BORGS STEVE: what changed
BORGS STEVE
Largest movements
- Receivables within one year +€70,899
up €70,899 (+35.0%), from €202,652 to €273,551
of which Trade receivables: +€60,815
- Cash -€70,185
down €70,185 (-84.4%), from €83,199 to €13,014
mainly Net result for the year (-€162,505) and Receivables within one year (-€70,899)
- Stocks and contracts -€33,674
down €33,674 (-31.2%), from €107,834 to €74,160
- Tangible fixed assets -€15,818
down €15,818 (-52.2%), from €30,289 to €14,471
of which Furniture and vehicles: -€13,457
- Deferred charges and accrued income +€8,306
up €8,306 (+133%), from €6,226 to €14,531
- Profit (loss) carried forward -€162,505
down €162,505 (-83.9%), from €193,585 to €31,080
- Trade debts +€75,009
up €75,009 (+45.2%), from €166,117 to €241,125
- Short-term financial debts +€62,100
new in 2025: €62,100
- Accrued charges and deferred income -€15,148
down €15,148 (-48.7%), from €31,073 to €15,925
- Gross operating margin -€109,224
down €109,224 (-62.3%), from €175,210 to €65,986
- Staff costs +€64,881
up €64,881 (+46.0%), from €141,033 to €205,915
- Depreciation -€2,528
down €2,528 (-13.0%), from €19,503 to €16,974
- Taxes -€2,132
down €2,132 (-88.3%), from €2,415 to €283
- Financial charges +€1,902
up €1,902 (+105%), from €1,809 to €3,711
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €430,199 | €389,727 | -€40,472 | -9.4% |
| Fixed assets | 21/28 | €30,289 | €14,471 | -€15,818 | -52.2% |
| Tangible fixed assets | 22/27 | €30,289 | €14,471 | -€15,818 | -52.2% |
| Plant, machinery and equipment | 23 | €3,896 | €1,535 | -€2,361 | -60.6% |
| Furniture and vehicles | 24 | €26,393 | €12,936 | -€13,457 | -51.0% |
| Current assets | 29/58 | €399,910 | €375,256 | -€24,654 | -6.2% |
| Stocks and contracts in progress | 3 | €107,834 | €74,160 | -€33,674 | -31.2% |
| Stocks | 30/36 | €107,834 | €74,160 | -€33,674 | -31.2% |
| Amounts receivable within one year | 40/41 | €202,652 | €273,551 | +€70,899 | +35.0% |
| Trade receivables | 40 | €27,424 | €88,239 | +€60,815 | +222% |
| Other amounts receivable | 41 | €175,227 | €185,312 | +€10,085 | +5.8% |
| Cash at bank and in hand | 54/58 | €83,199 | €13,014 | -€70,185 | -84.4% |
| Deferred charges and accrued income | 490/1 | €6,226 | €14,531 | +€8,306 | +133% |
| Total equity and liabilities | 10/49 | €430,199 | €389,727 | -€40,472 | -9.4% |
| Equity | 10/15 | €201,645 | €39,140 | -€162,505 | -80.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €193,585 | €31,080 | -€162,505 | -83.9% |
| Amounts payable | 17/49 | €228,554 | €350,586 | +€122,033 | +53.4% |
| Amounts payable after more than one year | 17 | €1,992 | - | -€1,992 | |
| Financial debts | 170/4 | €1,992 | - | -€1,992 | |
| Amounts payable within one year | 42/48 | €195,489 | €334,661 | +€139,172 | +71.2% |
| Current portion of amounts payable after more than one year | 42 | €3,880 | €5,540 | +€1,659 | +42.8% |
| Financial debts | 43 | - | €62,100 | +€62,100 | |
| Credit institutions | 430/8 | - | €62,100 | +€62,100 | |
| Trade debts | 44 | €166,117 | €241,125 | +€75,009 | +45.2% |
| Suppliers | 440/4 | €166,117 | €241,125 | +€75,009 | +45.2% |
| Taxes, remuneration and social security | 45 | €25,492 | €25,897 | +€404 | +1.6% |
| Taxes | 450/3 | €7,724 | €2,694 | -€5,029 | -65.1% |
| Remuneration and social security | 454/9 | €17,768 | €23,202 | +€5,434 | +30.6% |
| Accrued charges and deferred income | 492/3 | €31,073 | €15,925 | -€15,148 | -48.7% |
| Non-recurring operating income | 76A | €6,103 | - | -€6,103 | |
| Remuneration, social security and pensions | 62 | €141,033 | €205,915 | +€64,881 | +46.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,503 | €16,974 | -€2,528 | -13.0% |
| Other operating charges | 640/8 | €2,027 | €2,135 | +€108 | +5.3% |
| Gross operating margin | 9900 | €175,210 | €65,986 | -€109,224 | -62.3% |
| Operating profit (loss) | 9901 | €12,648 | -€159,038 | -€171,685 | |
| Financial income | 75/76B | €58 | €527 | +€469 | +808% |
| Recurring financial income | 75 | €58 | €527 | +€469 | +808% |
| Financial charges | 65/66B | €1,809 | €3,711 | +€1,902 | +105% |
| Recurring financial charges | 65 | €1,809 | €3,711 | +€1,902 | +105% |
| Profit (loss) for the period before taxes | 9903 | €10,897 | -€162,222 | -€173,119 | |
| Income taxes | 67/77 | €2,415 | €283 | -€2,132 | -88.3% |
| Profit (loss) for the period | 9904 | €8,482 | -€162,505 | -€170,986 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,482 | -€162,505 | -€170,986 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.