AL-BORENO: 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.
What changed
AL-BORENO
NACE 46.831, Wholesale of construction materials, general range
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€334,192
2024 · €137,460+€196,732
Equity
€2.5m
2024 · €1.2m+€1.3m
Cash
€174,977
2024 · €158,183+€16,793
Balance sheet total
€3.1m
2024 · €1.9m+€1.2m
Largest movements
Assets
- Tangible fixed assets +€911,345
up €911,345 (+165%), from €552,421 to €1.5m
of which Land and buildings: +€929,378
- Receivables within one year +€228,389
up €228,389 (+172%), from €132,730 to €361,119
of which Other amounts receivable: +€186,267
- Stocks and contracts +€40,829
up €40,829 (+6.6%), from €622,658 to €663,487
Equity and liabilities
- Revaluation surpluses +€951,560
new in 2025: €951,560
- Reserves +€479,067
up €479,067 (+55.0%), from €871,179 to €1.4m
of which Distributable reserves: +€486,482
- Profit (loss) carried forward -€144,875
no longer reported in 2025 (was €144,875)
- Debts after one year -€37,954
down €37,954 (-19.5%), from €195,031 to €157,077
Income statement
- Gross operating margin +€268,977
up €268,977 (+101%), from €265,469 to €534,447
- Taxes +€68,696
up €68,696 (+141%), from €48,891 to €117,587
- Depreciation +€14,810
up €14,810 (+32.4%), from €45,770 to €60,580
- Financial income +€9,446
up €9,446 (+26.5%), from €35,708 to €45,154
- Staff costs +€5,349
up €5,349 (+16.2%), from €33,029 to €38,378
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.
Result 2024
€137,460
Gross operating margin
+€268,977
Staff costs
-€5,349
Depreciation
-€14,810
Write-downs
-€4,574
Other operating charges
-€487
Other operating items
+€10,259
Financial income
+€9,446
Financial charges
+€1,966
Taxes
-€68,696
Result 2025
€334,192
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€75,113
Investment
-€971,925
Financing
+€913,606
Cash 2024
€158,183
From operations (derived)
+€75,113
Net result for the year
+€334,192
Depreciation
+€60,580
Stocks and contracts
-€40,829
Receivables within one year
-€228,389
Deferred charges and accrued income
-€3,090
Provisions
-€3,818
Trade debts
-€25,569
Smaller working-capital items
+€2,425
Other debts
-€20,388
Investment (derived)
-€971,925
Investment in fixed assets (net)
-€971,925
Financing
+€913,606
Debts after one year
-€37,954
Contributions, distributions and other
+€951,560
Cash 2025
€174,977
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,911,416 | €3,111,863 | +€1.2m | +62.8% |
| Fixed assets | 21/28 | €552,421 | €1,463,766 | +€911,345 | +165% |
| Tangible fixed assets | 22/27 | €552,421 | €1,463,766 | +€911,345 | +165% |
| Land and buildings | 22 | €440,259 | €1,369,637 | +€929,378 | +211% |
| Plant, machinery and equipment | 23 | €39,801 | €38,088 | -€1,713 | -4.3% |
| Furniture and vehicles | 24 | €72,361 | €56,041 | -€16,320 | -22.6% |
| Current assets | 29/58 | €1,358,995 | €1,648,097 | +€289,102 | +21.3% |
| Stocks and contracts in progress | 3 | €622,658 | €663,487 | +€40,829 | +6.6% |
| Stocks | 30/36 | €622,658 | €663,487 | +€40,829 | +6.6% |
| Amounts receivable within one year | 40/41 | €132,730 | €361,119 | +€228,389 | +172% |
| Trade receivables | 40 | €33,813 | €75,935 | +€42,123 | +125% |
| Other amounts receivable | 41 | €98,917 | €285,184 | +€186,267 | +188% |
