DE BORGER: 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.
What changed
DE BORGER
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€16,998
2024 · €19,564-€2,567
Equity
€1.3m
2024 · €1.3m+€16,998
Cash
€81,991
2024 · €99,517-€17,527
Balance sheet total
€1.8m
2024 · €1.9m-€46,705
Largest movements
Assets
- Tangible fixed assets -€29,323
down €29,323 (-1.6%), from €1.8m to €1.8m
of which Land and buildings: -€27,616
Equity and liabilities
- Debts after one year -€52,657
down €52,657 (-14.1%), from €374,403 to €321,746
- Other debts -€30,000
down €30,000 (-24.9%), from €120,251 to €90,251
Income statement
- Gross operating margin +€12,852
up €12,852 (+12.9%), from €99,615 to €112,467
- Financial charges +€10,001
up €10,001 (+164%), from €6,100 to €16,101
- Depreciation +€6,870
up €6,870 (+12.1%), from €56,775 to €63,645
- Other operating charges -€1,200
down €1,200 (-8.1%), from €14,882 to €13,682
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.
Result 2024
€19,564
Gross operating margin
+€12,852
Staff costs
-€18
Depreciation
-€6,870
Other operating charges
+€1,200
Financial income
+€5
Financial charges
-€10,001
Taxes
+€265
Result 2025
€16,998
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€68,273
Investment
-€34,323
Financing
-€51,477
Cash 2024
€99,517
From operations (derived)
+€68,273
Net result for the year
+€16,998
Depreciation
+€63,645
Receivables within one year
+€718
Deferred charges and accrued income
-€862
Provisions
-€686
Trade debts
+€11,894
Tax, wage and social debts
+€1,784
Other debts
-€30,000
Accrued charges and deferred income
+€4,783
Investment (derived)
-€34,323
Investment in fixed assets (net)
-€34,323
Financing
-€51,477
Debts after one year
-€52,657
Current portion of long-term debt
+€1,180
Cash 2025
€81,991
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,889,432 | €1,842,727 | -€46,705 | -2.5% |
| Fixed assets | 21/28 | €1,786,678 | €1,757,355 | -€29,323 | -1.6% |
| Tangible fixed assets | 22/27 | €1,786,255 | €1,756,932 | -€29,323 | -1.6% |
| Land and buildings | 22 | €1,782,986 | €1,755,371 | -€27,616 | -1.5% |
| Plant, machinery and equipment | 23 | €334 | €251 | -€84 | -25.0% |
| Furniture and vehicles | 24 | €2,934 | €1,311 | -€1,623 | -55.3% |
| Financial fixed assets | 28 | €423 | €423 | = | 0.0% |
| Current assets | 29/58 | €102,754 | €85,372 | -€17,383 | -16.9% |
| Amounts receivable within one year | 40/41 | €1,086 | €368 | -€718 | -66.1% |
| Other amounts receivable | 41 | €1,086 | €368 | -€718 | -66.1% |
| Cash at bank and in hand | 54/58 | €99,517 | €81,991 | -€17,527 | -17.6% |
| Deferred charges and accrued income | 490/1 | €2,151 | €3,013 | +€862 | +40.1% |
| Total equity and liabilities | 10/49 | €1,889,432 | €1,842,727 | -€46,705 | -2.5% |
| Equity | 10/15 | €1,323,521 | €1,340,519 | +€16,998 | +1.3% |
| Contributions | 10/11 | €1,235,190 | €1,235,190 | = | 0.0% |
| Reserves | 13 | €88,331 | €105,329 | +€16,998 | +19.2% |
| Tax-exempt reserves | 132 | €40,589 | €38,908 | -€1,680 | -4.1% |
| Distributable reserves | 133 | €47,742 | €66,420 | +€18,678 | +39.1% |
| Provisions and deferred taxes | 16 | €17,081 | €16,394 | -€686 | -4.0% |
| Deferred taxes | 168 | €17,081 | €16,394 | -€686 | -4.0% |
| Amounts payable | 17/49 | €548,831 | €485,814 | -€63,017 | -11.5% |
| Amounts payable after more than one year | 17 | €374,403 | €321,746 | -€52,657 | -14.1% |
| Financial debts | 170/4 | €374,403 | €321,746 | -€52,657 | -14.1% |
| Amounts payable within one year | 42/48 | €174,427 | €159,285 | -€15,142 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €51,477 | €52,657 | +€1,180 | +2.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €661 | €12,554 | +€11,894 | +1,800% |
| Suppliers | 440/4 | €661 | €12,554 | +€11,894 | +1,800% |
| Taxes, remuneration and social security | 45 | €2,038 | €3,822 | +€1,784 | +87.6% |
| Taxes | 450/3 | €2,038 | €3,822 | +€1,784 | +87.6% |
| Other amounts payable | 47/48 | €120,251 | €90,251 | -€30,000 | -24.9% |
| Accrued charges and deferred income | 492/3 | - | €4,783 | +€4,783 | |
| Remuneration, social security and pensions | 62 | €641 | €660 | +€18 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,775 | €63,645 | +€6,870 | +12.1% |
| Other operating charges | 640/8 | €14,882 | €13,682 | -€1,200 | -8.1% |
| Gross operating margin | 9900 | €99,615 | €112,467 | +€12,852 | +12.9% |
| Operating profit (loss) | 9901 | €27,317 | €34,480 | +€7,163 | +26.2% |
| Financial income | 75/76B | €0 | €5 | +€5 | +52,300% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +52,300% |
| Financial charges | 65/66B | €6,100 | €16,101 | +€10,001 | +164% |
| Recurring financial charges | 65 | €6,100 | €16,101 | +€10,001 | +164% |
| Profit (loss) for the period before taxes | 9903 | €21,216 | €18,384 | -€2,832 | -13.3% |
| Transfer from deferred taxes | 780 | €686 | €686 | = | 0.0% |
| Income taxes | 67/77 | €2,338 | €2,073 | -€265 | -11.4% |
| Profit (loss) for the period | 9904 | €19,564 | €16,998 | -€2,567 | -13.1% |
| Transfer from tax-exempt reserves | 789 | €1,680 | €1,680 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,245 | €18,678 | -€2,567 | -12.1% |
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 14 October 2026 via checked.be.