BORGHGRAEF PAINTINGS: what changed
BORGHGRAEF PAINTINGS
Largest movements
- Receivables within one year -€208,187
down €208,187 (-38.0%), from €547,829 to €339,642
of which Other amounts receivable: -€198,782
- Tangible fixed assets -€23,889
down €23,889 (-7.2%), from €333,985 to €310,096
of which Land and buildings: -€15,941
- Cash +€22,899
up €22,899 (+168%), from €13,663 to €36,562
mainly Receivables within one year (+€208,187) and Net result for the year (+€62,615)
- Reserves -€158,385
down €158,385 (-20.2%), from €785,951 to €627,566
of which Distributable reserves: -€158,385
- Current portion of long-term debt -€38,358
down €38,358 (-55.3%), from €69,412 to €31,054
- Tax, wage and social debts -€13,466
down €13,466 (-63.5%), from €21,190 to €7,724
of which Taxes: -€15,216
- Debts after one year -€13,054
down €13,054 (-65.9%), from €19,803 to €6,749
- Short-term financial debts +€10,000
new in 2025: €10,000
- Gross operating margin +€18,048
up €18,048 (+10.1%), from €178,637 to €196,685
- Taxes +€7,227
up €7,227 (+36.6%), from €19,748 to €26,974
- Other operating charges -€6,893
down €6,893 (-46.5%), from €14,809 to €7,915
- Financial income -€5,528
down €5,528 (-17.8%), from €31,057 to €25,529
- Depreciation +€3,408
up €3,408 (+9.5%), from €35,699 to €39,107
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €907,973 | €693,073 | -€214,899 | -23.7% |
| Fixed assets | 21/28 | €336,591 | €312,702 | -€23,889 | -7.1% |
| Tangible fixed assets | 22/27 | €333,985 | €310,096 | -€23,889 | -7.2% |
| Land and buildings | 22 | €272,185 | €256,244 | -€15,941 | -5.9% |
| Plant, machinery and equipment | 23 | €2,674 | €9,294 | +€6,619 | +248% |
| Furniture and vehicles | 24 | €59,126 | €44,559 | -€14,567 | -24.6% |
| Financial fixed assets | 28 | €2,606 | €2,606 | = | 0.0% |
| Current assets | 29/58 | €571,382 | €380,371 | -€191,010 | -33.4% |
| Stocks and contracts in progress | 3 | €4,500 | €2,775 | -€1,725 | -38.3% |
| Stocks | 30/36 | €2,500 | €1,000 | -€1,500 | -60.0% |
| Contracts in progress | 37 | €2,000 | €1,775 | -€225 | -11.3% |
| Amounts receivable within one year | 40/41 | €547,829 | €339,642 | -€208,187 | -38.0% |
| Trade receivables | 40 | €15,019 | €5,614 | -€9,405 | -62.6% |
| Other amounts receivable | 41 | €532,810 | €334,028 | -€198,782 | -37.3% |
| Cash at bank and in hand | 54/58 | €13,663 | €36,562 | +€22,899 | +168% |
| Deferred charges and accrued income | 490/1 | €5,390 | €1,392 | -€3,998 | -74.2% |
| Total equity and liabilities | 10/49 | €907,973 | €693,073 | -€214,899 | -23.7% |
| Equity | 10/15 | €792,149 | €633,764 | -€158,385 | -20.0% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €785,951 | €627,566 | -€158,385 | -20.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €784,092 | €625,707 | -€158,385 | -20.2% |
| Amounts payable | 17/49 | €115,824 | €59,310 | -€56,514 | -48.8% |
| Amounts payable after more than one year | 17 | €19,803 | €6,749 | -€13,054 | -65.9% |
| Financial debts | 170/4 | €19,803 | €6,749 | -€13,054 | -65.9% |
| Amounts payable within one year | 42/48 | €93,564 | €50,403 | -€43,160 | -46.1% |
| Current portion of amounts payable after more than one year | 42 | €69,412 | €31,054 | -€38,358 | -55.3% |
| Financial debts | 43 | - | €10,000 | +€10,000 | |
| Credit institutions | 430/8 | - | €10,000 | +€10,000 | |
| Trade debts | 44 | €2,961 | €1,625 | -€1,336 | -45.1% |
| Suppliers | 440/4 | €2,961 | €1,625 | -€1,336 | -45.1% |
| Taxes, remuneration and social security | 45 | €21,190 | €7,724 | -€13,466 | -63.5% |
| Taxes | 450/3 | €21,190 | €5,974 | -€15,216 | -71.8% |
| Remuneration and social security | 454/9 | - | €1,750 | +€1,750 | |
| Accrued charges and deferred income | 492/3 | €2,457 | €2,158 | -€300 | -12.2% |
| Remuneration, social security and pensions | 62 | €73,216 | €72,633 | -€582 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,699 | €39,107 | +€3,408 | +9.5% |
| Other operating charges | 640/8 | €14,809 | €7,915 | -€6,893 | -46.5% |
| Gross operating margin | 9900 | €178,637 | €196,685 | +€18,048 | +10.1% |
| Operating profit (loss) | 9901 | €54,914 | €77,030 | +€22,115 | +40.3% |
| Financial income | 75/76B | €31,057 | €25,529 | -€5,528 | -17.8% |
| Recurring financial income | 75 | €31,057 | €25,529 | -€5,528 | -17.8% |
| Financial charges | 65/66B | €15,803 | €12,970 | -€2,833 | -17.9% |
| Recurring financial charges | 65 | €15,803 | €12,970 | -€2,833 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €70,169 | €89,589 | +€19,421 | +27.7% |
| Income taxes | 67/77 | €19,748 | €26,974 | +€7,227 | +36.6% |
| Profit (loss) for the period | 9904 | €50,421 | €62,615 | +€12,194 | +24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €50,421 | €62,615 | +€12,194 | +24.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.