BOROUGE SA: 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.
BOROUGE SA
Largest movements
- Receivables within one year +€269,322
up €269,322 (+42.3%), from €636,493 to €905,815
of which Trade receivables: +€186,525
- Tangible fixed assets -€228,760
down €228,760 (-10.9%), from €2.1m to €1.9m
- Profit (loss) carried forward +€146,340
up €146,340 (+67.8%), from -€215,808 to -€69,468
- Trade debts -€103,756
down €103,756 (-75.3%), from €137,849 to €34,094
- Debts after one year -€91,606
down €91,606 (-3.7%), from €2.5m to €2.4m
- Reserves +€72,923
up €72,923 (+9.8%), from €746,852 to €819,775
of which Tax-exempt reserves: +€72,923
- Financial income +€122,316
up €122,316 (+605%), from €20,206 to €142,522
of which Non-recurring financial income: +€120,030
- Gross operating margin +€64,592
up €64,592 (+26.7%), from €241,662 to €306,254
- Depreciation +€63,000
up €63,000 (+40.4%), from €155,760 to €218,760
- Other operating charges -€42,062
down €42,062 (-48.9%), from €85,980 to €43,918
- Financial charges +€29,890
up €29,890 (+31.1%), from €96,161 to €126,051
of which Financial charges: +€19,791
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 | €3,996,546 | €4,033,485 | +€36,939 | +0.9% |
| Fixed assets | 21/28 | €3,356,430 | €3,127,670 | -€228,760 | -6.8% |
| Tangible fixed assets | 22/27 | €2,106,380 | €1,877,620 | -€228,760 | -10.9% |
| Land and buildings | 22 | €2,106,380 | €1,877,620 | -€228,760 | -10.9% |
| Financial fixed assets | 28 | €1,250,050 | €1,250,050 | = | 0.0% |
| Current assets | 29/58 | €640,116 | €905,815 | +€265,699 | +41.5% |
| Amounts receivable within one year | 40/41 | €636,493 | €905,815 | +€269,322 | +42.3% |
| Trade receivables | 40 | €293,000 | €479,525 | +€186,525 | +63.7% |
| Other amounts receivable | 41 | €343,493 | €426,290 | +€82,797 | +24.1% |
| Cash at bank and in hand | 54/58 | €3,623 | - | -€3,623 | |
| Total equity and liabilities | 10/49 | €3,996,546 | €4,033,485 | +€36,939 | +0.9% |
| Equity | 10/15 | €853,306 | €1,072,569 | +€219,263 | +25.7% |
| Contributions | 10/11 | €322,262 | €322,262 | = | 0.0% |
| Capital | 10 | €322,262 | €322,262 | = | 0.0% |
| Issued capital | 100 | €322,262 | €322,262 | = | 0.0% |
| Reserves | 13 | €746,852 | €819,775 | +€72,923 | +9.8% |
| Non-distributable reserves | 130/1 | €6,689 | €6,689 | = | 0.0% |
| Other | 1319 | €6,689 | €6,689 | = | 0.0% |
| Tax-exempt reserves | 132 | €740,164 | €813,086 | +€72,923 | +9.9% |
| Profit (loss) carried forward | 14 | -€215,808 | -€69,468 | +€146,340 | +67.8% |
| Provisions and deferred taxes | 16 | €381,126 | €395,109 | +€13,982 | +3.7% |
| Deferred taxes | 168 | €381,126 | €395,109 | +€13,982 | +3.7% |
| Amounts payable | 17/49 | €2,762,114 | €2,565,807 | -€196,306 | -7.1% |
| Amounts payable after more than one year | 17 | €2,502,202 | €2,410,596 | -€91,606 | -3.7% |
| Financial debts | 170/4 | €2,502,202 | €2,410,596 | -€91,606 | -3.7% |
| Amounts payable within one year | 42/48 | €259,911 | €155,211 | -€104,700 | -40.3% |
| Current portion of amounts payable after more than one year | 42 | €88,892 | €91,606 | +€2,714 | +3.1% |
| Financial debts | 43 | €33,170 | €29,512 | -€3,659 | -11.0% |
| Credit institutions | 430/8 | €33,170 | €29,512 | -€3,659 | -11.0% |
| Trade debts | 44 | €137,849 | €34,094 | -€103,756 | -75.3% |
| Suppliers | 440/4 | €137,849 | €34,094 | -€103,756 | -75.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,760 | €218,760 | +€63,000 | +40.4% |
| Other operating charges | 640/8 | €85,980 | €43,918 | -€42,062 | -48.9% |
| Gross operating margin | 9900 | €241,662 | €306,254 | +€64,592 | +26.7% |
| Operating profit (loss) | 9901 | -€78 | €43,576 | +€43,654 | |
| Financial income | 75/76B | €20,206 | €142,522 | +€122,316 | +605% |
| Recurring financial income | 75 | €20,206 | €22,492 | +€2,286 | +11.3% |
| Non-recurring financial income | 76B | - | €120,030 | +€120,030 | |
| Financial charges | 65/66B | €96,161 | €126,051 | +€29,890 | +31.1% |
| Recurring financial charges | 65 | €96,161 | €115,952 | +€19,791 | +20.6% |
| Non-recurring financial charges | 66B | - | €10,099 | +€10,099 | |
| Profit (loss) for the period before taxes | 9903 | -€76,034 | €60,046 | +€136,080 | |
| Transfer from deferred taxes | 780 | €29,317 | €29,317 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€46,716 | €89,364 | +€136,080 | |
| Transfer from tax-exempt reserves | 789 | €56,936 | €56,977 | +€41 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,219 | €146,340 | +€136,121 | +1,332% |
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 27 October 2026 via checked.be.