BORDAU: 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.
BORDAU
Largest movements
- Receivables within one year +€167,571
up €167,571 (+304%), from €55,041 to €222,612
of which Trade receivables: +€125,211
- Stocks and contracts +€111,473
up €111,473 (+14.6%), from €764,487 to €875,960
- Current investments +€100,000
up €100,000 (+9.1%), from €1.1m to €1.2m
- Tangible fixed assets -€95,015
down €95,015 (-12.8%), from €744,024 to €649,008
of which Other tangible fixed assets: -€89,060
- Reserves +€567,613
up €567,613 (+30.0%), from €1.9m to €2.5m
- Tax, wage and social debts -€120,980
down €120,980 (-92.6%), from €130,662 to €9,682
- Debts after one year -€77,770
down €77,770 (-23.2%), from €334,780 to €257,010
- Trade debts -€51,694
down €51,694 (-22.3%), from €232,306 to €180,612
- Gross operating margin -€214,406
down €214,406 (-18.2%), from €1.2m to €965,641
- Taxes -€67,014
down €67,014 (-20.6%), from €325,530 to €258,516
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 | €3,200,360 | €3,502,902 | +€302,542 | +9.5% |
| Fixed assets | 21/28 | €744,424 | €649,408 | -€95,015 | -12.8% |
| Tangible fixed assets | 22/27 | €744,024 | €649,008 | -€95,015 | -12.8% |
| Land and buildings | 22 | €92,570 | €92,570 | = | 0.0% |
| Plant, machinery and equipment | 23 | €43,862 | €34,964 | -€8,898 | -20.3% |
| Furniture and vehicles | 24 | €17,844 | €20,786 | +€2,942 | +16.5% |
| Other tangible fixed assets | 26 | €589,748 | €500,688 | -€89,060 | -15.1% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €2,455,937 | €2,853,494 | +€397,557 | +16.2% |
| Stocks and contracts in progress | 3 | €764,487 | €875,960 | +€111,473 | +14.6% |
| Stocks | 30/36 | €764,487 | €875,960 | +€111,473 | +14.6% |
| Amounts receivable within one year | 40/41 | €55,041 | €222,612 | +€167,571 | +304% |
| Trade receivables | 40 | €50,164 | €175,374 | +€125,211 | +250% |
| Other amounts receivable | 41 | €4,877 | €47,237 | +€42,361 | +869% |
| Current investments | 50/53 | €1,100,000 | €1,200,000 | +€100,000 | +9.1% |
| Cash at bank and in hand | 54/58 | €526,354 | €544,526 | +€18,172 | +3.5% |
| Deferred charges and accrued income | 490/1 | €10,055 | €10,396 | +€341 | +3.4% |
| Total equity and liabilities | 10/49 | €3,200,360 | €3,502,902 | +€302,542 | +9.5% |
| Equity | 10/15 | €2,015,148 | €2,582,760 | +€567,613 | +28.2% |
| Contributions | 10/11 | €125,500 | €125,500 | = | 0.0% |
| Reserves | 13 | €1,889,648 | €2,457,260 | +€567,613 | +30.0% |
| Distributable reserves | 133 | €1,889,648 | €2,457,260 | +€567,613 | +30.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,185,213 | €920,141 | -€265,071 | -22.4% |
| Amounts payable after more than one year | 17 | €334,780 | €257,010 | -€77,770 | -23.2% |
| Financial debts | 170/4 | €334,780 | €257,010 | -€77,770 | -23.2% |
| Amounts payable within one year | 42/48 | €843,564 | €659,490 | -€184,074 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €77,770 | €77,770 | = | 0.0% |
| Trade debts | 44 | €232,306 | €180,612 | -€51,694 | -22.3% |
| Suppliers | 440/4 | €232,306 | €180,612 | -€51,694 | -22.3% |
| Taxes, remuneration and social security | 45 | €130,662 | €9,682 | -€120,980 | -92.6% |
| Taxes | 450/3 | €130,662 | €9,682 | -€120,980 | -92.6% |
| Other amounts payable | 47/48 | €402,826 | €391,426 | -€11,400 | -2.8% |
| Accrued charges and deferred income | 492/3 | €6,868 | €3,641 | -€3,227 | -47.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,901 | €124,326 | +€5,426 | +4.6% |
| Other operating charges | 640/8 | €13,344 | €15,525 | +€2,181 | +16.3% |
| Gross operating margin | 9900 | €1,180,047 | €965,641 | -€214,406 | -18.2% |
| Operating profit (loss) | 9901 | €1,047,803 | €825,790 | -€222,013 | -21.2% |
| Financial income | 75/76B | €11,114 | €19,178 | +€8,064 | +72.6% |
| Recurring financial income | 75 | €11,114 | €19,178 | +€8,064 | +72.6% |
| Financial charges | 65/66B | €23,108 | €18,839 | -€4,268 | -18.5% |
| Recurring financial charges | 65 | €23,108 | €18,839 | -€4,268 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €1,035,809 | €826,129 | -€209,680 | -20.2% |
| Income taxes | 67/77 | €325,530 | €258,516 | -€67,014 | -20.6% |
| Profit (loss) for the period | 9904 | €710,278 | €567,613 | -€142,665 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €710,278 | €567,613 | -€142,665 | -20.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.