BORGMANS: 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.
BORGMANS
Largest movements
- Tangible fixed assets -€74,998
down €74,998 (-27.7%), from €271,166 to €196,168
- Cash -€28,101
down €28,101 (-13.6%), from €206,617 to €178,516
mainly Contributions, distributions and other (-€101,127) and Trade debts (-€49,227)
- Receivables within one year +€21,800
up €21,800 (+13.1%), from €166,038 to €187,838
of which Trade receivables: +€15,968
- Trade debts -€49,227
down €49,227 (-39.0%), from €126,219 to €76,992
- Debts after one year -€43,290
down €43,290 (-60.6%), from €71,483 to €28,193
- Reserves -€35,246
down €35,246 (-11.5%), from €306,687 to €271,441
of which Distributable reserves: -€35,246
- Tax, wage and social debts +€32,785
up €32,785 (+85.1%), from €38,523 to €71,308
of which Taxes: +€16,851
- Other debts +€8,359
up €8,359 (+22.4%), from €37,331 to €45,690
- Gross operating margin +€81,954
up €81,954 (+32.8%), from €249,883 to €331,838
- Staff costs +€20,498
up €20,498 (+17.4%), from €117,654 to €138,152
- Taxes +€19,929
up €19,929 (+162.3%), from €12,282 to €32,211
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 | €653,773 | €567,191 | -€86,582 | -13.2% |
| Fixed assets | 21/28 | €278,487 | €197,551 | -€80,936 | -29.1% |
| Intangible fixed assets | 21 | €7,072 | €1,134 | -€5,938 | -84.0% |
| Tangible fixed assets | 22/27 | €271,166 | €196,168 | -€74,998 | -27.7% |
| Land and buildings | 22 | €121,138 | €87,425 | -€33,713 | -27.8% |
| Plant, machinery and equipment | 23 | €72,814 | €57,529 | -€15,285 | -21.0% |
| Furniture and vehicles | 24 | €77,214 | €51,215 | -€25,999 | -33.7% |
| Financial fixed assets | 28 | €249 | €249 | = | 0.0% |
| Current assets | 29/58 | €375,286 | €369,640 | -€5,646 | -1.5% |
| Stocks and contracts in progress | 3 | €2,120 | €2,467 | +€347 | +16.4% |
| Stocks | 30/36 | €2,120 | €2,467 | +€347 | +16.4% |
| Amounts receivable within one year | 40/41 | €166,038 | €187,838 | +€21,800 | +13.1% |
| Trade receivables | 40 | €8,830 | €24,799 | +€15,968 | +180.8% |
| Other amounts receivable | 41 | €157,208 | €163,040 | +€5,832 | +3.7% |
| Cash at bank and in hand | 54/58 | €206,617 | €178,516 | -€28,101 | -13.6% |
| Deferred charges and accrued income | 490/1 | €511 | €819 | +€308 | +60.3% |
| Total equity and liabilities | 10/49 | €653,773 | €567,191 | -€86,582 | -13.2% |
| Equity | 10/15 | €336,687 | €301,441 | -€35,246 | -10.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €306,687 | €271,441 | -€35,246 | -11.5% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €284,937 | €249,691 | -€35,246 | -12.4% |
| Amounts payable | 17/49 | €317,086 | €265,750 | -€51,335 | -16.2% |
| Amounts payable after more than one year | 17 | €71,483 | €28,193 | -€43,290 | -60.6% |
| Financial debts | 170/4 | €71,483 | €28,193 | -€43,290 | -60.6% |
| Amounts payable within one year | 42/48 | €245,603 | €237,558 | -€8,045 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €43,530 | €43,568 | +€38 | +0.1% |
| Trade debts | 44 | €126,219 | €76,992 | -€49,227 | -39.0% |
| Suppliers | 440/4 | €126,219 | €76,992 | -€49,227 | -39.0% |
| Taxes, remuneration and social security | 45 | €38,523 | €71,308 | +€32,785 | +85.1% |
| Taxes | 450/3 | €25,975 | €42,825 | +€16,851 | +64.9% |
| Remuneration and social security | 454/9 | €12,548 | €28,483 | +€15,935 | +127.0% |
| Other amounts payable | 47/48 | €37,331 | €45,690 | +€8,359 | +22.4% |
| Remuneration, social security and pensions | 62 | €117,654 | €138,152 | +€20,498 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,806 | €80,936 | -€1,870 | -2.3% |
| Other operating charges | 640/8 | €10,418 | €10,116 | -€301 | -2.9% |
| Gross operating margin | 9900 | €249,883 | €331,838 | +€81,954 | +32.8% |
| Operating profit (loss) | 9901 | €39,006 | €102,634 | +€63,628 | +163.1% |
| Financial income | 75/76B | €330 | €29 | -€302 | -91.4% |
| Recurring financial income | 75 | €330 | €29 | -€302 | -91.4% |
| Financial charges | 65/66B | €7,016 | €4,571 | -€2,445 | -34.9% |
| Recurring financial charges | 65 | €7,016 | €4,571 | -€2,445 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €32,320 | €98,091 | +€65,771 | +203.5% |
| Income taxes | 67/77 | €12,282 | €32,211 | +€19,929 | +162.3% |
| Profit (loss) for the period | 9904 | €20,039 | €65,881 | +€45,842 | +228.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,039 | €65,881 | +€45,842 | +228.8% |
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 8 October 2026 via checked.be.