BORG XL: what changed
Two financial 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 XL
Largest movements
- Cash -€13,553
down €13,553 (-6.7%), from €201,867 to €188,315
mainly Contributions, distributions and other (-€131,897) and Tax, wage and social debts (-€2,231)
- Deferred charges and accrued income -€4,167
down €4,167 (-24.6%), from €16,964 to €12,797
- Reserves -€69,000
down €69,000 (-46.2%), from €149,275 to €80,275
- Other debts +€51,085
up €51,085 (+89.6%), from €57,004 to €108,090
- Gross operating margin -€21,047
down €21,047 (-20.2%), from €104,093 to €83,046
- Other operating charges -€2,326
down €2,326 (-69.6%), from €3,339 to €1,014
- Taxes -€1,919
down €1,919 (-9.9%), from €19,441 to €17,522
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.
Derived cash bridge
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 | €238,127 | €217,868 | -€20,260 | -8.5% |
| Fixed assets | 21/28 | €2,307 | €1,414 | -€893 | -38.7% |
| Tangible fixed assets | 22/27 | €2,282 | €1,389 | -€893 | -39.1% |
| Furniture and vehicles | 24 | €1,719 | €1,108 | -€612 | -35.6% |
| Other tangible fixed assets | 26 | €563 | €281 | -€281 | -50.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €235,820 | €216,454 | -€19,367 | -8.2% |
| Amounts receivable within one year | 40/41 | €16,988 | €15,342 | -€1,646 | -9.7% |
| Trade receivables | 40 | €16,988 | €15,101 | -€1,888 | -11.1% |
| Other amounts receivable | 41 | - | €241 | +€241 | |
| Cash at bank and in hand | 54/58 | €201,867 | €188,315 | -€13,553 | -6.7% |
| Deferred charges and accrued income | 490/1 | €16,964 | €12,797 | -€4,167 | -24.6% |
| Total equity and liabilities | 10/49 | €238,127 | €217,868 | -€20,260 | -8.5% |
| Equity | 10/15 | €169,200 | €100,200 | -€69,000 | -40.8% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €149,275 | €80,275 | -€69,000 | -46.2% |
| Distributable reserves | 133 | €149,275 | €80,275 | -€69,000 | -46.2% |
| Profit (loss) carried forward | 14 | €1,175 | €1,175 | = | 0.0% |
| Amounts payable | 17/49 | €68,927 | €117,668 | +€48,740 | +70.7% |
| Amounts payable within one year | 42/48 | €68,927 | €117,668 | +€48,740 | +70.7% |
| Trade debts | 44 | €193 | €79 | -€114 | -59.0% |
| Suppliers | 440/4 | €193 | €79 | -€114 | -59.0% |
| Taxes, remuneration and social security | 45 | €11,730 | €9,499 | -€2,231 | -19.0% |
| Taxes | 450/3 | €11,730 | €9,499 | -€2,231 | -19.0% |
| Other amounts payable | 47/48 | €57,004 | €108,090 | +€51,085 | +89.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €893 | €893 | = | 0.0% |
| Other operating charges | 640/8 | €3,339 | €1,014 | -€2,326 | -69.6% |
| Gross operating margin | 9900 | €104,093 | €83,046 | -€21,047 | -20.2% |
| Operating profit (loss) | 9901 | €99,861 | €81,139 | -€18,721 | -18.7% |
| Financial income | 75/76B | €1,438 | €2,125 | +€687 | +47.7% |
| Recurring financial income | 75 | €1,438 | €2,125 | +€687 | +47.7% |
| Financial charges | 65/66B | €2,602 | €2,845 | +€244 | +9.4% |
| Recurring financial charges | 65 | €2,602 | €2,845 | +€244 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €98,697 | €80,419 | -€18,278 | -18.5% |
| Income taxes | 67/77 | €19,441 | €17,522 | -€1,919 | -9.9% |
| Profit (loss) for the period | 9904 | €79,256 | €62,897 | -€16,360 | -20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €79,256 | €62,897 | -€16,360 | -20.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.