Borcon: 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.
Borcon
Largest movements
- Tangible fixed assets +€81,694
up €81,694 (+15.8%), from €516,180 to €597,875
of which Land and buildings: +€80,056
- Cash -€37,292
down €37,292 (-35.3%), from €105,671 to €68,379
mainly Contributions, distributions and other (-€214,892) and Investment in fixed assets (net) (-€119,215)
- Debts after one year +€95,996
up €95,996 (+24.7%), from €387,935 to €483,931
- Other debts -€77,329
down €77,329 (-50.0%), from €154,572 to €77,243
- Tax, wage and social debts +€12,473
up €12,473 (+133.3%), from €9,360 to €21,833
of which Taxes: +€12,254
- Trade debts +€10,262
up €10,262 (+882.9%), from €1,162 to €11,424
- Gross operating margin +€108,204
up €108,204 (+45.2%), from €239,132 to €347,336
- Taxes +€22,540
up €22,540 (+52.3%), from €43,118 to €65,658
- Other operating charges +€14,701
up €14,701 (+417.7%), from €3,520 to €18,221
- Depreciation +€3,680
up €3,680 (+10.9%), from €33,841 to €37,521
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 | €635,604 | €681,702 | +€46,098 | +7.3% |
| Fixed assets | 21/28 | €516,180 | €597,875 | +€81,694 | +15.8% |
| Tangible fixed assets | 22/27 | €516,180 | €597,875 | +€81,694 | +15.8% |
| Land and buildings | 22 | €452,855 | €532,910 | +€80,056 | +17.7% |
| Plant, machinery and equipment | 23 | €3,349 | €2,678 | -€672 | -20.1% |
| Furniture and vehicles | 24 | - | €5,932 | +€5,932 | |
| Other tangible fixed assets | 26 | €59,976 | €56,355 | -€3,621 | -6.0% |
| Current assets | 29/58 | €119,424 | €83,828 | -€35,596 | -29.8% |
| Amounts receivable within one year | 40/41 | €12,335 | €13,983 | +€1,648 | +13.4% |
| Trade receivables | 40 | €12,335 | €13,983 | +€1,648 | +13.4% |
| Cash at bank and in hand | 54/58 | €105,671 | €68,379 | -€37,292 | -35.3% |
| Deferred charges and accrued income | 490/1 | €1,418 | €1,465 | +€47 | +3.3% |
| Total equity and liabilities | 10/49 | €635,604 | €681,702 | +€46,098 | +7.3% |
| Equity | 10/15 | €51,773 | €51,773 | = | 0.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €50,773 | €50,773 | = | 0.0% |
| Distributable reserves | 133 | €50,773 | €50,773 | = | 0.0% |
| Amounts payable | 17/49 | €583,831 | €629,929 | +€46,098 | +7.9% |
| Amounts payable after more than one year | 17 | €387,935 | €483,931 | +€95,996 | +24.7% |
| Financial debts | 170/4 | €387,935 | €483,931 | +€95,996 | +24.7% |
| Amounts payable within one year | 42/48 | €195,896 | €142,005 | -€53,891 | -27.5% |
| Current portion of amounts payable after more than one year | 42 | €30,801 | €31,504 | +€703 | +2.3% |
| Trade debts | 44 | €1,162 | €11,424 | +€10,262 | +882.9% |
| Suppliers | 440/4 | €1,162 | €11,424 | +€10,262 | +882.9% |
| Taxes, remuneration and social security | 45 | €9,360 | €21,833 | +€12,473 | +133.3% |
| Taxes | 450/3 | €7,010 | €19,264 | +€12,254 | +174.8% |
| Remuneration and social security | 454/9 | €2,350 | €2,569 | +€219 | +9.3% |
| Other amounts payable | 47/48 | €154,572 | €77,243 | -€77,329 | -50.0% |
| Accrued charges and deferred income | 492/3 | - | €3,994 | +€3,994 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,841 | €37,521 | +€3,680 | +10.9% |
| Other operating charges | 640/8 | €3,520 | €18,221 | +€14,701 | +417.7% |
| Gross operating margin | 9900 | €239,132 | €347,336 | +€108,204 | +45.2% |
| Operating profit (loss) | 9901 | €201,772 | €291,595 | +€89,823 | +44.5% |
| Financial income | 75/76B | €97 | €98 | +€1 | +1.1% |
| Recurring financial income | 75 | €97 | €98 | +€1 | +1.1% |
| Financial charges | 65/66B | €12,169 | €11,143 | -€1,026 | -8.4% |
| Recurring financial charges | 65 | €12,169 | €11,143 | -€1,026 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €189,699 | €280,550 | +€90,851 | +47.9% |
| Income taxes | 67/77 | €43,118 | €65,658 | +€22,540 | +52.3% |
| Profit (loss) for the period | 9904 | €146,581 | €214,892 | +€68,311 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | €146,581 | €214,892 | +€68,311 | +46.6% |
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.