VAN dEN BOGAERT: 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.
VAN dEN BOGAERT
Largest movements
- Stocks and contracts +€164,977
up €164,977 (+40.0%), from €412,425 to €577,402
- Cash -€132,763
down €132,763 (-95.5%), from €139,011 to €6,247
mainly Stocks and contracts (-€164,977) and Receivables within one year (-€21,522)
- Tangible fixed assets -€31,070
down €31,070 (-58.1%), from €53,444 to €22,374
of which Furniture and vehicles: -€23,556
- Receivables within one year +€21,522
up €21,522 (+53.7%), from €40,111 to €61,633
of which Trade receivables: +€20,372
- Other debts +€26,904
up €26,904 (+16.4%), from €164,293 to €191,197
- Debts after one year -€13,742
down €13,742 (-34.9%), from €39,349 to €25,606
- Trade debts +€8,549
up €8,549 (+5,956%), from €144 to €8,692
- Tax, wage and social debts -€6,869
down €6,869 (-100%), from €6,869 to €0
- Gross operating margin +€45,074
up €45,074, from -€4,762 to €40,312
- Staff costs -€13,146
down €13,146 (-100%), from €13,146 to €0
- Other operating charges -€6,398
down €6,398 (-88.1%), from €7,265 to €866
- Financial income +€933
up €933 (+518%), from €180 to €1,113
- Depreciation -€865
down €865 (-2.7%), from €31,935 to €31,070
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 | €649,709 | €671,497 | +€21,788 | +3.4% |
| Fixed assets | 21/28 | €53,759 | €22,689 | -€31,070 | -57.8% |
| Tangible fixed assets | 22/27 | €53,444 | €22,374 | -€31,070 | -58.1% |
| Plant, machinery and equipment | 23 | €13,538 | €6,024 | -€7,514 | -55.5% |
| Furniture and vehicles | 24 | €39,906 | €16,350 | -€23,556 | -59.0% |
| Financial fixed assets | 28 | €315 | €315 | = | 0.0% |
| Current assets | 29/58 | €595,950 | €648,807 | +€52,857 | +8.9% |
| Stocks and contracts in progress | 3 | €412,425 | €577,402 | +€164,977 | +40.0% |
| Stocks | 30/36 | €412,425 | €577,402 | +€164,977 | +40.0% |
| Amounts receivable within one year | 40/41 | €40,111 | €61,633 | +€21,522 | +53.7% |
| Trade receivables | 40 | €35,002 | €55,374 | +€20,372 | +58.2% |
| Other amounts receivable | 41 | €5,108 | €6,259 | +€1,150 | +22.5% |
| Cash at bank and in hand | 54/58 | €139,011 | €6,247 | -€132,763 | -95.5% |
| Deferred charges and accrued income | 490/1 | €4,403 | €3,524 | -€878 | -20.0% |
| Total equity and liabilities | 10/49 | €649,709 | €671,497 | +€21,788 | +3.4% |
| Equity | 10/15 | €425,924 | €432,259 | +€6,335 | +1.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €405,924 | €412,259 | +€6,335 | +1.6% |
| Distributable reserves | 133 | €405,924 | €412,259 | +€6,335 | +1.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €223,785 | €239,238 | +€15,453 | +6.9% |
| Amounts payable after more than one year | 17 | €39,349 | €25,606 | -€13,742 | -34.9% |
| Financial debts | 170/4 | €39,349 | €25,606 | -€13,742 | -34.9% |
| Amounts payable within one year | 42/48 | €184,437 | €213,631 | +€29,195 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €13,131 | €13,742 | +€611 | +4.7% |
| Trade debts | 44 | €144 | €8,692 | +€8,549 | +5,956% |
| Suppliers | 440/4 | €144 | €8,692 | +€8,549 | +5,956% |
| Taxes, remuneration and social security | 45 | €6,869 | €0 | -€6,869 | -100% |
| Taxes | 450/3 | €6,869 | €0 | -€6,869 | -100% |
| Other amounts payable | 47/48 | €164,293 | €191,197 | +€26,904 | +16.4% |
| Remuneration, social security and pensions | 62 | €13,146 | €0 | -€13,146 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,935 | €31,070 | -€865 | -2.7% |
| Other operating charges | 640/8 | €7,265 | €866 | -€6,398 | -88.1% |
| Gross operating margin | 9900 | -€4,762 | €40,312 | +€45,074 | |
| Operating profit (loss) | 9901 | -€57,107 | €8,376 | +€65,483 | |
| Financial income | 75/76B | €180 | €1,113 | +€933 | +518% |
| Recurring financial income | 75 | €180 | €1,113 | +€933 | +518% |
| Financial charges | 65/66B | €3,436 | €3,154 | -€282 | -8.2% |
| Recurring financial charges | 65 | €3,436 | €3,154 | -€282 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€60,363 | €6,335 | +€66,698 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€60,363 | €6,335 | +€66,698 | |
| Profit (loss) for the period to be appropriated | 9905 | -€60,363 | €6,335 | +€66,698 |
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 20 October 2026 via checked.be.