BOREA: 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.
BOREA
Largest movements
- Receivables within one year +€35,413
up €35,413 (+319.1%), from €11,096 to €46,509
of which Trade receivables: +€35,413
- Tangible fixed assets -€10,709
down €10,709 (-2.6%), from €404,645 to €393,936
of which Land and buildings: -€10,304
- Profit (loss) carried forward +€37,958
up €37,958 (+34.5%), from -€109,910 to -€71,952
- Debts after one year -€30,712
down €30,712 (-7.3%), from €418,763 to €388,051
- Tax, wage and social debts +€22,838
up €22,838 (+122.7%), from €18,609 to €41,447
of which Taxes: +€25,311
- Gross operating margin +€55,627
up €55,627 (+63.8%), from €87,199 to €142,827
- Financial charges +€5,256
up €5,256 (+33.9%), from €15,527 to €20,783
- Taxes +€3,067
up €3,067 (+300.7%), from €1,020 to €4,087
- Staff costs +€1,670
up €1,670 (+2.5%), from €67,813 to €69,483
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 | €424,904 | €449,783 | +€24,879 | +5.9% |
| Fixed assets | 21/28 | €404,645 | €393,936 | -€10,709 | -2.6% |
| Tangible fixed assets | 22/27 | €404,645 | €393,936 | -€10,709 | -2.6% |
| Land and buildings | 22 | €404,240 | €393,936 | -€10,304 | -2.5% |
| Furniture and vehicles | 24 | €405 | - | -€405 | |
| Current assets | 29/58 | €20,258 | €55,847 | +€35,588 | +175.7% |
| Amounts receivable within one year | 40/41 | €11,096 | €46,509 | +€35,413 | +319.1% |
| Trade receivables | 40 | €10,753 | €46,166 | +€35,413 | +329.3% |
| Other amounts receivable | 41 | €343 | €343 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,273 | €7,750 | +€1,477 | +23.5% |
| Deferred charges and accrued income | 490/1 | €2,889 | €1,587 | -€1,301 | -45.0% |
| Total equity and liabilities | 10/49 | €424,904 | €449,783 | +€24,879 | +5.9% |
| Equity | 10/15 | -€41,948 | -€8,319 | +€33,629 | +80.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €5,962 | €1,633 | -€4,329 | -72.6% |
| Non-distributable reserves | 130/1 | €1,633 | €1,633 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,633 | €1,633 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,329 | - | -€4,329 | |
| Profit (loss) carried forward | 14 | -€109,910 | -€71,952 | +€37,958 | +34.5% |
| Amounts payable | 17/49 | €466,852 | €458,102 | -€8,750 | -1.9% |
| Amounts payable after more than one year | 17 | €418,763 | €388,051 | -€30,712 | -7.3% |
| Financial debts | 170/4 | €418,763 | €388,051 | -€30,712 | -7.3% |
| Amounts payable within one year | 42/48 | €43,149 | €63,250 | +€20,101 | +46.6% |
| Current portion of amounts payable after more than one year | 42 | €17,756 | €13,527 | -€4,229 | -23.8% |
| Trade debts | 44 | €6,784 | €8,276 | +€1,491 | +22.0% |
| Suppliers | 440/4 | €6,784 | €8,276 | +€1,491 | +22.0% |
| Taxes, remuneration and social security | 45 | €18,609 | €41,447 | +€22,838 | +122.7% |
| Taxes | 450/3 | €5,664 | €30,975 | +€25,311 | +446.9% |
| Remuneration and social security | 454/9 | €12,945 | €10,472 | -€2,473 | -19.1% |
| Accrued charges and deferred income | 492/3 | €4,940 | €6,801 | +€1,861 | +37.7% |
| Remuneration, social security and pensions | 62 | €67,813 | €69,483 | +€1,670 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,325 | €10,709 | -€616 | -5.4% |
| Other operating charges | 640/8 | €4,987 | €4,142 | -€845 | -16.9% |
| Gross operating margin | 9900 | €87,199 | €142,827 | +€55,627 | +63.8% |
| Operating profit (loss) | 9901 | €3,074 | €58,492 | +€55,418 | +1802.6% |
| Financial income | 75/76B | €0 | €8 | +€7 | +4643.8% |
| Recurring financial income | 75 | €0 | €8 | +€7 | +4643.8% |
| Financial charges | 65/66B | €15,527 | €20,783 | +€5,256 | +33.9% |
| Recurring financial charges | 65 | €15,527 | €20,783 | +€5,256 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,453 | €37,716 | +€50,169 | |
| Income taxes | 67/77 | €1,020 | €4,087 | +€3,067 | +300.7% |
| Profit (loss) for the period | 9904 | -€13,473 | €33,629 | +€47,102 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,473 | €33,629 | +€47,102 |
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.