BORGHS: 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.
BORGHS
Largest movements
- Current investments +€366,949
up €366,949 (+77.1%), from €475,997 to €842,946
- Cash -€249,353
down €249,353 (-58.3%), from €427,760 to €178,408
mainly Current investments (-€366,949) and Tax, wage and social debts (-€13,107)
- Receivables within one year -€24,225
down €24,225 (-86.5%), from €27,991 to €3,767
of which Other amounts receivable: -€17,375
- Reserves +€116,510
up €116,510 (+31.5%), from €369,584 to €486,093
of which Distributable reserves: +€116,510
- Tax, wage and social debts -€13,107
down €13,107 (-78.2%), from €16,769 to €3,662
of which Taxes: -€9,864
- Gross operating margin +€66,098
up €66,098 (+69.2%), from €95,482 to €161,581
- Taxes +€44,302
up €44,302 (+354.6%), from €12,494 to €56,795
- Financial income +€38,893
up €38,893 (+959.7%), from €4,053 to €42,946
- Financial charges -€30,136
down €30,136 (-82.2%), from €36,645 to €6,509
- Depreciation +€2,508
up €2,508 (+179.8%), from €1,395 to €3,902
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 | €934,680 | €1,033,472 | +€98,793 | +10.6% |
| Fixed assets | 21/28 | €2,931 | €8,352 | +€5,421 | +184.9% |
| Tangible fixed assets | 22/27 | €2,931 | €8,352 | +€5,421 | +184.9% |
| Plant, machinery and equipment | 23 | €2,672 | €1,966 | -€706 | -26.4% |
| Furniture and vehicles | 24 | €259 | €6,386 | +€6,127 | +2364.9% |
| Current assets | 29/58 | €931,748 | €1,025,120 | +€93,372 | +10.0% |
| Amounts receivable within one year | 40/41 | €27,991 | €3,767 | -€24,225 | -86.5% |
| Trade receivables | 40 | €10,616 | €3,767 | -€6,850 | -64.5% |
| Other amounts receivable | 41 | €17,375 | €0 | -€17,375 | -100.0% |
| Current investments | 50/53 | €475,997 | €842,946 | +€366,949 | +77.1% |
| Cash at bank and in hand | 54/58 | €427,760 | €178,408 | -€249,353 | -58.3% |
| Total equity and liabilities | 10/49 | €934,680 | €1,033,472 | +€98,793 | +10.6% |
| Equity | 10/15 | €389,584 | €506,093 | +€116,510 | +29.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €369,584 | €486,093 | +€116,510 | +31.5% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €367,584 | €484,093 | +€116,510 | +31.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €545,096 | €527,379 | -€17,717 | -3.3% |
| Amounts payable within one year | 42/48 | €545,096 | €527,379 | -€17,717 | -3.3% |
| Trade debts | 44 | €2,954 | €758 | -€2,196 | -74.3% |
| Suppliers | 440/4 | €2,954 | €758 | -€2,196 | -74.3% |
| Taxes, remuneration and social security | 45 | €16,769 | €3,662 | -€13,107 | -78.2% |
| Taxes | 450/3 | €10,005 | €141 | -€9,864 | -98.6% |
| Remuneration and social security | 454/9 | €6,764 | €3,521 | -€3,243 | -47.9% |
| Other amounts payable | 47/48 | €525,373 | €522,959 | -€2,414 | -0.5% |
| Remuneration, social security and pensions | 62 | €17,442 | €18,121 | +€679 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,395 | €3,902 | +€2,508 | +179.8% |
| Other operating charges | 640/8 | €1,988 | €1,831 | -€157 | -7.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €95,482 | €161,581 | +€66,098 | +69.2% |
| Operating profit (loss) | 9901 | €74,658 | €137,727 | +€63,069 | +84.5% |
| Financial income | 75/76B | €4,053 | €42,946 | +€38,893 | +959.7% |
| Recurring financial income | 75 | €4,053 | €42,946 | +€38,893 | +959.7% |
| Financial charges | 65/66B | €36,645 | €6,509 | -€30,136 | -82.2% |
| Recurring financial charges | 65 | €36,645 | €6,509 | -€30,136 | -82.2% |
| Profit (loss) for the period before taxes | 9903 | €42,066 | €174,164 | +€132,098 | +314.0% |
| Income taxes | 67/77 | €12,494 | €56,795 | +€44,302 | +354.6% |
| Profit (loss) for the period | 9904 | €29,572 | €117,369 | +€87,797 | +296.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,572 | €117,369 | +€87,797 | +296.9% |
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 29 September 2026 via checked.be.