BOREON: 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.
BOREON
Largest movements
- Receivables within one year +€64,690
up €64,690 (+51.6%), from €125,463 to €190,153
of which Trade receivables: +€34,736
- Stocks and contracts +€58,747
new in 2025: €58,747
- Tangible fixed assets -€17,278
down €17,278 (-22.4%), from €77,058 to €59,780
of which Furniture and vehicles: -€17,566
- Cash -€10,007
down €10,007 (-95.4%), from €10,491 to €484
mainly Receivables within one year (-€64,690) and Stocks and contracts (-€58,747)
- Short-term financial debts +€46,739
new in 2025: €46,739
- Profit (loss) carried forward +€41,198
up €41,198 (+38.4%), from €107,371 to €148,569
- Debts after one year +€13,569
new in 2025: €13,569
- Tax, wage and social debts -€10,428
down €10,428 (-33.9%), from €30,747 to €20,319
of which Taxes: -€10,342
- Current portion of long-term debt +€3,195
new in 2025: €3,195
- Gross operating margin +€18,680
up €18,680 (+29.9%), from €62,457 to €81,137
- Depreciation +€3,647
up €3,647 (+23.3%), from €15,631 to €19,278
- Taxes +€2,509
up €2,509 (+28.2%), from €8,905 to €11,414
- Financial income +€2,232
up €2,232 (+212.6%), from €1,050 to €3,281
- Financial charges +€2,082
up €2,082 (+30.4%), from €6,852 to €8,934
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 | €219,982 | €316,334 | +€96,352 | +43.8% |
| Fixed assets | 21/28 | €77,058 | €59,780 | -€17,278 | -22.4% |
| Tangible fixed assets | 22/27 | €77,058 | €59,780 | -€17,278 | -22.4% |
| Plant, machinery and equipment | 23 | €6,838 | €7,126 | +€287 | +4.2% |
| Furniture and vehicles | 24 | €70,220 | €52,655 | -€17,566 | -25.0% |
| Current assets | 29/58 | €142,923 | €256,553 | +€113,630 | +79.5% |
| Stocks and contracts in progress | 3 | - | €58,747 | +€58,747 | |
| Stocks | 30/36 | - | €58,747 | +€58,747 | |
| Amounts receivable within one year | 40/41 | €125,463 | €190,153 | +€64,690 | +51.6% |
| Trade receivables | 40 | €66,019 | €100,755 | +€34,736 | +52.6% |
| Other amounts receivable | 41 | €59,444 | €89,398 | +€29,954 | +50.4% |
| Cash at bank and in hand | 54/58 | €10,491 | €484 | -€10,007 | -95.4% |
| Deferred charges and accrued income | 490/1 | €6,970 | €7,169 | +€200 | +2.9% |
| Total equity and liabilities | 10/49 | €219,982 | €316,334 | +€96,352 | +43.8% |
| Equity | 10/15 | €159,986 | €201,184 | +€41,198 | +25.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €47,615 | €47,615 | = | 0.0% |
| Distributable reserves | 133 | €47,615 | €47,615 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,371 | €148,569 | +€41,198 | +38.4% |
| Amounts payable | 17/49 | €59,996 | €115,150 | +€55,154 | +91.9% |
| Amounts payable after more than one year | 17 | - | €13,569 | +€13,569 | |
| Financial debts | 170/4 | - | €13,569 | +€13,569 | |
| Amounts payable within one year | 42/48 | €59,996 | €101,581 | +€41,585 | +69.3% |
| Current portion of amounts payable after more than one year | 42 | - | €3,195 | +€3,195 | |
| Financial debts | 43 | - | €46,739 | +€46,739 | |
| Credit institutions | 430/8 | - | €46,739 | +€46,739 | |
| Trade debts | 44 | €10,649 | €12,728 | +€2,079 | +19.5% |
| Suppliers | 440/4 | €10,649 | €12,728 | +€2,079 | +19.5% |
| Taxes, remuneration and social security | 45 | €30,747 | €20,319 | -€10,428 | -33.9% |
| Taxes | 450/3 | €30,661 | €20,319 | -€10,342 | -33.7% |
| Remuneration and social security | 454/9 | €86 | - | -€86 | |
| Other amounts payable | 47/48 | €18,600 | €18,600 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,631 | €19,278 | +€3,647 | +23.3% |
| Other operating charges | 640/8 | €1,588 | €3,595 | +€2,007 | +126.4% |
| Operating charges capitalised as restructuring costs | 649 | - | €0 | = | |
| Gross operating margin | 9900 | €62,457 | €81,137 | +€18,680 | +29.9% |
| Operating profit (loss) | 9901 | €45,237 | €58,264 | +€13,027 | +28.8% |
| Financial income | 75/76B | €1,050 | €3,281 | +€2,232 | +212.6% |
| Recurring financial income | 75 | €1,050 | €3,281 | +€2,232 | +212.6% |
| Financial charges | 65/66B | €6,852 | €8,934 | +€2,082 | +30.4% |
| Recurring financial charges | 65 | €6,852 | €8,934 | +€2,082 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | €39,435 | €52,612 | +€13,177 | +33.4% |
| Income taxes | 67/77 | €8,905 | €11,414 | +€2,509 | +28.2% |
| Profit (loss) for the period | 9904 | €30,530 | €41,198 | +€10,668 | +34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,530 | €41,198 | +€10,668 | +34.9% |
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 1 October 2026 via checked.be.