BOR GROUP: 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.
BOR GROUP
Largest movements
- Cash -€35,469
down €35,469 (-79.5%), from €44,617 to €9,148
mainly Other debts (-€34,512) and Stocks and contracts (-€24,713)
- Stocks and contracts +€24,713
up €24,713 (+1101.8%), from €2,243 to €26,956
of which Contracts in progress: +€25,000
- Receivables within one year -€10,271
down €10,271 (-22.4%), from €45,885 to €35,613
of which Trade receivables: -€11,184
- Other debts -€34,512
down €34,512 (-70.1%), from €49,208 to €14,696
- Reserves +€14,413
up €14,413 (+61.1%), from €23,605 to €38,018
- Trade debts -€6,376
down €6,376 (-29.8%), from €21,386 to €15,010
- Current portion of long-term debt +€3,707
up €3,707 (+49.6%), from €7,468 to €11,175
- Debts after one year -€3,175
down €3,175 (-3.8%), from €83,458 to €80,283
- Gross operating margin -€23,110
down €23,110 (-45.5%), from €50,809 to €27,698
- Other operating charges -€9,737
down €9,737 (-84.2%), from €11,565 to €1,828
- Depreciation -€3,122
down €3,122 (-47.0%), from €6,643 to €3,520
- Taxes -€2,097
down €2,097 (-36.1%), from €5,813 to €3,716
- Financial charges +€1,292
up €1,292 (+40.4%), from €3,197 to €4,490
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.
Cash bridge derived
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 | €206,241 | €183,165 | -€23,077 | -11.2% |
| Fixed assets | 21/28 | €113,497 | €111,448 | -€2,049 | -1.8% |
| Tangible fixed assets | 22/27 | €113,497 | €111,448 | -€2,049 | -1.8% |
| Land and buildings | 22 | €108,569 | €107,520 | -€1,049 | -1.0% |
| Plant, machinery and equipment | 23 | €4,928 | €3,928 | -€1,000 | -20.3% |
| Current assets | 29/58 | €92,744 | €71,717 | -€21,028 | -22.7% |
| Stocks and contracts in progress | 3 | €2,243 | €26,956 | +€24,713 | +1101.8% |
| Stocks | 30/36 | €2,243 | €1,956 | -€287 | -12.8% |
| Contracts in progress | 37 | - | €25,000 | +€25,000 | |
| Amounts receivable within one year | 40/41 | €45,885 | €35,613 | -€10,271 | -22.4% |
| Trade receivables | 40 | €41,232 | €30,047 | -€11,184 | -27.1% |
| Other amounts receivable | 41 | €4,653 | €5,566 | +€913 | +19.6% |
| Cash at bank and in hand | 54/58 | €44,617 | €9,148 | -€35,469 | -79.5% |
| Total equity and liabilities | 10/49 | €206,241 | €183,165 | -€23,077 | -11.2% |
| Equity | 10/15 | €42,205 | €56,618 | +€14,413 | +34.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €23,605 | €38,018 | +€14,413 | +61.1% |
| Distributable reserves | 133 | €23,605 | €38,018 | +€14,413 | +61.1% |
| Amounts payable | 17/49 | €164,036 | €126,546 | -€37,489 | -22.9% |
| Amounts payable after more than one year | 17 | €83,458 | €80,283 | -€3,175 | -3.8% |
| Financial debts | 170/4 | €83,458 | €80,283 | -€3,175 | -3.8% |
| Amounts payable within one year | 42/48 | €79,013 | €44,647 | -€34,366 | -43.5% |
| Current portion of amounts payable after more than one year | 42 | €7,468 | €11,175 | +€3,707 | +49.6% |
| Trade debts | 44 | €21,386 | €15,010 | -€6,376 | -29.8% |
| Suppliers | 440/4 | €21,386 | €15,010 | -€6,376 | -29.8% |
| Taxes, remuneration and social security | 45 | €950 | €3,766 | +€2,815 | +296.2% |
| Taxes | 450/3 | €950 | €3,766 | +€2,815 | +296.2% |
| Other amounts payable | 47/48 | €49,208 | €14,696 | -€34,512 | -70.1% |
| Accrued charges and deferred income | 492/3 | €1,566 | €1,617 | +€51 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,643 | €3,520 | -€3,122 | -47.0% |
| Other operating charges | 640/8 | €11,565 | €1,828 | -€9,737 | -84.2% |
| Gross operating margin | 9900 | €50,809 | €27,698 | -€23,110 | -45.5% |
| Operating profit (loss) | 9901 | €32,601 | €22,350 | -€10,251 | -31.4% |
| Financial income | 75/76B | €14 | €268 | +€254 | +1765.7% |
| Recurring financial income | 75 | €14 | €268 | +€254 | +1765.7% |
| Financial charges | 65/66B | €3,197 | €4,490 | +€1,292 | +40.4% |
| Recurring financial charges | 65 | €3,197 | €4,490 | +€1,292 | +40.4% |
| Profit (loss) for the period before taxes | 9903 | €29,418 | €18,129 | -€11,289 | -38.4% |
| Income taxes | 67/77 | €5,813 | €3,716 | -€2,097 | -36.1% |
| Profit (loss) for the period | 9904 | €23,605 | €14,413 | -€9,192 | -38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,605 | €14,413 | -€9,192 | -38.9% |
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 9 October 2026 via checked.be.