BOREAZ: 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.
BOREAZ
Largest movements
- Receivables within one year -€16,350
down €16,350 (-58.2%), from €28,104 to €11,754
of which Other amounts receivable: -€13,252
- Cash +€1,470
up €1,470 (+3.4%), from €43,437 to €44,907
mainly Net result for the year (+€28,087) and Receivables within one year (+€16,350)
- Tangible fixed assets +€1,383
up €1,383 (+32.5%), from €4,260 to €5,643
of which Plant, machinery and equipment: +€1,435
- Other debts -€9,806
down €9,806 (-15.8%), from €62,255 to €52,449
- Tax, wage and social debts -€3,747
down €3,747 (-47.3%), from €7,923 to €4,176
- Gross operating margin +€14,511
up €14,511 (+52.9%), from €27,456 to €41,967
- Taxes +€5,604
up €5,604 (+94.6%), from €5,926 to €11,530
- Other operating charges -€1,060
down €1,060 (-53.0%), from €1,999 to €939
- Financial income -€468
down €468 (-98.9%), from €473 to €5
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 | €77,699 | €64,214 | -€13,485 | -17.4% |
| Fixed assets | 21/28 | €4,260 | €5,643 | +€1,383 | +32.5% |
| Tangible fixed assets | 22/27 | €4,260 | €5,643 | +€1,383 | +32.5% |
| Plant, machinery and equipment | 23 | €2,880 | €4,315 | +€1,435 | +49.8% |
| Furniture and vehicles | 24 | €1,380 | €1,328 | -€52 | -3.8% |
| Current assets | 29/58 | €73,439 | €58,571 | -€14,868 | -20.2% |
| Amounts receivable within one year | 40/41 | €28,104 | €11,754 | -€16,350 | -58.2% |
| Trade receivables | 40 | €13,851 | €10,753 | -€3,098 | -22.4% |
| Other amounts receivable | 41 | €14,253 | €1,001 | -€13,252 | -93.0% |
| Cash at bank and in hand | 54/58 | €43,437 | €44,907 | +€1,470 | +3.4% |
| Deferred charges and accrued income | 490/1 | €1,898 | €1,910 | +€12 | +0.6% |
| Total equity and liabilities | 10/49 | €77,699 | €64,214 | -€13,485 | -17.4% |
| Equity | 10/15 | €5,000 | €5,000 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable | 17/49 | €72,699 | €59,214 | -€13,485 | -18.5% |
| Amounts payable within one year | 42/48 | €72,699 | €59,214 | -€13,485 | -18.5% |
| Trade debts | 44 | €2,521 | €2,589 | +€68 | +2.7% |
| Suppliers | 440/4 | €2,521 | €2,589 | +€68 | +2.7% |
| Taxes, remuneration and social security | 45 | €7,923 | €4,176 | -€3,747 | -47.3% |
| Taxes | 450/3 | €7,923 | €4,176 | -€3,747 | -47.3% |
| Other amounts payable | 47/48 | €62,255 | €52,449 | -€9,806 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €990 | €1,261 | +€271 | +27.4% |
| Other operating charges | 640/8 | €1,999 | €939 | -€1,060 | -53.0% |
| Gross operating margin | 9900 | €27,456 | €41,967 | +€14,511 | +52.9% |
| Operating profit (loss) | 9901 | €24,467 | €39,767 | +€15,300 | +62.5% |
| Financial income | 75/76B | €473 | €5 | -€468 | -98.9% |
| Recurring financial income | 75 | €473 | €5 | -€468 | -98.9% |
| Financial charges | 65/66B | €221 | €155 | -€66 | -29.9% |
| Recurring financial charges | 65 | €221 | €87 | -€134 | -60.6% |
| Non-recurring financial charges | 66B | - | €68 | +€68 | |
| Profit (loss) for the period before taxes | 9903 | €24,719 | €39,617 | +€14,898 | +60.3% |
| Income taxes | 67/77 | €5,926 | €11,530 | +€5,604 | +94.6% |
| Profit (loss) for the period | 9904 | €18,793 | €28,087 | +€9,294 | +49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,793 | €28,087 | +€9,294 | +49.5% |
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 3 October 2026 via checked.be.