BOX ELDER: what changed
BOX ELDER
Largest movements
- Tangible fixed assets -€20,676
down €20,676 (-26.4%), from €78,248 to €57,573
of which Plant, machinery and equipment: -€18,445
- Receivables within one year -€7,349
down €7,349 (-57.4%), from €12,794 to €5,445
- Cash -€3,781
down €3,781 (-48.9%), from €7,728 to €3,947
mainly Net result for the year (-€30,803) and Debts after one year (-€8,000)
- Deferred charges and accrued income +€1,613
up €1,613 (+275%), from €588 to €2,201
- Profit (loss) carried forward -€30,803
down €30,803 (-11.0%), from -€280,476 to -€311,278
- Debts after one year -€8,000
down €8,000 (-2.7%), from €300,000 to €292,000
- Tax, wage and social debts +€7,129
up €7,129 (+33.6%), from €21,198 to €28,327
of which Remuneration and social security: +€5,609
- Trade debts +€2,483
up €2,483 (+14.0%), from €17,696 to €20,179
- Staff costs +€23,792
up €23,792 (+21.4%), from €110,948 to €134,740
- Gross operating margin +€18,278
up €18,278 (+16.6%), from €109,855 to €128,133
- Financial charges -€3,831
down €3,831 (-66.6%), from €5,750 to €1,919
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 | €104,876 | €75,256 | -€29,619 | -28.2% |
| Fixed assets | 21/28 | €82,899 | €62,223 | -€20,676 | -24.9% |
| Tangible fixed assets | 22/27 | €78,248 | €57,573 | -€20,676 | -26.4% |
| Plant, machinery and equipment | 23 | €76,018 | €57,573 | -€18,445 | -24.3% |
| Furniture and vehicles | 24 | €2,230 | - | -€2,230 | |
| Financial fixed assets | 28 | €4,650 | €4,650 | = | 0.0% |
| Current assets | 29/58 | €21,977 | €13,033 | -€8,944 | -40.7% |
| Stocks and contracts in progress | 3 | €867 | €1,440 | +€573 | +66.0% |
| Stocks | 30/36 | €867 | €1,440 | +€573 | +66.0% |
| Amounts receivable within one year | 40/41 | €12,794 | €5,445 | -€7,349 | -57.4% |
| Trade receivables | 40 | €12,794 | €5,445 | -€7,349 | -57.4% |
| Cash at bank and in hand | 54/58 | €7,728 | €3,947 | -€3,781 | -48.9% |
| Deferred charges and accrued income | 490/1 | €588 | €2,201 | +€1,613 | +275% |
| Total equity and liabilities | 10/49 | €104,876 | €75,256 | -€29,619 | -28.2% |
| Equity | 10/15 | -€260,016 | -€290,818 | -€30,803 | -11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€280,476 | -€311,278 | -€30,803 | -11.0% |
| Amounts payable | 17/49 | €364,891 | €366,075 | +€1,183 | +0.3% |
| Amounts payable after more than one year | 17 | €300,000 | €292,000 | -€8,000 | -2.7% |
| Financial debts | 170/4 | €300,000 | €292,000 | -€8,000 | -2.7% |
| Amounts payable within one year | 42/48 | €64,891 | €74,075 | +€9,183 | +14.2% |
| Trade debts | 44 | €17,696 | €20,179 | +€2,483 | +14.0% |
| Suppliers | 440/4 | €17,696 | €20,179 | +€2,483 | +14.0% |
| Taxes, remuneration and social security | 45 | €21,198 | €28,327 | +€7,129 | +33.6% |
| Taxes | 450/3 | €18,813 | €20,333 | +€1,520 | +8.1% |
| Remuneration and social security | 454/9 | €2,385 | €7,994 | +€5,609 | +235% |
| Other amounts payable | 47/48 | €25,998 | €25,569 | -€429 | -1.6% |
| Remuneration, social security and pensions | 62 | €110,948 | €134,740 | +€23,792 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,732 | €21,639 | +€908 | +4.4% |
| Other operating charges | 640/8 | €719 | €658 | -€61 | -8.5% |
| Gross operating margin | 9900 | €109,855 | €128,133 | +€18,278 | +16.6% |
| Operating profit (loss) | 9901 | -€22,544 | -€28,905 | -€6,361 | -28.2% |
| Financial income | 75/76B | €6 | €178 | +€173 | +3,085% |
| Recurring financial income | 75 | €6 | €178 | +€173 | +3,085% |
| Financial charges | 65/66B | €5,750 | €1,919 | -€3,831 | -66.6% |
| Recurring financial charges | 65 | €5,750 | €1,919 | -€3,831 | -66.6% |
| Profit (loss) for the period before taxes | 9903 | -€28,289 | -€30,646 | -€2,357 | -8.3% |
| Income taxes | 67/77 | €152 | €157 | +€5 | +3.4% |
| Profit (loss) for the period | 9904 | -€28,441 | -€30,803 | -€2,362 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,441 | -€30,803 | -€2,362 | -8.3% |
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.