BORGHART: 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.
BORGHART
Largest movements
- Receivables within one year -€3,967
down €3,967 (-23.5%), from €16,853 to €12,886
of which Trade receivables: -€3,690
- Cash +€3,318
up €3,318 (+40.7%), from €8,152 to €11,470
mainly Net result for the year (+€10,732) and Receivables within one year (+€3,967)
- Reserves +€66,703
up €66,703 (+90.1%), from €74,024 to €140,728
of which Distributable reserves: +€66,703
- Profit (loss) carried forward -€55,971
down €55,971 (-100.0%), from €55,971 to €0
- Tax, wage and social debts -€7,372
down €7,372 (-69.3%), from €10,642 to €3,270
- Other debts -€4,247
down €4,247 (-100.0%), from €4,247 to €0
- Accrued charges and deferred income +€3,248
up €3,248 (+455.5%), from €713 to €3,961
- Gross operating margin -€16,740
down €16,740 (-54.4%), from €30,786 to €14,047
- Taxes -€4,250
down €4,250 (-43.3%), from €9,809 to €5,559
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 | €155,005 | €154,356 | -€649 | -0.4% |
| Current assets | 29/58 | €155,005 | €154,356 | -€649 | -0.4% |
| Amounts receivable after more than one year | 29 | €130,000 | €130,000 | = | 0.0% |
| Other amounts receivable | 291 | €130,000 | €130,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,853 | €12,886 | -€3,967 | -23.5% |
| Trade receivables | 40 | €3,690 | €0 | -€3,690 | -100.0% |
| Other amounts receivable | 41 | €13,164 | €12,886 | -€278 | -2.1% |
| Cash at bank and in hand | 54/58 | €8,152 | €11,470 | +€3,318 | +40.7% |
| Total equity and liabilities | 10/49 | €155,005 | €154,356 | -€649 | -0.4% |
| Equity | 10/15 | €136,193 | €146,925 | +€10,732 | +7.9% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €74,024 | €140,728 | +€66,703 | +90.1% |
| Non-distributable reserves | 130/1 | €5 | €5 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5 | €5 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,655 | €2,655 | = | 0.0% |
| Distributable reserves | 133 | €71,364 | €138,068 | +€66,703 | +93.5% |
| Profit (loss) carried forward | 14 | €55,971 | €0 | -€55,971 | -100.0% |
| Amounts payable | 17/49 | €18,813 | €7,431 | -€11,382 | -60.5% |
| Amounts payable within one year | 42/48 | €18,100 | €3,470 | -€14,629 | -80.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,211 | €201 | -€3,010 | -93.8% |
| Suppliers | 440/4 | €3,211 | €201 | -€3,010 | -93.8% |
| Taxes, remuneration and social security | 45 | €10,642 | €3,270 | -€7,372 | -69.3% |
| Taxes | 450/3 | €10,642 | €3,270 | -€7,372 | -69.3% |
| Other amounts payable | 47/48 | €4,247 | €0 | -€4,247 | -100.0% |
| Accrued charges and deferred income | 492/3 | €713 | €3,961 | +€3,248 | +455.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,020 | €783 | -€238 | -23.3% |
| Gross operating margin | 9900 | €30,786 | €14,047 | -€16,740 | -54.4% |
| Operating profit (loss) | 9901 | €29,766 | €13,264 | -€16,502 | -55.4% |
| Financial income | 75/76B | €3,332 | €3,311 | -€20 | -0.6% |
| Recurring financial income | 75 | €3,332 | €3,311 | -€20 | -0.6% |
| Financial charges | 65/66B | €545 | €284 | -€261 | -47.9% |
| Recurring financial charges | 65 | €545 | €284 | -€261 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | €32,552 | €16,291 | -€16,261 | -50.0% |
| Income taxes | 67/77 | €9,809 | €5,559 | -€4,250 | -43.3% |
| Profit (loss) for the period | 9904 | €22,743 | €10,732 | -€12,011 | -52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,743 | €10,732 | -€12,011 | -52.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.