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
- Tangible fixed assets -€30,469
down €30,469 (-9.1%), from €336,226 to €305,757
of which Furniture and vehicles: -€18,425
- Cash -€25,506
down €25,506 (-5.5%), from €466,987 to €441,481
mainly Contributions, distributions and other (-€180,000) and Debts after one year (-€18,399)
- Other debts +€129,793
up €129,793 (+11960.2%), from €1,085 to €130,878
- Contributions -€90,000
down €90,000 (-100.0%), from €90,000 to €0
- Reserves -€77,989
down €77,989 (-14.7%), from €531,157 to €453,168
of which Distributable reserves: -€73,409
- Debts after one year -€18,399
down €18,399 (-27.3%), from €67,509 to €49,110
- Depreciation +€9,760
up €9,760 (+25.2%), from €38,749 to €48,509
- Gross operating margin -€7,594
down €7,594 (-5.7%), from €132,403 to €124,809
- Taxes -€6,146
down €6,146 (-41.7%), from €14,727 to €8,580
- Other operating charges +€5,245
up €5,245 (+115.2%), from €4,554 to €9,799
- Financial charges +€1,731
up €1,731 (+14.0%), from €12,379 to €14,110
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 | €1,001,612 | €938,900 | -€62,712 | -6.3% |
| Fixed assets | 21/28 | €336,316 | €305,846 | -€30,469 | -9.1% |
| Tangible fixed assets | 22/27 | €336,226 | €305,757 | -€30,469 | -9.1% |
| Land and buildings | 22 | €229,891 | €224,312 | -€5,579 | -2.4% |
| Plant, machinery and equipment | 23 | €13,249 | €6,784 | -€6,466 | -48.8% |
| Furniture and vehicles | 24 | €93,087 | €74,662 | -€18,425 | -19.8% |
| Financial fixed assets | 28 | €89 | €89 | = | 0.0% |
| Current assets | 29/58 | €665,296 | €633,053 | -€32,243 | -4.8% |
| Stocks and contracts in progress | 3 | €105,345 | €101,377 | -€3,968 | -3.8% |
| Stocks | 30/36 | €105,345 | €101,377 | -€3,968 | -3.8% |
| Amounts receivable within one year | 40/41 | €89,400 | €81,264 | -€8,136 | -9.1% |
| Trade receivables | 40 | €88,183 | €74,845 | -€13,338 | -15.1% |
| Other amounts receivable | 41 | €1,217 | €6,419 | +€5,202 | +427.3% |
| Cash at bank and in hand | 54/58 | €466,987 | €441,481 | -€25,506 | -5.5% |
| Deferred charges and accrued income | 490/1 | €3,564 | €8,931 | +€5,367 | +150.6% |
| Total equity and liabilities | 10/49 | €1,001,612 | €938,900 | -€62,712 | -6.3% |
| Equity | 10/15 | €621,157 | €453,168 | -€167,989 | -27.0% |
| Contributions | 10/11 | €90,000 | €0 | -€90,000 | -100.0% |
| Reserves | 13 | €531,157 | €453,168 | -€77,989 | -14.7% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €9,000 | €9,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,723 | €23,144 | -€4,580 | -16.5% |
| Distributable reserves | 133 | €494,434 | €421,024 | -€73,409 | -14.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €55,721 | €54,195 | -€1,527 | -2.7% |
| Provisions for liabilities and charges | 160/5 | €46,480 | €46,480 | = | 0.0% |
| Pensions and similar obligations | 160 | €46,480 | €46,480 | = | 0.0% |
| Deferred taxes | 168 | €9,241 | €7,715 | -€1,527 | -16.5% |
| Amounts payable | 17/49 | €324,734 | €431,537 | +€106,803 | +32.9% |
| Amounts payable after more than one year | 17 | €67,509 | €49,110 | -€18,399 | -27.3% |
| Financial debts | 170/4 | €67,509 | €49,110 | -€18,399 | -27.3% |
| Amounts payable within one year | 42/48 | €257,225 | €381,797 | +€124,573 | +48.4% |
| Current portion of amounts payable after more than one year | 42 | €25,004 | €18,399 | -€6,606 | -26.4% |
| Financial debts | 43 | - | €621 | +€621 | |
| Credit institutions | 430/8 | - | €621 | +€621 | |
| Trade debts | 44 | €219,801 | €225,140 | +€5,339 | +2.4% |
| Suppliers | 440/4 | €219,801 | €225,140 | +€5,339 | +2.4% |
| Taxes, remuneration and social security | 45 | €11,334 | €6,759 | -€4,575 | -40.4% |
| Taxes | 450/3 | €3,027 | €2,451 | -€576 | -19.0% |
| Remuneration and social security | 454/9 | €8,307 | €4,308 | -€3,999 | -48.1% |
| Other amounts payable | 47/48 | €1,085 | €130,878 | +€129,793 | +11960.2% |
| Accrued charges and deferred income | 492/3 | - | €630 | +€630 | |
| Remuneration, social security and pensions | 62 | €32,349 | €33,327 | +€978 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,749 | €48,509 | +€9,760 | +25.2% |
| Other operating charges | 640/8 | €4,554 | €9,799 | +€5,245 | +115.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €132,403 | €124,809 | -€7,594 | -5.7% |
| Operating profit (loss) | 9901 | €56,750 | €33,174 | -€23,576 | -41.5% |
| Financial income | 75/76B | €0 | €1 | +€1 | +171.4% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +171.4% |
| Financial charges | 65/66B | €12,379 | €14,110 | +€1,731 | +14.0% |
| Recurring financial charges | 65 | €12,379 | €14,110 | +€1,731 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | €44,372 | €19,065 | -€25,307 | -57.0% |
| Transfer from deferred taxes | 780 | €1,527 | €1,527 | = | 0.0% |
| Income taxes | 67/77 | €14,727 | €8,580 | -€6,146 | -41.7% |
| Profit (loss) for the period | 9904 | €31,171 | €12,011 | -€19,160 | -61.5% |
| Transfer from tax-exempt reserves | 789 | €4,580 | €4,580 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,751 | €16,591 | -€19,160 | -53.6% |
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 29 September 2026 via checked.be.