BORINGEN ZIRDA: 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.
BORINGEN ZIRDA
Largest movements
- Receivables within one year +€202,748
up €202,748 (+40.4%), from €501,765 to €704,512
of which Trade receivables: +€265,857
- Tangible fixed assets +€125,257
up €125,257 (+17.7%), from €708,335 to €833,591
of which Plant, machinery and equipment: +€126,579
- Stocks and contracts -€38,763
down €38,763 (-16.9%), from €229,873 to €191,111
of which Contracts in progress: -€38,763
- Cash -€31,564
down €31,564 (-15.6%), from €202,323 to €170,760
mainly Investment in fixed assets (net) (-€230,066) and Receivables within one year (-€202,748)
- Trade debts +€138,543
up €138,543 (+482%), from €28,721 to €167,264
- Debts after one year +€63,446
up €63,446 (+17.5%), from €362,373 to €425,819
- Current portion of long-term debt +€36,140
up €36,140 (+63.2%), from €57,164 to €93,305
- Reserves -€29,859
down €29,859 (-6.0%), from €494,379 to €464,521
- Profit (loss) carried forward +€29,416
up €29,416 (+5.6%), from €524,153 to €553,569
- Staff costs +€193,458
up €193,458 (+564%), from €34,311 to €227,769
- Gross operating margin +€87,999
up €87,999 (+19.9%), from €441,793 to €529,793
- Taxes -€26,987
down €26,987 (-34.3%), from €78,592 to €51,605
- Depreciation +€18,556
up €18,556 (+21.5%), from €86,253 to €104,809
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 | €1,655,519 | €1,912,043 | +€256,524 | +15.5% |
| Fixed assets | 21/28 | €708,335 | €833,591 | +€125,257 | +17.7% |
| Tangible fixed assets | 22/27 | €708,335 | €833,591 | +€125,257 | +17.7% |
| Land and buildings | 22 | €553,164 | €523,446 | -€29,718 | -5.4% |
| Plant, machinery and equipment | 23 | €67,098 | €193,678 | +€126,579 | +189% |
| Furniture and vehicles | 24 | €11,807 | €9,963 | -€1,844 | -15.6% |
| Leasing and similar rights | 25 | €76,265 | €106,505 | +€30,239 | +39.6% |
| Current assets | 29/58 | €947,185 | €1,078,452 | +€131,267 | +13.9% |
| Stocks and contracts in progress | 3 | €229,873 | €191,111 | -€38,763 | -16.9% |
| Stocks | 30/36 | €84,395 | €84,395 | = | 0.0% |
| Contracts in progress | 37 | €145,478 | €106,715 | -€38,763 | -26.6% |
| Amounts receivable within one year | 40/41 | €501,765 | €704,512 | +€202,748 | +40.4% |
| Trade receivables | 40 | €336,193 | €602,050 | +€265,857 | +79.1% |
| Other amounts receivable | 41 | €165,572 | €102,462 | -€63,109 | -38.1% |
| Cash at bank and in hand | 54/58 | €202,323 | €170,760 | -€31,564 | -15.6% |
| Deferred charges and accrued income | 490/1 | €13,224 | €12,069 | -€1,154 | -8.7% |
| Total equity and liabilities | 10/49 | €1,655,519 | €1,912,043 | +€256,524 | +15.5% |
| Equity | 10/15 | €1,024,732 | €1,024,290 | -€442 | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €494,379 | €464,521 | -€29,859 | -6.0% |
| Distributable reserves | 133 | €494,379 | €464,521 | -€29,859 | -6.0% |
| Profit (loss) carried forward | 14 | €524,153 | €553,569 | +€29,416 | +5.6% |
| Amounts payable | 17/49 | €630,787 | €887,753 | +€256,966 | +40.7% |
| Amounts payable after more than one year | 17 | €362,373 | €425,819 | +€63,446 | +17.5% |
| Financial debts | 170/4 | €362,373 | €425,819 | +€63,446 | +17.5% |
| Amounts payable within one year | 42/48 | €268,414 | €461,934 | +€193,520 | +72.1% |
| Current portion of amounts payable after more than one year | 42 | €57,164 | €93,305 | +€36,140 | +63.2% |
| Financial debts | 43 | €13,524 | €488 | -€13,035 | -96.4% |
| Credit institutions | 430/8 | €13,524 | €488 | -€13,035 | -96.4% |
| Trade debts | 44 | €28,721 | €167,264 | +€138,543 | +482% |
| Suppliers | 440/4 | €28,721 | €167,264 | +€138,543 | +482% |
| Taxes, remuneration and social security | 45 | €53,216 | €82,552 | +€29,336 | +55.1% |
| Taxes | 450/3 | €44,327 | €63,989 | +€19,662 | +44.4% |
| Remuneration and social security | 454/9 | €8,890 | €18,564 | +€9,674 | +109% |
| Other amounts payable | 47/48 | €115,789 | €118,325 | +€2,536 | +2.2% |
| Non-recurring operating income | 76A | €200 | €413 | +€213 | +107% |
| Remuneration, social security and pensions | 62 | €34,311 | €227,769 | +€193,458 | +564% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,253 | €104,809 | +€18,556 | +21.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €647 | - | -€647 | |
| Other operating charges | 640/8 | €6,478 | €8,215 | +€1,738 | +26.8% |
| Non-recurring operating charges | 66A | €30,118 | €19 | -€30,099 | -99.9% |
| Gross operating margin | 9900 | €441,793 | €529,793 | +€87,999 | +19.9% |
| Operating profit (loss) | 9901 | €283,987 | €188,980 | -€95,006 | -33.5% |
| Financial income | 75/76B | €5,481 | €3,568 | -€1,913 | -34.9% |
| Recurring financial income | 75 | €5,481 | €3,568 | -€1,913 | -34.9% |
| Financial charges | 65/66B | €28,498 | €31,527 | +€3,029 | +10.6% |
| Recurring financial charges | 65 | €28,498 | €31,527 | +€3,029 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €260,970 | €161,021 | -€99,949 | -38.3% |
| Income taxes | 67/77 | €78,592 | €51,605 | -€26,987 | -34.3% |
| Profit (loss) for the period | 9904 | €182,378 | €109,416 | -€72,962 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €182,378 | €109,416 | -€72,962 | -40.0% |
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 25 October 2026 via checked.be.