BORA MD: what changed
Two fiscal 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 MD
Largest movements
- Cash +€49,395
up €49,395 (+29.3%), from €168,573 to €217,968
mainly Net result for the year (+€66,361) and Provisions (+€36,369)
- Tangible fixed assets -€18,646
down €18,646 (-36.1%), from €51,684 to €33,038
- Receivables after one year +€16,800
up €16,800 (+12.8%), from €131,108 to €147,908
- Deferred charges and accrued income +€12,927
up €12,927 (+471.5%), from €2,742 to €15,668
- Receivables within one year +€12,311
up €12,311 (+132.5%), from €9,290 to €21,601
- Profit (loss) carried forward +€66,361
up €66,361 (+22.9%), from €290,350 to €356,710
- Provisions +€36,369
new in 2025: €36,369
- Debts after one year -€16,903
down €16,903 (-54.3%), from €31,155 to €14,252
of which Financial debts: -€16,601
- Tax, wage and social debts -€14,385
no longer reported in 2025 (was €14,385)
of which Taxes: -€11,917
- Gross operating margin -€77,890
down €77,890 (-35.3%), from €220,629 to €142,739
- Provisions +€36,369
new in 2025: €36,369
- Taxes -€17,642
down €17,642 (-37.9%), from €46,602 to €28,960
- Financial income +€7,527
up €7,527 (+429.8%), from €1,751 to €9,279
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 | €363,447 | €436,235 | +€72,787 | +20.0% |
| Fixed assets | 21/28 | €51,734 | €33,089 | -€18,646 | -36.0% |
| Tangible fixed assets | 22/27 | €51,684 | €33,038 | -€18,646 | -36.1% |
| Furniture and vehicles | 24 | €51,684 | €33,038 | -€18,646 | -36.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €311,713 | €403,146 | +€91,433 | +29.3% |
| Amounts receivable after more than one year | 29 | €131,108 | €147,908 | +€16,800 | +12.8% |
| Other amounts receivable | 291 | €131,108 | €147,908 | +€16,800 | +12.8% |
| Amounts receivable within one year | 40/41 | €9,290 | €21,601 | +€12,311 | +132.5% |
| Other amounts receivable | 41 | €9,290 | €21,601 | +€12,311 | +132.5% |
| Cash at bank and in hand | 54/58 | €168,573 | €217,968 | +€49,395 | +29.3% |
| Deferred charges and accrued income | 490/1 | €2,742 | €15,668 | +€12,927 | +471.5% |
| Total equity and liabilities | 10/49 | €363,447 | €436,235 | +€72,787 | +20.0% |
| Equity | 10/15 | €300,350 | €366,710 | +€66,361 | +22.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €290,350 | €356,710 | +€66,361 | +22.9% |
| Provisions and deferred taxes | 16 | - | €36,369 | +€36,369 | |
| Provisions for liabilities and charges | 160/5 | - | €36,369 | +€36,369 | |
| Other liabilities and charges | 164/5 | - | €36,369 | +€36,369 | |
| Amounts payable | 17/49 | €63,098 | €33,156 | -€29,942 | -47.5% |
| Amounts payable after more than one year | 17 | €31,155 | €14,252 | -€16,903 | -54.3% |
| Financial debts | 170/4 | €30,853 | €14,252 | -€16,601 | -53.8% |
| Other amounts payable | 178/9 | €302 | - | -€302 | |
| Amounts payable within one year | 42/48 | €31,943 | €18,904 | -€13,039 | -40.8% |
| Current portion of amounts payable after more than one year | 42 | €16,070 | €16,601 | +€531 | +3.3% |
| Trade debts | 44 | €1,487 | €2,303 | +€816 | +54.8% |
| Suppliers | 440/4 | €1,487 | €2,303 | +€816 | +54.8% |
| Taxes, remuneration and social security | 45 | €14,385 | - | -€14,385 | |
| Taxes | 450/3 | €11,917 | - | -€11,917 | |
| Remuneration and social security | 454/9 | €2,468 | - | -€2,468 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,197 | €18,646 | +€449 | +2.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €36,369 | +€36,369 | |
| Other operating charges | 640/8 | €397 | €238 | -€160 | -40.2% |
| Gross operating margin | 9900 | €220,629 | €142,739 | -€77,890 | -35.3% |
| Operating profit (loss) | 9901 | €202,035 | €87,487 | -€114,548 | -56.7% |
| Financial income | 75/76B | €1,751 | €9,279 | +€7,527 | +429.8% |
| Recurring financial income | 75 | €1,751 | €9,279 | +€7,527 | +429.8% |
| Financial charges | 65/66B | €1,938 | €1,445 | -€493 | -25.4% |
| Recurring financial charges | 65 | €1,938 | €1,445 | -€493 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €201,848 | €95,320 | -€106,528 | -52.8% |
| Income taxes | 67/77 | €46,602 | €28,960 | -€17,642 | -37.9% |
| Profit (loss) for the period | 9904 | €155,246 | €66,361 | -€88,886 | -57.3% |
| Profit (loss) for the period to be appropriated | 9905 | €155,246 | €66,361 | -€88,886 | -57.3% |
Source: filed annual accounts (NBB), fiscal 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.