Borenz: what changed
Borenz
Largest movements
- Cash -€28,658
down €28,658 (-55.5%), from €51,615 to €22,958
mainly Contributions, distributions and other (-€63,000) and Receivables within one year (-€4,682)
- Receivables within one year +€4,682
up €4,682 (+43.1%), from €10,867 to €15,548
of which Trade receivables: +€4,069
- Current investments -€4,397
down €4,397 (-15.6%), from €28,200 to €23,803
- Profit (loss) carried forward -€39,594
down €39,594 (-62.7%), from €63,106 to €23,512
- Other debts +€9,450
new in 2025: €9,450
- Tax, wage and social debts +€2,006
up €2,006 (+24.5%), from €8,185 to €10,191
- Trade debts +€1,086
up €1,086 (+257%), from €422 to €1,509
- Gross operating margin -€17,108
down €17,108 (-33.7%), from €50,777 to €33,669
- Taxes -€3,123
down €3,123 (-30.8%), from €10,149 to €7,026
- Financial income +€2,560
up €2,560 (+269%), from €953 to €3,513
- Other operating charges -€2,412
down €2,412 (-75.4%), from €3,201 to €789
- Depreciation +€1,087
up €1,087 (+41.3%), from €2,634 to €3,722
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €103,741 | €76,688 | -€27,052 | -26.1% |
| Fixed assets | 21/28 | €12,775 | €13,290 | +€515 | +4.0% |
| Tangible fixed assets | 22/27 | €12,775 | €13,290 | +€515 | +4.0% |
| Plant, machinery and equipment | 23 | €4,310 | €3,166 | -€1,145 | -26.6% |
| Furniture and vehicles | 24 | €8,465 | €10,124 | +€1,659 | +19.6% |
| Current assets | 29/58 | €90,965 | €63,398 | -€27,567 | -30.3% |
| Amounts receivable within one year | 40/41 | €10,867 | €15,548 | +€4,682 | +43.1% |
| Trade receivables | 40 | €8,142 | €12,211 | +€4,069 | +50.0% |
| Other amounts receivable | 41 | €2,725 | €3,337 | +€612 | +22.5% |
| Current investments | 50/53 | €28,200 | €23,803 | -€4,397 | -15.6% |
| Cash at bank and in hand | 54/58 | €51,615 | €22,958 | -€28,658 | -55.5% |
| Deferred charges and accrued income | 490/1 | €283 | €1,089 | +€806 | +285% |
| Total equity and liabilities | 10/49 | €103,741 | €76,688 | -€27,052 | -26.1% |
| Equity | 10/15 | €95,133 | €55,539 | -€39,594 | -41.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €27,028 | €27,028 | = | 0.0% |
| Distributable reserves | 133 | €27,028 | €27,028 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,106 | €23,512 | -€39,594 | -62.7% |
| Amounts payable | 17/49 | €8,607 | €21,149 | +€12,542 | +146% |
| Amounts payable within one year | 42/48 | €8,607 | €21,149 | +€12,542 | +146% |
| Trade debts | 44 | €422 | €1,509 | +€1,086 | +257% |
| Suppliers | 440/4 | €422 | €1,509 | +€1,086 | +257% |
| Taxes, remuneration and social security | 45 | €8,185 | €10,191 | +€2,006 | +24.5% |
| Taxes | 450/3 | €8,185 | €10,191 | +€2,006 | +24.5% |
| Other amounts payable | 47/48 | - | €9,450 | +€9,450 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,634 | €3,722 | +€1,087 | +41.3% |
| Other operating charges | 640/8 | €3,201 | €789 | -€2,412 | -75.4% |
| Gross operating margin | 9900 | €50,777 | €33,669 | -€17,108 | -33.7% |
| Operating profit (loss) | 9901 | €44,942 | €29,158 | -€15,784 | -35.1% |
| Financial income | 75/76B | €953 | €3,513 | +€2,560 | +269% |
| Recurring financial income | 75 | €953 | €3,513 | +€2,560 | +269% |
| Financial charges | 65/66B | €1,977 | €2,240 | +€263 | +13.3% |
| Recurring financial charges | 65 | €1,977 | €2,240 | +€263 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €43,919 | €30,432 | -€13,487 | -30.7% |
| Income taxes | 67/77 | €10,149 | €7,026 | -€3,123 | -30.8% |
| Profit (loss) for the period | 9904 | €33,769 | €23,406 | -€10,364 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €33,769 | €23,406 | -€10,364 | -30.7% |
Next steps
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 7 November 2026 via checked.be.