BORVAN: 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.
BORVAN
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year +€49,830
up €49,830 (+4.4%), from €1.1m to €1.2m
of which Advances received on contracts in progress: +€210,000
- Current portion of long-term debt -€46,667
down €46,667 (-58.3%), from €80,000 to €33,333
- Profit (loss) carried forward -€18,403
down €18,403 (-70.3%), from -€26,169 to -€44,571
- Gross operating margin -€6,307
down €6,307 (-26.1%), from €24,146 to €17,839
- Financial income -€1,517
down €1,517 (-13.5%), from €11,222 to €9,705
- Financial charges -€879
down €879 (-46.6%), from €1,886 to €1,007
- Depreciation +€754
up €754 (+3.0%), from €25,257 to €26,012
- Other operating charges +€449
up €449 (+2.5%), from €18,181 to €18,629
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 | €1,535,470 | €1,532,393 | -€3,077 | -0.2% |
| Fixed assets | 21/28 | €1,376,632 | €1,363,116 | -€13,516 | -1.0% |
| Tangible fixed assets | 22/27 | €776,510 | €762,994 | -€13,516 | -1.7% |
| Land and buildings | 22 | €766,346 | €755,029 | -€11,317 | -1.5% |
| Plant, machinery and equipment | 23 | €2,798 | €2,031 | -€767 | -27.4% |
| Furniture and vehicles | 24 | €7,366 | €5,934 | -€1,433 | -19.4% |
| Financial fixed assets | 28 | €600,122 | €600,122 | = | 0.0% |
| Current assets | 29/58 | €158,838 | €169,277 | +€10,439 | +6.6% |
| Amounts receivable after more than one year | 29 | €121,974 | €130,725 | +€8,750 | +7.2% |
| Other amounts receivable | 291 | €121,974 | €130,725 | +€8,750 | +7.2% |
| Amounts receivable within one year | 40/41 | €21,265 | €24,771 | +€3,506 | +16.5% |
| Trade receivables | 40 | €6,265 | €9,771 | +€3,506 | +56.0% |
| Other amounts receivable | 41 | €15,000 | €15,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,058 | €11,718 | -€1,340 | -10.3% |
| Deferred charges and accrued income | 490/1 | €2,541 | €2,064 | -€477 | -18.8% |
| Total equity and liabilities | 10/49 | €1,535,470 | €1,532,393 | -€3,077 | -0.2% |
| Equity | 10/15 | €305,831 | €287,429 | -€18,403 | -6.0% |
| Contributions | 10/11 | €332,000 | €332,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€26,169 | -€44,571 | -€18,403 | -70.3% |
| Amounts payable | 17/49 | €1,229,639 | €1,244,964 | +€15,326 | +1.2% |
| Amounts payable after more than one year | 17 | €1,134,167 | €1,183,997 | +€49,830 | +4.4% |
| Financial debts | 170/4 | €33,333 | €0 | -€33,333 | -100.0% |
| Advances received on contracts in progress | 176 | - | €210,000 | +€210,000 | |
| Other amounts payable | 178/9 | €1,100,834 | €973,997 | -€126,837 | -11.5% |
| Amounts payable within one year | 42/48 | €81,448 | €44,227 | -€37,221 | -45.7% |
| Current portion of amounts payable after more than one year | 42 | €80,000 | €33,333 | -€46,667 | -58.3% |
| Trade debts | 44 | €247 | €10,848 | +€10,601 | +4299.7% |
| Suppliers | 440/4 | €247 | €10,848 | +€10,601 | +4299.7% |
| Taxes, remuneration and social security | 45 | €1,201 | €46 | -€1,155 | -96.2% |
| Taxes | 450/3 | €1,201 | €46 | -€1,155 | -96.2% |
| Accrued charges and deferred income | 492/3 | €14,024 | €16,740 | +€2,717 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,257 | €26,012 | +€754 | +3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €452 | €298 | -€154 | -34.1% |
| Other operating charges | 640/8 | €18,181 | €18,629 | +€449 | +2.5% |
| Gross operating margin | 9900 | €24,146 | €17,839 | -€6,307 | -26.1% |
| Operating profit (loss) | 9901 | -€19,744 | -€27,100 | -€7,356 | -37.3% |
| Financial income | 75/76B | €11,222 | €9,705 | -€1,517 | -13.5% |
| Recurring financial income | 75 | €11,222 | €9,705 | -€1,517 | -13.5% |
| Financial charges | 65/66B | €1,886 | €1,007 | -€879 | -46.6% |
| Recurring financial charges | 65 | €1,886 | €1,007 | -€879 | -46.6% |
| Profit (loss) for the period before taxes | 9903 | -€10,409 | -€18,403 | -€7,994 | -76.8% |
| Profit (loss) for the period | 9904 | -€10,409 | -€18,403 | -€7,994 | -76.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,409 | -€18,403 | -€7,994 | -76.8% |
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 8 October 2026 via checked.be.