BORN TO RUN: 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.
BORN TO RUN
Largest movements
- Stocks and contracts +€44,224
up €44,224 (+61.7%), from €71,678 to €115,902
- Receivables within one year +€6,106
new in 2025: €6,106
- Tangible fixed assets -€5,835
down €5,835 (-2.4%), from €244,110 to €238,275
of which Land and buildings: -€5,196
- Trade debts +€22,952
up €22,952 (+117.9%), from €19,475 to €42,428
- Other debts +€22,421
up €22,421 (+72.8%), from €30,812 to €53,233
- Debts after one year -€20,087
down €20,087 (-10.1%), from €198,953 to €178,866
- Profit (loss) carried forward +€11,717
up €11,717 (+50.8%), from -€23,057 to -€11,339
- Tax, wage and social debts +€7,389
up €7,389 (+48.9%), from €15,122 to €22,512
of which Taxes: +€7,389
- Gross operating margin +€11,127
up €11,127 (+35.5%), from €31,318 to €42,445
- Write-downs +€6,600
up €6,600, from -€1,686 to €4,914
- Taxes +€3,081
up €3,081 (+2208.4%), from €140 to €3,221
- Depreciation -€2,121
down €2,121 (-16.4%), from €12,900 to €10,780
- Financial charges -€1,606
down €1,606 (-21.4%), from €7,490 to €5,884
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 | €324,034 | €367,801 | +€43,767 | +13.5% |
| Fixed assets | 21/28 | €245,470 | €239,635 | -€5,835 | -2.4% |
| Tangible fixed assets | 22/27 | €244,110 | €238,275 | -€5,835 | -2.4% |
| Land and buildings | 22 | €242,556 | €237,361 | -€5,196 | -2.1% |
| Furniture and vehicles | 24 | €1,554 | €915 | -€639 | -41.1% |
| Financial fixed assets | 28 | €1,360 | €1,360 | = | 0.0% |
| Current assets | 29/58 | €78,564 | €128,165 | +€49,602 | +63.1% |
| Stocks and contracts in progress | 3 | €71,678 | €115,902 | +€44,224 | +61.7% |
| Stocks | 30/36 | €71,678 | €115,902 | +€44,224 | +61.7% |
| Amounts receivable within one year | 40/41 | - | €6,106 | +€6,106 | |
| Other amounts receivable | 41 | - | €6,106 | +€6,106 | |
| Cash at bank and in hand | 54/58 | €6,886 | €6,157 | -€729 | -10.6% |
| Total equity and liabilities | 10/49 | €324,034 | €367,801 | +€43,767 | +13.5% |
| Equity | 10/15 | €36,943 | €48,661 | +€11,717 | +31.7% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Capital | 10 | €60,000 | €60,000 | = | 0.0% |
| Issued capital | 100 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,057 | -€11,339 | +€11,717 | +50.8% |
| Amounts payable | 17/49 | €287,091 | €319,140 | +€32,049 | +11.2% |
| Amounts payable after more than one year | 17 | €198,953 | €178,866 | -€20,087 | -10.1% |
| Financial debts | 170/4 | €198,953 | €178,866 | -€20,087 | -10.1% |
| Amounts payable within one year | 42/48 | €86,120 | €138,260 | +€52,140 | +60.5% |
| Current portion of amounts payable after more than one year | 42 | €20,710 | €20,087 | -€623 | -3.0% |
| Trade debts | 44 | €19,475 | €42,428 | +€22,952 | +117.9% |
| Suppliers | 440/4 | €19,475 | €42,428 | +€22,952 | +117.9% |
| Taxes, remuneration and social security | 45 | €15,122 | €22,512 | +€7,389 | +48.9% |
| Taxes | 450/3 | €2,439 | €9,829 | +€7,389 | +302.9% |
| Remuneration and social security | 454/9 | €12,683 | €12,683 | = | 0.0% |
| Other amounts payable | 47/48 | €30,812 | €53,233 | +€22,421 | +72.8% |
| Accrued charges and deferred income | 492/3 | €2,017 | €2,014 | -€3 | -0.2% |
| Non-recurring operating income | 76A | €12,669 | - | -€12,669 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,900 | €10,780 | -€2,121 | -16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,686 | €4,914 | +€6,600 | |
| Other operating charges | 640/8 | €6,235 | €5,929 | -€306 | -4.9% |
| Gross operating margin | 9900 | €31,318 | €42,445 | +€11,127 | +35.5% |
| Operating profit (loss) | 9901 | €13,868 | €20,822 | +€6,954 | +50.1% |
| Financial charges | 65/66B | €7,490 | €5,884 | -€1,606 | -21.4% |
| Recurring financial charges | 65 | €7,490 | €5,884 | -€1,606 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €6,379 | €14,938 | +€8,559 | +134.2% |
| Income taxes | 67/77 | €140 | €3,221 | +€3,081 | +2208.4% |
| Profit (loss) for the period | 9904 | €6,239 | €11,717 | +€5,478 | +87.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,239 | €11,717 | +€5,478 | +87.8% |
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 5 October 2026 via checked.be.