BORGERS: 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.
BORGERS
Largest movements
- Tangible fixed assets -€13,805
down €13,805 (-7.8%), from €176,009 to €162,204
of which Assets under construction and advance payments: -€8,822
- Stocks and contracts -€5,351
down €5,351 (-32.2%), from €16,601 to €11,250
- Cash +€3,722
up €3,722 (+16.3%), from €22,799 to €26,522
mainly Other debts (+€21,832) and Depreciation (+€13,805)
- Other debts +€21,832
up €21,832 (+28.6%), from €76,382 to €98,213
- Debts after one year -€17,690
down €17,690 (-32.3%), from €54,773 to €37,083
- Reserves -€12,482
down €12,482 (-21.9%), from €57,017 to €44,535
of which Distributable reserves: -€12,482
- Tax, wage and social debts -€8,127
down €8,127 (-95.5%), from €8,514 to €387
of which Remuneration and social security: -€5,000
- Gross operating margin +€15,332
up €15,332, from -€8,648 to €6,684
- Other operating charges -€3,624
down €3,624 (-44.8%), from €8,098 to €4,473
- Financial charges -€2,197
down €2,197 (-77.2%), from €2,845 to €648
- Depreciation -€1,966
down €1,966 (-12.5%), from €15,771 to €13,805
- Taxes -€139
down €139 (-35.8%), from €387 to €248
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 | €221,679 | €203,888 | -€17,791 | -8.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €176,209 | €162,404 | -€13,805 | -7.8% |
| Tangible fixed assets | 22/27 | €176,009 | €162,204 | -€13,805 | -7.8% |
| Land and buildings | 22 | €149,474 | €152,514 | +€3,040 | +2.0% |
| Plant, machinery and equipment | 23 | €1,187 | €820 | -€366 | -30.9% |
| Furniture and vehicles | 24 | €16,527 | €8,870 | -€7,657 | -46.3% |
| Assets under construction and advance payments | 27 | €8,822 | - | -€8,822 | |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €45,470 | €41,484 | -€3,986 | -8.8% |
| Stocks and contracts in progress | 3 | €16,601 | €11,250 | -€5,351 | -32.2% |
| Stocks | 30/36 | €16,601 | €11,250 | -€5,351 | -32.2% |
| Amounts receivable within one year | 40/41 | €3,707 | €2,319 | -€1,388 | -37.5% |
| Trade receivables | 40 | €858 | €223 | -€636 | -74.1% |
| Other amounts receivable | 41 | €2,849 | €2,096 | -€753 | -26.4% |
| Cash at bank and in hand | 54/58 | €22,799 | €26,522 | +€3,722 | +16.3% |
| Deferred charges and accrued income | 490/1 | €2,363 | €1,394 | -€969 | -41.0% |
| Total equity and liabilities | 10/49 | €221,679 | €203,888 | -€17,791 | -8.0% |
| Equity | 10/15 | €63,217 | €50,735 | -€12,482 | -19.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €57,017 | €44,535 | -€12,482 | -21.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €55,157 | €42,675 | -€12,482 | -22.6% |
| Amounts payable | 17/49 | €158,462 | €153,153 | -€5,309 | -3.4% |
| Amounts payable after more than one year | 17 | €54,773 | €37,083 | -€17,690 | -32.3% |
| Financial debts | 170/4 | €54,773 | €37,083 | -€17,690 | -32.3% |
| Amounts payable within one year | 42/48 | €103,689 | €116,070 | +€12,381 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €17,153 | €15,758 | -€1,395 | -8.1% |
| Trade debts | 44 | €1,640 | €1,711 | +€72 | +4.4% |
| Suppliers | 440/4 | €1,640 | €1,711 | +€72 | +4.4% |
| Taxes, remuneration and social security | 45 | €8,514 | €387 | -€8,127 | -95.5% |
| Taxes | 450/3 | €3,514 | €387 | -€3,127 | -89.0% |
| Remuneration and social security | 454/9 | €5,000 | - | -€5,000 | |
| Other amounts payable | 47/48 | €76,382 | €98,213 | +€21,832 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,771 | €13,805 | -€1,966 | -12.5% |
| Other operating charges | 640/8 | €8,098 | €4,473 | -€3,624 | -44.8% |
| Gross operating margin | 9900 | -€8,648 | €6,684 | +€15,332 | |
| Operating profit (loss) | 9901 | -€32,517 | -€11,595 | +€20,922 | +64.3% |
| Financial income | 75/76B | €11 | €9 | -€2 | -17.8% |
| Recurring financial income | 75 | €11 | €9 | -€2 | -17.8% |
| Financial charges | 65/66B | €2,845 | €648 | -€2,197 | -77.2% |
| Recurring financial charges | 65 | €2,845 | €648 | -€2,197 | -77.2% |
| Profit (loss) for the period before taxes | 9903 | -€35,351 | -€12,233 | +€23,118 | +65.4% |
| Income taxes | 67/77 | €387 | €248 | -€139 | -35.8% |
| Profit (loss) for the period | 9904 | -€35,738 | -€12,482 | +€23,257 | +65.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,738 | -€12,482 | +€23,257 | +65.1% |
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 11 October 2026 via checked.be.