BORSU Marc: 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.
BORSU Marc
Largest movements
- Cash -€211,684
down €211,684 (-83.9%), from €252,456 to €40,771
mainly Trade debts (-€242,190) and Receivables within one year (-€13,531)
- Receivables within one year +€13,531
up €13,531 (+3.0%), from €455,408 to €468,939
of which Trade receivables: +€9,177
- Stocks and contracts +€11,410
up €11,410 (+35.1%), from €32,524 to €43,934
- Trade debts -€242,190
down €242,190 (-59.3%), from €408,652 to €166,462
- Reserves +€35,500
up €35,500 (+13.0%), from €273,860 to €309,360
- Other debts +€8,347
up €8,347 (+25.8%), from €32,366 to €40,713
- Gross operating margin +€19,228
up €19,228 (+33.9%), from €56,669 to €75,897
- Taxes +€5,088
up €5,088 (+35.6%), from €14,273 to €19,361
- Write-downs +€2,065
no longer reported in 2024 (was -€2,065)
- Other operating charges +€1,758
up €1,758 (+16.1%), from €10,906 to €12,664
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €758,789 | €563,998 | -€194,791 | -25.7% |
| Fixed assets | 21/28 | €16,224 | €8,911 | -€7,313 | -45.1% |
| Tangible fixed assets | 22/27 | €16,224 | €8,661 | -€7,563 | -46.6% |
| Plant, machinery and equipment | 23 | €10,124 | €5,146 | -€4,978 | -49.2% |
| Other tangible fixed assets | 26 | €6,100 | €3,515 | -€2,585 | -42.4% |
| Financial fixed assets | 28 | - | €250 | +€250 | |
| Current assets | 29/58 | €742,565 | €555,087 | -€187,478 | -25.2% |
| Stocks and contracts in progress | 3 | €32,524 | €43,934 | +€11,410 | +35.1% |
| Stocks | 30/36 | €32,524 | €43,934 | +€11,410 | +35.1% |
| Amounts receivable within one year | 40/41 | €455,408 | €468,939 | +€13,531 | +3.0% |
| Trade receivables | 40 | €291,344 | €300,521 | +€9,177 | +3.1% |
| Other amounts receivable | 41 | €164,064 | €168,418 | +€4,355 | +2.7% |
| Cash at bank and in hand | 54/58 | €252,456 | €40,771 | -€211,684 | -83.9% |
| Deferred charges and accrued income | 490/1 | €2,178 | €1,443 | -€735 | -33.7% |
| Total equity and liabilities | 10/49 | €758,789 | €563,998 | -€194,791 | -25.7% |
| Equity | 10/15 | €307,224 | €342,748 | +€35,524 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €273,860 | €309,360 | +€35,500 | +13.0% |
| Distributable reserves | 133 | €273,860 | €309,360 | +€35,500 | +13.0% |
| Profit (loss) carried forward | 14 | €14,764 | €14,788 | +€24 | +0.2% |
| Amounts payable | 17/49 | €451,565 | €221,250 | -€230,315 | -51.0% |
| Amounts payable within one year | 42/48 | €445,415 | €214,554 | -€230,860 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €1,923 | - | -€1,923 | |
| Trade debts | 44 | €408,652 | €166,462 | -€242,190 | -59.3% |
| Suppliers | 440/4 | €408,652 | €166,462 | -€242,190 | -59.3% |
| Taxes, remuneration and social security | 45 | €2,473 | €7,379 | +€4,906 | +198.4% |
| Taxes | 450/3 | €2,473 | €7,379 | +€4,906 | +198.4% |
| Other amounts payable | 47/48 | €32,366 | €40,713 | +€8,347 | +25.8% |
| Accrued charges and deferred income | 492/3 | €6,150 | €6,695 | +€545 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,115 | €7,563 | -€551 | -6.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,065 | - | +€2,065 | |
| Other operating charges | 640/8 | €10,906 | €12,664 | +€1,758 | +16.1% |
| Gross operating margin | 9900 | €56,669 | €75,897 | +€19,228 | +33.9% |
| Operating profit (loss) | 9901 | €39,713 | €55,669 | +€15,956 | +40.2% |
| Financial income | 75/76B | €817 | €525 | -€292 | -35.7% |
| Recurring financial income | 75 | €817 | €525 | -€292 | -35.7% |
| Financial charges | 65/66B | €906 | €1,309 | +€403 | +44.5% |
| Recurring financial charges | 65 | €906 | €1,309 | +€403 | +44.5% |
| Profit (loss) for the period before taxes | 9903 | €39,624 | €54,885 | +€15,261 | +38.5% |
| Income taxes | 67/77 | €14,273 | €19,361 | +€5,088 | +35.6% |
| Profit (loss) for the period | 9904 | €25,351 | €35,524 | +€10,173 | +40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,351 | €35,524 | +€10,173 | +40.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.