BORGH: what changed
Two fiscal 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.
What changed
BORGH
NACE 46.841, Wholesale trade
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
-€77,556
2025 · €151,715-€229,270
Equity
€2.4m
2025 · €2.5m-€77,556
Cash
€102,504
2025 · €380,388-€277,884
Balance sheet total
€3.9m
2025 · €4.1m-€156,928
Largest movements
Assets
- Financial fixed assets +€925,000
up €925,000 (+289.1%), from €320,000 to €1.2m
- Receivables within one year -€753,831
down €753,831 (-25.6%), from €2.9m to €2.2m
of which Other amounts receivable: -€683,820
- Cash -€277,884
down €277,884 (-73.1%), from €380,388 to €102,504
mainly Investment in fixed assets (net) (-€943,341) and Tax, wage and social debts (-€304,161)
- Tangible fixed assets -€46,062
down €46,062 (-13.2%), from €349,499 to €303,437
of which Land and buildings: -€45,702
Equity and liabilities
- Other debts +€449,370
up €449,370 (+141.9%), from €316,635 to €766,006
- Tax, wage and social debts -€304,161
down €304,161 (-38.2%), from €796,137 to €491,976
of which Taxes: -€299,547
- Trade debts -€216,300
down €216,300 (-63.0%), from €343,563 to €127,263
- Reserves -€77,556
down €77,556 (-3.2%), from €2.4m to €2.3m
of which Distributable reserves: -€77,556
Income statement
- Turnover -€616,230
down €616,230 (-8.0%), from €7.7m to €7.1m
- Goods and materials -€196,958
down €196,958 (-6.4%), from €3.1m to €2.9m
of which Purchases: -€178,816
- Services and other goods -€129,148
down €129,148 (-5.9%), from €2.2m to €2.1m
From the 2025 result to the 2026 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.
Result 2025
€151,715
Turnover
-€616,230
Other operating income
+€3,545
Goods and materials
+€196,958
Services and other goods
+€129,148
Staff costs
+€39,150
Depreciation
+€5,149
Write-downs
-€44,272
Other operating charges
+€16,277
Other operating items
-€29,363
Financial income
-€6,230
Financial charges
+€4,146
Taxes
+€72,452
Result 2026
-€77,556
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€661,525
Investment
-€939,410
Financing
€0
Cash 2025
€380,388
From operations (derived)
+€661,525
Net result for the year
-€77,556
Depreciation
+€64,403
Smaller working-capital items
+€219
Receivables within one year
+€753,831
Trade debts
-€216,300
Tax, wage and social debts
-€304,161
Other debts
+€449,370
Accrued charges and deferred income
-€8,282
Investment (derived)
-€939,410
Investment in fixed assets (net)
-€943,341
Current investments
+€3,931
Cash 2026
€102,504
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,068,013 | €3,911,086 | -€156,928 | -3.9% |
| Fixed assets | 21/28 | €669,499 | €1,548,437 | +€878,938 | +131.3% |
| Tangible fixed assets | 22/27 | €349,499 | €303,437 | -€46,062 | -13.2% |
| Land and buildings | 22 | €346,129 | €300,427 | -€45,702 | -13.2% |
| Plant, machinery and equipment | 23 | €402 | €185 | -€217 | -54.0% |
| Furniture and vehicles | 24 | €2,968 | €2,825 | -€143 | -4.8% |
| Financial fixed assets | 28 | €320,000 | €1,245,000 | +€925,000 | +289.1% |
| Affiliated companies | 280/1 | €320,000 | €1,245,000 | +€925,000 | +289.1% |
| Participating interests | 280 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable | 281 | €300,000 | €1,225,000 | +€925,000 | +308.3% |
| Current assets | 29/58 | €3,398,514 | €2,362,649 | -€1.0m | -30.5% |
| Stocks and contracts in progress | 3 | €8,724 | €8,576 | -€148 | -1.7% |
| Stocks | 30/36 | €8,724 | €8,576 | -€148 | -1.7% |
| Goods purchased for resale | 34 | €8,724 | €8,576 | -€148 | -1.7% |
| Amounts receivable within one year | 40/41 | €2,946,137 | €2,192,306 | -€753,831 | -25.6% |
| Trade receivables | 40 | €881,152 | €811,142 | -€70,011 | -7.9% |
| Other amounts receivable | 41 | €2,064,984 | €1,381,164 | -€683,820 | -33.1% |
