BORSU: 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.
BORSU
Largest movements
- Stocks and contracts -€375,695
down €375,695 (-41.7%), from €901,764 to €526,069
- Receivables within one year -€256,461
down €256,461 (-42.8%), from €599,899 to €343,438
of which Trade receivables: -€193,479
- Cash +€191,341
up €191,341 (+2077.0%), from €9,212 to €200,553
mainly Stocks and contracts (+€375,695) and Receivables within one year (+€256,461)
- Tangible fixed assets +€124,704
up €124,704 (+20.7%), from €603,481 to €728,185
of which Plant, machinery and equipment: +€84,897
- Trade debts -€438,239
down €438,239 (-98.0%), from €447,138 to €8,899
- Profit (loss) carried forward +€167,778
up €167,778 (+265.5%), from €63,195 to €230,973
- Other debts -€64,795
down €64,795 (-18.1%), from €358,526 to €293,730
- Tax, wage and social debts +€63,379
up €63,379 (+436.3%), from €14,525 to €77,904
of which Taxes: +€62,923
- Reserves -€30,334
down €30,334 (-5.4%), from €558,334 to €528,000
of which Tax-exempt reserves: -€30,334
- Gross operating margin +€84,355
up €84,355 (+22.3%), from €378,944 to €463,299
- Taxes +€25,776
up €25,776 (+82.7%), from €31,152 to €56,928
- Depreciation -€13,050
down €13,050 (-5.8%), from €225,412 to €212,362
- Other operating charges -€6,659
down €6,659 (-62.3%), from €10,695 to €4,036
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 | €2,114,851 | €1,798,740 | -€316,112 | -14.9% |
| Fixed assets | 21/28 | €603,976 | €728,680 | +€124,704 | +20.6% |
| Tangible fixed assets | 22/27 | €603,481 | €728,185 | +€124,704 | +20.7% |
| Land and buildings | 22 | - | €3,008 | +€3,008 | |
| Plant, machinery and equipment | 23 | €597,643 | €682,540 | +€84,897 | +14.2% |
| Furniture and vehicles | 24 | €5,838 | €42,637 | +€36,799 | +630.4% |
| Financial fixed assets | 28 | €495 | €495 | = | 0.0% |
| Current assets | 29/58 | €1,510,875 | €1,070,060 | -€440,815 | -29.2% |
| Stocks and contracts in progress | 3 | €901,764 | €526,069 | -€375,695 | -41.7% |
| Stocks | 30/36 | €901,764 | €526,069 | -€375,695 | -41.7% |
| Amounts receivable within one year | 40/41 | €599,899 | €343,438 | -€256,461 | -42.8% |
| Trade receivables | 40 | €533,163 | €339,684 | -€193,479 | -36.3% |
| Other amounts receivable | 41 | €66,736 | €3,755 | -€62,982 | -94.4% |
| Cash at bank and in hand | 54/58 | €9,212 | €200,553 | +€191,341 | +2077.0% |
| Total equity and liabilities | 10/49 | €2,114,851 | €1,798,740 | -€316,112 | -14.9% |
| Equity | 10/15 | €771,528 | €908,973 | +€137,444 | +17.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €558,334 | €528,000 | -€30,334 | -5.4% |
| Tax-exempt reserves | 132 | €30,334 | - | -€30,334 | |
| Distributable reserves | 133 | €528,000 | €528,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,195 | €230,973 | +€167,778 | +265.5% |
| Provisions and deferred taxes | 16 | €10,111 | - | -€10,111 | |
| Deferred taxes | 168 | €10,111 | - | -€10,111 | |
| Amounts payable | 17/49 | €1,333,212 | €889,767 | -€443,445 | -33.3% |
| Amounts payable after more than one year | 17 | €234,433 | €250,704 | +€16,271 | +6.9% |
| Financial debts | 170/4 | €234,433 | €250,704 | +€16,271 | +6.9% |
| Amounts payable within one year | 42/48 | €1,098,778 | €639,063 | -€459,715 | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €128,590 | €108,529 | -€20,061 | -15.6% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €447,138 | €8,899 | -€438,239 | -98.0% |
| Suppliers | 440/4 | €447,138 | €8,899 | -€438,239 | -98.0% |
| Taxes, remuneration and social security | 45 | €14,525 | €77,904 | +€63,379 | +436.3% |
| Taxes | 450/3 | €6,161 | €69,084 | +€62,923 | +1021.4% |
| Remuneration and social security | 454/9 | €8,364 | €8,820 | +€456 | +5.5% |
| Other amounts payable | 47/48 | €358,526 | €293,730 | -€64,795 | -18.1% |
| Remuneration, social security and pensions | 62 | €39,643 | €41,610 | +€1,968 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €225,412 | €212,362 | -€13,050 | -5.8% |
| Other operating charges | 640/8 | €10,695 | €4,036 | -€6,659 | -62.3% |
| Gross operating margin | 9900 | €378,944 | €463,299 | +€84,355 | +22.3% |
| Operating profit (loss) | 9901 | €103,194 | €205,291 | +€102,097 | +98.9% |
| Financial income | 75/76B | €1,327 | €599 | -€728 | -54.9% |
| Recurring financial income | 75 | €1,327 | €599 | -€728 | -54.9% |
| Financial charges | 65/66B | €25,205 | €21,629 | -€3,576 | -14.2% |
| Recurring financial charges | 65 | €25,205 | €21,629 | -€3,576 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €79,316 | €184,261 | +€104,945 | +132.3% |
| Transfer from deferred taxes | 780 | €8,500 | €10,111 | +€1,611 | +19.0% |
| Income taxes | 67/77 | €31,152 | €56,928 | +€25,776 | +82.7% |
| Profit (loss) for the period | 9904 | €56,664 | €137,444 | +€80,780 | +142.6% |
| Transfer from tax-exempt reserves | 789 | €25,500 | €30,334 | +€4,834 | +19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €82,164 | €167,778 | +€85,614 | +104.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.