BOREAL: what changed
Two fiscal 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.
BOREAL
Largest movements
- Current investments +€70,000
new in 2025: €70,000
- Cash -€66,391
down €66,391 (-75.1%), from €88,406 to €22,015
mainly Current investments (-€70,000) and Net result for the year (-€12,968)
- Receivables within one year -€13,901
down €13,901 (-34.6%), from €40,201 to €26,300
of which Trade receivables: -€13,902
- Tangible fixed assets -€6,478
down €6,478 (-81.8%), from €7,916 to €1,438
of which Furniture and vehicles: -€6,828
- Profit (loss) carried forward -€12,968
down €12,968 (-20.9%), from €62,018 to €49,050
- Tax, wage and social debts -€4,191
down €4,191 (-39.1%), from €10,716 to €6,525
of which Taxes: -€4,791
- Other debts +€2,037
up €2,037 (+109.5%), from €1,860 to €3,897
- Trade debts -€1,655
down €1,655 (-63.7%), from €2,598 to €943
- Gross operating margin -€18,538
down €18,538, from €12,803 to -€5,735
- Taxes -€2,363
down €2,363 (-88.6%), from €2,668 to €305
- Financial income +€397
up €397 (+567.1%), from €70 to €467
- Financial charges +€198
up €198 (+341.4%), from €58 to €256
- Other operating charges -€166
down €166 (-20.1%), from €827 to €661
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 | €136,829 | €120,051 | -€16,778 | -12.3% |
| Fixed assets | 21/28 | €7,916 | €1,438 | -€6,478 | -81.8% |
| Tangible fixed assets | 22/27 | €7,916 | €1,438 | -€6,478 | -81.8% |
| Furniture and vehicles | 24 | €7,916 | €1,088 | -€6,828 | -86.3% |
| Other tangible fixed assets | 26 | - | €350 | +€350 | |
| Current assets | 29/58 | €128,913 | €118,613 | -€10,300 | -8.0% |
| Amounts receivable within one year | 40/41 | €40,201 | €26,300 | -€13,901 | -34.6% |
| Trade receivables | 40 | €38,771 | €24,869 | -€13,902 | -35.9% |
| Other amounts receivable | 41 | €1,430 | €1,431 | +€1 | +0.1% |
| Current investments | 50/53 | - | €70,000 | +€70,000 | |
| Cash at bank and in hand | 54/58 | €88,406 | €22,015 | -€66,391 | -75.1% |
| Deferred charges and accrued income | 490/1 | €306 | €298 | -€8 | -2.6% |
| Total equity and liabilities | 10/49 | €136,829 | €120,051 | -€16,778 | -12.3% |
| Equity | 10/15 | €121,655 | €108,686 | -€12,969 | -10.7% |
| Contributions | 10/11 | €7,606 | €7,605 | -€1 | 0.0% |
| Reserves | 13 | €52,031 | €52,031 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €50,031 | €50,031 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,018 | €49,050 | -€12,968 | -20.9% |
| Amounts payable | 17/49 | €15,174 | €11,365 | -€3,809 | -25.1% |
| Amounts payable within one year | 42/48 | €15,174 | €11,365 | -€3,809 | -25.1% |
| Trade debts | 44 | €2,598 | €943 | -€1,655 | -63.7% |
| Suppliers | 440/4 | €2,598 | €943 | -€1,655 | -63.7% |
| Taxes, remuneration and social security | 45 | €10,716 | €6,525 | -€4,191 | -39.1% |
| Taxes | 450/3 | €10,716 | €5,925 | -€4,791 | -44.7% |
| Remuneration and social security | 454/9 | - | €600 | +€600 | |
| Other amounts payable | 47/48 | €1,860 | €3,897 | +€2,037 | +109.5% |
| Non-recurring operating income | 76A | €124,909 | - | -€124,909 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,472 | €6,478 | +€6 | +0.1% |
| Other operating charges | 640/8 | €827 | €661 | -€166 | -20.1% |
| Gross operating margin | 9900 | €12,803 | -€5,735 | -€18,538 | |
| Operating profit (loss) | 9901 | €5,504 | -€12,874 | -€18,378 | |
| Financial income | 75/76B | €70 | €467 | +€397 | +567.1% |
| Recurring financial income | 75 | €70 | €467 | +€397 | +567.1% |
| Financial charges | 65/66B | €58 | €256 | +€198 | +341.4% |
| Recurring financial charges | 65 | €58 | €256 | +€198 | +341.4% |
| Profit (loss) for the period before taxes | 9903 | €5,516 | -€12,663 | -€18,179 | |
| Income taxes | 67/77 | €2,668 | €305 | -€2,363 | -88.6% |
| Profit (loss) for the period | 9904 | €2,848 | -€12,968 | -€15,816 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,848 | -€12,968 | -€15,816 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.