De Borg: 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.
De Borg
Largest movements
- Receivables within one year +€29,660
up €29,660 (+323.5%), from €9,168 to €38,828
of which Trade receivables: +€30,720
- Cash +€5,720
up €5,720 (+7.0%), from €81,256 to €86,977
mainly Net result for the year (+€26,329) and Tax, wage and social debts (+€11,627)
- Reserves +€59,475
up €59,475 (+3197.6%), from €1,860 to €61,335
of which Distributable reserves: +€59,475
- Profit (loss) carried forward -€33,146
down €33,146 (-100.0%), from €33,146 to €0
- Tax, wage and social debts +€11,627
up €11,627 (+778.9%), from €1,493 to €13,119
- Other debts -€2,144
down €2,144 (-4.1%), from €52,207 to €50,063
- Gross operating margin +€11,658
up €11,658 (+42.1%), from €27,723 to €39,381
- Taxes +€5,098
up €5,098 (+82.7%), from €6,163 to €11,261
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 | €95,229 | €131,513 | +€36,284 | +38.1% |
| Fixed assets | 21/28 | €4,778 | €5,692 | +€915 | +19.1% |
| Tangible fixed assets | 22/27 | €3,128 | €4,042 | +€915 | +29.2% |
| Land and buildings | 22 | €562 | €422 | -€141 | -25.0% |
| Furniture and vehicles | 24 | €2,565 | €3,620 | +€1,055 | +41.1% |
| Financial fixed assets | 28 | €1,650 | €1,650 | = | 0.0% |
| Current assets | 29/58 | €90,451 | €125,821 | +€35,370 | +39.1% |
| Amounts receivable within one year | 40/41 | €9,168 | €38,828 | +€29,660 | +323.5% |
| Trade receivables | 40 | €7,358 | €38,078 | +€30,720 | +417.5% |
| Other amounts receivable | 41 | €1,810 | €750 | -€1,060 | -58.6% |
| Cash at bank and in hand | 54/58 | €81,256 | €86,977 | +€5,720 | +7.0% |
| Deferred charges and accrued income | 490/1 | €27 | €16 | -€11 | -40.2% |
| Total equity and liabilities | 10/49 | €95,229 | €131,513 | +€36,284 | +38.1% |
| Equity | 10/15 | €41,206 | €67,535 | +€26,329 | +63.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €61,335 | +€59,475 | +3197.6% |
| 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 | - | €59,475 | +€59,475 | |
| Profit (loss) carried forward | 14 | €33,146 | €0 | -€33,146 | -100.0% |
| Amounts payable | 17/49 | €54,023 | €63,978 | +€9,955 | +18.4% |
| Amounts payable within one year | 42/48 | €54,023 | €63,746 | +€9,723 | +18.0% |
| Trade debts | 44 | €324 | €565 | +€241 | +74.3% |
| Suppliers | 440/4 | €324 | €565 | +€241 | +74.3% |
| Taxes, remuneration and social security | 45 | €1,493 | €13,119 | +€11,627 | +778.9% |
| Taxes | 450/3 | €1,493 | €13,119 | +€11,627 | +778.9% |
| Other amounts payable | 47/48 | €52,207 | €50,063 | -€2,144 | -4.1% |
| Accrued charges and deferred income | 492/3 | - | €232 | +€232 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €635 | €961 | +€326 | +51.3% |
| Other operating charges | 640/8 | €451 | €701 | +€250 | +55.4% |
| Gross operating margin | 9900 | €27,723 | €39,381 | +€11,658 | +42.1% |
| Operating profit (loss) | 9901 | €26,637 | €37,718 | +€11,082 | +41.6% |
| Financial charges | 65/66B | €64 | €129 | +€65 | +100.8% |
| Recurring financial charges | 65 | €64 | €129 | +€65 | +100.8% |
| Profit (loss) for the period before taxes | 9903 | €26,573 | €37,590 | +€11,017 | +41.5% |
| Income taxes | 67/77 | €6,163 | €11,261 | +€5,098 | +82.7% |
| Profit (loss) for the period | 9904 | €20,410 | €26,329 | +€5,919 | +29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,410 | €26,329 | +€5,919 | +29.0% |
Source: filed annual accounts (NBB), financial 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.