| Current investments | 50/53 | €433,670 | €433,670 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €158,183 | €174,977 | +€16,793 | +10.6% |
| Deferred charges and accrued income | 490/1 | €11,754 | €14,844 | +€3,090 | +26.3% |
| Total equity and liabilities | 10/49 | €1,911,416 | €3,111,863 | +€1.2m | +62.8% |
| Equity | 10/15 | €1,249,354 | €2,535,105 | +€1.3m | +103% |
| Contributions | 10/11 | €233,300 | €233,300 | = | 0.0% |
| Revaluation surpluses | 12 | - | €951,560 | +€951,560 | |
| Reserves | 13 | €871,179 | €1,350,246 | +€479,067 | +55.0% |
| Non-distributable reserves | 130/1 | €23,330 | €23,330 | = | 0.0% |
| Reserves not available under the articles | 1311 | €23,330 | €23,330 | = | 0.0% |
| Tax-exempt reserves | 132 | €81,571 | €74,155 | -€7,416 | -9.1% |
| Distributable reserves | 133 | €766,278 | €1,252,760 | +€486,482 | +63.5% |
| Profit (loss) carried forward | 14 | €144,875 | - | -€144,875 | |
| Provisions and deferred taxes | 16 | €42,003 | €38,184 | -€3,818 | -9.1% |
| Deferred taxes | 168 | €42,003 | €38,184 | -€3,818 | -9.1% |
| Amounts payable | 17/49 | €620,059 | €538,574 | -€81,486 | -13.1% |
| Amounts payable after more than one year | 17 | €195,031 | €157,077 | -€37,954 | -19.5% |
| Financial debts | 170/4 | €195,031 | €157,077 | -€37,954 | -19.5% |
| Amounts payable within one year | 42/48 | €413,498 | €369,232 | -€44,266 | -10.7% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €35,082 | €9,513 | -€25,569 | -72.9% |
| Suppliers | 440/4 | €35,082 | €9,513 | -€25,569 | -72.9% |
| Taxes, remuneration and social security | 45 | €108,028 | €109,719 | +€1,691 | +1.6% |
| Taxes | 450/3 | €106,792 | €108,675 | +€1,883 | +1.8% |
| Remuneration and social security | 454/9 | €1,236 | €1,044 | -€192 | -15.6% |
| Other amounts payable | 47/48 | €20,388 | - | -€20,388 | |
| Accrued charges and deferred income | 492/3 | €11,530 | €12,265 | +€734 | +6.4% |
| Non-recurring operating income | 76A | €1,421 | €15,000 | +€13,579 | +956% |
| Remuneration, social security and pensions | 62 | €33,029 | €38,378 | +€5,349 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,770 | €60,580 | +€14,810 | +32.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,574 | +€4,574 | |
| Other operating charges | 640/8 | €6,097 | €6,583 | +€487 | +8.0% |
| Non-recurring operating charges | 66A | €10,259 | - | -€10,259 | |
| Gross operating margin | 9900 | €265,469 | €534,447 | +€268,977 | +101% |
| Operating profit (loss) | 9901 | €170,315 | €424,331 | +€254,016 | +149% |
| Financial income | 75/76B | €35,708 | €45,154 | +€9,446 | +26.5% |
| Recurring financial income | 75 | €35,708 | €45,154 | +€9,446 | +26.5% |
| Financial charges | 65/66B | €23,491 | €21,525 | -€1,966 | -8.4% |
| Recurring financial charges | 65 | €23,491 | €21,525 | -€1,966 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €182,532 | €447,960 | +€265,428 | +145% |
| Transfer from deferred taxes | 780 | €3,818 | €3,818 | = | 0.0% |
| Income taxes | 67/77 | €48,891 | €117,587 | +€68,696 | +141% |
| Profit (loss) for the period | 9904 | €137,460 | €334,192 | +€196,732 | +143% |
| Transfer from tax-exempt reserves | 789 | €7,416 | €7,416 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €144,875 | €341,607 | +€196,732 | +136% |
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 27 October 2026 via checked.be.