BOREALIS FINANCIAL SERVICES: what changed
What changed
BOREALIS FINANCIAL SERVICES
NACE 66.199, Other activities auxiliary to financial services, excluding insurance and pension funding
filed annual accounts (NBB)
Net result for the year
€11.5m
2024 · €14.7m-€3.2m
Equity
€226.4m
2024 · €214.9m+€11.5m
Cash
€14.6m
2024 · €23.0m-€8.3m
Balance sheet total
€378.5m
2024 · €294.9m+€83.5m
Largest movements
Assets
- Receivables within one year +€92.0m
up €92.0m (+33.8%), from €271.8m to €363.8m
of which Other amounts receivable: +€92.1m
- Cash -€8.3m
down €8.3m (-36.3%), from €23.0m to €14.6m
mainly Receivables within one year (-€92.0m) and Accrued charges and deferred income (-€9.7m)
Equity and liabilities
- Other debts +€81.1m
up €81.1m (+116%), from €69.9m to €151.0m
- Profit (loss) carried forward +€11.2m
up €11.2m (+10.6%), from €106.1m to €117.3m
- Accrued charges and deferred income -€9.7m
down €9.7m (-99.8%), from €9.8m to €21,357
Income statement
- Financial income -€20.2m
down €20.2m (-28.7%), from €70.4m to €50.2m
- Financial charges -€15.7m
down €15.7m (-30.6%), from €51.2m to €35.5m
- Taxes -€1.0m
down €1.0m (-21.5%), from €4.9m to €3.8m
- Turnover +€384,245
up €384,245 (+36.9%), from €1.0m to €1.4m
- Services and other goods +€35,272
up €35,272 (+4.8%), from €737,607 to €772,878
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€14.7m
Turnover
+€384,245
Services and other goods
-€35,272
Other operating charges
-€2
Financial income
-€20.2m
Financial charges
+€15.7m
Taxes
+€1.0m
Result 2025
€11.5m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€8.3m
Investment
€0
Financing
+€38
Cash 2024
€23.0m
From operations (derived)
-€8.3m
Net result for the year
+€11.5m
Receivables within one year
-€92.0m
Smaller working-capital items
+€303,135
Tax, wage and social debts
+€543,056
Other debts
+€81.1m
Accrued charges and deferred income
-€9.7m
Financing
+€38
Short-term financial debts
+€38
Cash 2025
€14.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €294,934,559 | €378,482,962 | +€83.5m | +28.3% |
| Current assets | 29/58 | €294,934,559 | €378,482,962 | +€83.5m | +28.3% |
| Amounts receivable within one year | 40/41 | €271,811,236 | €363,808,639 | +€92.0m | +33.8% |
| Trade receivables | 40 | €172,698 | €87,445 | -€85,253 | -49.4% |
| Other amounts receivable | 41 | €271,638,537 | €363,721,194 | +€92.1m | +33.9% |
| Cash at bank and in hand | 54/58 | €22,959,841 | €14,626,226 | -€8.3m | -36.3% |
| Deferred charges and accrued income | 490/1 | €163,483 | €48,097 | -€115,386 | -70.6% |
| Total equity and liabilities | 10/49 | €294,934,559 | €378,482,962 | +€83.5m | +28.3% |
| Equity | 10/15 | €214,863,684 | €226,373,050 | +€11.5m | +5.4% |
| Contributions | 10/11 | €99,189,000 | €99,189,000 | = | 0.0% |
| Capital | 10 | €99,189,000 | €99,189,000 | = | 0.0% |
| Issued capital | 100 | €99,189,000 | €99,189,000 | = | 0.0% |
| Reserves | 13 | €9,606,639 | €9,918,900 | +€312,261 | +3.3% |
| Non-distributable reserves | 130/1 | €9,606,639 | €9,918,900 | +€312,261 | +3.3% |
| Legal reserve | 130 | €9,606,639 | €9,918,900 | +€312,261 | +3.3% |
| Profit (loss) carried forward | 14 | €106,068,045 | €117,265,150 | +€11.2m | +10.6% |
| Amounts payable | 17/49 | €80,070,875 | €152,109,911 | +€72.0m | +90.0% |
| Amounts payable within one year | 42/48 | €70,304,715 | €152,088,554 | +€81.8m | +116% |
| Financial debts | 43 | €28 | €66 | +€38 | +134% |
| Credit institutions | 430/8 | €28 | €66 | +€38 | +134% |
| Trade debts | 44 | €121,296 | €309,045 | +€187,749 | +155% |
| Suppliers | 440/4 | €121,296 | €309,045 | +€187,749 | +155% |
| Taxes, remuneration and social security | 45 | €256,185 | €799,241 | +€543,056 | +212% |
| Taxes | 450/3 | €256,185 | €799,241 | +€543,056 | +212% |
| Other amounts payable | 47/48 | €69,927,206 | €150,980,203 | +€81.1m | +116% |
| Accrued charges and deferred income | 492/3 | €9,766,160 | €21,357 | -€9.7m | -99.8% |
| Operating income | 70/76A | €1,042,128 | €1,426,373 | +€384,245 | +36.9% |
| Turnover | 70 | €1,042,128 | €1,426,373 | +€384,245 | +36.9% |
| Operating charges | 60/66A | €737,755 | €773,028 | +€35,274 | +4.8% |
| Services and other goods | 61 | €737,607 | €772,878 | +€35,272 | +4.8% |
| Other operating charges | 640/8 | €148 | €150 | +€2 | +1.4% |
| Operating profit (loss) | 9901 | €304,374 | €653,345 | +€348,971 | +115% |
| Financial income | 75/76B | €70,440,073 | €50,198,178 | -€20.2m | -28.7% |
| Recurring financial income | 75 | €70,440,073 | €50,198,178 | -€20.2m | -28.7% |
| Income from current assets | 751 | €70,041,994 | €48,677,460 | -€21.4m | -30.5% |
| Other financial income | 752/9 | €398,078 | €1,520,718 | +€1.1m | +282% |
| Financial charges | 65/66B | €51,177,078 | €35,501,929 | -€15.7m | -30.6% |
| Recurring financial charges | 65 | €51,177,078 | €35,501,929 | -€15.7m | -30.6% |
| Debt charges | 650 | €39,127,765 | €19,590,052 | -€19.5m | -49.9% |
| Other financial charges | 652/9 | €12,049,313 | €15,911,878 | +€3.9m | +32.1% |
| Profit (loss) for the period before taxes | 9903 | €19,567,369 | €15,349,593 | -€4.2m | -21.6% |
| Income taxes | 67/77 | €4,889,013 | €3,840,227 | -€1.0m | -21.5% |
| Taxes | 670/3 | €4,889,013 | €3,840,227 | -€1.0m | -21.5% |
| Profit (loss) for the period | 9904 | €14,678,355 | €11,509,366 | -€3.2m | -21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,678,355 | €11,509,366 | -€3.2m | -21.6% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.