BORGN: 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.
BORGN
Largest movements
- Tangible fixed assets +€106,291
up €106,291 (+397.9%), from €26,713 to €133,005
of which Furniture and vehicles: +€73,846
- Receivables within one year +€24,862
up €24,862 (+31.0%), from €80,295 to €105,157
of which Trade receivables: +€17,348
- Cash -€11,576
down €11,576 (-17.0%), from €68,144 to €56,568
mainly Investment in fixed assets (net) (-€114,431) and Receivables within one year (-€24,862)
- Current investments +€9,000
up €9,000 (+400.0%), from €2,250 to €11,250
- Debts after one year +€107,426
up €107,426 (+725.3%), from €14,811 to €122,237
of which Financial debts: +€86,971
- Current portion of long-term debt +€9,626
up €9,626 (+208.7%), from €4,611 to €14,237
- Tax, wage and social debts +€3,552
up €3,552 (+5.6%), from €63,880 to €67,432
of which Remuneration and social security: +€10,191
- Reserves +€3,430
up €3,430 (+4.2%), from €82,525 to €85,955
- Staff costs +€82,483
up €82,483 (+28.2%), from €292,575 to €375,058
- Gross operating margin +€72,788
up €72,788 (+19.9%), from €364,967 to €437,756
- Taxes -€8,625
down €8,625 (-42.1%), from €20,505 to €11,880
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 | €204,608 | €333,261 | +€128,654 | +62.9% |
| Fixed assets | 21/28 | €29,413 | €134,355 | +€104,941 | +356.8% |
| Tangible fixed assets | 22/27 | €26,713 | €133,005 | +€106,291 | +397.9% |
| Plant, machinery and equipment | 23 | €396 | €3,201 | +€2,804 | +707.4% |
| Furniture and vehicles | 24 | €12,611 | €86,457 | +€73,846 | +585.6% |
| Other tangible fixed assets | 26 | €13,705 | €43,347 | +€29,641 | +216.3% |
| Financial fixed assets | 28 | €2,700 | €1,350 | -€1,350 | -50.0% |
| Current assets | 29/58 | €175,195 | €198,907 | +€23,712 | +13.5% |
| Amounts receivable within one year | 40/41 | €80,295 | €105,157 | +€24,862 | +31.0% |
| Trade receivables | 40 | €70,189 | €87,536 | +€17,348 | +24.7% |
| Other amounts receivable | 41 | €10,107 | €17,621 | +€7,514 | +74.4% |
| Current investments | 50/53 | €2,250 | €11,250 | +€9,000 | +400.0% |
| Cash at bank and in hand | 54/58 | €68,144 | €56,568 | -€11,576 | -17.0% |
| Deferred charges and accrued income | 490/1 | €24,505 | €25,932 | +€1,426 | +5.8% |
| Total equity and liabilities | 10/49 | €204,608 | €333,261 | +€128,654 | +62.9% |
| Equity | 10/15 | €84,025 | €87,455 | +€3,430 | +4.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €82,525 | €85,955 | +€3,430 | +4.2% |
| Distributable reserves | 133 | €82,525 | €85,955 | +€3,430 | +4.2% |
| Amounts payable | 17/49 | €120,583 | €245,806 | +€125,223 | +103.8% |
| Amounts payable after more than one year | 17 | €14,811 | €122,237 | +€107,426 | +725.3% |
| Financial debts | 170/4 | €1,176 | €88,148 | +€86,971 | +7393.3% |
| Other amounts payable | 178/9 | €13,635 | €34,089 | +€20,455 | +150.0% |
| Amounts payable within one year | 42/48 | €88,281 | €103,491 | +€15,210 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €4,611 | €14,237 | +€9,626 | +208.7% |
| Financial debts | 43 | €8,829 | €11,752 | +€2,923 | +33.1% |
| Credit institutions | 430/8 | €8,829 | €11,752 | +€2,923 | +33.1% |
| Trade debts | 44 | €10,961 | €10,070 | -€891 | -8.1% |
| Suppliers | 440/4 | €10,961 | €10,070 | -€891 | -8.1% |
| Taxes, remuneration and social security | 45 | €63,880 | €67,432 | +€3,552 | +5.6% |
| Taxes | 450/3 | €7,417 | €778 | -€6,639 | -89.5% |
| Remuneration and social security | 454/9 | €56,463 | €66,653 | +€10,191 | +18.0% |
| Accrued charges and deferred income | 492/3 | €17,491 | €20,078 | +€2,588 | +14.8% |
| Non-recurring operating income | 76A | - | €1,510 | +€1,510 | |
| Remuneration, social security and pensions | 62 | €292,575 | €375,058 | +€82,483 | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,382 | €9,490 | -€2,892 | -23.4% |
| Other operating charges | 640/8 | €1,327 | €624 | -€702 | -52.9% |
| Non-recurring operating charges | 66A | - | €11,891 | +€11,891 | |
| Gross operating margin | 9900 | €364,967 | €437,756 | +€72,788 | +19.9% |
| Operating profit (loss) | 9901 | €58,683 | €40,692 | -€17,991 | -30.7% |
| Financial income | 75/76B | €3 | €18 | +€15 | +584.4% |
| Recurring financial income | 75 | €3 | €18 | +€15 | +584.4% |
| Financial charges | 65/66B | €2,102 | €3,040 | +€938 | +44.6% |
| Recurring financial charges | 65 | €2,102 | €3,040 | +€938 | +44.6% |
| Profit (loss) for the period before taxes | 9903 | €56,584 | €37,669 | -€18,914 | -33.4% |
| Income taxes | 67/77 | €20,505 | €11,880 | -€8,625 | -42.1% |
| Profit (loss) for the period | 9904 | €36,078 | €25,789 | -€10,289 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,078 | €25,789 | -€10,289 | -28.5% |
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 6 October 2026 via checked.be.