TEN BOGAERDE: 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.
TEN BOGAERDE
Largest movements
- Cash -€590,622
down €590,622 (-77.5%), from €761,716 to €171,094
mainly Contributions, distributions and other (-€389,474) and Receivables after one year (-€250,102)
- Receivables after one year +€250,102
new in 2025: €250,102
- Receivables within one year +€50,168
up €50,168 (+186%), from €26,929 to €77,096
of which Trade receivables: +€35,426
- Tangible fixed assets -€30,588
down €30,588 (-15.2%), from €201,041 to €170,453
- Stocks and contracts +€22,160
up €22,160 (+8.9%), from €250,200 to €272,360
- Reserves -€238,300
down €238,300 (-23.1%), from €1.0m to €792,402
- Debts after one year -€50,000
down €50,000 (-87.0%), from €57,500 to €7,500
- Other debts -€29,302
down €29,302 (-79.0%), from €37,097 to €7,794
- Financial income -€39,695
down €39,695 (-85.9%), from €46,196 to €6,501
of which Non-recurring financial income: -€42,879
- Staff costs +€23,513
up €23,513 (+7.3%), from €320,145 to €343,658
- Gross operating margin -€17,931
down €17,931 (-2.8%), from €641,536 to €623,605
- Depreciation -€13,000
down €13,000 (-18.5%), from €70,289 to €57,289
- Other operating charges +€12,103
up €12,103 (+514%), from €2,356 to €14,459
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 | €1,249,788 | €954,454 | -€295,335 | -23.6% |
| Fixed assets | 21/28 | €202,541 | €171,953 | -€30,588 | -15.1% |
| Tangible fixed assets | 22/27 | €201,041 | €170,453 | -€30,588 | -15.2% |
| Plant, machinery and equipment | 23 | €161,711 | €147,398 | -€14,313 | -8.9% |
| Furniture and vehicles | 24 | €27,930 | €23,056 | -€4,875 | -17.5% |
| Other tangible fixed assets | 26 | €11,400 | - | -€11,400 | |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €1,047,247 | €782,500 | -€264,747 | -25.3% |
| Amounts receivable after more than one year | 29 | - | €250,102 | +€250,102 | |
| Other amounts receivable | 291 | - | €250,102 | +€250,102 | |
| Stocks and contracts in progress | 3 | €250,200 | €272,360 | +€22,160 | +8.9% |
| Stocks | 30/36 | €250,200 | €272,360 | +€22,160 | +8.9% |
| Amounts receivable within one year | 40/41 | €26,929 | €77,096 | +€50,168 | +186% |
| Trade receivables | 40 | €1,604 | €37,029 | +€35,426 | +2,209% |
| Other amounts receivable | 41 | €25,325 | €40,067 | +€14,742 | +58.2% |
| Cash at bank and in hand | 54/58 | €761,716 | €171,094 | -€590,622 | -77.5% |
| Deferred charges and accrued income | 490/1 | €8,403 | €11,848 | +€3,445 | +41.0% |
| Total equity and liabilities | 10/49 | €1,249,788 | €954,454 | -€295,335 | -23.6% |
| Equity | 10/15 | €1,049,251 | €810,952 | -€238,300 | -22.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,030,701 | €792,402 | -€238,300 | -23.1% |
| Distributable reserves | 133 | €1,030,701 | €792,402 | -€238,300 | -23.1% |
| Amounts payable | 17/49 | €200,537 | €143,502 | -€57,035 | -28.4% |
| Amounts payable after more than one year | 17 | €57,500 | €7,500 | -€50,000 | -87.0% |
| Financial debts | 170/4 | €57,500 | €7,500 | -€50,000 | -87.0% |
| Amounts payable within one year | 42/48 | €137,977 | €123,595 | -€14,382 | -10.4% |
| Trade debts | 44 | €37,688 | €41,396 | +€3,708 | +9.8% |
| Suppliers | 440/4 | €37,688 | €41,396 | +€3,708 | +9.8% |
| Advances received on contracts in progress | 46 | - | €1,000 | +€1,000 | |
| Taxes, remuneration and social security | 45 | €63,192 | €73,405 | +€10,213 | +16.2% |
| Taxes | 450/3 | €35,720 | €37,651 | +€1,932 | +5.4% |
| Remuneration and social security | 454/9 | €27,473 | €35,754 | +€8,281 | +30.1% |
| Other amounts payable | 47/48 | €37,097 | €7,794 | -€29,302 | -79.0% |
| Accrued charges and deferred income | 492/3 | €5,060 | €12,407 | +€7,347 | +145% |
| Remuneration, social security and pensions | 62 | €320,145 | €343,658 | +€23,513 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,289 | €57,289 | -€13,000 | -18.5% |
| Other operating charges | 640/8 | €2,356 | €14,459 | +€12,103 | +514% |
| Gross operating margin | 9900 | €641,536 | €623,605 | -€17,931 | -2.8% |
| Operating profit (loss) | 9901 | €248,746 | €208,199 | -€40,547 | -16.3% |
| Financial income | 75/76B | €46,196 | €6,501 | -€39,695 | -85.9% |
| Recurring financial income | 75 | €3,317 | €6,501 | +€3,184 | +96.0% |
| Non-recurring financial income | 76B | €42,879 | - | -€42,879 | |
| Financial charges | 65/66B | €3,170 | €100 | -€3,070 | -96.8% |
| Recurring financial charges | 65 | €3,145 | €100 | -€3,045 | -96.8% |
| Non-recurring financial charges | 66B | €26 | - | -€26 | |
| Profit (loss) for the period before taxes | 9903 | €291,771 | €214,600 | -€77,172 | -26.4% |
| Income taxes | 67/77 | €67,075 | €63,426 | -€3,649 | -5.4% |
| Profit (loss) for the period | 9904 | €224,697 | €151,174 | -€73,523 | -32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €224,697 | €151,174 | -€73,523 | -32.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.