BORVAL.TEC: 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.
What changed
BORVAL.TEC
NACE 77.399, Renting and leasing of other machinery, equipment and tangible goods
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€684,954
2024 · €888,846-€203,892
Equity
€2.0m
2024 · €1.3m+€684,954
Cash
€192,390
2024 · €1.0m-€823,922
Balance sheet total
€3.1m
2024 · €2.3m+€800,721
Largest movements
Assets
- Current investments +€1.8m
new in 2025: €1.8m
- Cash -€823,922
down €823,922 (-81.1%), from €1.0m to €192,390
mainly Current investments (-€1.8m) and Debts after one year (-€78,211)
- Tangible fixed assets -€151,804
down €151,804 (-12.7%), from €1.2m to €1.0m
of which Land and buildings: -€130,724
Equity and liabilities
- Reserves +€769,835
up €769,835 (+68.1%), from €1.1m to €1.9m
of which Tax-exempt reserves: +€769,835
- Provisions +€192,459
up €192,459 (+6535.1%), from €2,945 to €195,404
- Profit (loss) carried forward -€84,881
down €84,881, from €0 to -€84,881
- Debts after one year -€78,211
down €78,211 (-8.8%), from €885,158 to €806,947
of which Financial debts: -€75,885
Income statement
- Gross operating margin -€422,524
down €422,524 (-29.1%), from €1.5m to €1.0m
- Taxes -€405,779
down €405,779 (-100.0%), from €405,899 to €120
- Financial charges -€34,656
down €34,656 (-55.7%), from €62,232 to €27,576
- Other operating charges -€14,811
down €14,811 (-39.7%), from €37,275 to €22,464
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.
Result 2024
€888,846
Gross operating margin
-€422,524
Depreciation
+€268
Other operating charges
+€14,811
Other operating items
-€5,991
Financial income
+€6,243
Financial charges
+€34,656
Taxes
+€405,779
Deferred taxes and other
-€237,134
Result 2025
€684,954
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.
From operations
+€954,377
Investment
-€1.7m
Financing
-€76,836
Cash 2024
€1.0m
From operations (derived)
+€954,377
Net result for the year
+€684,954
Depreciation
+€103,268
Receivables after one year
-€23,192
Smaller working-capital items
-€821
Provisions
+€192,459
Trade debts
-€15,809
Accrued charges and deferred income
+€13,519
Investment (derived)
-€1.7m
Investment in fixed assets (net)
+€48,537
Current investments
-€1.8m
Financing
-€76,836
Debts after one year
-€78,211
Current portion of long-term debt
+€1,375
Contributions, distributions and other
+€0
Cash 2025
€192,390
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,318,911 | €3,119,632 | +€800,721 | +34.5% |
| Fixed assets | 21/28 | €1,197,902 | €1,046,098 | -€151,804 | -12.7% |
| Tangible fixed assets | 22/27 | €1,192,452 | €1,040,648 | -€151,804 | -12.7% |
| Land and buildings | 22 | €1,137,827 | €1,007,103 | -€130,724 | -11.5% |
| Plant, machinery and equipment | 23 | €27,595 | €19,657 | -€7,939 | -28.8% |
| Furniture and vehicles | 24 | €24,498 | €12,300 | -€12,198 | -49.8% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €2,531 | €1,588 | -€944 | -37.3% |
| Financial fixed assets | 28 | €5,451 | €5,451 | = | 0.0% |
| Current assets | 29/58 | €1,121,009 | €2,073,534 | +€952,525 | +85.0% |
| Amounts receivable after more than one year | 29 | - | €23,192 | +€23,192 | |
| Other amounts receivable | 291 | - | €23,192 | +€23,192 | |
| Amounts receivable within one year | 40/41 | €72,587 | €75,853 | +€3,266 | +4.5% |
| Trade receivables | 40 | €23,213 | €29,430 | +€6,217 | +26.8% |
| Other amounts receivable | 41 | €49,374 | €46,423 | -€2,951 | -6.0% |
| Current investments | 50/53 | - | €1,750,000 | +€1.8m | |
| Cash at bank and in hand | 54/58 | €1,016,312 | €192,390 | -€823,922 | -81.1% |
