BORZA: 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.
BORZA
Largest movements
- Cash +€45,807
up €45,807 (+395.7%), from €11,577 to €57,384
mainly Net result for the year (+€51,792) and Receivables within one year (+€32,600)
- Tangible fixed assets +€34,102
up €34,102 (+232.5%), from €14,669 to €48,771
of which Furniture and vehicles: +€35,692
- Receivables within one year -€32,600
down €32,600 (-18.4%), from €177,000 to €144,400
of which Other amounts receivable: -€27,600
- Deferred charges and accrued income +€3,761
up €3,761 (+1679.0%), from €224 to €3,985
- Debts after one year +€21,694
new in 2022: €21,694
- Tax, wage and social debts +€14,099
up €14,099 (+98.2%), from €14,360 to €28,459
- Current portion of long-term debt +€10,178
new in 2022: €10,178
- Trade debts +€3,726
up €3,726 (+117.7%), from €3,166 to €6,892
- Gross operating margin +€47,260
up €47,260 (+139.0%), from €34,000 to €81,260
- Taxes +€11,198
up €11,198 (+80.6%), from €13,901 to €25,099
- Depreciation +€8,464
up €8,464 (+241.6%), from €3,504 to €11,968
- Financial income +€1,223
up €1,223 (+13.9%), from €8,775 to €9,998
From the 2021 result to the 2022 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 2021 and 2022 balance sheets and the 2022 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2021 | 2022 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €203,750 | €254,540 | +€50,790 | +24.9% |
| Fixed assets | 21/28 | €14,949 | €48,771 | +€33,822 | +226.2% |
| Tangible fixed assets | 22/27 | €14,669 | €48,771 | +€34,102 | +232.5% |
| Plant, machinery and equipment | 23 | €506 | €260 | -€246 | -48.6% |
| Furniture and vehicles | 24 | €3,232 | €38,924 | +€35,692 | +1104.3% |
| Other tangible fixed assets | 26 | €10,931 | €9,587 | -€1,344 | -12.3% |
| Financial fixed assets | 28 | €280 | - | -€280 | |
| Current assets | 29/58 | €188,801 | €205,769 | +€16,968 | +9.0% |
| Amounts receivable within one year | 40/41 | €177,000 | €144,400 | -€32,600 | -18.4% |
| Trade receivables | 40 | €5,000 | - | -€5,000 | |
| Other amounts receivable | 41 | €172,000 | €144,400 | -€27,600 | -16.0% |
| Cash at bank and in hand | 54/58 | €11,577 | €57,384 | +€45,807 | +395.7% |
| Deferred charges and accrued income | 490/1 | €224 | €3,985 | +€3,761 | +1679.0% |
| Total equity and liabilities | 10/49 | €203,750 | €254,540 | +€50,790 | +24.9% |
| Equity | 10/15 | €186,224 | €187,317 | +€1,093 | +0.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €173,824 | €174,917 | +€1,093 | +0.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €171,964 | €173,057 | +€1,093 | +0.6% |
| Amounts payable | 17/49 | €17,526 | €67,223 | +€49,697 | +283.6% |
| Amounts payable after more than one year | 17 | - | €21,694 | +€21,694 | |
| Financial debts | 170/4 | - | €21,694 | +€21,694 | |
| Amounts payable within one year | 42/48 | €17,526 | €45,529 | +€28,003 | +159.8% |
| Current portion of amounts payable after more than one year | 42 | - | €10,178 | +€10,178 | |
| Trade debts | 44 | €3,166 | €6,892 | +€3,726 | +117.7% |
| Suppliers | 440/4 | €3,166 | €6,892 | +€3,726 | +117.7% |
| Taxes, remuneration and social security | 45 | €14,360 | €28,459 | +€14,099 | +98.2% |
| Taxes | 450/3 | €14,360 | €28,459 | +€14,099 | +98.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,504 | €11,968 | +€8,464 | +241.6% |
| Other operating charges | 640/8 | €583 | €1,321 | +€738 | +126.6% |
| Non-recurring operating charges | 66A | €1,250 | €145 | -€1,105 | -88.4% |
| Gross operating margin | 9900 | €34,000 | €81,260 | +€47,260 | +139.0% |
| Operating profit (loss) | 9901 | €28,663 | €67,826 | +€39,163 | +136.6% |
| Financial income | 75/76B | €8,775 | €9,998 | +€1,223 | +13.9% |
| Recurring financial income | 75 | €8,775 | €9,998 | +€1,223 | +13.9% |
| Financial charges | 65/66B | €396 | €933 | +€537 | +135.6% |
| Recurring financial charges | 65 | €396 | €933 | +€537 | +135.6% |
| Profit (loss) for the period before taxes | 9903 | €37,042 | €76,891 | +€39,849 | +107.6% |
| Income taxes | 67/77 | €13,901 | €25,099 | +€11,198 | +80.6% |
| Profit (loss) for the period | 9904 | €23,141 | €51,792 | +€28,651 | +123.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,141 | €51,792 | +€28,651 | +123.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2021 and 31 December 2022. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.