| Current investments | 50/53 | €41,360 | €37,429 | -€3,931 | -9.5% |
| Other investments | 51/53 | €41,360 | €37,429 | -€3,931 | -9.5% |
| Cash at bank and in hand | 54/58 | €380,388 | €102,504 | -€277,884 | -73.1% |
| Deferred charges and accrued income | 490/1 | €21,905 | €21,834 | -€71 | -0.3% |
| Total equity and liabilities | 10/49 | €4,068,013 | €3,911,086 | -€156,928 | -3.9% |
| Equity | 10/15 | €2,505,498 | €2,427,942 | -€77,556 | -3.1% |
| Contributions | 10/11 | €93,750 | €93,750 | = | 0.0% |
| Capital | 10 | €93,750 | €93,750 | = | 0.0% |
| Issued capital | 100 | €93,750 | €93,750 | = | 0.0% |
| Reserves | 13 | €2,411,748 | €2,334,192 | -€77,556 | -3.2% |
| Non-distributable reserves | 130/1 | €9,375 | €9,375 | = | 0.0% |
| Legal reserve | 130 | €9,375 | €9,375 | = | 0.0% |
| Distributable reserves | 133 | €2,402,373 | €2,324,817 | -€77,556 | -3.2% |
| Amounts payable | 17/49 | €1,562,516 | €1,483,143 | -€79,372 | -5.1% |
| Amounts payable within one year | 42/48 | €1,456,335 | €1,385,245 | -€71,090 | -4.9% |
| Trade debts | 44 | €343,563 | €127,263 | -€216,300 | -63.0% |
| Suppliers | 440/4 | €343,563 | €127,263 | -€216,300 | -63.0% |
| Taxes, remuneration and social security | 45 | €796,137 | €491,976 | -€304,161 | -38.2% |
| Taxes | 450/3 | €461,242 | €161,694 | -€299,547 | -64.9% |
| Remuneration and social security | 454/9 | €334,895 | €330,282 | -€4,613 | -1.4% |
| Other amounts payable | 47/48 | €316,635 | €766,006 | +€449,370 | +141.9% |
| Accrued charges and deferred income | 492/3 | €106,180 | €97,898 | -€8,282 | -7.8% |
| Operating income | 70/76A | €7,864,590 | €7,222,542 | -€642,048 | -8.2% |
| Turnover | 70 | €7,724,356 | €7,108,126 | -€616,230 | -8.0% |
| Other operating income | 74 | €110,871 | €114,416 | +€3,545 | +3.2% |
| Non-recurring operating income | 76A | €29,363 | - | -€29,363 | |
| Operating charges | 60/66A | €7,632,859 | €7,290,449 | -€342,411 | -4.5% |
| Goods for resale, raw materials and consumables | 60 | €3,073,239 | €2,876,281 | -€196,958 | -6.4% |
| Purchases | 600/8 | €3,064,934 | €2,886,119 | -€178,816 | -5.8% |
| Change in stocks: decrease (increase) | 609 | €8,305 | -€9,837 | -€18,142 | |
| Services and other goods | 61 | €2,182,452 | €2,053,304 | -€129,148 | -5.9% |
| Remuneration, social security and pensions | 62 | €2,278,315 | €2,239,165 | -€39,150 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,553 | €64,403 | -€5,149 | -7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€30,466 | €13,806 | +€44,272 | |
| Other operating charges | 640/8 | €59,766 | €43,489 | -€16,277 | -27.2% |
| Operating profit (loss) | 9901 | €231,731 | -€67,907 | -€299,638 | |
| Financial income | 75/76B | €98,662 | €92,432 | -€6,230 | -6.3% |
| Recurring financial income | 75 | €98,662 | €92,432 | -€6,230 | -6.3% |
| Income from financial fixed assets | 750 | €18,000 | €14,000 | -€4,000 | -22.2% |
| Income from current assets | 751 | €78,584 | €72,011 | -€6,573 | -8.4% |
| Other financial income | 752/9 | €2,079 | €6,421 | +€4,343 | +208.9% |
| Financial charges | 65/66B | €102,141 | €97,996 | -€4,146 | -4.1% |
| Recurring financial charges | 65 | €102,141 | €92,166 | -€9,975 | -9.8% |
| Debt charges | 650 | €47,499 | €42,120 | -€5,379 | -11.3% |
| Other financial charges | 652/9 | €54,643 | €50,046 | -€4,596 | -8.4% |
| Non-recurring financial charges | 66B | - | €5,830 | +€5,830 | |
| Profit (loss) for the period before taxes | 9903 | €228,252 | -€73,470 | -€301,722 | |
| Income taxes | 67/77 | €76,537 | €4,085 | -€72,452 | -94.7% |
| Taxes | 670/3 | €76,537 | €4,085 | -€72,452 | -94.7% |
| Profit (loss) for the period | 9904 | €151,715 | -€77,556 | -€229,270 | |
| Profit (loss) for the period to be appropriated | 9905 | €151,715 | -€77,556 | -€229,270 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.