BORGES CONSTRUCT: 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.
BORGES CONSTRUCT
Largest movements
- Cash +€26,177
up €26,177 (+84.6%), from €30,943 to €57,121
mainly Net result for the year (+€12,302) and Other debts (+€11,639)
- Receivables within one year -€9,617
down €9,617 (-17.7%), from €54,277 to €44,660
of which Trade receivables: -€6,628
- Tangible fixed assets +€3,166
up €3,166 (+24.2%), from €13,079 to €16,245
of which Leasing and similar rights: +€8,383
- Profit (loss) carried forward +€12,302
up €12,302 (+17.4%), from €70,729 to €83,031
- Other debts +€11,639
up €11,639 (+1,327%), from €877 to €12,517
- Trade debts -€6,691
no longer reported in 2025 (was €6,691)
- Debts after one year +€6,019
new in 2025: €6,019
- Tax, wage and social debts -€3,988
down €3,988 (-35.4%), from €11,256 to €7,268
- Purchases and services +€42,141
up €42,141 (+7.7%), from €545,295 to €587,435
- Gross operating margin +€8,380
up €8,380 (+37.5%), from €22,344 to €30,724
- Financial charges +€3,796
up €3,796 (+671%), from €566 to €4,362
- Depreciation +€1,806
up €1,806 (+27.8%), from €6,486 to €8,291
- Other operating charges +€1,123
up €1,123 (+200%), from €561 to €1,684
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 | €98,853 | €119,173 | +€20,321 | +20.6% |
| Fixed assets | 21/28 | €13,079 | €16,245 | +€3,166 | +24.2% |
| Tangible fixed assets | 22/27 | €13,079 | €16,245 | +€3,166 | +24.2% |
| Plant, machinery and equipment | 23 | €5,085 | €1,798 | -€3,286 | -64.6% |
| Furniture and vehicles | 24 | €7,995 | €6,064 | -€1,931 | -24.2% |
| Leasing and similar rights | 25 | - | €8,383 | +€8,383 | |
| Current assets | 29/58 | €85,774 | €102,929 | +€17,155 | +20.0% |
| Amounts receivable within one year | 40/41 | €54,277 | €44,660 | -€9,617 | -17.7% |
| Trade receivables | 40 | €44,087 | €37,459 | -€6,628 | -15.0% |
| Other amounts receivable | 41 | €10,190 | €7,201 | -€2,989 | -29.3% |
| Cash at bank and in hand | 54/58 | €30,943 | €57,121 | +€26,177 | +84.6% |
| Deferred charges and accrued income | 490/1 | €553 | €1,148 | +€595 | +107% |
| Total equity and liabilities | 10/49 | €98,853 | €119,173 | +€20,321 | +20.6% |
| Equity | 10/15 | €80,029 | €92,331 | +€12,302 | +15.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €7,300 | €7,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,300 | €7,300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,300 | €7,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,729 | €83,031 | +€12,302 | +17.4% |
| Amounts payable | 17/49 | €18,824 | €26,843 | +€8,019 | +42.6% |
| Amounts payable after more than one year | 17 | - | €6,019 | +€6,019 | |
| Financial debts | 170/4 | - | €6,019 | +€6,019 | |
| Amounts payable within one year | 42/48 | €18,824 | €20,824 | +€2,000 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | - | €1,039 | +€1,039 | |
| Trade debts | 44 | €6,691 | - | -€6,691 | |
| Suppliers | 440/4 | €6,691 | - | -€6,691 | |
| Taxes, remuneration and social security | 45 | €11,256 | €7,268 | -€3,988 | -35.4% |
| Taxes | 450/3 | €11,256 | €7,268 | -€3,988 | -35.4% |
| Other amounts payable | 47/48 | €877 | €12,517 | +€11,639 | +1,327% |
| Goods, raw materials, services and sundry goods | 60/61 | €545,295 | €587,435 | +€42,141 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,486 | €8,291 | +€1,806 | +27.8% |
| Other operating charges | 640/8 | €561 | €1,684 | +€1,123 | +200% |
| Gross operating margin | 9900 | €22,344 | €30,724 | +€8,380 | +37.5% |
| Operating profit (loss) | 9901 | €15,298 | €20,749 | +€5,451 | +35.6% |
| Financial income | 75/76B | €4 | €25 | +€21 | +478% |
| Recurring financial income | 75 | €4 | €25 | +€21 | +478% |
| Financial charges | 65/66B | €566 | €4,362 | +€3,796 | +671% |
| Recurring financial charges | 65 | €566 | €4,362 | +€3,796 | +671% |
| Profit (loss) for the period before taxes | 9903 | €14,737 | €16,413 | +€1,676 | +11.4% |
| Income taxes | 67/77 | €3,669 | €4,111 | +€442 | +12.1% |
| Profit (loss) for the period | 9904 | €11,068 | €12,302 | +€1,234 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,068 | €12,302 | +€1,234 | +11.1% |
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 14 October 2026 via checked.be.