SEBASTIEN BOLAND: 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.
SEBASTIEN BOLAND
Largest movements
- Tangible fixed assets +€40,295
up €40,295 (+43.4%), from €92,789 to €133,085
of which Leasing and similar rights: +€42,706
- Cash +€11,541
up €11,541 (+126%), from €9,157 to €20,698
mainly Depreciation (+€36,226) and Debts after one year (+€32,656)
- Receivables within one year -€10,897
down €10,897 (-22.7%), from €48,042 to €37,144
of which Other amounts receivable: -€6,747
- Deferred charges and accrued income +€2,458
up €2,458 (+66.9%), from €3,674 to €6,133
- Debts after one year +€32,656
up €32,656 (+101%), from €32,416 to €65,072
- Other debts +€17,024
new in 2025: €17,024
- Reserves -€10,500
down €10,500 (-17.4%), from €60,500 to €50,000
- Trade debts +€5,880
up €5,880 (+33.0%), from €17,810 to €23,690
- Gross operating margin -€120,548
down €120,548 (-40.5%), from €297,886 to €177,338
- Staff costs -€34,133
down €34,133 (-19.5%), from €175,278 to €141,145
- Write-downs -€20,000
no longer reported in 2025 (was €20,000)
- Depreciation -€8,566
down €8,566 (-19.1%), from €44,792 to €36,226
- Taxes -€7,316
down €7,316 (-96.8%), from €7,558 to €242
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 | €154,662 | €198,060 | +€43,397 | +28.1% |
| Fixed assets | 21/28 | €93,789 | €134,085 | +€40,295 | +43.0% |
| Tangible fixed assets | 22/27 | €92,789 | €133,085 | +€40,295 | +43.4% |
| Plant, machinery and equipment | 23 | €24,492 | €22,336 | -€2,157 | -8.8% |
| Furniture and vehicles | 24 | €5,681 | €5,427 | -€255 | -4.5% |
| Leasing and similar rights | 25 | €62,616 | €105,322 | +€42,706 | +68.2% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €60,873 | €63,975 | +€3,102 | +5.1% |
| Amounts receivable within one year | 40/41 | €48,042 | €37,144 | -€10,897 | -22.7% |
| Trade receivables | 40 | €30,000 | €25,850 | -€4,150 | -13.8% |
| Other amounts receivable | 41 | €18,042 | €11,295 | -€6,747 | -37.4% |
| Cash at bank and in hand | 54/58 | €9,157 | €20,698 | +€11,541 | +126% |
| Deferred charges and accrued income | 490/1 | €3,674 | €6,133 | +€2,458 | +66.9% |
| Total equity and liabilities | 10/49 | €154,662 | €198,060 | +€43,397 | +28.1% |
| Equity | 10/15 | €70,545 | €60,074 | -€10,470 | -14.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €60,500 | €50,000 | -€10,500 | -17.4% |
| Distributable reserves | 133 | €60,500 | €50,000 | -€10,500 | -17.4% |
| Profit (loss) carried forward | 14 | €45 | €74 | +€30 | +65.8% |
| Amounts payable | 17/49 | €84,117 | €137,985 | +€53,868 | +64.0% |
| Amounts payable after more than one year | 17 | €32,416 | €65,072 | +€32,656 | +101% |
| Financial debts | 170/4 | €32,416 | €65,072 | +€32,656 | +101% |
| Amounts payable within one year | 42/48 | €51,701 | €72,913 | +€21,212 | +41.0% |
| Current portion of amounts payable after more than one year | 42 | €33,888 | €31,957 | -€1,931 | -5.7% |
| Trade debts | 44 | €17,810 | €23,690 | +€5,880 | +33.0% |
| Suppliers | 440/4 | €17,810 | €23,690 | +€5,880 | +33.0% |
| Taxes, remuneration and social security | 45 | €3 | €242 | +€239 | +7,016% |
| Taxes | 450/3 | €3 | €242 | +€239 | +7,016% |
| Other amounts payable | 47/48 | - | €17,024 | +€17,024 | |
| Remuneration, social security and pensions | 62 | €175,278 | €141,145 | -€34,133 | -19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,792 | €36,226 | -€8,566 | -19.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,000 | - | -€20,000 | |
| Other operating charges | 640/8 | €8,160 | €7,146 | -€1,015 | -12.4% |
| Gross operating margin | 9900 | €297,886 | €177,338 | -€120,548 | -40.5% |
| Operating profit (loss) | 9901 | €49,655 | -€7,179 | -€56,835 | |
| Financial income | 75/76B | €42 | - | -€42 | |
| Recurring financial income | 75 | €42 | - | -€42 | |
| Financial charges | 65/66B | €3,624 | €3,049 | -€574 | -15.8% |
| Recurring financial charges | 65 | €3,624 | €3,049 | -€574 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | €46,074 | -€10,229 | -€56,303 | |
| Income taxes | 67/77 | €7,558 | €242 | -€7,316 | -96.8% |
| Profit (loss) for the period | 9904 | €38,516 | -€10,470 | -€48,986 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,516 | -€10,470 | -€48,986 |
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 28 October 2026 via checked.be.