BORREMANS: 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.
BORREMANS
Largest movements
- Receivables within one year -€59,749
down €59,749 (-32.4%), from €184,301 to €124,552
of which Trade receivables: -€46,837
- Cash +€31,017
up €31,017 (+143.9%), from €21,549 to €52,566
mainly Net result for the year (+€65,294) and Receivables within one year (+€59,749)
- Tangible fixed assets -€9,476
down €9,476 (-7.9%), from €120,181 to €110,705
of which Furniture and vehicles: -€6,238
- Debts after one year -€40,000
no longer reported in 2025 (was €40,000)
- Reserves +€30,000
up €30,000 (+12.6%), from €237,960 to €267,960
of which Distributable reserves: +€30,000
- Tax, wage and social debts -€22,303
down €22,303 (-68.6%), from €32,491 to €10,188
- Current portion of long-term debt -€5,822
no longer reported in 2025 (was €5,822)
- Other debts -€5,000
no longer reported in 2025 (was €5,000)
- Gross operating margin -€114,152
down €114,152 (-49.3%), from €231,707 to €117,555
- Write-downs -€28,723
down €28,723, from €28,617 to -€106
- Other operating charges -€23,210
down €23,210 (-92.3%), from €25,144 to €1,934
- Depreciation -€19,810
down €19,810 (-55.5%), from €35,683 to €15,873
- Taxes -€10,096
down €10,096 (-23.6%), from €42,731 to €32,635
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 | €327,689 | €287,823 | -€39,866 | -12.2% |
| Fixed assets | 21/28 | €120,181 | €110,705 | -€9,476 | -7.9% |
| Tangible fixed assets | 22/27 | €120,181 | €110,705 | -€9,476 | -7.9% |
| Land and buildings | 22 | €89,827 | €87,631 | -€2,196 | -2.4% |
| Plant, machinery and equipment | 23 | €2,962 | €1,920 | -€1,042 | -35.2% |
| Furniture and vehicles | 24 | €27,392 | €21,154 | -€6,238 | -22.8% |
| Current assets | 29/58 | €207,508 | €177,118 | -€30,390 | -14.6% |
| Amounts receivable within one year | 40/41 | €184,301 | €124,552 | -€59,749 | -32.4% |
| Trade receivables | 40 | €160,205 | €113,368 | -€46,837 | -29.2% |
| Other amounts receivable | 41 | €24,096 | €11,184 | -€12,912 | -53.6% |
| Cash at bank and in hand | 54/58 | €21,549 | €52,566 | +€31,017 | +143.9% |
| Deferred charges and accrued income | 490/1 | €1,658 | - | -€1,658 | |
| Total equity and liabilities | 10/49 | €327,689 | €287,823 | -€39,866 | -12.2% |
| Equity | 10/15 | €243,244 | €273,538 | +€30,294 | +12.5% |
| Contributions | 10/11 | €3,592 | €3,592 | = | 0.0% |
| Reserves | 13 | €237,960 | €267,960 | +€30,000 | +12.6% |
| Non-distributable reserves | 130/1 | €359 | €359 | = | 0.0% |
| Reserves not available under the articles | 1311 | €359 | €359 | = | 0.0% |
| Distributable reserves | 133 | €237,601 | €267,601 | +€30,000 | +12.6% |
| Profit (loss) carried forward | 14 | €1,692 | €1,986 | +€294 | +17.4% |
| Amounts payable | 17/49 | €84,445 | €14,285 | -€70,160 | -83.1% |
| Amounts payable after more than one year | 17 | €40,000 | - | -€40,000 | |
| Financial debts | 170/4 | €40,000 | - | -€40,000 | |
| Amounts payable within one year | 42/48 | €44,445 | €14,285 | -€30,160 | -67.9% |
| Current portion of amounts payable after more than one year | 42 | €5,822 | - | -€5,822 | |
| Trade debts | 44 | €1,132 | €4,097 | +€2,965 | +261.9% |
| Suppliers | 440/4 | €1,132 | €4,097 | +€2,965 | +261.9% |
| Taxes, remuneration and social security | 45 | €32,491 | €10,188 | -€22,303 | -68.6% |
| Taxes | 450/3 | €32,491 | €10,188 | -€22,303 | -68.6% |
| Other amounts payable | 47/48 | €5,000 | - | -€5,000 | |
| Non-recurring operating income | 76A | €200,000 | - | -€200,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,683 | €15,873 | -€19,810 | -55.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €28,617 | -€106 | -€28,723 | |
| Other operating charges | 640/8 | €25,144 | €1,934 | -€23,210 | -92.3% |
| Non-recurring operating charges | 66A | €2,150 | - | -€2,150 | |
| Gross operating margin | 9900 | €231,707 | €117,555 | -€114,152 | -49.3% |
| Operating profit (loss) | 9901 | €140,113 | €99,854 | -€40,259 | -28.7% |
| Financial income | 75/76B | €1,138 | €1,047 | -€91 | -8.0% |
| Recurring financial income | 75 | €1,138 | €1,047 | -€91 | -8.0% |
| Financial charges | 65/66B | €3,657 | €2,972 | -€685 | -18.7% |
| Recurring financial charges | 65 | €3,657 | €2,972 | -€685 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €137,594 | €97,929 | -€39,665 | -28.8% |
| Income taxes | 67/77 | €42,731 | €32,635 | -€10,096 | -23.6% |
| Profit (loss) for the period | 9904 | €94,863 | €65,294 | -€29,569 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €94,863 | €65,294 | -€29,569 | -31.2% |
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 1 October 2026 via checked.be.