BORSACO: 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.
BORSACO
Largest movements
- Cash +€62,514
up €62,514 (+290.0%), from €21,556 to €84,070
mainly Investment in fixed assets (net) (+€40,405) and Receivables within one year (+€28,205)
- Financial fixed assets -€50,000
down €50,000 (-15.4%), from €324,157 to €274,157
- Receivables within one year -€28,205
down €28,205 (-53.9%), from €52,359 to €24,154
of which Other amounts receivable: -€25,000
- Tangible fixed assets +€8,313
up €8,313 (+302.0%), from €2,753 to €11,066
- Tax, wage and social debts -€5,722
down €5,722 (-46.6%), from €12,285 to €6,563
of which Remuneration and social security: -€4,519
- Gross operating margin +€7,589
up €7,589 (+88.7%), from -€8,552 to -€963
- Financial income +€2,827
up €2,827 (+61.0%), from €4,638 to €7,465
- Other operating charges +€1,309
up €1,309 (+25.4%), from €5,161 to €6,470
- Taxes +€1,251
up €1,251 (+171.6%), from €729 to €1,980
- Depreciation +€545
up €545 (+73.9%), from €737 to €1,282
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 | €499,293 | €490,937 | -€8,356 | -1.7% |
| Fixed assets | 21/28 | €326,910 | €285,223 | -€41,687 | -12.8% |
| Tangible fixed assets | 22/27 | €2,753 | €11,066 | +€8,313 | +302.0% |
| Furniture and vehicles | 24 | €2,753 | €11,066 | +€8,313 | +302.0% |
| Financial fixed assets | 28 | €324,157 | €274,157 | -€50,000 | -15.4% |
| Current assets | 29/58 | €172,383 | €205,714 | +€33,331 | +19.3% |
| Amounts receivable within one year | 40/41 | €52,359 | €24,154 | -€28,205 | -53.9% |
| Trade receivables | 40 | €9,859 | €6,654 | -€3,205 | -32.5% |
| Other amounts receivable | 41 | €42,500 | €17,500 | -€25,000 | -58.8% |
| Current investments | 50/53 | €95,000 | €95,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,556 | €84,070 | +€62,514 | +290.0% |
| Deferred charges and accrued income | 490/1 | €3,468 | €2,490 | -€978 | -28.2% |
| Total equity and liabilities | 10/49 | €499,293 | €490,937 | -€8,356 | -1.7% |
| Equity | 10/15 | €483,327 | €479,184 | -€4,143 | -0.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €288,487 | €288,487 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €280,987 | €280,987 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,840 | €115,697 | -€4,143 | -3.5% |
| Amounts payable | 17/49 | €15,966 | €11,753 | -€4,213 | -26.4% |
| Amounts payable within one year | 42/48 | €13,400 | €7,937 | -€5,463 | -40.8% |
| Trade debts | 44 | €1,115 | €1,374 | +€259 | +23.2% |
| Suppliers | 440/4 | €1,115 | €1,374 | +€259 | +23.2% |
| Taxes, remuneration and social security | 45 | €12,285 | €6,563 | -€5,722 | -46.6% |
| Taxes | 450/3 | €5,759 | €4,556 | -€1,203 | -20.9% |
| Remuneration and social security | 454/9 | €6,526 | €2,007 | -€4,519 | -69.2% |
| Accrued charges and deferred income | 492/3 | €2,566 | €3,816 | +€1,250 | +48.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €737 | €1,282 | +€545 | +73.9% |
| Other operating charges | 640/8 | €5,161 | €6,470 | +€1,309 | +25.4% |
| Gross operating margin | 9900 | -€8,552 | -€963 | +€7,589 | +88.7% |
| Operating profit (loss) | 9901 | -€14,450 | -€8,715 | +€5,735 | +39.7% |
| Financial income | 75/76B | €4,638 | €7,465 | +€2,827 | +61.0% |
| Recurring financial income | 75 | €4,638 | €7,465 | +€2,827 | +61.0% |
| Financial charges | 65/66B | €1,075 | €913 | -€162 | -15.1% |
| Recurring financial charges | 65 | €1,075 | €913 | -€162 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | -€10,887 | -€2,163 | +€8,724 | +80.1% |
| Income taxes | 67/77 | €729 | €1,980 | +€1,251 | +171.6% |
| Profit (loss) for the period | 9904 | -€11,616 | -€4,143 | +€7,473 | +64.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,616 | -€4,143 | +€7,473 | +64.3% |
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 7 October 2026 via checked.be.