Borifa: 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.
Borifa
Largest movements
- Tangible fixed assets -€208,497
down €208,497 (-80.8%), from €257,923 to €49,426
of which Land and buildings: -€194,933
- Receivables within one year -€65,855
down €65,855 (-12.7%), from €519,308 to €453,453
of which Trade receivables: -€37,828
- Cash +€23,414
up €23,414 (+10.5%), from €223,358 to €246,771
mainly Investment in fixed assets (net) (+€186,860) and Net result for the year (+€128,915)
- Reserves -€101,851
down €101,851 (-8.2%), from €1.2m to €1.1m
of which Distributable reserves: -€101,690
- Debts after one year -€75,370
down €75,370 (-100.0%), from €75,370 to €0
- Tax, wage and social debts -€41,623
down €41,623 (-44.1%), from €94,481 to €52,857
of which Taxes: -€38,590
- Trade debts -€39,079
down €39,079 (-51.7%), from €75,653 to €36,574
- Other debts +€18,908
up €18,908 (+38.0%), from €49,754 to €68,662
- Gross operating margin +€56,801
up €56,801 (+10.8%), from €524,765 to €581,566
- Staff costs -€51,190
down €51,190 (-12.4%), from €411,877 to €360,687
- Taxes +€23,666
up €23,666 (+111.9%), from €21,153 to €44,820
- Write-downs +€13,483
up €13,483 (+513.6%), from €2,625 to €16,108
- Financial charges -€12,262
down €12,262 (-72.4%), from €16,933 to €4,671
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 | €1,592,916 | €1,330,636 | -€262,280 | -16.5% |
| Fixed assets | 21/28 | €257,923 | €49,426 | -€208,497 | -80.8% |
| Tangible fixed assets | 22/27 | €257,923 | €49,426 | -€208,497 | -80.8% |
| Land and buildings | 22 | €207,039 | €12,106 | -€194,933 | -94.2% |
| Plant, machinery and equipment | 23 | €26,730 | €25,798 | -€932 | -3.5% |
| Furniture and vehicles | 24 | €16,663 | €6,716 | -€9,947 | -59.7% |
| Leasing and similar rights | 25 | €7,491 | €4,806 | -€2,685 | -35.8% |
| Current assets | 29/58 | €1,334,993 | €1,281,210 | -€53,783 | -4.0% |
| Stocks and contracts in progress | 3 | €579,620 | €580,985 | +€1,365 | +0.2% |
| Stocks | 30/36 | €579,620 | €580,985 | +€1,365 | +0.2% |
| Amounts receivable within one year | 40/41 | €519,308 | €453,453 | -€65,855 | -12.7% |
| Trade receivables | 40 | €445,206 | €407,378 | -€37,828 | -8.5% |
| Other amounts receivable | 41 | €74,102 | €46,075 | -€28,026 | -37.8% |
| Cash at bank and in hand | 54/58 | €223,358 | €246,771 | +€23,414 | +10.5% |
| Deferred charges and accrued income | 490/1 | €12,708 | €0 | -€12,708 | -100.0% |
| Total equity and liabilities | 10/49 | €1,592,916 | €1,330,636 | -€262,280 | -16.5% |
| Equity | 10/15 | €1,270,671 | €1,164,981 | -€105,690 | -8.3% |
| Contributions | 10/11 | €24,789 | €20,950 | -€3,839 | -15.5% |
| Reserves | 13 | €1,245,881 | €1,144,030 | -€101,851 | -8.2% |
| Tax-exempt reserves | 132 | €1,041 | €880 | -€161 | -15.5% |
| Distributable reserves | 133 | €1,244,840 | €1,143,151 | -€101,690 | -8.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €322,245 | €165,655 | -€156,590 | -48.6% |
| Amounts payable after more than one year | 17 | €75,370 | €0 | -€75,370 | -100.0% |
| Financial debts | 170/4 | €75,370 | €0 | -€75,370 | -100.0% |
| Amounts payable within one year | 42/48 | €246,875 | €165,655 | -€81,220 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €13,464 | €7,561 | -€5,903 | -43.8% |
| Financial debts | 43 | €13,522 | €0 | -€13,522 | -100.0% |
| Credit institutions | 430/8 | €13,522 | €0 | -€13,522 | -100.0% |
| Trade debts | 44 | €75,653 | €36,574 | -€39,079 | -51.7% |
| Suppliers | 440/4 | €75,653 | €36,574 | -€39,079 | -51.7% |
| Taxes, remuneration and social security | 45 | €94,481 | €52,857 | -€41,623 | -44.1% |
| Taxes | 450/3 | €59,056 | €20,465 | -€38,590 | -65.3% |
| Remuneration and social security | 454/9 | €35,425 | €32,392 | -€3,033 | -8.6% |
| Other amounts payable | 47/48 | €49,754 | €68,662 | +€18,908 | +38.0% |
| Remuneration, social security and pensions | 62 | €411,877 | €360,687 | -€51,190 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,238 | €21,637 | -€1,601 | -6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,625 | €16,108 | +€13,483 | +513.6% |
| Other operating charges | 640/8 | €17,577 | €29,325 | +€11,748 | +66.8% |
| Gross operating margin | 9900 | €524,765 | €581,566 | +€56,801 | +10.8% |
| Operating profit (loss) | 9901 | €69,449 | €153,809 | +€84,361 | +121.5% |
| Financial income | 75/76B | €16,910 | €24,596 | +€7,686 | +45.5% |
| Recurring financial income | 75 | €16,910 | €24,596 | +€7,686 | +45.5% |
| Financial charges | 65/66B | €16,933 | €4,671 | -€12,262 | -72.4% |
| Recurring financial charges | 65 | €16,933 | €4,671 | -€12,262 | -72.4% |
| Profit (loss) for the period before taxes | 9903 | €69,426 | €173,735 | +€104,309 | +150.2% |
| Income taxes | 67/77 | €21,153 | €44,820 | +€23,666 | +111.9% |
| Profit (loss) for the period | 9904 | €48,273 | €128,915 | +€80,642 | +167.1% |
| Profit (loss) for the period to be appropriated | 9905 | €48,273 | €128,915 | +€80,642 | +167.1% |
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 1 October 2026 via checked.be.