BORREMANS: 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.
BORREMANS
Largest movements
- Receivables within one year +€110,787
up €110,787 (+107.4%), from €103,124 to €213,911
of which Trade receivables: +€130,186
- Stocks and contracts -€67,692
down €67,692 (-30.6%), from €220,965 to €153,273
- Cash +€58,145
up €58,145 (+78.8%), from €73,816 to €131,962
mainly Depreciation (+€85,366) and Net result for the year (+€78,566)
- Tangible fixed assets -€51,502
down €51,502 (-23.3%), from €220,907 to €169,405
of which Land and buildings: -€98,543
- Deferred charges and accrued income +€19,527
up €19,527 (+246.1%), from €7,936 to €27,463
- Profit (loss) carried forward +€78,566
up €78,566 (+26.3%), from €298,825 to €377,392
- Trade debts +€38,855
up €38,855 (+51.5%), from €75,399 to €114,254
- Current portion of long-term debt -€24,605
down €24,605 (-69.7%), from €35,303 to €10,698
- Other debts -€10,668
no longer reported in 2025 (was €10,668)
- Debts after one year -€10,250
down €10,250 (-39.9%), from €25,670 to €15,420
- Staff costs +€59,230
up €59,230 (+19.4%), from €305,524 to €364,754
- Taxes -€15,781
down €15,781 (-33.7%), from €46,763 to €30,982
- Depreciation +€12,816
up €12,816 (+17.7%), from €72,551 to €85,366
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 | €626,748 | €696,014 | +€69,265 | +11.1% |
| Fixed assets | 21/28 | €220,907 | €169,405 | -€51,502 | -23.3% |
| Tangible fixed assets | 22/27 | €220,907 | €169,405 | -€51,502 | -23.3% |
| Land and buildings | 22 | €142,311 | €43,767 | -€98,543 | -69.2% |
| Plant, machinery and equipment | 23 | €28,198 | €36,991 | +€8,793 | +31.2% |
| Furniture and vehicles | 24 | €13,303 | €64,279 | +€50,976 | +383.2% |
| Leasing and similar rights | 25 | €37,096 | €24,368 | -€12,728 | -34.3% |
| Current assets | 29/58 | €405,841 | €526,609 | +€120,768 | +29.8% |
| Stocks and contracts in progress | 3 | €220,965 | €153,273 | -€67,692 | -30.6% |
| Stocks | 30/36 | €220,965 | €153,273 | -€67,692 | -30.6% |
| Amounts receivable within one year | 40/41 | €103,124 | €213,911 | +€110,787 | +107.4% |
| Trade receivables | 40 | €83,696 | €213,881 | +€130,186 | +155.5% |
| Other amounts receivable | 41 | €19,429 | €30 | -€19,399 | -99.8% |
| Cash at bank and in hand | 54/58 | €73,816 | €131,962 | +€58,145 | +78.8% |
| Deferred charges and accrued income | 490/1 | €7,936 | €27,463 | +€19,527 | +246.1% |
| Total equity and liabilities | 10/49 | €626,748 | €696,014 | +€69,265 | +11.1% |
| Equity | 10/15 | €422,181 | €500,747 | +€78,566 | +18.6% |
| Contributions | 10/11 | €20,800 | €20,800 | = | 0.0% |
| Reserves | 13 | €102,555 | €102,555 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,000 | €16,000 | = | 0.0% |
| Distributable reserves | 133 | €86,555 | €86,555 | = | 0.0% |
| Profit (loss) carried forward | 14 | €298,825 | €377,392 | +€78,566 | +26.3% |
| Amounts payable | 17/49 | €204,568 | €195,266 | -€9,301 | -4.5% |
| Amounts payable after more than one year | 17 | €25,670 | €15,420 | -€10,250 | -39.9% |
| Financial debts | 170/4 | €25,670 | €15,420 | -€10,250 | -39.9% |
| Amounts payable within one year | 42/48 | €138,133 | €149,272 | +€11,140 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €35,303 | €10,698 | -€24,605 | -69.7% |
| Trade debts | 44 | €75,399 | €114,254 | +€38,855 | +51.5% |
| Suppliers | 440/4 | €75,399 | €114,254 | +€38,855 | +51.5% |
| Taxes, remuneration and social security | 45 | €16,763 | €24,321 | +€7,558 | +45.1% |
| Taxes | 450/3 | €16,763 | €4,410 | -€12,353 | -73.7% |
| Remuneration and social security | 454/9 | - | €19,911 | +€19,911 | |
| Other amounts payable | 47/48 | €10,668 | - | -€10,668 | |
| Accrued charges and deferred income | 492/3 | €40,765 | €30,574 | -€10,191 | -25.0% |
| Remuneration, social security and pensions | 62 | €305,524 | €364,754 | +€59,230 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,551 | €85,366 | +€12,816 | +17.7% |
| Other operating charges | 640/8 | €15,300 | €14,543 | -€757 | -4.9% |
| Gross operating margin | 9900 | €572,206 | €573,476 | +€1,270 | +0.2% |
| Operating profit (loss) | 9901 | €178,832 | €108,813 | -€70,019 | -39.2% |
| Financial income | 75/76B | €2,185 | €2,327 | +€142 | +6.5% |
| Recurring financial income | 75 | €2,185 | €2,327 | +€142 | +6.5% |
| Financial charges | 65/66B | €1,240 | €1,591 | +€351 | +28.3% |
| Recurring financial charges | 65 | €1,240 | €1,591 | +€351 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €179,776 | €109,549 | -€70,228 | -39.1% |
| Income taxes | 67/77 | €46,763 | €30,982 | -€15,781 | -33.7% |
| Profit (loss) for the period | 9904 | €133,013 | €78,566 | -€54,447 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €133,013 | €78,566 | -€54,447 | -40.9% |
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 9 October 2026 via checked.be.