BOROZO: 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.
BOROZO
Largest movements
- Cash +€4.4m
up €4.4m (+1,943%), from €226,458 to €4.6m
mainly Current investments (+€3.4m) and Net result for the year (+€865,904)
- Current investments -€3.4m
down €3.4m (-100%), from €3.4m to €0
- Receivables within one year -€101,759
down €101,759 (-32.5%), from €313,490 to €211,731
of which Other amounts receivable: -€100,029
- Profit (loss) carried forward +€865,904
up €865,904 (+21.3%), from €4.1m to €4.9m
- Financial income +€55,733
up €55,733 (+51.9%), from €107,320 to €163,053
- Staff costs +€45,782
up €45,782 (+36.0%), from €127,317 to €173,099
- Gross operating margin -€23,200
down €23,200 (-1.9%), from €1.2m to €1.2m
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 | €4,235,684 | €5,107,235 | +€871,551 | +20.6% |
| Fixed assets | 21/28 | €69,078 | €76,494 | +€7,416 | +10.7% |
| Tangible fixed assets | 22/27 | €69,078 | €76,494 | +€7,416 | +10.7% |
| Plant, machinery and equipment | 23 | €33,549 | €28,628 | -€4,921 | -14.7% |
| Furniture and vehicles | 24 | €617 | €19,985 | +€19,367 | +3,137% |
| Other tangible fixed assets | 26 | €34,911 | €27,881 | -€7,031 | -20.1% |
| Current assets | 29/58 | €4,166,607 | €5,030,742 | +€864,135 | +20.7% |
| Stocks and contracts in progress | 3 | €213,864 | €188,521 | -€25,343 | -11.9% |
| Stocks | 30/36 | €213,864 | €188,521 | -€25,343 | -11.9% |
| Amounts receivable within one year | 40/41 | €313,490 | €211,731 | -€101,759 | -32.5% |
| Trade receivables | 40 | €163,397 | €161,667 | -€1,730 | -1.1% |
| Other amounts receivable | 41 | €150,093 | €50,065 | -€100,029 | -66.6% |
| Current investments | 50/53 | €3,400,000 | €0 | -€3.4m | -100% |
| Cash at bank and in hand | 54/58 | €226,458 | €4,627,322 | +€4.4m | +1,943% |
| Deferred charges and accrued income | 490/1 | €12,795 | €3,167 | -€9,628 | -75.2% |
| Total equity and liabilities | 10/49 | €4,235,684 | €5,107,235 | +€871,551 | +20.6% |
| Equity | 10/15 | €4,132,952 | €4,998,856 | +€865,904 | +21.0% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,066,952 | €4,932,856 | +€865,904 | +21.3% |
| Amounts payable | 17/49 | €102,733 | €108,379 | +€5,646 | +5.5% |
| Amounts payable within one year | 42/48 | €102,733 | €108,379 | +€5,646 | +5.5% |
| Trade debts | 44 | €17,658 | €5,912 | -€11,746 | -66.5% |
| Suppliers | 440/4 | €17,658 | €5,912 | -€11,746 | -66.5% |
| Taxes, remuneration and social security | 45 | €82,448 | €96,578 | +€14,130 | +17.1% |
| Taxes | 450/3 | €77,759 | €69,443 | -€8,316 | -10.7% |
| Remuneration and social security | 454/9 | €4,689 | €27,135 | +€22,446 | +479% |
| Other amounts payable | 47/48 | €2,627 | €5,889 | +€3,262 | +124% |
| Remuneration, social security and pensions | 62 | €127,317 | €173,099 | +€45,782 | +36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,533 | €14,054 | +€521 | +3.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,211 | €3,481 | +€270 | +8.4% |
| Gross operating margin | 9900 | €1,210,504 | €1,187,304 | -€23,200 | -1.9% |
| Operating profit (loss) | 9901 | €1,066,443 | €996,670 | -€69,774 | -6.5% |
| Financial income | 75/76B | €107,320 | €163,053 | +€55,733 | +51.9% |
| Recurring financial income | 75 | €107,320 | €163,053 | +€55,733 | +51.9% |
| Financial charges | 65/66B | €8,232 | €6,841 | -€1,391 | -16.9% |
| Recurring financial charges | 65 | €8,232 | €6,841 | -€1,391 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €1,165,532 | €1,152,883 | -€12,649 | -1.1% |
| Income taxes | 67/77 | €290,611 | €286,978 | -€3,633 | -1.3% |
| Profit (loss) for the period | 9904 | €874,921 | €865,904 | -€9,016 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €874,921 | €865,904 | -€9,016 | -1.0% |
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 17 October 2026 via checked.be.