BORREAS: 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.
BORREAS
Largest movements
- Receivables within one year -€11,395
down €11,395 (-19.3%), from €59,097 to €47,702
of which Trade receivables: -€9,148
- Cash -€10,261
down €10,261 (-7.4%), from €138,500 to €128,239
mainly Contributions, distributions and other (-€43,679) and Trade debts (-€24,192)
- Current investments -€8,749
down €8,749 (-3.6%), from €243,718 to €234,968
- Tangible fixed assets -€5,597
down €5,597 (-23.0%), from €24,335 to €18,737
of which Furniture and vehicles: -€4,346
- Trade debts -€24,192
no longer reported in 2025 (was €24,192)
- Reserves -€9,620
down €9,620 (-2.3%), from €409,391 to €399,770
of which Distributable reserves: -€9,620
- Other debts -€5,647
down €5,647 (-42.4%), from €13,314 to €7,667
- Gross operating margin +€14,509
up €14,509 (+39.3%), from €36,884 to €51,393
- Taxes +€11,566
up €11,566 (+266.5%), from €4,340 to €15,906
- Financial income +€6,079
up €6,079 (+1180.5%), from €515 to €6,594
- Depreciation +€3,470
up €3,470 (+163.2%), from €2,127 to €5,597
- Financial charges +€1,641
up €1,641 (+262.7%), from €625 to €2,266
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 | €465,650 | €429,647 | -€36,003 | -7.7% |
| Fixed assets | 21/28 | €24,335 | €18,737 | -€5,597 | -23.0% |
| Tangible fixed assets | 22/27 | €24,335 | €18,737 | -€5,597 | -23.0% |
| Furniture and vehicles | 24 | €20,707 | €16,361 | -€4,346 | -21.0% |
| Assets under construction and advance payments | 27 | €3,628 | €2,377 | -€1,251 | -34.5% |
| Current assets | 29/58 | €441,315 | €410,909 | -€30,406 | -6.9% |
| Amounts receivable within one year | 40/41 | €59,097 | €47,702 | -€11,395 | -19.3% |
| Trade receivables | 40 | €56,797 | €47,649 | -€9,148 | -16.1% |
| Other amounts receivable | 41 | €2,300 | €53 | -€2,247 | -97.7% |
| Current investments | 50/53 | €243,718 | €234,968 | -€8,749 | -3.6% |
| Cash at bank and in hand | 54/58 | €138,500 | €128,239 | -€10,261 | -7.4% |
| Total equity and liabilities | 10/49 | €465,650 | €429,647 | -€36,003 | -7.7% |
| Equity | 10/15 | €417,391 | €407,770 | -€9,620 | -2.3% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €409,391 | €399,770 | -€9,620 | -2.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €407,531 | €397,910 | -€9,620 | -2.4% |
| Amounts payable | 17/49 | €48,259 | €21,876 | -€26,383 | -54.7% |
| Amounts payable within one year | 42/48 | €48,259 | €21,876 | -€26,383 | -54.7% |
| Trade debts | 44 | €24,192 | - | -€24,192 | |
| Suppliers | 440/4 | €24,192 | - | -€24,192 | |
| Taxes, remuneration and social security | 45 | €10,753 | €14,209 | +€3,456 | +32.1% |
| Taxes | 450/3 | €10,753 | €14,209 | +€3,456 | +32.1% |
| Other amounts payable | 47/48 | €13,314 | €7,667 | -€5,647 | -42.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,127 | €5,597 | +€3,470 | +163.2% |
| Other operating charges | 640/8 | €669 | €159 | -€511 | -76.3% |
| Gross operating margin | 9900 | €36,884 | €51,393 | +€14,509 | +39.3% |
| Operating profit (loss) | 9901 | €34,088 | €45,637 | +€11,549 | +33.9% |
| Financial income | 75/76B | €515 | €6,594 | +€6,079 | +1180.5% |
| Recurring financial income | 75 | €515 | €6,594 | +€6,079 | +1180.5% |
| Financial charges | 65/66B | €625 | €2,266 | +€1,641 | +262.7% |
| Recurring financial charges | 65 | €625 | €2,266 | +€1,641 | +262.7% |
| Profit (loss) for the period before taxes | 9903 | €33,978 | €49,965 | +€15,987 | +47.1% |
| Income taxes | 67/77 | €4,340 | €15,906 | +€11,566 | +266.5% |
| Profit (loss) for the period | 9904 | €29,638 | €34,059 | +€4,421 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,638 | €34,059 | +€4,421 | +14.9% |
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 2 October 2026 via checked.be.