WARD BOERJAN: what changed
WARD BOERJAN
Largest movements
- Cash +€77,535
up €77,535 (+37.2%), from €208,205 to €285,740
mainly Net result for the year (+€33,022) and Receivables within one year (+€26,140)
- Receivables within one year -€26,140
down €26,140 (-82.2%), from €31,802 to €5,662
of which Other amounts receivable: -€14,604
- Tangible fixed assets -€14,681
down €14,681 (-26.9%), from €54,546 to €39,865
of which Furniture and vehicles: -€13,962
- Stocks and contracts -€11,039
down €11,039 (-35.4%), from €31,212 to €20,173
- Reserves +€33,022
up €33,022 (+14.2%), from €233,228 to €266,250
- Other debts +€6,614
up €6,614 (+27.1%), from €24,431 to €31,046
- Current portion of long-term debt -€5,901
down €5,901 (-52.0%), from €11,359 to €5,458
- Debts after one year -€5,458
down €5,458 (-24.7%), from €22,062 to €16,605
- Gross operating margin -€53,734
down €53,734 (-46.4%), from €115,894 to €62,161
- Taxes -€11,414
down €11,414 (-47.4%), from €24,069 to €12,656
- Depreciation -€2,238
down €2,238 (-13.2%), from €16,919 to €14,681
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 | €326,399 | €351,964 | +€25,564 | +7.8% |
| Fixed assets | 21/28 | €54,546 | €39,865 | -€14,681 | -26.9% |
| Tangible fixed assets | 22/27 | €54,546 | €39,865 | -€14,681 | -26.9% |
| Plant, machinery and equipment | 23 | €1,324 | €605 | -€719 | -54.3% |
| Furniture and vehicles | 24 | €53,223 | €39,260 | -€13,962 | -26.2% |
| Current assets | 29/58 | €271,853 | €312,099 | +€40,246 | +14.8% |
| Stocks and contracts in progress | 3 | €31,212 | €20,173 | -€11,039 | -35.4% |
| Stocks | 30/36 | €31,212 | €20,173 | -€11,039 | -35.4% |
| Amounts receivable within one year | 40/41 | €31,802 | €5,662 | -€26,140 | -82.2% |
| Trade receivables | 40 | €17,198 | €5,662 | -€11,536 | -67.1% |
| Other amounts receivable | 41 | €14,604 | €0 | -€14,604 | -100% |
| Cash at bank and in hand | 54/58 | €208,205 | €285,740 | +€77,535 | +37.2% |
| Deferred charges and accrued income | 490/1 | €634 | €524 | -€110 | -17.3% |
| Total equity and liabilities | 10/49 | €326,399 | €351,964 | +€25,564 | +7.8% |
| Equity | 10/15 | €245,628 | €278,650 | +€33,022 | +13.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €233,228 | €266,250 | +€33,022 | +14.2% |
| Distributable reserves | 133 | €233,228 | €266,250 | +€33,022 | +14.2% |
| Amounts payable | 17/49 | €80,772 | €73,314 | -€7,458 | -9.2% |
| Amounts payable after more than one year | 17 | €22,062 | €16,605 | -€5,458 | -24.7% |
| Financial debts | 170/4 | €22,062 | €16,605 | -€5,458 | -24.7% |
| Amounts payable within one year | 42/48 | €58,709 | €56,709 | -€2,000 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €11,359 | €5,458 | -€5,901 | -52.0% |
| Trade debts | 44 | €4,422 | €1,165 | -€3,257 | -73.7% |
| Suppliers | 440/4 | €4,422 | €1,165 | -€3,257 | -73.7% |
| Taxes, remuneration and social security | 45 | €18,497 | €19,041 | +€544 | +2.9% |
| Taxes | 450/3 | €16,697 | €19,041 | +€2,344 | +14.0% |
| Remuneration and social security | 454/9 | €1,800 | €0 | -€1,800 | -100% |
| Other amounts payable | 47/48 | €24,431 | €31,046 | +€6,614 | +27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,919 | €14,681 | -€2,238 | -13.2% |
| Other operating charges | 640/8 | €521 | €666 | +€145 | +27.9% |
| Gross operating margin | 9900 | €115,894 | €62,161 | -€53,734 | -46.4% |
| Operating profit (loss) | 9901 | €98,454 | €46,813 | -€51,641 | -52.5% |
| Financial income | 75/76B | €0 | €2 | +€2 | |
| Recurring financial income | 75 | €0 | €2 | +€2 | |
| Financial charges | 65/66B | €1,615 | €1,137 | -€478 | -29.6% |
| Recurring financial charges | 65 | €1,615 | €1,137 | -€478 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €96,839 | €45,678 | -€51,162 | -52.8% |
| Income taxes | 67/77 | €24,069 | €12,656 | -€11,414 | -47.4% |
| Profit (loss) for the period | 9904 | €72,770 | €33,022 | -€39,748 | -54.6% |
| Profit (loss) for the period to be appropriated | 9905 | €72,770 | €33,022 | -€39,748 | -54.6% |
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 3 November 2026 via checked.be.