BORGMANS WIM: 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 WIM
Largest movements
- Tangible fixed assets +€14,041
up €14,041 (+9.9%), from €142,225 to €156,266
of which Furniture and vehicles: +€39,483
- Cash -€5,090
down €5,090 (-97.5%), from €5,220 to €130
mainly Investment in fixed assets (net) (-€51,014) and Debts after one year (-€4,381)
- Receivables within one year +€2,207
up €2,207 (+5.0%), from €44,048 to €46,254
of which Trade receivables: +€2,508
- Reserves +€9,466
up €9,466 (+15.8%), from €59,835 to €69,301
- Current portion of long-term debt +€7,278
up €7,278 (+27.3%), from €26,643 to €33,921
- Debts after one year -€4,381
down €4,381 (-5.3%), from €82,845 to €78,465
- Trade debts -€2,208
down €2,208 (-36.8%), from €5,997 to €3,789
- Gross operating margin +€11,827
up €11,827 (+27.8%), from €42,565 to €54,392
- Depreciation +€9,446
up €9,446 (+34.3%), from €27,527 to €36,973
- Financial charges +€1,492
up €1,492 (+52.0%), from €2,867 to €4,359
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 | €196,240 | €207,915 | +€11,675 | +5.9% |
| Fixed assets | 21/28 | €142,225 | €156,266 | +€14,041 | +9.9% |
| Tangible fixed assets | 22/27 | €142,225 | €156,266 | +€14,041 | +9.9% |
| Plant, machinery and equipment | 23 | €26,304 | €18,419 | -€7,885 | -30.0% |
| Furniture and vehicles | 24 | €13,504 | €52,988 | +€39,483 | +292% |
| Leasing and similar rights | 25 | €102,416 | €84,859 | -€17,557 | -17.1% |
| Current assets | 29/58 | €54,015 | €51,649 | -€2,366 | -4.4% |
| Amounts receivable within one year | 40/41 | €44,048 | €46,254 | +€2,207 | +5.0% |
| Trade receivables | 40 | €41,063 | €43,571 | +€2,508 | +6.1% |
| Other amounts receivable | 41 | €2,985 | €2,684 | -€301 | -10.1% |
| Cash at bank and in hand | 54/58 | €5,220 | €130 | -€5,090 | -97.5% |
| Deferred charges and accrued income | 490/1 | €4,748 | €5,265 | +€517 | +10.9% |
| Total equity and liabilities | 10/49 | €196,240 | €207,915 | +€11,675 | +5.9% |
| Equity | 10/15 | €66,035 | €75,501 | +€9,466 | +14.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €59,835 | €69,301 | +€9,466 | +15.8% |
| Distributable reserves | 133 | €59,835 | €69,301 | +€9,466 | +15.8% |
| Amounts payable | 17/49 | €130,205 | €132,414 | +€2,209 | +1.7% |
| Amounts payable after more than one year | 17 | €82,845 | €78,465 | -€4,381 | -5.3% |
| Financial debts | 170/4 | €82,845 | €78,465 | -€4,381 | -5.3% |
| Amounts payable within one year | 42/48 | €47,047 | €53,183 | +€6,136 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €26,643 | €33,921 | +€7,278 | +27.3% |
| Trade debts | 44 | €5,997 | €3,789 | -€2,208 | -36.8% |
| Suppliers | 440/4 | €5,997 | €3,789 | -€2,208 | -36.8% |
| Taxes, remuneration and social security | 45 | €8,172 | €9,757 | +€1,584 | +19.4% |
| Taxes | 450/3 | €5,772 | €7,357 | +€1,584 | +27.4% |
| Remuneration and social security | 454/9 | €2,400 | €2,400 | = | 0.0% |
| Other amounts payable | 47/48 | €6,235 | €5,717 | -€518 | -8.3% |
| Accrued charges and deferred income | 492/3 | €312 | €766 | +€454 | +145% |
| Non-recurring operating income | 76A | €128 | €250 | +€122 | +95.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,527 | €36,973 | +€9,446 | +34.3% |
| Other operating charges | 640/8 | €678 | €585 | -€93 | -13.7% |
| Gross operating margin | 9900 | €42,565 | €54,392 | +€11,827 | +27.8% |
| Operating profit (loss) | 9901 | €14,360 | €16,834 | +€2,474 | +17.2% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €2,867 | €4,359 | +€1,492 | +52.0% |
| Recurring financial charges | 65 | €2,867 | €4,359 | +€1,492 | +52.0% |
| Profit (loss) for the period before taxes | 9903 | €11,493 | €12,486 | +€993 | +8.6% |
| Income taxes | 67/77 | €3,184 | €3,020 | -€164 | -5.2% |
| Profit (loss) for the period | 9904 | €8,309 | €9,466 | +€1,157 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,309 | €9,466 | +€1,157 | +13.9% |
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 22 October 2026 via checked.be.