| Deferred charges and accrued income | 490/1 | €32,109 | €32,098 | -€11 | 0.0% |
| Total equity and liabilities | 10/49 | €2,318,911 | €3,119,632 | +€800,721 | +34.5% |
| Equity | 10/15 | €1,298,302 | €1,983,256 | +€684,954 | +52.8% |
| Contributions | 10/11 | €168,656 | €168,656 | = | 0.0% |
| Capital | 10 | €157,500 | €157,500 | = | 0.0% |
| Issued capital | 100 | €157,500 | €157,500 | = | 0.0% |
| Contributions outside capital | 11 | €11,155 | €11,155 | = | 0.0% |
| Share premium | 1100/10 | €11,155 | €11,155 | = | 0.0% |
| Reserves | 13 | €1,129,646 | €1,899,481 | +€769,835 | +68.1% |
| Non-distributable reserves | 130/1 | €15,750 | €15,750 | = | 0.0% |
| Legal reserve | 130 | €15,750 | €15,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,876 | €780,710 | +€769,835 | +7078.5% |
| Distributable reserves | 133 | €1,103,021 | €1,103,021 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€84,881 | -€84,881 | |
| Provisions and deferred taxes | 16 | €2,945 | €195,404 | +€192,459 | +6535.1% |
| Deferred taxes | 168 | €2,945 | €195,404 | +€192,459 | +6535.1% |
| Amounts payable | 17/49 | €1,017,664 | €940,973 | -€76,691 | -7.5% |
| Amounts payable after more than one year | 17 | €885,158 | €806,947 | -€78,211 | -8.8% |
| Financial debts | 170/4 | €855,467 | €779,582 | -€75,885 | -8.9% |
| Other amounts payable | 178/9 | €29,691 | €27,365 | -€2,326 | -7.8% |
| Amounts payable within one year | 42/48 | €131,457 | €119,457 | -€12,000 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €74,510 | €75,885 | +€1,375 | +1.8% |
| Trade debts | 44 | €34,999 | €19,190 | -€15,809 | -45.2% |
| Suppliers | 440/4 | €34,999 | €19,190 | -€15,809 | -45.2% |
| Taxes, remuneration and social security | 45 | €20,070 | €23,235 | +€3,165 | +15.8% |
| Taxes | 450/3 | €15,414 | €19,998 | +€4,584 | +29.7% |
| Remuneration and social security | 454/9 | €4,656 | €3,237 | -€1,419 | -30.5% |
| Other amounts payable | 47/48 | €1,878 | €1,148 | -€730 | -38.9% |
| Accrued charges and deferred income | 492/3 | €1,049 | €14,568 | +€13,519 | +1288.5% |
| Non-recurring operating income | 76A | €1,328,421 | €987,040 | -€341,381 | -25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,535 | €103,268 | -€268 | -0.3% |
| Other operating charges | 640/8 | €37,275 | €22,464 | -€14,811 | -39.7% |
| Non-recurring operating charges | 66A | - | €5,991 | +€5,991 | |
| Gross operating margin | 9900 | €1,452,790 | €1,030,266 | -€422,524 | -29.1% |
| Operating profit (loss) | 9901 | €1,311,980 | €898,544 | -€413,436 | -31.5% |
| Financial income | 75/76B | €322 | €6,564 | +€6,243 | +1941.4% |
| Recurring financial income | 75 | €322 | €6,564 | +€6,243 | +1941.4% |
| Financial charges | 65/66B | €62,232 | €27,576 | -€34,656 | -55.7% |
| Recurring financial charges | 65 | €62,232 | €27,576 | -€34,656 | -55.7% |
| Profit (loss) for the period before taxes | 9903 | €1,250,069 | €877,532 | -€372,537 | -29.8% |
| Transfer from deferred taxes | 780 | €44,676 | €4,949 | -€39,726 | -88.9% |
| Transfer to deferred taxes | 680 | - | €197,408 | +€197,408 | |
| Income taxes | 67/77 | €405,899 | €120 | -€405,779 | -100.0% |
| Profit (loss) for the period | 9904 | €888,846 | €684,954 | -€203,892 | -22.9% |
| Transfer from tax-exempt reserves | 789 | €169,871 | €19,798 | -€150,074 | -88.3% |
| Transfer to tax-exempt reserves | 689 | - | €789,632 | +€789,632 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,058,717 | -€84,881 | -€1.1m |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.