BORAN: 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.
BORAN
Largest movements
- Cash +€108,025
up €108,025 (+101.2%), from €106,750 to €214,775
mainly Net result for the year (+€103,077) and Receivables within one year (+€44,248)
- Receivables within one year -€44,248
down €44,248 (-77.4%), from €57,159 to €12,911
of which Trade receivables: -€46,965
- Tangible fixed assets +€28,692
up €28,692 (+83.2%), from €34,484 to €63,176
of which Other tangible fixed assets: +€27,658
- Reserves +€103,077
up €103,077 (+126.2%), from €81,678 to €184,754
- Trade debts -€31,635
down €31,635 (-60.6%), from €52,201 to €20,566
- Other debts -€23,849
no longer reported in 2025 (was €23,849)
- Tax, wage and social debts +€21,027
up €21,027 (+48.4%), from €43,459 to €64,486
of which Taxes: +€10,620
- Debts after one year +€18,404
new in 2025: €18,404
- Staff costs -€75,308
down €75,308 (-27.6%), from €272,567 to €197,260
- Gross operating margin -€59,076
down €59,076 (-14.7%), from €402,408 to €343,333
- Other operating charges -€4,387
down €4,387 (-51.5%), from €8,511 to €4,124
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 | €213,848 | €305,108 | +€91,260 | +42.7% |
| Fixed assets | 21/28 | €35,484 | €63,176 | +€27,692 | +78.0% |
| Tangible fixed assets | 22/27 | €34,484 | €63,176 | +€28,692 | +83.2% |
| Plant, machinery and equipment | 23 | €30,117 | €26,834 | -€3,282 | -10.9% |
| Furniture and vehicles | 24 | €4,367 | €8,683 | +€4,316 | +98.8% |
| Other tangible fixed assets | 26 | - | €27,658 | +€27,658 | |
| Financial fixed assets | 28 | €1,000 | - | -€1,000 | |
| Current assets | 29/58 | €178,364 | €241,932 | +€63,568 | +35.6% |
| Stocks and contracts in progress | 3 | €9,766 | €10,092 | +€327 | +3.3% |
| Stocks | 30/36 | €9,766 | €10,092 | +€327 | +3.3% |
| Amounts receivable within one year | 40/41 | €57,159 | €12,911 | -€44,248 | -77.4% |
| Trade receivables | 40 | €57,159 | €10,194 | -€46,965 | -82.2% |
| Other amounts receivable | 41 | - | €2,717 | +€2,717 | |
| Cash at bank and in hand | 54/58 | €106,750 | €214,775 | +€108,025 | +101.2% |
| Deferred charges and accrued income | 490/1 | €4,689 | €4,153 | -€535 | -11.4% |
| Total equity and liabilities | 10/49 | €213,848 | €305,108 | +€91,260 | +42.7% |
| Equity | 10/15 | €86,678 | €189,754 | +€103,077 | +118.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €81,678 | €184,754 | +€103,077 | +126.2% |
| Distributable reserves | 133 | €81,678 | €184,754 | +€103,077 | +126.2% |
| Amounts payable | 17/49 | €127,170 | €115,353 | -€11,817 | -9.3% |
| Amounts payable after more than one year | 17 | - | €18,404 | +€18,404 | |
| Financial debts | 170/4 | - | €18,404 | +€18,404 | |
| Amounts payable within one year | 42/48 | €119,509 | €89,548 | -€29,961 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | - | €4,497 | +€4,497 | |
| Trade debts | 44 | €52,201 | €20,566 | -€31,635 | -60.6% |
| Suppliers | 440/4 | €52,201 | €20,566 | -€31,635 | -60.6% |
| Taxes, remuneration and social security | 45 | €43,459 | €64,486 | +€21,027 | +48.4% |
| Taxes | 450/3 | €34,537 | €45,157 | +€10,620 | +30.7% |
| Remuneration and social security | 454/9 | €8,921 | €19,328 | +€10,407 | +116.7% |
| Other amounts payable | 47/48 | €23,849 | - | -€23,849 | |
| Accrued charges and deferred income | 492/3 | €7,661 | €7,401 | -€260 | -3.4% |
| Non-recurring operating income | 76A | €910 | - | -€910 | |
| Remuneration, social security and pensions | 62 | €272,567 | €197,260 | -€75,308 | -27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,865 | €11,665 | +€799 | +7.4% |
| Other operating charges | 640/8 | €8,511 | €4,124 | -€4,387 | -51.5% |
| Non-recurring operating charges | 66A | €3,565 | - | -€3,565 | |
| Gross operating margin | 9900 | €402,408 | €343,333 | -€59,076 | -14.7% |
| Operating profit (loss) | 9901 | €106,899 | €130,284 | +€23,385 | +21.9% |
| Financial income | 75/76B | €19 | €335 | +€317 | +1706.8% |
| Recurring financial income | 75 | €19 | €335 | +€317 | +1706.8% |
| Financial charges | 65/66B | €3,261 | €2,813 | -€448 | -13.7% |
| Recurring financial charges | 65 | €3,261 | €2,813 | -€448 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €103,657 | €127,807 | +€24,150 | +23.3% |
| Income taxes | 67/77 | €21,980 | €24,730 | +€2,751 | +12.5% |
| Profit (loss) for the period | 9904 | €81,678 | €103,077 | +€21,399 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €81,678 | €103,077 | +€21,399 | +26.2% |
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 3 October 2026 via checked.be.