BORD'O: 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.
BORD'O
Largest movements
- Cash -€56,053
down €56,053 (-27.3%), from €204,990 to €148,937
mainly Contributions, distributions and other (-€128,179) and Debts after one year (-€37,259)
- Tangible fixed assets -€26,627
down €26,627 (-7.0%), from €378,087 to €351,460
of which Plant, machinery and equipment: -€14,895
- Receivables within one year -€8,293
down €8,293 (-75.0%), from €11,053 to €2,760
of which Trade receivables: -€10,409
- Debts after one year -€37,259
down €37,259 (-19.6%), from €189,836 to €152,577
of which Financial debts: -€37,346
- Trade debts -€29,873
down €29,873 (-69.3%), from €43,080 to €13,207
- Other debts -€28,402
down €28,402 (-18.1%), from €156,581 to €128,179
- Tax, wage and social debts +€14,821
up €14,821 (+43.8%), from €33,820 to €48,641
of which Taxes: +€14,512
- Current portion of long-term debt -€12,086
down €12,086 (-17.4%), from €69,338 to €57,252
- Gross operating margin +€62,337
up €62,337 (+18.3%), from €340,268 to €402,605
- Taxes +€10,348
up €10,348 (+38.6%), from €26,837 to €37,185
- Staff costs +€5,455
up €5,455 (+3.4%), from €158,770 to €164,224
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 | €641,192 | €551,071 | -€90,121 | -14.1% |
| Fixed assets | 21/28 | €378,087 | €351,460 | -€26,627 | -7.0% |
| Tangible fixed assets | 22/27 | €378,087 | €351,460 | -€26,627 | -7.0% |
| Land and buildings | 22 | €265,188 | €252,577 | -€12,611 | -4.8% |
| Plant, machinery and equipment | 23 | €106,091 | €91,196 | -€14,895 | -14.0% |
| Furniture and vehicles | 24 | €6,808 | €7,687 | +€879 | +12.9% |
| Current assets | 29/58 | €263,106 | €199,611 | -€63,494 | -24.1% |
| Amounts receivable after more than one year | 29 | €9,000 | €9,821 | +€821 | +9.1% |
| Other amounts receivable | 291 | €9,000 | €9,821 | +€821 | +9.1% |
| Stocks and contracts in progress | 3 | €31,835 | €31,753 | -€82 | -0.3% |
| Stocks | 30/36 | €31,835 | €31,753 | -€82 | -0.3% |
| Amounts receivable within one year | 40/41 | €11,053 | €2,760 | -€8,293 | -75.0% |
| Trade receivables | 40 | €11,053 | €644 | -€10,409 | -94.2% |
| Other amounts receivable | 41 | - | €2,116 | +€2,116 | |
| Cash at bank and in hand | 54/58 | €204,990 | €148,937 | -€56,053 | -27.3% |
| Deferred charges and accrued income | 490/1 | €6,228 | €6,340 | +€113 | +1.8% |
| Total equity and liabilities | 10/49 | €641,192 | €551,071 | -€90,121 | -14.1% |
| Equity | 10/15 | €141,941 | €141,941 | = | 0.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €91,941 | €91,941 | = | 0.0% |
| Distributable reserves | 133 | €91,941 | €91,941 | = | 0.0% |
| Amounts payable | 17/49 | €499,252 | €409,131 | -€90,121 | -18.1% |
| Amounts payable after more than one year | 17 | €189,836 | €152,577 | -€37,259 | -19.6% |
| Financial debts | 170/4 | €182,095 | €144,748 | -€37,346 | -20.5% |
| Other amounts payable | 178/9 | €7,741 | €7,828 | +€87 | +1.1% |
| Amounts payable within one year | 42/48 | €309,416 | €256,554 | -€52,862 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €69,338 | €57,252 | -€12,086 | -17.4% |
| Trade debts | 44 | €43,080 | €13,207 | -€29,873 | -69.3% |
| Suppliers | 440/4 | €43,080 | €13,207 | -€29,873 | -69.3% |
| Advances received on contracts in progress | 46 | €6,597 | €9,275 | +€2,678 | +40.6% |
| Taxes, remuneration and social security | 45 | €33,820 | €48,641 | +€14,821 | +43.8% |
| Taxes | 450/3 | €20,706 | €35,219 | +€14,512 | +70.1% |
| Remuneration and social security | 454/9 | €13,114 | €13,422 | +€308 | +2.4% |
| Other amounts payable | 47/48 | €156,581 | €128,179 | -€28,402 | -18.1% |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Remuneration, social security and pensions | 62 | €158,770 | €164,224 | +€5,455 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,148 | €47,774 | +€626 | +1.3% |
| Other operating charges | 640/8 | €3,596 | €7,354 | +€3,759 | +105% |
| Non-recurring operating charges | 66A | - | €10,409 | +€10,409 | |
| Gross operating margin | 9900 | €340,268 | €402,605 | +€62,337 | +18.3% |
| Operating profit (loss) | 9901 | €130,755 | €172,843 | +€42,088 | +32.2% |
| Financial income | 75/76B | €998 | €620 | -€377 | -37.8% |
| Recurring financial income | 75 | €998 | €620 | -€377 | -37.8% |
| Financial charges | 65/66B | €8,191 | €8,100 | -€91 | -1.1% |
| Recurring financial charges | 65 | €8,191 | €8,100 | -€91 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €123,562 | €165,364 | +€41,803 | +33.8% |
| Income taxes | 67/77 | €26,837 | €37,185 | +€10,348 | +38.6% |
| Profit (loss) for the period | 9904 | €96,724 | €128,179 | +€31,455 | +32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €96,724 | €128,179 | +€31,455 | +32.5% |
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 23 October 2026 via checked.be.