BORGHANS: 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.
BORGHANS
Largest movements
- Cash -€45,741
down €45,741 (-72.4%), from €63,167 to €17,426
mainly Net result for the year (-€24,138) and Other debts (-€15,042)
- Tangible fixed assets -€20,159
down €20,159 (-24.5%), from €82,405 to €62,246
of which Plant, machinery and equipment: -€14,862
- Receivables within one year +€8,489
up €8,489 (+73.9%), from €11,484 to €19,973
- Deferred charges and accrued income +€5,433
new in 2025: €5,433
- Profit (loss) carried forward -€24,138
down €24,138 (-27.2%), from -€88,753 to -€112,891
- Other debts -€15,042
down €15,042 (-18.9%), from €79,784 to €64,741
- Debts after one year -€12,787
down €12,787 (-8.2%), from €155,754 to €142,966
- Trade debts -€3,498
no longer reported in 2025 (was €3,498)
- Tax, wage and social debts +€1,866
up €1,866 (+178.5%), from €1,045 to €2,910
- Gross operating margin -€30,105
down €30,105, from €27,139 to -€2,966
- Financial charges -€1,011
down €1,011 (-52.1%), from €1,939 to €929
- Depreciation +€846
up €846 (+4.4%), from €19,313 to €20,159
- Other operating charges -€277
down €277 (-53.5%), from €519 to €241
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 | €182,057 | €130,214 | -€51,842 | -28.5% |
| Fixed assets | 21/28 | €82,405 | €62,246 | -€20,159 | -24.5% |
| Tangible fixed assets | 22/27 | €82,405 | €62,246 | -€20,159 | -24.5% |
| Land and buildings | 22 | €20,682 | €18,258 | -€2,424 | -11.7% |
| Plant, machinery and equipment | 23 | €49,699 | €34,837 | -€14,862 | -29.9% |
| Furniture and vehicles | 24 | €12,025 | €9,152 | -€2,873 | -23.9% |
| Current assets | 29/58 | €99,651 | €67,968 | -€31,683 | -31.8% |
| Stocks and contracts in progress | 3 | €25,000 | €25,136 | +€136 | +0.5% |
| Stocks | 30/36 | €25,000 | €25,136 | +€136 | +0.5% |
| Amounts receivable within one year | 40/41 | €11,484 | €19,973 | +€8,489 | +73.9% |
| Trade receivables | 40 | €11,484 | €19,973 | +€8,489 | +73.9% |
| Cash at bank and in hand | 54/58 | €63,167 | €17,426 | -€45,741 | -72.4% |
| Deferred charges and accrued income | 490/1 | - | €5,433 | +€5,433 | |
| Total equity and liabilities | 10/49 | €182,057 | €130,214 | -€51,842 | -28.5% |
| Equity | 10/15 | -€58,024 | -€82,162 | -€24,138 | -41.6% |
| Contributions | 10/11 | €30,550 | €30,550 | = | 0.0% |
| Reserves | 13 | €179 | €179 | = | 0.0% |
| Non-distributable reserves | 130/1 | €179 | €179 | = | 0.0% |
| Reserves not available under the articles | 1311 | €179 | €179 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,753 | -€112,891 | -€24,138 | -27.2% |
| Amounts payable | 17/49 | €240,080 | €212,376 | -€27,704 | -11.5% |
| Amounts payable after more than one year | 17 | €155,754 | €142,966 | -€12,787 | -8.2% |
| Financial debts | 170/4 | €155,754 | €142,966 | -€12,787 | -8.2% |
| Amounts payable within one year | 42/48 | €84,327 | €69,409 | -€14,917 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | - | €1,758 | +€1,758 | |
| Trade debts | 44 | €3,498 | - | -€3,498 | |
| Suppliers | 440/4 | €3,498 | - | -€3,498 | |
| Taxes, remuneration and social security | 45 | €1,045 | €2,910 | +€1,866 | +178.5% |
| Taxes | 450/3 | €1,045 | €2,910 | +€1,866 | +178.5% |
| Other amounts payable | 47/48 | €79,784 | €64,741 | -€15,042 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,313 | €20,159 | +€846 | +4.4% |
| Other operating charges | 640/8 | €519 | €241 | -€277 | -53.5% |
| Gross operating margin | 9900 | €27,139 | -€2,966 | -€30,105 | |
| Operating profit (loss) | 9901 | €7,307 | -€23,367 | -€30,674 | |
| Financial income | 75/76B | €22 | €157 | +€135 | +604.9% |
| Recurring financial income | 75 | €22 | €157 | +€135 | +604.9% |
| Financial charges | 65/66B | €1,939 | €929 | -€1,011 | -52.1% |
| Recurring financial charges | 65 | €1,939 | €929 | -€1,011 | -52.1% |
| Profit (loss) for the period before taxes | 9903 | €5,390 | -€24,138 | -€29,528 | |
| Profit (loss) for the period | 9904 | €5,390 | -€24,138 | -€29,528 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,390 | -€24,138 | -€29,528 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.