Borgen Management Consultancy: 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.
Borgen Management Consultancy
Largest movements
- Receivables after one year -€32,000
down €32,000 (-100%), from €32,000 to €0
- Tangible fixed assets -€20,886
down €20,886 (-7.2%), from €289,685 to €268,799
of which Furniture and vehicles: -€12,660
- Receivables within one year -€13,470
down €13,470 (-43.7%), from €30,812 to €17,342
of which Trade receivables: -€19,474
- Cash -€12,286
down €12,286 (-54.2%), from €22,655 to €10,369
mainly Contributions, distributions and other (-€150,000) and Debts after one year (-€29,163)
- Deferred charges and accrued income -€8,670
down €8,670 (-26.5%), from €32,774 to €24,104
- Profit (loss) carried forward -€142,573
down €142,573 (-53.6%), from €265,993 to €123,420
- Other debts +€93,389
up €93,389 (+6,353%), from €1,470 to €94,859
- Debts after one year -€29,163
down €29,163 (-40.2%), from €72,497 to €43,334
- Current portion of long-term debt -€5,652
down €5,652 (-16.2%), from €34,815 to €29,163
- Gross operating margin -€37,908
down €37,908 (-51.0%), from €74,340 to €36,432
- Taxes -€9,408
down €9,408 (-72.5%), from €12,984 to €3,576
- Financial income -€1,757
down €1,757 (-99.8%), from €1,760 to €3
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 | €407,926 | €320,614 | -€87,312 | -21.4% |
| Fixed assets | 21/28 | €289,685 | €268,799 | -€20,886 | -7.2% |
| Tangible fixed assets | 22/27 | €289,685 | €268,799 | -€20,886 | -7.2% |
| Land and buildings | 22 | €242,161 | €234,129 | -€8,033 | -3.3% |
| Plant, machinery and equipment | 23 | €1,219 | €1,025 | -€194 | -15.9% |
| Furniture and vehicles | 24 | €46,304 | €33,645 | -€12,660 | -27.3% |
| Current assets | 29/58 | €118,241 | €51,815 | -€66,426 | -56.2% |
| Amounts receivable after more than one year | 29 | €32,000 | €0 | -€32,000 | -100% |
| Other amounts receivable | 291 | €32,000 | €0 | -€32,000 | -100% |
| Amounts receivable within one year | 40/41 | €30,812 | €17,342 | -€13,470 | -43.7% |
| Trade receivables | 40 | €27,974 | €8,500 | -€19,474 | -69.6% |
| Other amounts receivable | 41 | €2,838 | €8,842 | +€6,003 | +212% |
| Cash at bank and in hand | 54/58 | €22,655 | €10,369 | -€12,286 | -54.2% |
| Deferred charges and accrued income | 490/1 | €32,774 | €24,104 | -€8,670 | -26.5% |
| Total equity and liabilities | 10/49 | €407,926 | €320,614 | -€87,312 | -21.4% |
| Equity | 10/15 | €286,453 | €143,880 | -€142,573 | -49.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €265,993 | €123,420 | -€142,573 | -53.6% |
| Amounts payable | 17/49 | €121,474 | €176,734 | +€55,260 | +45.5% |
| Amounts payable after more than one year | 17 | €72,497 | €43,334 | -€29,163 | -40.2% |
| Financial debts | 170/4 | €72,497 | €43,334 | -€29,163 | -40.2% |
| Amounts payable within one year | 42/48 | €47,386 | €131,780 | +€84,393 | +178% |
| Current portion of amounts payable after more than one year | 42 | €34,815 | €29,163 | -€5,652 | -16.2% |
| Trade debts | 44 | €9,508 | €7,758 | -€1,750 | -18.4% |
| Suppliers | 440/4 | €9,508 | €7,758 | -€1,750 | -18.4% |
| Taxes, remuneration and social security | 45 | €1,594 | €0 | -€1,594 | -100% |
| Taxes | 450/3 | €1,594 | €0 | -€1,594 | -100% |
| Other amounts payable | 47/48 | €1,470 | €94,859 | +€93,389 | +6,353% |
| Accrued charges and deferred income | 492/3 | €1,590 | €1,620 | +€30 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,954 | €20,886 | -€68 | -0.3% |
| Other operating charges | 640/8 | €1,552 | €2,115 | +€563 | +36.3% |
| Gross operating margin | 9900 | €74,340 | €36,432 | -€37,908 | -51.0% |
| Operating profit (loss) | 9901 | €51,835 | €13,431 | -€38,403 | -74.1% |
| Financial income | 75/76B | €1,760 | €3 | -€1,757 | -99.8% |
| Recurring financial income | 75 | €1,760 | €3 | -€1,757 | -99.8% |
| Financial charges | 65/66B | €3,103 | €2,431 | -€672 | -21.7% |
| Recurring financial charges | 65 | €3,103 | €2,431 | -€672 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €50,492 | €11,003 | -€39,488 | -78.2% |
| Income taxes | 67/77 | €12,984 | €3,576 | -€9,408 | -72.5% |
| Profit (loss) for the period | 9904 | €37,508 | €7,427 | -€30,080 | -80.2% |
| Profit (loss) for the period to be appropriated | 9905 | €37,508 | €7,427 | -€30,080 | -80.2% |
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 23 October 2026 via checked.be.