BORDMAN: 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.
BORDMAN
Largest movements
- Tangible fixed assets +€327,155
up €327,155 (+72.1%), from €454,026 to €781,182
of which Land and buildings: +€229,942
- Cash +€41,774
up €41,774 (+22.7%), from €183,741 to €225,515
mainly Debts after one year (+€258,494) and Net result for the year (+€158,030)
- Receivables within one year +€26,256
up €26,256 (+52.0%), from €50,526 to €76,782
of which Trade receivables: +€22,495
- Debts after one year +€258,494
up €258,494 (+75.4%), from €342,947 to €601,440
- Trade debts +€45,356
up €45,356 (+147.3%), from €30,802 to €76,158
- Reserves +€40,435
up €40,435 (+18.5%), from €218,278 to €258,713
- Other debts +€23,086
up €23,086 (+50.3%), from €45,929 to €69,015
- Current portion of long-term debt +€18,006
up €18,006 (+74.9%), from €24,039 to €42,045
- Gross operating margin +€177,266
up €177,266 (+91.6%), from €193,448 to €370,714
- Other operating charges +€31,166
up €31,166 (+668.6%), from €4,662 to €35,828
- Taxes +€28,948
up €28,948 (+174.0%), from €16,640 to €45,588
- Depreciation +€12,713
up €12,713 (+39.3%), from €32,385 to €45,099
- Financial charges +€4,097
up €4,097 (+46.0%), from €8,904 to €13,001
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €713,316 | €1,114,788 | +€401,472 | +56.3% |
| Fixed assets | 21/28 | €454,026 | €781,182 | +€327,155 | +72.1% |
| Tangible fixed assets | 22/27 | €454,026 | €781,182 | +€327,155 | +72.1% |
| Land and buildings | 22 | €418,981 | €648,922 | +€229,942 | +54.9% |
| Plant, machinery and equipment | 23 | €20,516 | €120,883 | +€100,368 | +489.2% |
| Furniture and vehicles | 24 | €13,880 | €11,051 | -€2,829 | -20.4% |
| Other tangible fixed assets | 26 | €650 | €325 | -€325 | -50.0% |
| Current assets | 29/58 | €259,289 | €333,607 | +€74,317 | +28.7% |
| Stocks and contracts in progress | 3 | €17,374 | €21,556 | +€4,182 | +24.1% |
| Stocks | 30/36 | €17,374 | €21,556 | +€4,182 | +24.1% |
| Amounts receivable within one year | 40/41 | €50,526 | €76,782 | +€26,256 | +52.0% |
| Trade receivables | 40 | €42,165 | €64,660 | +€22,495 | +53.4% |
| Other amounts receivable | 41 | €8,361 | €12,122 | +€3,761 | +45.0% |
| Current investments | 50/53 | €7,649 | €3,449 | -€4,200 | -54.9% |
| Cash at bank and in hand | 54/58 | €183,741 | €225,515 | +€41,774 | +22.7% |
| Deferred charges and accrued income | 490/1 | - | €6,305 | +€6,305 | |
| Total equity and liabilities | 10/49 | €713,316 | €1,114,788 | +€401,472 | +56.3% |
| Equity | 10/15 | €236,878 | €277,313 | +€40,435 | +17.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €218,278 | €258,713 | +€40,435 | +18.5% |
| Distributable reserves | 133 | €218,278 | €258,713 | +€40,435 | +18.5% |
| Amounts payable | 17/49 | €476,438 | €837,475 | +€361,037 | +75.8% |
| Amounts payable after more than one year | 17 | €342,947 | €601,440 | +€258,494 | +75.4% |
| Financial debts | 170/4 | €342,947 | €601,440 | +€258,494 | +75.4% |
| Amounts payable within one year | 42/48 | €121,632 | €219,389 | +€97,758 | +80.4% |
| Current portion of amounts payable after more than one year | 42 | €24,039 | €42,045 | +€18,006 | +74.9% |
| Trade debts | 44 | €30,802 | €76,158 | +€45,356 | +147.3% |
| Suppliers | 440/4 | €30,802 | €76,158 | +€45,356 | +147.3% |
| Taxes, remuneration and social security | 45 | €20,861 | €32,170 | +€11,309 | +54.2% |
| Taxes | 450/3 | €8,877 | €10,771 | +€1,894 | +21.3% |
| Remuneration and social security | 454/9 | €11,984 | €21,400 | +€9,415 | +78.6% |
| Other amounts payable | 47/48 | €45,929 | €69,015 | +€23,086 | +50.3% |
| Accrued charges and deferred income | 492/3 | €11,860 | €16,646 | +€4,786 | +40.4% |
| Remuneration, social security and pensions | 62 | €76,639 | €76,240 | -€399 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,385 | €45,099 | +€12,713 | +39.3% |
| Other operating charges | 640/8 | €4,662 | €35,828 | +€31,166 | +668.6% |
| Non-recurring operating charges | 66A | €7,949 | €291 | -€7,658 | -96.3% |
| Gross operating margin | 9900 | €193,448 | €370,714 | +€177,266 | +91.6% |
| Operating profit (loss) | 9901 | €71,813 | €213,257 | +€141,444 | +197.0% |
| Financial income | 75/76B | €640 | €3,362 | +€2,722 | +425.3% |
| Recurring financial income | 75 | €640 | €3,362 | +€2,722 | +425.3% |
| Financial charges | 65/66B | €8,904 | €13,001 | +€4,097 | +46.0% |
| Recurring financial charges | 65 | €8,904 | €13,001 | +€4,097 | +46.0% |
| Profit (loss) for the period before taxes | 9903 | €63,549 | €203,618 | +€140,069 | +220.4% |
| Income taxes | 67/77 | €16,640 | €45,588 | +€28,948 | +174.0% |
| Profit (loss) for the period | 9904 | €46,910 | €158,030 | +€111,120 | +236.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,910 | €158,030 | +€111,120 | +236.9% |
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 10 October 2026 via checked.be.