BORMS: 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.
BORMS
Largest movements
- Tangible fixed assets +€979,164
up €979,164 (+42.5%), from €2.3m to €3.3m
of which Land and buildings: +€993,873
- Cash +€242,780
up €242,780 (+38.3%), from €633,253 to €876,033
mainly Debts after one year (+€1.2m) and Net result for the year (+€101,597)
- Debts after one year +€1.2m
new in 2025: €1.2m
- Trade debts -€74,674
down €74,674 (-33.3%), from €224,388 to €149,715
- Current portion of long-term debt +€48,445
new in 2025: €48,445
- Gross operating margin +€81,540
up €81,540 (+51.5%), from €158,438 to €239,978
- Depreciation +€53,287
up €53,287 (+187.6%), from €28,407 to €81,694
- Financial charges +€20,906
up €20,906 (+46.9%), from €44,606 to €65,512
- Financial income +€13,993
up €13,993 (+121.9%), from €11,477 to €25,469
- Taxes -€8,103
down €8,103 (-54.4%), from €14,898 to €6,795
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 | €3,566,299 | €4,810,561 | +€1.2m | +34.9% |
| Fixed assets | 21/28 | €2,301,722 | €3,280,686 | +€978,964 | +42.5% |
| Intangible fixed assets | 21 | €271 | €71 | -€200 | -73.9% |
| Tangible fixed assets | 22/27 | €2,301,317 | €3,280,480 | +€979,164 | +42.5% |
| Land and buildings | 22 | €2,256,094 | €3,249,966 | +€993,873 | +44.1% |
| Plant, machinery and equipment | 23 | €37,681 | €28,464 | -€9,217 | -24.5% |
| Furniture and vehicles | 24 | €7,542 | €2,050 | -€5,492 | -72.8% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €1,264,577 | €1,529,875 | +€265,298 | +21.0% |
| Stocks and contracts in progress | 3 | €326,570 | €349,416 | +€22,846 | +7.0% |
| Stocks | 30/36 | €326,570 | €349,416 | +€22,846 | +7.0% |
| Amounts receivable within one year | 40/41 | €294,700 | €299,161 | +€4,461 | +1.5% |
| Trade receivables | 40 | €70,900 | €59,743 | -€11,158 | -15.7% |
| Other amounts receivable | 41 | €223,800 | €239,418 | +€15,618 | +7.0% |
| Cash at bank and in hand | 54/58 | €633,253 | €876,033 | +€242,780 | +38.3% |
| Deferred charges and accrued income | 490/1 | €10,054 | €5,265 | -€4,789 | -47.6% |
| Total equity and liabilities | 10/49 | €3,566,299 | €4,810,561 | +€1.2m | +34.9% |
| Equity | 10/15 | €2,636,439 | €2,651,451 | +€15,012 | +0.6% |
| Contributions | 10/11 | €2,078,600 | €2,078,600 | = | 0.0% |
| Reserves | 13 | €557,839 | €572,851 | +€15,012 | +2.7% |
| Distributable reserves | 133 | €557,839 | €572,851 | +€15,012 | +2.7% |
| Amounts payable | 17/49 | €929,860 | €2,159,110 | +€1.2m | +132.2% |
| Amounts payable after more than one year | 17 | - | €1,212,332 | +€1.2m | |
| Financial debts | 170/4 | - | €1,212,332 | +€1.2m | |
| Amounts payable within one year | 42/48 | €891,100 | €902,054 | +€10,954 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | - | €48,445 | +€48,445 | |
| Trade debts | 44 | €224,388 | €149,715 | -€74,674 | -33.3% |
| Suppliers | 440/4 | €224,388 | €149,715 | -€74,674 | -33.3% |
| Taxes, remuneration and social security | 45 | €4,239 | €6,660 | +€2,421 | +57.1% |
| Taxes | 450/3 | €4,239 | €6,660 | +€2,421 | +57.1% |
| Other amounts payable | 47/48 | €662,473 | €697,235 | +€34,761 | +5.2% |
| Accrued charges and deferred income | 492/3 | €38,760 | €44,723 | +€5,963 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,407 | €81,694 | +€53,287 | +187.6% |
| Other operating charges | 640/8 | €4,617 | €9,848 | +€5,231 | +113.3% |
| Gross operating margin | 9900 | €158,438 | €239,978 | +€81,540 | +51.5% |
| Operating profit (loss) | 9901 | €125,413 | €148,435 | +€23,022 | +18.4% |
| Financial income | 75/76B | €11,477 | €25,469 | +€13,993 | +121.9% |
| Recurring financial income | 75 | €11,477 | €25,469 | +€13,993 | +121.9% |
| Financial charges | 65/66B | €44,606 | €65,512 | +€20,906 | +46.9% |
| Recurring financial charges | 65 | €44,606 | €65,512 | +€20,906 | +46.9% |
| Profit (loss) for the period before taxes | 9903 | €92,284 | €108,392 | +€16,108 | +17.5% |
| Income taxes | 67/77 | €14,898 | €6,795 | -€8,103 | -54.4% |
| Profit (loss) for the period | 9904 | €77,386 | €101,597 | +€24,211 | +31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,386 | €101,597 | +€24,211 | +31.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.