Borghof: 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.
Borghof
Largest movements
- Receivables within one year +€149,914
up €149,914 (+129%), from €116,250 to €266,164
of which Other amounts receivable: +€103,456
- Tangible fixed assets -€115,757
down €115,757 (-2.5%), from €4.7m to €4.6m
of which Land and buildings: -€93,617
- Contributions +€2.4m
up €2.4m (+12,903%), from €18,600 to €2.4m
- Other debts -€2.2m
down €2.2m (-45.8%), from €4.8m to €2.6m
- Profit (loss) carried forward -€104,560
down €104,560 (-44.2%), from -€236,778 to -€341,338
- Financial charges -€40,464
down €40,464 (-94.3%), from €42,913 to €2,449
- Gross operating margin +€22,360
up €22,360 (+14.8%), from €151,282 to €173,642
- Other operating charges -€19,138
down €19,138 (-37.4%), from €51,148 to €32,010
- Staff costs +€15,930
up €15,930 (+27.7%), from €57,408 to €73,338
- Depreciation +€6,937
up €6,937 (+4.2%), from €163,470 to €170,407
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 | €4,836,239 | €4,880,933 | +€44,693 | +0.9% |
| Fixed assets | 21/28 | €4,719,636 | €4,603,879 | -€115,757 | -2.5% |
| Tangible fixed assets | 22/27 | €4,719,636 | €4,603,879 | -€115,757 | -2.5% |
| Land and buildings | 22 | €3,889,775 | €3,796,157 | -€93,617 | -2.4% |
| Plant, machinery and equipment | 23 | €520,241 | €508,846 | -€11,395 | -2.2% |
| Furniture and vehicles | 24 | €1,641 | €6,896 | +€5,255 | +320% |
| Other tangible fixed assets | 26 | €307,980 | €291,980 | -€16,000 | -5.2% |
| Current assets | 29/58 | €116,603 | €277,054 | +€160,450 | +138% |
| Amounts receivable within one year | 40/41 | €116,250 | €266,164 | +€149,914 | +129% |
| Trade receivables | 40 | €116,250 | €162,708 | +€46,458 | +40.0% |
| Other amounts receivable | 41 | - | €103,456 | +€103,456 | |
| Cash at bank and in hand | 54/58 | €353 | €2,665 | +€2,312 | +654% |
| Deferred charges and accrued income | 490/1 | - | €8,224 | +€8,224 | |
| Total equity and liabilities | 10/49 | €4,836,239 | €4,880,933 | +€44,693 | +0.9% |
| Equity | 10/15 | -€216,318 | €2,079,122 | +€2.3m | |
| Contributions | 10/11 | €18,600 | €2,418,600 | +€2.4m | +12,903% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€236,778 | -€341,338 | -€104,560 | -44.2% |
| Amounts payable | 17/49 | €5,052,557 | €2,801,811 | -€2.3m | -44.5% |
| Amounts payable after more than one year | 17 | €149,443 | €119,222 | -€30,221 | -20.2% |
| Financial debts | 170/4 | €149,443 | €119,222 | -€30,221 | -20.2% |
| Amounts payable within one year | 42/48 | €4,903,115 | €2,682,589 | -€2.2m | -45.3% |
| Current portion of amounts payable after more than one year | 42 | €29,864 | €30,221 | +€356 | +1.2% |
| Trade debts | 44 | €23,289 | €18,573 | -€4,716 | -20.2% |
| Suppliers | 440/4 | €23,289 | €18,573 | -€4,716 | -20.2% |
| Taxes, remuneration and social security | 45 | €33,773 | €24,761 | -€9,012 | -26.7% |
| Taxes | 450/3 | €27,493 | €16,504 | -€10,989 | -40.0% |
| Remuneration and social security | 454/9 | €6,280 | €8,257 | +€1,977 | +31.5% |
| Other amounts payable | 47/48 | €4,816,188 | €2,609,034 | -€2.2m | -45.8% |
| Remuneration, social security and pensions | 62 | €57,408 | €73,338 | +€15,930 | +27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,470 | €170,407 | +€6,937 | +4.2% |
| Other operating charges | 640/8 | €51,148 | €32,010 | -€19,138 | -37.4% |
| Gross operating margin | 9900 | €151,282 | €173,642 | +€22,360 | +14.8% |
| Operating profit (loss) | 9901 | -€120,744 | -€102,113 | +€18,631 | +15.4% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €42,913 | €2,449 | -€40,464 | -94.3% |
| Recurring financial charges | 65 | €42,913 | €2,449 | -€40,464 | -94.3% |
| Profit (loss) for the period before taxes | 9903 | -€163,657 | -€104,560 | +€59,097 | +36.1% |
| Profit (loss) for the period | 9904 | -€163,657 | -€104,560 | +€59,097 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€163,657 | -€104,560 | +€59,097 | +36.1% |
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 31 October 2026 via checked.be.