BORENZO: 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.
BORENZO
Largest movements
- Stocks and contracts +€7,778
up €7,778 (+35.7%), from €21,777 to €29,555
of which Stocks: +€4,595
- Receivables within one year -€7,620
down €7,620 (-21.6%), from €35,275 to €27,655
of which Trade receivables: -€10,982
- Tangible fixed assets -€4,830
down €4,830 (-33.2%), from €14,547 to €9,717
of which Leasing and similar rights: -€4,980
- Tax, wage and social debts -€6,068
down €6,068 (-57.8%), from €10,497 to €4,429
- Debts after one year +€4,048
up €4,048 (+48.6%), from €8,336 to €12,384
- Current portion of long-term debt -€2,671
down €2,671 (-24.7%), from €10,828 to €8,158
- Trade debts +€2,283
up €2,283 (+30.4%), from €7,504 to €9,787
- Short-term financial debts -€2,106
no longer reported in 2025 (was €2,106)
- Financial charges +€2,211
up €2,211 (+157.7%), from €1,403 to €3,614
- Other operating charges +€1,714
up €1,714 (+196.1%), from €874 to €2,588
- Financial income +€1,351
up €1,351 (+3872.4%), from €35 to €1,386
- Gross operating margin +€756
up €756 (+7.8%), from €9,684 to €10,440
- Depreciation -€509
down €509 (-8.4%), from €6,057 to €5,548
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 | €72,211 | €67,530 | -€4,682 | -6.5% |
| Fixed assets | 21/28 | €14,547 | €9,717 | -€4,830 | -33.2% |
| Tangible fixed assets | 22/27 | €14,547 | €9,717 | -€4,830 | -33.2% |
| Plant, machinery and equipment | 23 | €331 | €481 | +€150 | +45.4% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | €14,216 | €9,237 | -€4,980 | -35.0% |
| Current assets | 29/58 | €57,665 | €57,812 | +€148 | +0.3% |
| Stocks and contracts in progress | 3 | €21,777 | €29,555 | +€7,778 | +35.7% |
| Stocks | 30/36 | €16,722 | €21,317 | +€4,595 | +27.5% |
| Contracts in progress | 37 | €5,056 | €8,239 | +€3,183 | +63.0% |
| Amounts receivable within one year | 40/41 | €35,275 | €27,655 | -€7,620 | -21.6% |
| Trade receivables | 40 | €11,626 | €644 | -€10,982 | -94.5% |
| Other amounts receivable | 41 | €23,650 | €27,011 | +€3,362 | +14.2% |
| Cash at bank and in hand | 54/58 | - | €361 | +€361 | |
| Deferred charges and accrued income | 490/1 | €612 | €241 | -€371 | -60.7% |
| Total equity and liabilities | 10/49 | €72,211 | €67,530 | -€4,682 | -6.5% |
| Equity | 10/15 | €32,940 | €32,771 | -€168 | -0.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €22,940 | €22,771 | -€168 | -0.7% |
| Distributable reserves | 133 | €22,940 | €22,771 | -€168 | -0.7% |
| Amounts payable | 17/49 | €39,272 | €34,759 | -€4,513 | -11.5% |
| Amounts payable after more than one year | 17 | €8,336 | €12,384 | +€4,048 | +48.6% |
| Financial debts | 170/4 | €8,336 | €12,384 | +€4,048 | +48.6% |
| Amounts payable within one year | 42/48 | €30,936 | €22,374 | -€8,561 | -27.7% |
| Current portion of amounts payable after more than one year | 42 | €10,828 | €8,158 | -€2,671 | -24.7% |
| Financial debts | 43 | €2,106 | - | -€2,106 | |
| Credit institutions | 430/8 | €2,106 | - | -€2,106 | |
| Trade debts | 44 | €7,504 | €9,787 | +€2,283 | +30.4% |
| Suppliers | 440/4 | €7,504 | €9,787 | +€2,283 | +30.4% |
| Taxes, remuneration and social security | 45 | €10,497 | €4,429 | -€6,068 | -57.8% |
| Taxes | 450/3 | €10,497 | €4,429 | -€6,068 | -57.8% |
| Other amounts payable | 47/48 | - | €0 | +€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,057 | €5,548 | -€509 | -8.4% |
| Other operating charges | 640/8 | €874 | €2,588 | +€1,714 | +196.1% |
| Gross operating margin | 9900 | €9,684 | €10,440 | +€756 | +7.8% |
| Operating profit (loss) | 9901 | €2,753 | €2,304 | -€449 | -16.3% |
| Financial income | 75/76B | €35 | €1,386 | +€1,351 | +3872.4% |
| Recurring financial income | 75 | €35 | €1,386 | +€1,351 | +3872.4% |
| Financial charges | 65/66B | €1,403 | €3,614 | +€2,211 | +157.7% |
| Recurring financial charges | 65 | €1,403 | €3,614 | +€2,211 | +157.7% |
| Profit (loss) for the period before taxes | 9903 | €1,385 | €76 | -€1,309 | -94.5% |
| Income taxes | 67/77 | €383 | €244 | -€139 | -36.2% |
| Profit (loss) for the period | 9904 | €1,002 | -€168 | -€1,171 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,002 | -€168 | -€1,171 |
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 7 October 2026 via checked.be.