Bordes: 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.
What changed
Bordes
NACE 68.310, Real estate agency activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€254,439
2024 · €165,526+€88,913
Equity
€1.4m
2024 · €1.1m+€254,439
Cash
€777,475
2024 · €417,379+€360,096
Balance sheet total
€4.8m
2024 · €4.3m+€461,797
Largest movements
Assets
- Cash +€360,096
up €360,096 (+86.3%), from €417,379 to €777,475
mainly Depreciation (+€290,227) and Net result for the year (+€254,439)
- Tangible fixed assets +€143,619
up €143,619 (+4.5%), from €3.2m to €3.3m
of which Land and buildings: +€131,251
Equity and liabilities
- Reserves +€254,439
up €254,439 (+23.1%), from €1.1m to €1.4m
of which Distributable reserves: +€132,224
- Debts after one year +€157,521
up €157,521 (+6.9%), from €2.3m to €2.4m
of which Financial debts: +€437,458
- Advances received -€55,479
down €55,479 (-98.4%), from €56,391 to €912
- Current portion of long-term debt +€52,114
up €52,114 (+21.5%), from €242,331 to €294,445
Income statement
- Financial income +€207,817
up €207,817 (+5114.9%), from €4,063 to €211,880
of which Non-recurring financial income: +€168,313
- Depreciation +€75,997
up €75,997 (+35.5%), from €214,230 to €290,227
- Gross operating margin +€67,440
up €67,440 (+10.2%), from €664,247 to €731,687
- Financial charges +€32,405
up €32,405 (+55.4%), from €58,505 to €90,910
- Other operating charges +€32,048
up €32,048 (+90.6%), from €35,361 to €67,409
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.
Result 2024
€165,526
Gross operating margin
+€67,440
Staff costs
-€23,551
Depreciation
-€75,997
Write-downs
+€3,800
Other operating charges
-€32,048
Financial income
+€207,817
Financial charges
-€32,405
Taxes
+€14,596
Deferred taxes and other
-€40,738
Result 2025
€254,439
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.
From operations
+€562,459
Investment
-€410,857
Financing
+€208,494
Cash 2024
€417,379
From operations (derived)
+€562,459
Net result for the year
+€254,439
Depreciation
+€290,227
Receivables within one year
+€9,053
Deferred charges and accrued income
+€9,875
Provisions
+€40,738
Trade debts
-€2,317
Tax, wage and social debts
+€9,230
Advances received
-€55,479
Other debts
+€11,122
Accrued charges and deferred income
-€4,431
Investment (derived)
-€410,857
Investment in fixed assets (net)
-€421,378
Current investments
+€10,521
Financing
+€208,494
Debts after one year
+€157,521
Current portion of long-term debt
+€52,114
Short-term financial debts
-€1,141
Cash 2025
€777,475
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,330,291 | €4,792,088 | +€461,797 | +10.7% |
| Fixed assets | 21/28 | €3,306,947 | €3,438,097 | +€131,151 | +4.0% |
| Intangible fixed assets | 21 | €136,497 | €124,029 | -€12,468 | -9.1% |
| Tangible fixed assets | 22/27 | €3,170,450 | €3,314,068 | +€143,619 | +4.5% |
| Land and buildings | 22 | €3,130,604 | €3,261,856 | +€131,251 | +4.2% |
| Plant, machinery and equipment | 23 | €12,092 | €8,053 | -€4,038 | -33.4% |
| Furniture and vehicles | 24 | €18,292 | €33,404 | +€15,112 | +82.6% |
| Other tangible fixed assets | 26 | €9,462 | €10,756 | +€1,294 | +13.7% |
| Current assets | 29/58 | €1,023,344 | €1,353,991 | +€330,647 | +32.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €81,798 | €81,798 | = | 0.0% |
| Stocks | 30/36 | €81,798 | €81,798 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €116,790 | €107,737 | -€9,053 | -7.8% |
| Trade receivables | 40 | €113,911 | €95,305 | -€18,606 | -16.3% |
| Other amounts receivable | 41 | €2,879 | €12,432 | +€9,553 | +331.8% |
