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.
DE BORGER
Largest movements
- Receivables after one year -€24,337
down €24,337 (-47.3%), from €51,416 to €27,080
- Cash +€18,300
up €18,300 (+21.9%), from €83,442 to €101,742
mainly Net result for the year (+€40,139) and Receivables after one year (+€24,337)
- Tangible fixed assets -€17,087
down €17,087 (-17.7%), from €96,713 to €79,626
of which Land and buildings: -€13,131
- Receivables within one year +€7,199
up €7,199 (+17.5%), from €41,242 to €48,442
of which Trade receivables: +€6,247
- Tax, wage and social debts -€4,983
down €4,983 (-19.2%), from €25,919 to €20,935
- Reserves -€3,839
down €3,839 (-1.5%), from €249,730 to €245,891
of which Distributable reserves: -€7,681
- Gross operating margin +€17,717
up €17,717 (+28.9%), from €61,318 to €79,035
- Taxes +€3,789
up €3,789 (+32.2%), from €11,755 to €15,544
- Depreciation -€3,427
down €3,427 (-14.4%), from €23,752 to €20,325
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 | €280,791 | €267,118 | -€13,673 | -4.9% |
| Formation expenses | 20 | €634 | €474 | -€160 | -25.2% |
| Fixed assets | 21/28 | €100,263 | €83,176 | -€17,087 | -17.0% |
| Tangible fixed assets | 22/27 | €96,713 | €79,626 | -€17,087 | -17.7% |
| Land and buildings | 22 | €85,173 | €72,043 | -€13,131 | -15.4% |
| Plant, machinery and equipment | 23 | €5,599 | €5,700 | +€101 | +1.8% |
| Furniture and vehicles | 24 | €5,940 | €1,883 | -€4,058 | -68.3% |
| Financial fixed assets | 28 | €3,550 | €3,550 | = | 0.0% |
| Current assets | 29/58 | €179,894 | €183,468 | +€3,573 | +2.0% |
| Amounts receivable after more than one year | 29 | €51,416 | €27,080 | -€24,337 | -47.3% |
| Other amounts receivable | 291 | €51,416 | €27,080 | -€24,337 | -47.3% |
| Amounts receivable within one year | 40/41 | €41,242 | €48,442 | +€7,199 | +17.5% |
| Trade receivables | 40 | €17,066 | €23,313 | +€6,247 | +36.6% |
| Other amounts receivable | 41 | €24,176 | €25,129 | +€953 | +3.9% |
| Cash at bank and in hand | 54/58 | €83,442 | €101,742 | +€18,300 | +21.9% |
| Deferred charges and accrued income | 490/1 | €3,794 | €6,205 | +€2,411 | +63.5% |
| Total equity and liabilities | 10/49 | €280,791 | €267,118 | -€13,673 | -4.9% |
| Equity | 10/15 | €249,730 | €245,891 | -€3,839 | -1.5% |
| Reserves | 13 | €249,730 | €245,891 | -€3,839 | -1.5% |
| Tax-exempt reserves | 132 | €25,440 | €29,282 | +€3,842 | +15.1% |
| Distributable reserves | 133 | €224,290 | €216,608 | -€7,681 | -3.4% |
| Amounts payable | 17/49 | €31,061 | €21,227 | -€9,835 | -31.7% |
| Amounts payable within one year | 42/48 | €31,053 | €21,227 | -€9,826 | -31.6% |
| Current portion of amounts payable after more than one year | 42 | €2,440 | - | -€2,440 | |
| Trade debts | 44 | €2,694 | €292 | -€2,402 | -89.2% |
| Suppliers | 440/4 | €2,694 | €292 | -€2,402 | -89.2% |
| Taxes, remuneration and social security | 45 | €25,919 | €20,935 | -€4,983 | -19.2% |
| Taxes | 450/3 | €25,919 | €20,935 | -€4,983 | -19.2% |
| Accrued charges and deferred income | 492/3 | €8 | - | -€8 | |
| Remuneration, social security and pensions | 62 | - | €99 | +€99 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,752 | €20,325 | -€3,427 | -14.4% |
| Other operating charges | 640/8 | €4,684 | €4,337 | -€348 | -7.4% |
| Gross operating margin | 9900 | €61,318 | €79,035 | +€17,717 | +28.9% |
| Operating profit (loss) | 9901 | €32,882 | €54,275 | +€21,393 | +65.1% |
| Financial income | 75/76B | €2,273 | €1,827 | -€446 | -19.6% |
| Recurring financial income | 75 | €2,273 | €1,827 | -€446 | -19.6% |
| Financial charges | 65/66B | €408 | €419 | +€11 | +2.7% |
| Recurring financial charges | 65 | €408 | €419 | +€11 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €34,746 | €55,682 | +€20,936 | +60.3% |
| Income taxes | 67/77 | €11,755 | €15,544 | +€3,789 | +32.2% |
| Profit (loss) for the period | 9904 | €22,992 | €40,139 | +€17,147 | +74.6% |
| Transfer to tax-exempt reserves | 689 | €12,630 | €3,842 | -€8,788 | -69.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,362 | €36,296 | +€25,935 | +250.3% |
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 12 October 2026 via checked.be.