BORA - GERA: 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.
BORA - GERA
Largest movements
- Tangible fixed assets -€87,242
down €87,242 (-3.7%), from €2.3m to €2.2m
of which Land and buildings: -€103,966
- Receivables within one year -€47,621
down €47,621 (-82.6%), from €57,682 to €10,061
of which Other amounts receivable: -€42,564
- Financial fixed assets -€38,135
no longer reported in 2025 (was €38,135)
- Contributions -€1.1m
down €1.1m (-40.3%), from €2.6m to €1.6m
- Other debts +€695,729
up €695,729 (+4,638%), from €15,000 to €710,729
- Debts after one year +€80,511
up €80,511 (+683%), from €11,786 to €92,296
- Profit (loss) carried forward +€79,046
up €79,046 (+33.7%), from -€234,665 to -€155,619
- Current portion of long-term debt +€47,219
up €47,219 (+305%), from €15,475 to €62,694
- Depreciation +€79,844
up €79,844 (+29.8%), from €268,095 to €347,939
- Gross operating margin +€68,003
up €68,003 (+22.3%), from €305,429 to €373,431
- Financial income +€35,887
up €35,887 (+55.5%), from €64,633 to €100,520
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,479,352 | €2,322,467 | -€156,885 | -6.3% |
| Fixed assets | 21/28 | €2,372,953 | €2,247,576 | -€125,377 | -5.3% |
| Tangible fixed assets | 22/27 | €2,334,818 | €2,247,576 | -€87,242 | -3.7% |
| Land and buildings | 22 | €2,319,055 | €2,215,089 | -€103,966 | -4.5% |
| Plant, machinery and equipment | 23 | €5,195 | €25,217 | +€20,023 | +385% |
| Furniture and vehicles | 24 | €10,568 | €7,269 | -€3,299 | -31.2% |
| Financial fixed assets | 28 | €38,135 | - | -€38,135 | |
| Current assets | 29/58 | €106,399 | €74,891 | -€31,508 | -29.6% |
| Amounts receivable within one year | 40/41 | €57,682 | €10,061 | -€47,621 | -82.6% |
| Trade receivables | 40 | €14,982 | €9,925 | -€5,057 | -33.8% |
| Other amounts receivable | 41 | €42,700 | €136 | -€42,564 | -99.7% |
| Cash at bank and in hand | 54/58 | €30,291 | €42,498 | +€12,207 | +40.3% |
| Deferred charges and accrued income | 490/1 | €18,426 | €22,332 | +€3,906 | +21.2% |
| Total equity and liabilities | 10/49 | €2,479,352 | €2,322,467 | -€156,885 | -6.3% |
| Equity | 10/15 | €2,388,535 | €1,412,581 | -€975,954 | -40.9% |
| Contributions | 10/11 | €2,617,000 | €1,562,000 | -€1.1m | -40.3% |
| Capital | 10 | €2,617,000 | €1,562,000 | -€1.1m | -40.3% |
| Issued capital | 100 | €2,617,000 | €1,562,000 | -€1.1m | -40.3% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€234,665 | -€155,619 | +€79,046 | +33.7% |
| Amounts payable | 17/49 | €90,817 | €909,886 | +€819,069 | +902% |
| Amounts payable after more than one year | 17 | €11,786 | €92,296 | +€80,511 | +683% |
| Financial debts | 170/4 | €11,786 | €92,296 | +€80,511 | +683% |
| Amounts payable within one year | 42/48 | €57,585 | €798,094 | +€740,509 | +1,286% |
| Current portion of amounts payable after more than one year | 42 | €15,475 | €62,694 | +€47,219 | +305% |
| Trade debts | 44 | €8,558 | €11,845 | +€3,287 | +38.4% |
| Suppliers | 440/4 | €8,558 | €11,845 | +€3,287 | +38.4% |
| Taxes, remuneration and social security | 45 | €18,552 | €12,827 | -€5,725 | -30.9% |
| Taxes | 450/3 | €18,552 | €12,827 | -€5,725 | -30.9% |
| Other amounts payable | 47/48 | €15,000 | €710,729 | +€695,729 | +4,638% |
| Accrued charges and deferred income | 492/3 | €21,446 | €19,496 | -€1,951 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €268,095 | €347,939 | +€79,844 | +29.8% |
| Other operating charges | 640/8 | €40,974 | €43,207 | +€2,233 | +5.4% |
| Gross operating margin | 9900 | €305,429 | €373,431 | +€68,003 | +22.3% |
| Operating profit (loss) | 9901 | -€3,641 | -€17,715 | -€14,074 | -387% |
| Financial income | 75/76B | €64,633 | €100,520 | +€35,887 | +55.5% |
| Recurring financial income | 75 | €64,633 | €100,520 | +€35,887 | +55.5% |
| Financial charges | 65/66B | €1,914 | €3,760 | +€1,846 | +96.5% |
| Recurring financial charges | 65 | €1,914 | €3,760 | +€1,846 | +96.5% |
| Profit (loss) for the period before taxes | 9903 | €59,079 | €79,046 | +€19,967 | +33.8% |
| Profit (loss) for the period | 9904 | €59,079 | €79,046 | +€19,967 | +33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,079 | €79,046 | +€19,967 | +33.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.