BORSON: 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.
BORSON
Largest movements
- Cash +€105,775
up €105,775 (+116%), from €91,516 to €197,291
mainly Stocks and contracts (+€102,920) and Receivables within one year (+€35,377)
- Stocks and contracts -€102,920
down €102,920 (-44.3%), from €232,117 to €129,197
- Receivables within one year -€35,377
down €35,377 (-66.6%), from €53,095 to €17,718
of which Other amounts receivable: -€35,487
- Tangible fixed assets -€10,288
down €10,288 (-4.4%), from €235,407 to €225,119
of which Furniture and vehicles: -€16,267
- Current portion of long-term debt -€16,900
down €16,900 (-50.4%), from €33,517 to €16,616
- Debts after one year -€16,616
down €16,616 (-59.3%), from €28,038 to €11,422
- Profit (loss) carried forward -€15,270
down €15,270 (-11.9%), from €128,127 to €112,856
- Trade debts +€7,351
up €7,351 (+104%), from €7,076 to €14,428
- Gross operating margin -€25,671
down €25,671 (-34.4%), from €74,714 to €49,043
- Write-downs +€9,456
up €9,456 (+166%), from €5,689 to €15,145
- Financial charges -€4,754
down €4,754 (-22.4%), from €21,240 to €16,486
- Depreciation +€3,343
up €3,343 (+15.0%), from €22,247 to €25,590
- Taxes -€2,855
down €2,855 (-91.1%), from €3,132 to €277
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 | €613,082 | €570,029 | -€43,052 | -7.0% |
| Fixed assets | 21/28 | €235,407 | €225,119 | -€10,288 | -4.4% |
| Tangible fixed assets | 22/27 | €235,407 | €225,119 | -€10,288 | -4.4% |
| Land and buildings | 22 | €165,340 | €171,449 | +€6,109 | +3.7% |
| Plant, machinery and equipment | 23 | €183 | €53 | -€130 | -70.9% |
| Furniture and vehicles | 24 | €69,884 | €53,616 | -€16,267 | -23.3% |
| Current assets | 29/58 | €377,674 | €344,910 | -€32,764 | -8.7% |
| Stocks and contracts in progress | 3 | €232,117 | €129,197 | -€102,920 | -44.3% |
| Stocks | 30/36 | €232,117 | €129,197 | -€102,920 | -44.3% |
| Amounts receivable within one year | 40/41 | €53,095 | €17,718 | -€35,377 | -66.6% |
| Trade receivables | 40 | €3,109 | €3,218 | +€109 | +3.5% |
| Other amounts receivable | 41 | €49,987 | €14,500 | -€35,487 | -71.0% |
| Cash at bank and in hand | 54/58 | €91,516 | €197,291 | +€105,775 | +116% |
| Deferred charges and accrued income | 490/1 | €946 | €704 | -€242 | -25.6% |
| Total equity and liabilities | 10/49 | €613,082 | €570,029 | -€43,052 | -7.0% |
| Equity | 10/15 | €264,566 | €249,296 | -€15,270 | -5.8% |
| Contributions | 10/11 | €37,600 | €37,600 | = | 0.0% |
| Reserves | 13 | €98,839 | €98,839 | = | 0.0% |
| Distributable reserves | 133 | €98,839 | €98,839 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,127 | €112,856 | -€15,270 | -11.9% |
| Amounts payable | 17/49 | €348,516 | €320,734 | -€27,782 | -8.0% |
| Amounts payable after more than one year | 17 | €28,038 | €11,422 | -€16,616 | -59.3% |
| Financial debts | 170/4 | €28,038 | €11,422 | -€16,616 | -59.3% |
| Amounts payable within one year | 42/48 | €320,477 | €309,312 | -€11,166 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €33,517 | €16,616 | -€16,900 | -50.4% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €7,076 | €14,428 | +€7,351 | +104% |
| Suppliers | 440/4 | €7,076 | €14,428 | +€7,351 | +104% |
| Taxes, remuneration and social security | 45 | €5,901 | €7,638 | +€1,737 | +29.4% |
| Taxes | 450/3 | - | €2,736 | +€2,736 | |
| Remuneration and social security | 454/9 | €5,901 | €4,902 | -€999 | -16.9% |
| Other amounts payable | 47/48 | €23,983 | €20,629 | -€3,354 | -14.0% |
| Remuneration, social security and pensions | 62 | €1,922 | €300 | -€1,623 | -84.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,247 | €25,590 | +€3,343 | +15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,689 | €15,145 | +€9,456 | +166% |
| Other operating charges | 640/8 | €4,946 | €6,515 | +€1,569 | +31.7% |
| Non-recurring operating charges | 66A | €9,450 | - | -€9,450 | |
| Gross operating margin | 9900 | €74,714 | €49,043 | -€25,671 | -34.4% |
| Operating profit (loss) | 9901 | €30,460 | €1,494 | -€28,967 | -95.1% |
| Financial charges | 65/66B | €21,240 | €16,486 | -€4,754 | -22.4% |
| Recurring financial charges | 65 | €21,240 | €16,486 | -€4,754 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €9,220 | -€14,993 | -€24,213 | |
| Income taxes | 67/77 | €3,132 | €277 | -€2,855 | -91.1% |
| Profit (loss) for the period | 9904 | €6,088 | -€15,270 | -€21,358 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,088 | -€15,270 | -€21,358 |
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 15 October 2026 via checked.be.