BORGMANS JENS: 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.
BORGMANS JENS
Largest movements
- Tangible fixed assets -€73,866
down €73,866 (-16.3%), from €454,192 to €380,325
of which Furniture and vehicles: -€40,311
- Cash +€21,897
up €21,897 (+55.4%), from €39,514 to €61,411
mainly Depreciation (+€91,389) and Other debts (+€62,826)
- Receivables within one year -€9,111
down €9,111 (-13.6%), from €66,839 to €57,728
of which Trade receivables: -€7,559
- Debts after one year -€69,196
down €69,196 (-25.6%), from €269,798 to €200,601
- Reserves -€68,604
down €68,604 (-36.0%), from €190,342 to €121,738
- Other debts +€62,826
up €62,826 (+379%), from €16,577 to €79,402
- Tax, wage and social debts +€7,045
up €7,045 (+131%), from €5,379 to €12,423
of which Taxes: +€3,800
- Trade debts +€6,388
up €6,388 (+173%), from €3,697 to €10,085
- Gross operating margin +€16,081
up €16,081 (+8.8%), from €183,376 to €199,457
- Staff costs +€7,807
up €7,807 (+16.9%), from €46,173 to €53,980
- Depreciation +€7,148
up €7,148 (+8.5%), from €84,241 to €91,389
- Financial charges -€2,518
down €2,518 (-18.6%), from €13,537 to €11,019
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 | €573,924 | €519,446 | -€54,478 | -9.5% |
| Fixed assets | 21/28 | €454,492 | €380,625 | -€73,866 | -16.3% |
| Tangible fixed assets | 22/27 | €454,192 | €380,325 | -€73,866 | -16.3% |
| Land and buildings | 22 | €177,622 | €144,593 | -€33,029 | -18.6% |
| Plant, machinery and equipment | 23 | €106,586 | €86,041 | -€20,545 | -19.3% |
| Furniture and vehicles | 24 | €140,126 | €99,815 | -€40,311 | -28.8% |
| Other tangible fixed assets | 26 | €5,545 | €49,876 | +€44,331 | +800% |
| Assets under construction and advance payments | 27 | €24,312 | €0 | -€24,312 | -100% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €119,432 | €138,821 | +€19,389 | +16.2% |
| Stocks and contracts in progress | 3 | €4,804 | €9,533 | +€4,729 | +98.4% |
| Stocks | 30/36 | €4,804 | €9,533 | +€4,729 | +98.4% |
| Amounts receivable within one year | 40/41 | €66,839 | €57,728 | -€9,111 | -13.6% |
| Trade receivables | 40 | €65,286 | €57,728 | -€7,559 | -11.6% |
| Other amounts receivable | 41 | €1,552 | €0 | -€1,552 | -100% |
| Cash at bank and in hand | 54/58 | €39,514 | €61,411 | +€21,897 | +55.4% |
| Deferred charges and accrued income | 490/1 | €8,275 | €10,149 | +€1,874 | +22.6% |
| Total equity and liabilities | 10/49 | €573,924 | €519,446 | -€54,478 | -9.5% |
| Equity | 10/15 | €208,942 | €140,338 | -€68,604 | -32.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €190,342 | €121,738 | -€68,604 | -36.0% |
| Distributable reserves | 133 | €190,342 | €121,738 | -€68,604 | -36.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €364,981 | €379,108 | +€14,127 | +3.9% |
| Amounts payable after more than one year | 17 | €269,798 | €200,601 | -€69,196 | -25.6% |
| Financial debts | 170/4 | €269,798 | €200,601 | -€69,196 | -25.6% |
| Amounts payable within one year | 42/48 | €92,184 | €171,107 | +€78,923 | +85.6% |
| Current portion of amounts payable after more than one year | 42 | €66,532 | €69,196 | +€2,664 | +4.0% |
| Trade debts | 44 | €3,697 | €10,085 | +€6,388 | +173% |
| Suppliers | 440/4 | €3,697 | €10,085 | +€6,388 | +173% |
| Taxes, remuneration and social security | 45 | €5,379 | €12,423 | +€7,045 | +131% |
| Taxes | 450/3 | €4,761 | €8,561 | +€3,800 | +79.8% |
| Remuneration and social security | 454/9 | €618 | €3,863 | +€3,245 | +525% |
| Other amounts payable | 47/48 | €16,577 | €79,402 | +€62,826 | +379% |
| Accrued charges and deferred income | 492/3 | €3,000 | €7,400 | +€4,400 | +147% |
| Remuneration, social security and pensions | 62 | €46,173 | €53,980 | +€7,807 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,241 | €91,389 | +€7,148 | +8.5% |
| Other operating charges | 640/8 | €2,205 | €2,745 | +€539 | +24.5% |
| Non-recurring operating charges | 66A | €123 | €0 | -€123 | -100% |
| Gross operating margin | 9900 | €183,376 | €199,457 | +€16,081 | +8.8% |
| Operating profit (loss) | 9901 | €50,634 | €51,344 | +€710 | +1.4% |
| Financial income | 75/76B | €103 | €161 | +€58 | +55.9% |
| Recurring financial income | 75 | €103 | €161 | +€58 | +55.9% |
| Financial charges | 65/66B | €13,537 | €11,019 | -€2,518 | -18.6% |
| Recurring financial charges | 65 | €13,537 | €11,019 | -€2,518 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €37,200 | €40,486 | +€3,285 | +8.8% |
| Income taxes | 67/77 | €9,185 | €9,090 | -€95 | -1.0% |
| Profit (loss) for the period | 9904 | €28,016 | €31,396 | +€3,380 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,016 | €31,396 | +€3,380 | +12.1% |
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 23 October 2026 via checked.be.