Borenov Construction: 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.
Borenov Construction
Largest movements
- Stocks and contracts +€104,433
up €104,433 (+8.7%), from €1.2m to €1.3m
- Receivables within one year +€103,719
up €103,719 (+231%), from €44,945 to €148,664
of which Trade receivables: +€108,804
- Profit (loss) carried forward +€136,790
up €136,790 (+252%), from €54,272 to €191,062
- Trade debts +€67,461
up €67,461 (+28.0%), from €241,313 to €308,774
- Tax, wage and social debts +€41,428
up €41,428 (+552%), from €7,506 to €48,934
- Debts after one year -€23,508
down €23,508 (-2.4%), from €962,508 to €939,000
of which Financial debts: -€23,508
- Gross operating margin +€164,093
up €164,093 (+196%), from €83,806 to €247,900
- Taxes +€41,339
up €41,339 (+597%), from €6,927 to €48,265
- Depreciation +€5,770
up €5,770 (+55.2%), from €10,446 to €16,216
- Staff costs -€5,600
no longer reported in 2025 (was €5,600)
- Other operating charges +€3,012
up €3,012 (+74.6%), from €4,040 to €7,052
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.
Derived cash bridge
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 | €1,406,596 | €1,611,375 | +€204,779 | +14.6% |
| Fixed assets | 21/28 | €34,182 | €30,391 | -€3,791 | -11.1% |
| Tangible fixed assets | 22/27 | €33,577 | €29,835 | -€3,742 | -11.1% |
| Plant, machinery and equipment | 23 | €5,730 | €3,050 | -€2,681 | -46.8% |
| Furniture and vehicles | 24 | €27,847 | €26,785 | -€1,062 | -3.8% |
| Financial fixed assets | 28 | €605 | €556 | -€49 | -8.1% |
| Current assets | 29/58 | €1,372,414 | €1,580,984 | +€208,570 | +15.2% |
| Stocks and contracts in progress | 3 | €1,201,031 | €1,305,464 | +€104,433 | +8.7% |
| Stocks | 30/36 | €1,201,031 | €1,305,464 | +€104,433 | +8.7% |
| Amounts receivable within one year | 40/41 | €44,945 | €148,664 | +€103,719 | +231% |
| Trade receivables | 40 | €29,180 | €137,985 | +€108,804 | +373% |
| Other amounts receivable | 41 | €15,764 | €10,679 | -€5,086 | -32.3% |
| Cash at bank and in hand | 54/58 | €123,911 | €124,176 | +€265 | +0.2% |
| Deferred charges and accrued income | 490/1 | €2,528 | €2,681 | +€153 | +6.1% |
| Total equity and liabilities | 10/49 | €1,406,596 | €1,611,375 | +€204,779 | +14.6% |
| Equity | 10/15 | €84,272 | €221,062 | +€136,790 | +162% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,272 | €191,062 | +€136,790 | +252% |
| Amounts payable | 17/49 | €1,322,325 | €1,390,313 | +€67,988 | +5.1% |
| Amounts payable after more than one year | 17 | €962,508 | €939,000 | -€23,508 | -2.4% |
| Financial debts | 170/4 | €781,508 | €758,000 | -€23,508 | -3.0% |
| Other amounts payable | 178/9 | €181,000 | €181,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €323,778 | €420,319 | +€96,541 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €38,838 | €23,508 | -€15,330 | -39.5% |
| Trade debts | 44 | €241,313 | €308,774 | +€67,461 | +28.0% |
| Suppliers | 440/4 | €241,313 | €308,774 | +€67,461 | +28.0% |
| Taxes, remuneration and social security | 45 | €7,506 | €48,934 | +€41,428 | +552% |
| Taxes | 450/3 | €7,506 | €48,934 | +€41,428 | +552% |
| Other amounts payable | 47/48 | €36,120 | €39,103 | +€2,982 | +8.3% |
| Accrued charges and deferred income | 492/3 | €36,039 | €30,994 | -€5,045 | -14.0% |
| Remuneration, social security and pensions | 62 | €5,600 | - | -€5,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,446 | €16,216 | +€5,770 | +55.2% |
| Other operating charges | 640/8 | €4,040 | €7,052 | +€3,012 | +74.6% |
| Gross operating margin | 9900 | €83,806 | €247,900 | +€164,093 | +196% |
| Operating profit (loss) | 9901 | €63,721 | €224,632 | +€160,911 | +253% |
| Financial income | 75/76B | €59 | €21 | -€39 | -65.0% |
| Recurring financial income | 75 | €59 | €21 | -€39 | -65.0% |
| Financial charges | 65/66B | €41,205 | €39,597 | -€1,608 | -3.9% |
| Recurring financial charges | 65 | €41,205 | €39,597 | -€1,608 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €22,575 | €185,056 | +€162,480 | +720% |
| Income taxes | 67/77 | €6,927 | €48,265 | +€41,339 | +597% |
| Profit (loss) for the period | 9904 | €15,648 | €136,790 | +€121,142 | +774% |
| Profit (loss) for the period to be appropriated | 9905 | €15,648 | €136,790 | +€121,142 | +774% |
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 15 October 2026 via checked.be.