BORDERLESS EXECUTIVE SEARCH: 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.
BORDERLESS EXECUTIVE SEARCH
Largest movements
- Cash +€105,568
up €105,568 (+149%), from €70,885 to €176,453
mainly Trade debts (+€149,353) and Net result for the year (+€83,819)
- Receivables within one year -€16,972
down €16,972 (-2.3%), from €747,960 to €730,989
of which Trade receivables: -€110,630
- Deferred charges and accrued income +€11,314
up €11,314 (+69.2%), from €16,342 to €27,657
- Trade debts +€149,353
up €149,353 (+69.7%), from €214,328 to €363,681
- Short-term financial debts -€105,000
no longer reported in 2025 (was €105,000)
- Reserves +€72,934
up €72,934 (+41.1%), from €177,308 to €250,241
- Taxes +€35,035
up €35,035 (+18,358%), from €191 to €35,226
- Financial income +€8,503
up €8,503 (+1,510%), from €563 to €9,066
- Financial charges -€7,312
down €7,312 (-58.8%), from €12,434 to €5,122
- Gross operating margin -€3,240
down €3,240 (-1.8%), from €175,715 to €172,475
- Other operating charges +€2,177
up €2,177 (+348%), from €625 to €2,802
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €867,949 | €971,583 | +€103,633 | +11.9% |
| Fixed assets | 21/28 | €32,762 | €36,485 | +€3,722 | +11.4% |
| Intangible fixed assets | 21 | - | €6,120 | +€6,120 | |
| Tangible fixed assets | 22/27 | €26,989 | €24,591 | -€2,397 | -8.9% |
| Plant, machinery and equipment | 23 | €49 | - | -€49 | |
| Other tangible fixed assets | 26 | €26,940 | €24,591 | -€2,349 | -8.7% |
| Financial fixed assets | 28 | €5,774 | €5,774 | = | 0.0% |
| Current assets | 29/58 | €835,187 | €935,098 | +€99,911 | +12.0% |
| Amounts receivable within one year | 40/41 | €747,960 | €730,989 | -€16,972 | -2.3% |
| Trade receivables | 40 | €567,805 | €457,175 | -€110,630 | -19.5% |
| Other amounts receivable | 41 | €180,155 | €273,813 | +€93,658 | +52.0% |
| Cash at bank and in hand | 54/58 | €70,885 | €176,453 | +€105,568 | +149% |
| Deferred charges and accrued income | 490/1 | €16,342 | €27,657 | +€11,314 | +69.2% |
| Total equity and liabilities | 10/49 | €867,949 | €971,583 | +€103,633 | +11.9% |
| Equity | 10/15 | €197,308 | €270,241 | +€72,934 | +37.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €177,308 | €250,241 | +€72,934 | +41.1% |
| Distributable reserves | 133 | €177,308 | €250,241 | +€72,934 | +41.1% |
| Amounts payable | 17/49 | €670,642 | €701,341 | +€30,699 | +4.6% |
| Amounts payable within one year | 42/48 | €668,741 | €701,341 | +€32,600 | +4.9% |
| Financial debts | 43 | €105,000 | - | -€105,000 | |
| Credit institutions | 430/8 | €105,000 | - | -€105,000 | |
| Trade debts | 44 | €214,328 | €363,681 | +€149,353 | +69.7% |
| Suppliers | 440/4 | €214,328 | €363,681 | +€149,353 | +69.7% |
| Taxes, remuneration and social security | 45 | €8,592 | €6,274 | -€2,318 | -27.0% |
| Taxes | 450/3 | €2,701 | €172 | -€2,529 | -93.6% |
| Remuneration and social security | 454/9 | €5,891 | €6,102 | +€211 | +3.6% |
| Other amounts payable | 47/48 | €340,821 | €331,386 | -€9,435 | -2.8% |
| Accrued charges and deferred income | 492/3 | €1,900 | - | -€1,900 | |
| Remuneration, social security and pensions | 62 | €52,320 | €53,836 | +€1,516 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,617 | €2,735 | -€1,882 | -40.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€2,000 | -€2,000 | |
| Other operating charges | 640/8 | €625 | €2,802 | +€2,177 | +348% |
| Gross operating margin | 9900 | €175,715 | €172,475 | -€3,240 | -1.8% |
| Operating profit (loss) | 9901 | €118,153 | €115,101 | -€3,052 | -2.6% |
| Financial income | 75/76B | €563 | €9,066 | +€8,503 | +1,510% |
| Recurring financial income | 75 | €563 | €9,066 | +€8,503 | +1,510% |
| Financial charges | 65/66B | €12,434 | €5,122 | -€7,312 | -58.8% |
| Recurring financial charges | 65 | €12,434 | €5,122 | -€7,312 | -58.8% |
| Profit (loss) for the period before taxes | 9903 | €106,282 | €119,046 | +€12,763 | +12.0% |
| Income taxes | 67/77 | €191 | €35,226 | +€35,035 | +18,358% |
| Profit (loss) for the period | 9904 | €106,091 | €83,819 | -€22,272 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €106,091 | €83,819 | -€22,272 | -21.0% |
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 22 October 2026 via checked.be.