486 | -€454 | -23.4% |
| Remuneration, social security and pensions | 62 | -€778 | €0 | +€778 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,336 | €6,504 | -€8,832 | -57.6% |
| Other operating charges | 640/8 | €1,186 | €1,279 | +€93 | +7.9% |
| Gross operating margin | 9900 | €120,205 | €126,395 | +€6,190 | +5.1% |
| Operating profit (loss) | 9901 | €104,460 | €118,611 | +€14,151 | +13.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €8,174 | €7,488 | -€686 | -8.4% |
| Recurring financial charges | 65 | €8,174 | €7,488 | -€686 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €96,286 | €111,123 | +€14,837 | +15.4% |
| Income taxes | 67/77 | €19,771 | €23,827 | +€4,055 | +20.5% |
| Profit (loss) for the period | 9904 | €76,515 | €87,297 | +€10,782 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €76,515 | €87,297 | +€10,782 | +14.1% |
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 19 October 2026 via checked.be.