BORREMANS HUGO: 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 HUGO
Largest movements
- Receivables within one year +€286,335
up €286,335 (+59.2%), from €484,037 to €770,371
of which Trade receivables: +€286,335
- Other debts +€269,515
up €269,515 (+77.5%), from €347,689 to €617,204
- Short-term financial debts -€30,276
no longer reported in 2025 (was €30,276)
- Trade debts +€28,174
up €28,174 (+12.0%), from €234,652 to €262,826
- Gross operating margin -€6,761
down €6,761 (-6.3%), from €107,830 to €101,070
- Taxes -€2,760
down €2,760 (-50.2%), from €5,498 to €2,738
- Staff costs +€1,751
up €1,751 (+2.0%), from €86,111 to €87,862
- Other operating charges -€1,518
down €1,518 (-17.5%), from €8,667 to €7,148
- Financial income +€1,131
up €1,131 (+22.9%), from €4,947 to €6,077
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 | €1,100,841 | €1,382,578 | +€281,737 | +25.6% |
| Fixed assets | 21/28 | €3,109 | €2,349 | -€760 | -24.5% |
| Tangible fixed assets | 22/27 | €3,094 | €2,334 | -€760 | -24.6% |
| Plant, machinery and equipment | 23 | €386 | - | -€386 | |
| Other tangible fixed assets | 26 | €2,709 | €2,334 | -€375 | -13.8% |
| Financial fixed assets | 28 | €15 | €15 | = | 0.0% |
| Current assets | 29/58 | €1,097,732 | €1,380,229 | +€282,497 | +25.7% |
| Stocks and contracts in progress | 3 | €602,616 | €603,566 | +€950 | +0.2% |
| Stocks | 30/36 | €602,616 | €603,566 | +€950 | +0.2% |
| Amounts receivable within one year | 40/41 | €484,037 | €770,371 | +€286,335 | +59.2% |
| Trade receivables | 40 | €482,325 | €768,660 | +€286,335 | +59.4% |
| Other amounts receivable | 41 | €1,712 | €1,712 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €11,079 | €6,292 | -€4,787 | -43.2% |
| Total equity and liabilities | 10/49 | €1,100,841 | €1,382,578 | +€281,737 | +25.6% |
| Equity | 10/15 | €429,345 | €437,849 | +€8,504 | +2.0% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €167,880 | €167,880 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,726 | €23,726 | = | 0.0% |
| Distributable reserves | 133 | €131,760 | €131,760 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,518 | €146,022 | +€8,504 | +6.2% |
| Amounts payable | 17/49 | €671,496 | €944,729 | +€273,233 | +40.7% |
| Amounts payable after more than one year | 17 | €53,225 | €53,225 | = | 0.0% |
| Financial debts | 170/4 | €53,225 | €53,225 | = | 0.0% |
| Amounts payable within one year | 42/48 | €618,272 | €891,504 | +€273,233 | +44.2% |
| Financial debts | 43 | €30,276 | - | -€30,276 | |
| Credit institutions | 430/8 | €30,276 | - | -€30,276 | |
| Trade debts | 44 | €234,652 | €262,826 | +€28,174 | +12.0% |
| Suppliers | 440/4 | €234,652 | €262,826 | +€28,174 | +12.0% |
| Taxes, remuneration and social security | 45 | €5,655 | €11,474 | +€5,820 | +103% |
| Taxes | 450/3 | €5,655 | €11,474 | +€5,820 | +103% |
| Other amounts payable | 47/48 | €347,689 | €617,204 | +€269,515 | +77.5% |
| Remuneration, social security and pensions | 62 | €86,111 | €87,862 | +€1,751 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €779 | €760 | -€19 | -2.4% |
| Other operating charges | 640/8 | €8,667 | €7,148 | -€1,518 | -17.5% |
| Gross operating margin | 9900 | €107,830 | €101,070 | -€6,761 | -6.3% |
| Operating profit (loss) | 9901 | €12,274 | €5,299 | -€6,975 | -56.8% |
| Financial income | 75/76B | €4,947 | €6,077 | +€1,131 | +22.9% |
| Recurring financial income | 75 | €4,947 | €6,077 | +€1,131 | +22.9% |
| Financial charges | 65/66B | €383 | €134 | -€249 | -64.9% |
| Recurring financial charges | 65 | €383 | €134 | -€249 | -64.9% |
| Profit (loss) for the period before taxes | 9903 | €16,837 | €11,242 | -€5,595 | -33.2% |
| Income taxes | 67/77 | €5,498 | €2,738 | -€2,760 | -50.2% |
| Profit (loss) for the period | 9904 | €11,340 | €8,504 | -€2,836 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,340 | €8,504 | -€2,836 | -25.0% |
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 29 October 2026 via checked.be.