BORGVELD: 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.
BORGVELD
Largest movements
- Tangible fixed assets -€38,133
down €38,133 (-13.3%), from €287,253 to €249,119
of which Plant, machinery and equipment: -€23,191
- Receivables within one year +€35,813
up €35,813 (+91.5%), from €39,136 to €74,949
of which Trade receivables: +€35,813
- Cash -€27,483
down €27,483 (-41.2%), from €66,720 to €39,237
mainly Receivables within one year (-€35,813) and Debts after one year (-€18,021)
- Stocks and contracts +€12,765
up €12,765 (+3.5%), from €365,932 to €378,697
- Debts after one year -€18,021
down €18,021 (-20.5%), from €87,920 to €69,899
- Gross operating margin +€95,941
up €95,941 (+262.0%), from €36,620 to €132,561
- Depreciation +€1,538
up €1,538 (+3.3%), from €46,377 to €47,915
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 | €766,707 | €750,938 | -€15,769 | -2.1% |
| Fixed assets | 21/28 | €289,025 | €250,892 | -€38,133 | -13.2% |
| Tangible fixed assets | 22/27 | €287,253 | €249,119 | -€38,133 | -13.3% |
| Land and buildings | 22 | €162,344 | €152,667 | -€9,677 | -6.0% |
| Plant, machinery and equipment | 23 | €100,479 | €77,288 | -€23,191 | -23.1% |
| Furniture and vehicles | 24 | €5,190 | €6,879 | +€1,689 | +32.5% |
| Leasing and similar rights | 25 | €19,239 | €12,285 | -€6,954 | -36.1% |
| Financial fixed assets | 28 | €1,772 | €1,772 | = | 0.0% |
| Current assets | 29/58 | €477,682 | €500,047 | +€22,364 | +4.7% |
| Stocks and contracts in progress | 3 | €365,932 | €378,697 | +€12,765 | +3.5% |
| Stocks | 30/36 | €365,932 | €378,697 | +€12,765 | +3.5% |
| Amounts receivable within one year | 40/41 | €39,136 | €74,949 | +€35,813 | +91.5% |
| Trade receivables | 40 | €39,136 | €74,949 | +€35,813 | +91.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €66,720 | €39,237 | -€27,483 | -41.2% |
| Deferred charges and accrued income | 490/1 | €5,895 | €7,164 | +€1,268 | +21.5% |
| Total equity and liabilities | 10/49 | €766,707 | €750,938 | -€15,769 | -2.1% |
| Equity | 10/15 | €611,639 | €612,982 | +€1,343 | +0.2% |
| Contributions | 10/11 | €19,157 | €19,157 | = | 0.0% |
| Reserves | 13 | €49,970 | €49,970 | = | 0.0% |
| Distributable reserves | 133 | €49,970 | €49,970 | = | 0.0% |
| Profit (loss) carried forward | 14 | €542,513 | €543,856 | +€1,343 | +0.2% |
| Amounts payable | 17/49 | €155,068 | €137,956 | -€17,112 | -11.0% |
| Amounts payable after more than one year | 17 | €87,920 | €69,899 | -€18,021 | -20.5% |
| Financial debts | 170/4 | €87,920 | €69,899 | -€18,021 | -20.5% |
| Amounts payable within one year | 42/48 | €67,148 | €68,057 | +€909 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €17,716 | €18,021 | +€305 | +1.7% |
| Trade debts | 44 | €10,020 | €5,138 | -€4,883 | -48.7% |
| Suppliers | 440/4 | €10,020 | €5,138 | -€4,883 | -48.7% |
| Taxes, remuneration and social security | 45 | €18,512 | €19,009 | +€498 | +2.7% |
| Taxes | 450/3 | €18,512 | €19,009 | +€498 | +2.7% |
| Other amounts payable | 47/48 | €20,899 | €25,889 | +€4,989 | +23.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,377 | €47,915 | +€1,538 | +3.3% |
| Other operating charges | 640/8 | €77,552 | €76,230 | -€1,322 | -1.7% |
| Gross operating margin | 9900 | €36,620 | €132,561 | +€95,941 | +262.0% |
| Operating profit (loss) | 9901 | -€87,310 | €8,415 | +€95,725 | |
| Financial income | 75/76B | €142 | €15 | -€127 | -89.6% |
| Recurring financial income | 75 | €142 | €15 | -€127 | -89.6% |
| Financial charges | 65/66B | €7,636 | €6,946 | -€690 | -9.0% |
| Recurring financial charges | 65 | €7,636 | €6,946 | -€690 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | -€94,804 | €1,484 | +€96,287 | |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€94,943 | €1,343 | +€96,286 | |
| Profit (loss) for the period to be appropriated | 9905 | -€94,943 | €1,343 | +€96,286 |
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 8 October 2026 via checked.be.