BORZEE: 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.
BORZEE
Largest movements
- Tangible fixed assets -€874,844
no longer reported in 2025 (was €874,844)
- Cash +€36,729
up €36,729 (+8.9%), from €414,420 to €451,148
mainly Investment in fixed assets (net) (+€850,480) and Provisions (+€94,917)
- Revaluation surpluses -€825,591
no longer reported in 2025 (was €825,591)
- Provisions +€94,917
up €94,917 (+1867.5%), from €5,083 to €100,000
of which Provisions for liabilities and charges: +€100,000
- Profit (loss) carried forward -€61,279
down €61,279 (-20.6%), from -€298,016 to -€359,294
- Contributions -€50,406
down €50,406 (-9.9%), from €508,771 to €458,365
of which Capital: -€36,840
- Other debts +€21,200
new in 2025: €21,200
- Provisions +€100,000
new in 2025: €100,000
- Gross operating margin -€23,053
down €23,053 (-40.8%), from €56,499 to €33,446
- Taxes -€12,708
down €12,708 (-100.0%), from €12,708 to €0
- Depreciation -€12,238
down €12,238 (-33.4%), from €36,602 to €24,364
- Other operating charges +€1,182
up €1,182 (+17.2%), from €6,855 to €8,037
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 | €1,298,361 | €466,705 | -€831,656 | -64.1% |
| Fixed assets | 21/28 | €874,844 | - | -€874,844 | |
| Tangible fixed assets | 22/27 | €874,844 | - | -€874,844 | |
| Land and buildings | 22 | €874,844 | - | -€874,844 | |
| Current assets | 29/58 | €423,517 | €466,705 | +€43,188 | +10.2% |
| Amounts receivable within one year | 40/41 | €9,097 | €15,557 | +€6,460 | +71.0% |
| Other amounts receivable | 41 | €9,097 | €15,557 | +€6,460 | +71.0% |
| Cash at bank and in hand | 54/58 | €414,420 | €451,148 | +€36,729 | +8.9% |
| Total equity and liabilities | 10/49 | €1,298,361 | €466,705 | -€831,656 | -64.1% |
| Equity | 10/15 | €1,291,617 | €345,084 | -€946,533 | -73.3% |
| Contributions | 10/11 | €508,771 | €458,365 | -€50,406 | -9.9% |
| Capital | 10 | €371,840 | €335,001 | -€36,840 | -9.9% |
| Issued capital | 100 | €371,840 | €335,001 | -€36,840 | -9.9% |
| Outside capital | 11 | €136,931 | €123,365 | -€13,566 | -9.9% |
| Share premium | 1100/10 | €136,931 | €123,365 | -€13,566 | -9.9% |
| Revaluation surpluses | 12 | €825,591 | - | -€825,591 | |
| Reserves | 13 | €255,271 | €246,013 | -€9,258 | -3.6% |
| Non-distributable reserves | 130/1 | €37,184 | €33,500 | -€3,684 | -9.9% |
| Legal reserve | 130 | €37,184 | €33,500 | -€3,684 | -9.9% |
| Tax-exempt reserves | 132 | €5,792 | - | -€5,792 | |
| Distributable reserves | 133 | €212,295 | €212,513 | +€218 | +0.1% |
| Profit (loss) carried forward | 14 | -€298,016 | -€359,294 | -€61,279 | -20.6% |
| Provisions and deferred taxes | 16 | €5,083 | €100,000 | +€94,917 | +1867.5% |
| Provisions for liabilities and charges | 160/5 | - | €100,000 | +€100,000 | |
| Environmental obligations | 163 | - | €100,000 | +€100,000 | |
| Deferred taxes | 168 | €5,083 | - | -€5,083 | |
| Amounts payable | 17/49 | €1,661 | €21,621 | +€19,959 | +1201.5% |
| Amounts payable within one year | 42/48 | €1,661 | €21,518 | +€19,857 | +1195.4% |
| Trade debts | 44 | €1,661 | €318 | -€1,343 | -80.9% |
| Suppliers | 440/4 | €1,661 | €318 | -€1,343 | -80.9% |
| Other amounts payable | 47/48 | - | €21,200 | +€21,200 | |
| Accrued charges and deferred income | 492/3 | - | €103 | +€103 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,602 | €24,364 | -€12,238 | -33.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €100,000 | +€100,000 | |
| Other operating charges | 640/8 | €6,855 | €8,037 | +€1,182 | +17.2% |
| Non-recurring operating charges | 66A | €109,844 | - | -€109,844 | |
| Gross operating margin | 9900 | €56,499 | €33,446 | -€23,053 | -40.8% |
| Operating profit (loss) | 9901 | -€96,802 | -€98,956 | -€2,153 | -2.2% |
| Financial charges | 65/66B | €2,021 | €2,180 | +€159 | +7.8% |
| Recurring financial charges | 65 | €2,021 | €2,180 | +€159 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | -€98,824 | -€101,135 | -€2,312 | -2.3% |
| Transfer from deferred taxes | 780 | €1,307 | €5,083 | +€3,775 | +288.8% |
| Income taxes | 67/77 | €12,708 | €0 | -€12,708 | -100.0% |
| Profit (loss) for the period | 9904 | -€110,224 | -€96,053 | +€14,171 | +12.9% |
| Transfer from tax-exempt reserves | 789 | €3,122 | €5,792 | +€2,671 | +85.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€107,103 | -€90,261 | +€16,842 | +15.7% |
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 9 October 2026 via checked.be.