BORG: 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.
BORG
Largest movements
- Current investments -€143,012
down €143,012 (-100.0%), from €143,012 to €0
- Cash +€140,809
up €140,809 (+146.2%), from €96,283 to €237,092
mainly Current investments (+€143,012) and Depreciation (+€33,277)
- Tangible fixed assets -€33,277
down €33,277 (-20.1%), from €165,784 to €132,506
of which Leasing and similar rights: -€29,244
- Receivables within one year +€20,492
up €20,492 (+52.1%), from €39,306 to €59,798
of which Trade receivables: +€27,916
- Reserves +€28,731
up €28,731 (+10.5%), from €272,446 to €301,178
- Debts after one year -€15,007
down €15,007 (-19.5%), from €77,133 to €62,125
- Tax, wage and social debts -€13,388
down €13,388 (-55.5%), from €24,122 to €10,734
- Current portion of long-term debt -€11,300
down €11,300 (-43.0%), from €26,308 to €15,007
- Gross operating margin +€54,539
up €54,539 (+220.1%), from €24,780 to €79,319
- Depreciation +€23,513
up €23,513 (+240.8%), from €9,764 to €33,277
- Taxes +€7,872
up €7,872 (+141.2%), from €5,573 to €13,445
- Financial income -€3,664
down €3,664 (-85.6%), from €4,279 to €615
of which Non-recurring financial income: -€3,719
- Other operating charges -€2,560
down €2,560 (-84.2%), from €3,041 to €481
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 | €461,812 | €448,132 | -€13,680 | -3.0% |
| Fixed assets | 21/28 | €179,183 | €145,906 | -€33,277 | -18.6% |
| Tangible fixed assets | 22/27 | €165,784 | €132,506 | -€33,277 | -20.1% |
| Land and buildings | 22 | €22,163 | €19,938 | -€2,224 | -10.0% |
| Furniture and vehicles | 24 | €2,770 | €961 | -€1,809 | -65.3% |
| Leasing and similar rights | 25 | €140,851 | €111,607 | -€29,244 | -20.8% |
| Financial fixed assets | 28 | €13,400 | €13,400 | = | 0.0% |
| Current assets | 29/58 | €282,628 | €302,226 | +€19,598 | +6.9% |
| Amounts receivable within one year | 40/41 | €39,306 | €59,798 | +€20,492 | +52.1% |
| Trade receivables | 40 | €22,265 | €50,181 | +€27,916 | +125.4% |
| Other amounts receivable | 41 | €17,041 | €9,617 | -€7,424 | -43.6% |
| Current investments | 50/53 | €143,012 | €0 | -€143,012 | -100.0% |
| Cash at bank and in hand | 54/58 | €96,283 | €237,092 | +€140,809 | +146.2% |
| Deferred charges and accrued income | 490/1 | €4,027 | €5,336 | +€1,309 | +32.5% |
| Total equity and liabilities | 10/49 | €461,812 | €448,132 | -€13,680 | -3.0% |
| Equity | 10/15 | €280,514 | €309,245 | +€28,731 | +10.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €272,446 | €301,178 | +€28,731 | +10.5% |
| Distributable reserves | 133 | €272,446 | €301,178 | +€28,731 | +10.5% |
| Profit (loss) carried forward | 14 | €1,867 | €1,867 | = | 0.0% |
| Amounts payable | 17/49 | €181,298 | €138,887 | -€42,411 | -23.4% |
| Amounts payable after more than one year | 17 | €77,133 | €62,125 | -€15,007 | -19.5% |
| Financial debts | 170/4 | €77,133 | €62,125 | -€15,007 | -19.5% |
| Amounts payable within one year | 42/48 | €104,165 | €76,700 | -€27,466 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €26,308 | €15,007 | -€11,300 | -43.0% |
| Financial debts | 43 | €59 | €11 | -€48 | -81.1% |
| Credit institutions | 430/8 | €59 | €11 | -€48 | -81.1% |
| Trade debts | 44 | €6,341 | €4,714 | -€1,628 | -25.7% |
| Suppliers | 440/4 | €6,341 | €4,714 | -€1,628 | -25.7% |
| Taxes, remuneration and social security | 45 | €24,122 | €10,734 | -€13,388 | -55.5% |
| Taxes | 450/3 | €24,122 | €10,734 | -€13,388 | -55.5% |
| Other amounts payable | 47/48 | €47,336 | €46,233 | -€1,102 | -2.3% |
| Accrued charges and deferred income | 492/3 | - | €62 | +€62 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,764 | €33,277 | +€23,513 | +240.8% |
| Other operating charges | 640/8 | €3,041 | €481 | -€2,560 | -84.2% |
| Gross operating margin | 9900 | €24,780 | €79,319 | +€54,539 | +220.1% |
| Operating profit (loss) | 9901 | €11,975 | €45,561 | +€33,586 | +280.5% |
| Financial income | 75/76B | €4,279 | €615 | -€3,664 | -85.6% |
| Recurring financial income | 75 | €560 | €615 | +€55 | +9.9% |
| Non-recurring financial income | 76B | €3,719 | €0 | -€3,719 | -100.0% |
| Financial charges | 65/66B | €3,877 | €3,999 | +€123 | +3.2% |
| Recurring financial charges | 65 | €2,152 | €3,999 | +€1,847 | +85.8% |
| Non-recurring financial charges | 66B | €1,724 | €0 | -€1,724 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €12,378 | €42,177 | +€29,799 | +240.7% |
| Income taxes | 67/77 | €5,573 | €13,445 | +€7,872 | +141.2% |
| Profit (loss) for the period | 9904 | €6,805 | €28,731 | +€21,927 | +322.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,805 | €28,731 | +€21,927 | +322.2% |
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 6 October 2026 via checked.be.