BORGRAEVE: 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.
BORGRAEVE
Largest movements
- Tangible fixed assets +€130,001
up €130,001 (+37.5%), from €346,864 to €476,866
of which Plant, machinery and equipment: +€69,634
- Receivables within one year -€46,241
down €46,241 (-37.5%), from €123,403 to €77,162
of which Trade receivables: -€50,662
- Cash +€33,390
up €33,390 (+143%), from €23,377 to €56,767
mainly Debts after one year (+€129,762) and Depreciation (+€49,390)
- Current investments -€24,897
down €24,897 (-71.3%), from €34,897 to €10,000
- Stocks and contracts +€13,285
up €13,285 (+13.2%), from €100,384 to €113,669
- Debts after one year +€129,762
up €129,762 (+545%), from €23,825 to €153,587
- Reserves -€21,137
down €21,137 (-7.6%), from €277,887 to €256,751
of which Distributable reserves: -€21,137
- Tax, wage and social debts -€9,405
down €9,405 (-25.9%), from €36,378 to €26,972
of which Taxes: -€10,984
- Gross operating margin -€39,451
down €39,451 (-15.4%), from €256,625 to €217,174
- Staff costs +€10,151
up €10,151 (+6.1%), from €167,624 to €177,774
- Taxes -€9,892
down €9,892 (-95.2%), from €10,395 to €503
- Depreciation +€6,766
up €6,766 (+15.9%), from €42,624 to €49,390
- Financial charges -€5,431
down €5,431 (-55.3%), from €9,820 to €4,389
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 | €653,719 | €754,294 | +€100,575 | +15.4% |
| Fixed assets | 21/28 | €347,004 | €477,006 | +€130,001 | +37.5% |
| Tangible fixed assets | 22/27 | €346,864 | €476,866 | +€130,001 | +37.5% |
| Land and buildings | 22 | €248,880 | €243,860 | -€5,020 | -2.0% |
| Plant, machinery and equipment | 23 | €35,833 | €105,467 | +€69,634 | +194% |
| Furniture and vehicles | 24 | €19,647 | €68,854 | +€49,207 | +250% |
| Leasing and similar rights | 25 | €42,504 | €58,684 | +€16,180 | +38.1% |
| Financial fixed assets | 28 | €140 | €140 | = | 0.0% |
| Current assets | 29/58 | €306,715 | €277,288 | -€29,426 | -9.6% |
| Amounts receivable after more than one year | 29 | €16,856 | €13,707 | -€3,149 | -18.7% |
| Other amounts receivable | 291 | €16,856 | €13,707 | -€3,149 | -18.7% |
| Stocks and contracts in progress | 3 | €100,384 | €113,669 | +€13,285 | +13.2% |
| Stocks | 30/36 | €100,384 | €113,669 | +€13,285 | +13.2% |
| Amounts receivable within one year | 40/41 | €123,403 | €77,162 | -€46,241 | -37.5% |
| Trade receivables | 40 | €108,774 | €58,112 | -€50,662 | -46.6% |
| Other amounts receivable | 41 | €14,629 | €19,050 | +€4,422 | +30.2% |
| Current investments | 50/53 | €34,897 | €10,000 | -€24,897 | -71.3% |
| Cash at bank and in hand | 54/58 | €23,377 | €56,767 | +€33,390 | +143% |
| Deferred charges and accrued income | 490/1 | €7,798 | €5,983 | -€1,815 | -23.3% |
| Total equity and liabilities | 10/49 | €653,719 | €754,294 | +€100,575 | +15.4% |
| Equity | 10/15 | €518,187 | €497,051 | -€21,137 | -4.1% |
| Contributions | 10/11 | €240,300 | €240,300 | = | 0.0% |
| Reserves | 13 | €277,887 | €256,751 | -€21,137 | -7.6% |
| Tax-exempt reserves | 132 | €32,106 | €32,106 | = | 0.0% |
| Distributable reserves | 133 | €245,782 | €224,645 | -€21,137 | -8.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €135,531 | €257,244 | +€121,712 | +89.8% |
| Amounts payable after more than one year | 17 | €23,825 | €153,587 | +€129,762 | +545% |
| Financial debts | 170/4 | €23,825 | €153,587 | +€129,762 | +545% |
| Amounts payable within one year | 42/48 | €111,707 | €103,657 | -€8,050 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €21,982 | €27,157 | +€5,175 | +23.5% |
| Financial debts | 43 | €2,528 | €2,025 | -€502 | -19.9% |
| Credit institutions | 430/8 | €2,528 | €2,025 | -€502 | -19.9% |
| Trade debts | 44 | €30,819 | €30,265 | -€554 | -1.8% |
| Suppliers | 440/4 | €30,819 | €30,265 | -€554 | -1.8% |
| Taxes, remuneration and social security | 45 | €36,378 | €26,972 | -€9,405 | -25.9% |
| Taxes | 450/3 | €18,892 | €7,908 | -€10,984 | -58.1% |
| Remuneration and social security | 454/9 | €17,486 | €19,064 | +€1,579 | +9.0% |
| Other amounts payable | 47/48 | €20,000 | €17,237 | -€2,763 | -13.8% |
| Remuneration, social security and pensions | 62 | €167,624 | €177,774 | +€10,151 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,624 | €49,390 | +€6,766 | +15.9% |
| Other operating charges | 640/8 | €6,036 | €7,374 | +€1,338 | +22.2% |
| Gross operating margin | 9900 | €256,625 | €217,174 | -€39,451 | -15.4% |
| Operating profit (loss) | 9901 | €40,341 | -€17,365 | -€57,706 | |
| Financial income | 75/76B | €819 | €1,120 | +€301 | +36.8% |
| Recurring financial income | 75 | €819 | €1,120 | +€301 | +36.8% |
| Financial charges | 65/66B | €9,820 | €4,389 | -€5,431 | -55.3% |
| Recurring financial charges | 65 | €9,820 | €4,389 | -€5,431 | -55.3% |
| Profit (loss) for the period before taxes | 9903 | €31,340 | -€20,634 | -€51,973 | |
| Income taxes | 67/77 | €10,395 | €503 | -€9,892 | -95.2% |
| Profit (loss) for the period | 9904 | €20,944 | -€21,137 | -€42,081 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,944 | -€21,137 | -€42,081 |
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 17 October 2026 via checked.be.