The Boardwalk: what changed
The Boardwalk
Largest movements
- Receivables within one year -€13,167
down €13,167 (-70.8%), from €18,592 to €5,425
of which Trade receivables: -€9,619
- Cash -€10,460
down €10,460 (-27.4%), from €38,210 to €27,750
mainly Trade debts (-€7,295) and Current portion of long-term debt (-€5,720)
- Deferred charges and accrued income +€629
up €629 (+101%), from €623 to €1,252
- Trade debts -€7,295
down €7,295 (-75.5%), from €9,663 to €2,369
- Current portion of long-term debt -€5,720
no longer reported in 2025 (was €5,720)
- Reserves -€5,539
down €5,539 (-21.3%), from €26,012 to €20,473
- Tax, wage and social debts -€3,076
down €3,076 (-95.6%), from €3,216 to €141
of which Remuneration and social security: -€2,795
- Other debts -€1,695
no longer reported in 2025 (was €1,695)
- Gross operating margin -€105,082
down €105,082, from €99,935 to -€5,147
- Staff costs -€28,853
no longer reported in 2025 (was €28,853)
- Other operating charges -€7,168
down €7,168 (-96.2%), from €7,450 to €283
- Write-downs -€3,000
no longer reported in 2025 (was €3,000)
- Taxes -€2,762
down €2,762 (-95.1%), from €2,903 to €141
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €60,566 | €37,242 | -€23,324 | -38.5% |
| Fixed assets | 21/28 | €3,142 | €2,815 | -€326 | -10.4% |
| Tangible fixed assets | 22/27 | €3,142 | €2,815 | -€326 | -10.4% |
| Plant, machinery and equipment | 23 | €3,142 | €2,815 | -€326 | -10.4% |
| Current assets | 29/58 | €57,424 | €34,427 | -€22,997 | -40.0% |
| Amounts receivable within one year | 40/41 | €18,592 | €5,425 | -€13,167 | -70.8% |
| Trade receivables | 40 | €11,439 | €1,820 | -€9,619 | -84.1% |
| Other amounts receivable | 41 | €7,153 | €3,605 | -€3,548 | -49.6% |
| Cash at bank and in hand | 54/58 | €38,210 | €27,750 | -€10,460 | -27.4% |
| Deferred charges and accrued income | 490/1 | €623 | €1,252 | +€629 | +101% |
| Total equity and liabilities | 10/49 | €60,566 | €37,242 | -€23,324 | -38.5% |
| Equity | 10/15 | €40,272 | €34,733 | -€5,539 | -13.8% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Contributions outside capital | 11 | €14,260 | - | -€14,260 | |
| Other | 1109/19 | €14,260 | - | -€14,260 | |
| Reserves | 13 | €26,012 | €20,473 | -€5,539 | -21.3% |
| Distributable reserves | 133 | €26,012 | €20,473 | -€5,539 | -21.3% |
| Amounts payable | 17/49 | €20,294 | €2,509 | -€17,785 | -87.6% |
| Amounts payable within one year | 42/48 | €20,294 | €2,509 | -€17,785 | -87.6% |
| Current portion of amounts payable after more than one year | 42 | €5,720 | - | -€5,720 | |
| Trade debts | 44 | €9,663 | €2,369 | -€7,295 | -75.5% |
| Suppliers | 440/4 | €9,663 | €2,369 | -€7,295 | -75.5% |
| Taxes, remuneration and social security | 45 | €3,216 | €141 | -€3,076 | -95.6% |
| Taxes | 450/3 | €421 | €141 | -€281 | -66.6% |
| Remuneration and social security | 454/9 | €2,795 | - | -€2,795 | |
| Other amounts payable | 47/48 | €1,695 | - | -€1,695 | |
| Non-recurring operating income | 76A | €107,181 | - | -€107,181 | |
| Remuneration, social security and pensions | 62 | €28,853 | - | -€28,853 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €252 | €326 | +€75 | +29.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,000 | - | -€3,000 | |
| Other operating charges | 640/8 | €7,450 | €283 | -€7,168 | -96.2% |
| Gross operating margin | 9900 | €99,935 | -€5,147 | -€105,082 | |
| Operating profit (loss) | 9901 | €60,380 | -€5,757 | -€66,137 | |
| Financial income | 75/76B | €74 | €587 | +€513 | +693% |
| Recurring financial income | 75 | €74 | €587 | +€513 | +693% |
| Financial charges | 65/66B | €2,035 | €229 | -€1,806 | -88.8% |
| Recurring financial charges | 65 | €2,035 | €229 | -€1,806 | -88.8% |
| Profit (loss) for the period before taxes | 9903 | €58,419 | -€5,398 | -€63,817 | |
| Income taxes | 67/77 | €2,903 | €141 | -€2,762 | -95.1% |
| Profit (loss) for the period | 9904 | €55,516 | -€5,539 | -€61,055 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,516 | -€5,539 | -€61,055 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.