BORSET: 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.
BORSET
Largest movements
- Receivables within one year -€28,946
down €28,946 (-85.0%), from €34,057 to €5,111
of which Other amounts receivable: -€20,884
- Cash +€21,041
up €21,041 (+59.6%), from €35,273 to €56,314
mainly Receivables within one year (+€28,946) and Tax, wage and social debts (+€1,081)
- Deferred charges and accrued income +€3,485
new in 2025: €3,485
- Reserves -€3,774
down €3,774 (-9.2%), from €40,959 to €37,185
of which Distributable reserves: -€3,774
- Current portion of long-term debt -€1,485
down €1,485 (-18.1%), from €8,181 to €6,696
- Tax, wage and social debts +€1,081
up €1,081 (+9.3%), from €11,632 to €12,713
of which Remuneration and social security: +€1,168
- Staff costs +€10,821
up €10,821 (+6.4%), from €169,084 to €179,905
- Gross operating margin +€8,018
up €8,018 (+4.3%), from €187,603 to €195,622
- Taxes -€5,093
no longer reported in 2025 (was €5,093)
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 | €70,230 | €65,810 | -€4,421 | -6.3% |
| Fixed assets | 21/28 | €900 | €900 | = | 0.0% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €69,330 | €64,910 | -€4,421 | -6.4% |
| Amounts receivable within one year | 40/41 | €34,057 | €5,111 | -€28,946 | -85.0% |
| Trade receivables | 40 | €8,062 | - | -€8,062 | |
| Other amounts receivable | 41 | €25,995 | €5,111 | -€20,884 | -80.3% |
| Cash at bank and in hand | 54/58 | €35,273 | €56,314 | +€21,041 | +59.6% |
| Deferred charges and accrued income | 490/1 | - | €3,485 | +€3,485 | |
| Total equity and liabilities | 10/49 | €70,230 | €65,810 | -€4,421 | -6.3% |
| Equity | 10/15 | €47,159 | €43,385 | -€3,774 | -8.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €40,959 | €37,185 | -€3,774 | -9.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €39,099 | €35,325 | -€3,774 | -9.7% |
| Amounts payable | 17/49 | €23,071 | €22,424 | -€647 | -2.8% |
| Amounts payable within one year | 42/48 | €23,071 | €22,370 | -€702 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €8,181 | €6,696 | -€1,485 | -18.1% |
| Trade debts | 44 | €2,091 | €2,417 | +€326 | +15.6% |
| Suppliers | 440/4 | €2,091 | €2,417 | +€326 | +15.6% |
| Taxes, remuneration and social security | 45 | €11,632 | €12,713 | +€1,081 | +9.3% |
| Taxes | 450/3 | €87 | - | -€87 | |
| Remuneration and social security | 454/9 | €11,545 | €12,713 | +€1,168 | +10.1% |
| Other amounts payable | 47/48 | €1,168 | €543 | -€624 | -53.5% |
| Accrued charges and deferred income | 492/3 | - | €55 | +€55 | |
| Remuneration, social security and pensions | 62 | €169,084 | €179,905 | +€10,821 | +6.4% |
| Other operating charges | 640/8 | €1,477 | €1,123 | -€354 | -24.0% |
| Non-recurring operating charges | 66A | - | €18,470 | +€18,470 | |
| Gross operating margin | 9900 | €187,603 | €195,622 | +€8,018 | +4.3% |
| Operating profit (loss) | 9901 | €17,042 | -€3,877 | -€20,919 | |
| Financial income | 75/76B | €44 | €649 | +€605 | +1363.3% |
| Recurring financial income | 75 | €44 | €649 | +€605 | +1363.3% |
| Financial charges | 65/66B | €2,369 | €546 | -€1,823 | -76.9% |
| Recurring financial charges | 65 | €2,369 | €546 | -€1,823 | -76.9% |
| Profit (loss) for the period before taxes | 9903 | €14,718 | -€3,774 | -€18,491 | |
| Income taxes | 67/77 | €5,093 | - | -€5,093 | |
| Profit (loss) for the period | 9904 | €9,624 | -€3,774 | -€13,398 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,624 | -€3,774 | -€13,398 |
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.