BORDES MERELBEKE: 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.
BORDES MERELBEKE
Largest movements
- Receivables within one year -€95,058
down €95,058 (-68.0%), from €139,839 to €44,781
of which Trade receivables: -€95,853
- Cash +€69,718
up €69,718 (+146%), from €47,862 to €117,581
mainly Net result for the year (+€126,933) and Receivables within one year (+€95,058)
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
- Other debts -€78,009
down €78,009 (-43.3%), from €180,030 to €102,021
- Reserves +€25,433
up €25,433 (+221%), from €11,513 to €36,946
- Tax, wage and social debts -€17,553
down €17,553 (-75.6%), from €23,219 to €5,667
of which Taxes: -€18,014
- Staff costs +€38,272
up €38,272 (+83.1%), from €46,041 to €84,313
- Gross operating margin +€32,219
up €32,219 (+16.0%), from €201,279 to €233,498
- Other operating charges -€5,565
down €5,565 (-75.3%), from €7,388 to €1,824
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 | €275,495 | €198,967 | -€76,527 | -27.8% |
| Fixed assets | 21/28 | €35,553 | €32,886 | -€2,666 | -7.5% |
| Tangible fixed assets | 22/27 | €35,553 | €32,886 | -€2,666 | -7.5% |
| Plant, machinery and equipment | 23 | €125 | €0 | -€125 | -100% |
| Furniture and vehicles | 24 | €14,413 | €13,198 | -€1,215 | -8.4% |
| Other tangible fixed assets | 26 | €21,015 | €19,688 | -€1,326 | -6.3% |
| Current assets | 29/58 | €239,942 | €166,081 | -€73,861 | -30.8% |
| Amounts receivable within one year | 40/41 | €139,839 | €44,781 | -€95,058 | -68.0% |
| Trade receivables | 40 | €139,004 | €43,152 | -€95,853 | -69.0% |
| Other amounts receivable | 41 | €835 | €1,629 | +€795 | +95.2% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €47,862 | €117,581 | +€69,718 | +146% |
| Deferred charges and accrued income | 490/1 | €2,240 | €3,719 | +€1,479 | +66.0% |
| Total equity and liabilities | 10/49 | €275,495 | €198,967 | -€76,527 | -27.8% |
| Equity | 10/15 | €30,113 | €55,546 | +€25,433 | +84.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,513 | €36,946 | +€25,433 | +221% |
| Distributable reserves | 133 | €11,513 | €36,946 | +€25,433 | +221% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €245,382 | €143,421 | -€101,961 | -41.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €245,200 | €143,421 | -€101,779 | -41.5% |
| Current portion of amounts payable after more than one year | 42 | €1,686 | €0 | -€1,686 | -100% |
| Financial debts | 43 | €2,552 | €660 | -€1,892 | -74.2% |
| Credit institutions | 430/8 | €2,552 | €660 | -€1,892 | -74.2% |
| Trade debts | 44 | €37,713 | €35,075 | -€2,638 | -7.0% |
| Suppliers | 440/4 | €37,713 | €35,075 | -€2,638 | -7.0% |
| Taxes, remuneration and social security | 45 | €23,219 | €5,667 | -€17,553 | -75.6% |
| Taxes | 450/3 | €19,375 | €1,361 | -€18,014 | -93.0% |
| Remuneration and social security | 454/9 | €3,844 | €4,306 | +€462 | +12.0% |
| Other amounts payable | 47/48 | €180,030 | €102,021 | -€78,009 | -43.3% |
| Accrued charges and deferred income | 492/3 | €182 | €0 | -€182 | -100% |
| Remuneration, social security and pensions | 62 | €46,041 | €84,313 | +€38,272 | +83.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,472 | €8,961 | +€1,489 | +19.9% |
| Other operating charges | 640/8 | €7,388 | €1,824 | -€5,565 | -75.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €201,279 | €233,498 | +€32,219 | +16.0% |
| Operating profit (loss) | 9901 | €140,378 | €138,400 | -€1,977 | -1.4% |
| Financial income | 75/76B | €1,529 | €160 | -€1,370 | -89.6% |
| Recurring financial income | 75 | €1,529 | €160 | -€1,370 | -89.6% |
| Financial charges | 65/66B | €352 | €131 | -€221 | -62.8% |
| Recurring financial charges | 65 | €352 | €131 | -€221 | -62.8% |
| Profit (loss) for the period before taxes | 9903 | €141,555 | €138,429 | -€3,126 | -2.2% |
| Income taxes | 67/77 | €11,610 | €11,496 | -€114 | -1.0% |
| Profit (loss) for the period | 9904 | €129,945 | €126,933 | -€3,012 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €129,945 | €126,933 | -€3,012 | -2.3% |
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 30 October 2026 via checked.be.