BORCO: 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.
BORCO
Largest movements
- Tangible fixed assets -€10,760
down €10,760 (-37.4%), from €28,741 to €17,982
- Cash -€4,177
down €4,177 (-15.3%), from €27,387 to €23,211
mainly Net result for the year (-€16,614) and Investment in fixed assets (net) (-€1,043)
- Receivables within one year -€1,367
down €1,367 (-94.5%), from €1,447 to €80
of which Other amounts receivable: -€1,050
- Profit (loss) carried forward -€16,614
new in 2025: -€16,614
- Gross operating margin -€64,885
down €64,885, from €60,458 to -€4,427
- Taxes -€10,991
down €10,991 (-98.8%), from €11,125 to €134
- Depreciation +€6,093
up €6,093 (+107%), from €5,710 to €11,803
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
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 | €57,576 | €41,272 | -€16,304 | -28.3% |
| Fixed assets | 21/28 | €28,741 | €17,982 | -€10,760 | -37.4% |
| Tangible fixed assets | 22/27 | €28,741 | €17,982 | -€10,760 | -37.4% |
| Furniture and vehicles | 24 | €28,741 | €17,982 | -€10,760 | -37.4% |
| Current assets | 29/58 | €28,835 | €23,290 | -€5,544 | -19.2% |
| Amounts receivable within one year | 40/41 | €1,447 | €80 | -€1,367 | -94.5% |
| Trade receivables | 40 | €318 | €0 | -€318 | -100% |
| Other amounts receivable | 41 | €1,130 | €80 | -€1,050 | -92.9% |
| Cash at bank and in hand | 54/58 | €27,387 | €23,211 | -€4,177 | -15.3% |
| Total equity and liabilities | 10/49 | €57,576 | €41,272 | -€16,304 | -28.3% |
| Equity | 10/15 | €46,140 | €29,526 | -€16,614 | -36.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €43,140 | €43,140 | = | 0.0% |
| Distributable reserves | 133 | €43,140 | €43,140 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€16,614 | -€16,614 | |
| Amounts payable | 17/49 | €11,436 | €11,746 | +€310 | +2.7% |
| Amounts payable within one year | 42/48 | €11,436 | €11,746 | +€310 | +2.7% |
| Trade debts | 44 | €312 | €275 | -€37 | -11.7% |
| Suppliers | 440/4 | €312 | €275 | -€37 | -11.7% |
| Taxes, remuneration and social security | 45 | €11,125 | €11,257 | +€132 | +1.2% |
| Taxes | 450/3 | €11,125 | €11,257 | +€132 | +1.2% |
| Other amounts payable | 47/48 | - | €215 | +€215 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,710 | €11,803 | +€6,093 | +107% |
| Other operating charges | 640/8 | €596 | €183 | -€413 | -69.2% |
| Gross operating margin | 9900 | €60,458 | -€4,427 | -€64,885 | |
| Operating profit (loss) | 9901 | €54,152 | -€16,413 | -€70,565 | |
| Financial income | 75/76B | €113 | €36 | -€77 | -67.9% |
| Recurring financial income | 75 | €113 | €36 | -€77 | -67.9% |
| Financial charges | 65/66B | - | €104 | +€104 | |
| Recurring financial charges | 65 | - | €104 | +€104 | |
| Profit (loss) for the period before taxes | 9903 | €54,264 | -€16,481 | -€70,745 | |
| Income taxes | 67/77 | €11,125 | €134 | -€10,991 | -98.8% |
| Profit (loss) for the period | 9904 | €43,140 | -€16,614 | -€59,754 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,140 | -€16,614 | -€59,754 |
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 15 October 2026 via checked.be.