BOURGI: 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.
BOURGI
Largest movements
- Tangible fixed assets -€60,915
down €60,915 (-22.6%), from €269,136 to €208,221
- Current investments +€50,252
up €50,252 (+11.8%), from €426,073 to €476,325
- Receivables within one year +€20,349
up €20,349 (+35.7%), from €57,077 to €77,426
of which Trade receivables: +€23,965
- Cash -€18,903
down €18,903 (-26.7%), from €70,812 to €51,909
mainly Contributions, distributions and other (-€55,955) and Current investments (-€50,252)
- Other debts +€45,624
up €45,624 (+57.4%), from €79,454 to €125,078
- Trade debts -€26,017
down €26,017 (-80.5%), from €32,332 to €6,315
- Reserves -€14,861
down €14,861 (-2.3%), from €657,607 to €642,746
of which Distributable reserves: -€14,861
- Gross operating margin -€39,521
down €39,521 (-17.5%), from €226,406 to €186,885
- Staff costs -€35,038
down €35,038 (-39.5%), from €88,650 to €53,612
- Other operating charges -€11,143
down €11,143 (-79.4%), from €14,037 to €2,894
- Financial income -€6,383
down €6,383 (-39.4%), from €16,216 to €9,833
- Depreciation -€2,660
down €2,660 (-3.2%), from €83,449 to €80,789
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €835,355 | €841,133 | +€5,778 | +0.7% |
| Fixed assets | 21/28 | €269,136 | €208,221 | -€60,915 | -22.6% |
| Tangible fixed assets | 22/27 | €269,136 | €208,221 | -€60,915 | -22.6% |
| Plant, machinery and equipment | 23 | €269,136 | €208,221 | -€60,915 | -22.6% |
| Current assets | 29/58 | €566,219 | €632,912 | +€66,693 | +11.8% |
| Stocks and contracts in progress | 3 | €6,875 | €15,151 | +€8,276 | +120.4% |
| Stocks | 30/36 | €6,875 | €15,151 | +€8,276 | +120.4% |
| Amounts receivable within one year | 40/41 | €57,077 | €77,426 | +€20,349 | +35.7% |
| Trade receivables | 40 | €48,284 | €72,249 | +€23,965 | +49.6% |
| Other amounts receivable | 41 | €8,793 | €5,177 | -€3,616 | -41.1% |
| Current investments | 50/53 | €426,073 | €476,325 | +€50,252 | +11.8% |
| Cash at bank and in hand | 54/58 | €70,812 | €51,909 | -€18,903 | -26.7% |
| Deferred charges and accrued income | 490/1 | €5,382 | €12,101 | +€6,719 | +124.8% |
| Total equity and liabilities | 10/49 | €835,355 | €841,133 | +€5,778 | +0.7% |
| Equity | 10/15 | €720,183 | €707,367 | -€12,816 | -1.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €657,607 | €642,746 | -€14,861 | -2.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €49,156 | €49,156 | = | 0.0% |
| Distributable reserves | 133 | €602,251 | €587,390 | -€14,861 | -2.5% |
| Investment grants | 15 | €576 | €2,621 | +€2,045 | +355.0% |
| Amounts payable | 17/49 | €115,172 | €133,766 | +€18,594 | +16.1% |
| Amounts payable within one year | 42/48 | €115,172 | €133,662 | +€18,490 | +16.1% |
| Trade debts | 44 | €32,332 | €6,315 | -€26,017 | -80.5% |
| Suppliers | 440/4 | €32,332 | €6,315 | -€26,017 | -80.5% |
| Taxes, remuneration and social security | 45 | €3,386 | €2,269 | -€1,117 | -33.0% |
| Taxes | 450/3 | €3,386 | €2,269 | -€1,117 | -33.0% |
| Other amounts payable | 47/48 | €79,454 | €125,078 | +€45,624 | +57.4% |
| Accrued charges and deferred income | 492/3 | - | €104 | +€104 | |
| Remuneration, social security and pensions | 62 | €88,650 | €53,612 | -€35,038 | -39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,449 | €80,789 | -€2,660 | -3.2% |
| Other operating charges | 640/8 | €14,037 | €2,894 | -€11,143 | -79.4% |
| Gross operating margin | 9900 | €226,406 | €186,885 | -€39,521 | -17.5% |
| Operating profit (loss) | 9901 | €40,270 | €49,590 | +€9,320 | +23.1% |
| Financial income | 75/76B | €16,216 | €9,833 | -€6,383 | -39.4% |
| Recurring financial income | 75 | €16,216 | €9,833 | -€6,383 | -39.4% |
| Financial charges | 65/66B | €471 | €615 | +€144 | +30.6% |
| Recurring financial charges | 65 | €471 | €615 | +€144 | +30.6% |
| Profit (loss) for the period before taxes | 9903 | €56,015 | €58,808 | +€2,793 | +5.0% |
| Income taxes | 67/77 | €15,570 | €15,669 | +€99 | +0.6% |
| Profit (loss) for the period | 9904 | €40,445 | €43,139 | +€2,694 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,445 | €43,139 | +€2,694 | +6.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.