| Current investments | 50/53 | €361,246 | €350,726 | -€10,521 | -2.9% |
| Cash at bank and in hand | 54/58 | €417,379 | €777,475 | +€360,096 | +86.3% |
| Deferred charges and accrued income | 490/1 | €46,131 | €36,256 | -€9,875 | -21.4% |
| Total equity and liabilities | 10/49 | €4,330,291 | €4,792,088 | +€461,797 | +10.7% |
| Equity | 10/15 | €1,121,398 | €1,375,838 | +€254,439 | +22.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,102,798 | €1,357,238 | +€254,439 | +23.1% |
| Tax-exempt reserves | 132 | - | €122,215 | +€122,215 | |
| Distributable reserves | 133 | €1,102,798 | €1,235,022 | +€132,224 | +12.0% |
| Provisions and deferred taxes | 16 | - | €40,738 | +€40,738 | |
| Deferred taxes | 168 | - | €40,738 | +€40,738 | |
| Amounts payable | 17/49 | €3,208,892 | €3,375,512 | +€166,620 | +5.2% |
| Amounts payable after more than one year | 17 | €2,278,145 | €2,435,666 | +€157,521 | +6.9% |
| Financial debts | 170/4 | €1,993,822 | €2,431,280 | +€437,458 | +21.9% |
| Other amounts payable | 178/9 | €284,323 | €4,386 | -€279,937 | -98.5% |
| Amounts payable within one year | 42/48 | €909,146 | €922,676 | +€13,530 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €242,331 | €294,445 | +€52,114 | +21.5% |
| Financial debts | 43 | €1,488 | €347 | -€1,141 | -76.7% |
| Credit institutions | 430/8 | €1,488 | €347 | -€1,141 | -76.7% |
| Trade debts | 44 | €337,948 | €335,631 | -€2,317 | -0.7% |
| Suppliers | 440/4 | €337,948 | €335,631 | -€2,317 | -0.7% |
| Advances received on contracts in progress | 46 | €56,391 | €912 | -€55,479 | -98.4% |
| Taxes, remuneration and social security | 45 | €36,350 | €45,580 | +€9,230 | +25.4% |
| Taxes | 450/3 | €19,165 | €25,043 | +€5,879 | +30.7% |
| Remuneration and social security | 454/9 | €17,185 | €20,537 | +€3,352 | +19.5% |
| Other amounts payable | 47/48 | €234,638 | €245,760 | +€11,122 | +4.7% |
| Accrued charges and deferred income | 492/3 | €21,601 | €17,170 | -€4,431 | -20.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €135,660 | €159,211 | +€23,551 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,230 | €290,227 | +€75,997 | +35.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,800 | €0 | -€3,800 | -100.0% |
| Other operating charges | 640/8 | €35,361 | €67,409 | +€32,048 | +90.6% |
| Gross operating margin | 9900 | €664,247 | €731,687 | +€67,440 | +10.2% |
| Operating profit (loss) | 9901 | €275,196 | €214,840 | -€60,355 | -21.9% |
| Financial income | 75/76B | €4,063 | €211,880 | +€207,817 | +5114.9% |
| Recurring financial income | 75 | €4,063 | €43,567 | +€39,504 | +972.3% |
| Non-recurring financial income | 76B | €0 | €168,313 | +€168,313 | |
| Financial charges | 65/66B | €58,505 | €90,910 | +€32,405 | +55.4% |
| Recurring financial charges | 65 | €58,505 | €90,910 | +€32,405 | +55.4% |
| Profit (loss) for the period before taxes | 9903 | €220,754 | €335,810 | +€115,056 | +52.1% |
| Transfer from deferred taxes | 780 | - | €1,236 | +€1,236 | |
| Transfer to deferred taxes | 680 | - | €41,975 | +€41,975 | |
| Income taxes | 67/77 | €55,228 | €40,632 | -€14,596 | -26.4% |
| Profit (loss) for the period | 9904 | €165,526 | €254,439 | +€88,913 | +53.7% |
| Transfer from tax-exempt reserves | 789 | €0 | €3,709 | +€3,709 | |
| Transfer to tax-exempt reserves | 689 | - | €125,925 | +€125,925 | |
| Profit (loss) for the period to be appropriated | 9905 | €165,526 | €132,224 | -€33,302 | -20.1% |
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 11 October 2026 via checked.be.