BORG: what changed
BORG
Largest movements
- Tangible fixed assets -€51,027
down €51,027 (-6.4%), from €792,189 to €741,162
of which Land and buildings: -€29,699
- Current investments +€24,295
up €24,295 (+61.5%), from €39,533 to €63,829
- Receivables within one year +€17,199
up €17,199 (+181%), from €9,500 to €26,700
- Cash -€12,999
down €12,999 (-42.4%), from €30,666 to €17,668
mainly Debts after one year (-€48,871) and Current investments (-€24,295)
- Debts after one year -€48,871
down €48,871 (-7.7%), from €632,571 to €583,700
- Reserves +€44,830
up €44,830 (+23.9%), from €187,388 to €232,218
- Current portion of long-term debt -€9,323
down €9,323 (-16.0%), from €58,194 to €48,871
- Depreciation +€13,381
up €13,381 (+25.1%), from €53,267 to €66,648
- Gross operating margin +€12,761
up €12,761 (+9.5%), from €134,331 to €147,092
- Financial income -€6,896
down €6,896 (-94.2%), from €7,318 to €422
- Financial charges -€1,792
down €1,792 (-15.5%), from €11,557 to €9,765
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 | €912,971 | €894,617 | -€18,354 | -2.0% |
| Fixed assets | 21/28 | €832,659 | €781,632 | -€51,027 | -6.1% |
| Tangible fixed assets | 22/27 | €792,189 | €741,162 | -€51,027 | -6.4% |
| Land and buildings | 22 | €678,945 | €649,246 | -€29,699 | -4.4% |
| Plant, machinery and equipment | 23 | €53,167 | €55,353 | +€2,185 | +4.1% |
| Furniture and vehicles | 24 | €60,076 | €36,563 | -€23,513 | -39.1% |
| Financial fixed assets | 28 | €40,470 | €40,470 | = | 0.0% |
| Current assets | 29/58 | €80,312 | €112,984 | +€32,672 | +40.7% |
| Amounts receivable within one year | 40/41 | €9,500 | €26,700 | +€17,199 | +181% |
| Trade receivables | 40 | €9,500 | €26,700 | +€17,199 | +181% |
| Current investments | 50/53 | €39,533 | €63,829 | +€24,295 | +61.5% |
| Cash at bank and in hand | 54/58 | €30,666 | €17,668 | -€12,999 | -42.4% |
| Deferred charges and accrued income | 490/1 | €612 | €4,788 | +€4,176 | +683% |
| Total equity and liabilities | 10/49 | €912,971 | €894,617 | -€18,354 | -2.0% |
| Equity | 10/15 | €197,988 | €242,818 | +€44,830 | +22.6% |
| Contributions | 10/11 | €10,600 | €10,600 | = | 0.0% |
| Reserves | 13 | €187,388 | €232,218 | +€44,830 | +23.9% |
| Distributable reserves | 133 | €187,388 | €232,218 | +€44,830 | +23.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €714,983 | €651,799 | -€63,184 | -8.8% |
| Amounts payable after more than one year | 17 | €632,571 | €583,700 | -€48,871 | -7.7% |
| Financial debts | 170/4 | €632,571 | €583,700 | -€48,871 | -7.7% |
| Amounts payable within one year | 42/48 | €82,412 | €68,099 | -€14,313 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €58,194 | €48,871 | -€9,323 | -16.0% |
| Trade debts | 44 | €2,192 | €645 | -€1,546 | -70.6% |
| Suppliers | 440/4 | €2,192 | €645 | -€1,546 | -70.6% |
| Taxes, remuneration and social security | 45 | €17,713 | €16,136 | -€1,577 | -8.9% |
| Taxes | 450/3 | €17,713 | €16,136 | -€1,577 | -8.9% |
| Other amounts payable | 47/48 | €4,313 | €2,447 | -€1,867 | -43.3% |
| Non-recurring operating income | 76A | - | €7,306 | +€7,306 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,267 | €66,648 | +€13,381 | +25.1% |
| Other operating charges | 640/8 | €3,211 | €3,431 | +€220 | +6.8% |
| Gross operating margin | 9900 | €134,331 | €147,092 | +€12,761 | +9.5% |
| Operating profit (loss) | 9901 | €77,853 | €77,014 | -€839 | -1.1% |
| Financial income | 75/76B | €7,318 | €422 | -€6,896 | -94.2% |
| Recurring financial income | 75 | €7,318 | €422 | -€6,896 | -94.2% |
| Financial charges | 65/66B | €11,557 | €9,765 | -€1,792 | -15.5% |
| Recurring financial charges | 65 | €11,557 | €9,765 | -€1,792 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €73,613 | €67,671 | -€5,942 | -8.1% |
| Income taxes | 67/77 | €22,577 | €21,241 | -€1,335 | -5.9% |
| Profit (loss) for the period | 9904 | €51,036 | €46,430 | -€4,607 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,036 | €46,430 | -€4,607 | -9.0% |
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.