DE BORGHT: 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 BORGHT
Largest movements
- Tangible fixed assets -€50,294
down €50,294 (-23.8%), from €211,270 to €160,976
of which Other tangible fixed assets: -€39,938
- Cash -€49,627
down €49,627 (-23.2%), from €213,955 to €164,328
mainly Current portion of long-term debt (-€88,272) and Other debts (-€49,786)
- Receivables within one year -€9,677
down €9,677 (-16.6%), from €58,211 to €48,534
of which Trade receivables: -€9,833
- Current portion of long-term debt -€88,272
down €88,272 (-76.3%), from €115,757 to €27,485
- Other debts -€49,786
down €49,786 (-31.4%), from €158,436 to €108,650
- Reserves +€37,805
up €37,805 (+13.5%), from €280,452 to €318,258
of which Distributable reserves: +€37,805
- Debts after one year -€15,757
down €15,757 (-53.1%), from €29,677 to €13,920
- Gross operating margin -€87,732
down €87,732 (-28.8%), from €304,781 to €217,049
- Depreciation -€18,806
down €18,806 (-25.5%), from €73,655 to €54,849
- Taxes -€16,271
down €16,271 (-54.6%), from €29,823 to €13,553
- Staff costs +€9,135
up €9,135 (+10.2%), from €89,322 to €98,458
- Financial charges -€3,645
down €3,645 (-26.2%), from €13,915 to €10,270
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €691,529 | €582,047 | -€109,482 | -15.8% |
| Fixed assets | 21/28 | €211,416 | €161,123 | -€50,294 | -23.8% |
| Tangible fixed assets | 22/27 | €211,270 | €160,976 | -€50,294 | -23.8% |
| Plant, machinery and equipment | 23 | €11,618 | €6,077 | -€5,541 | -47.7% |
| Furniture and vehicles | 24 | €12,047 | €7,233 | -€4,814 | -40.0% |
| Other tangible fixed assets | 26 | €187,605 | €147,666 | -€39,938 | -21.3% |
| Financial fixed assets | 28 | €147 | €147 | = | 0.0% |
| Current assets | 29/58 | €480,113 | €420,924 | -€59,189 | -12.3% |
| Stocks and contracts in progress | 3 | €204,598 | €199,636 | -€4,962 | -2.4% |
| Stocks | 30/36 | €204,598 | €199,636 | -€4,962 | -2.4% |
| Amounts receivable within one year | 40/41 | €58,211 | €48,534 | -€9,677 | -16.6% |
| Trade receivables | 40 | €51,920 | €42,087 | -€9,833 | -18.9% |
| Other amounts receivable | 41 | €6,292 | €6,447 | +€156 | +2.5% |
| Cash at bank and in hand | 54/58 | €213,955 | €164,328 | -€49,627 | -23.2% |
| Deferred charges and accrued income | 490/1 | €3,349 | €8,427 | +€5,077 | +152% |
| Total equity and liabilities | 10/49 | €691,529 | €582,047 | -€109,482 | -15.8% |
| Equity | 10/15 | €288,801 | €326,607 | +€37,805 | +13.1% |
| Contributions | 10/11 | €8,349 | €8,349 | = | 0.0% |
| Reserves | 13 | €280,452 | €318,258 | +€37,805 | +13.5% |
| Tax-exempt reserves | 132 | €30,741 | €30,741 | = | 0.0% |
| Distributable reserves | 133 | €249,711 | €287,516 | +€37,805 | +15.1% |
| Amounts payable | 17/49 | €402,728 | €255,440 | -€147,288 | -36.6% |
| Amounts payable after more than one year | 17 | €29,677 | €13,920 | -€15,757 | -53.1% |
| Financial debts | 170/4 | €29,677 | €13,920 | -€15,757 | -53.1% |
| Amounts payable within one year | 42/48 | €355,952 | €222,345 | -€133,607 | -37.5% |
| Current portion of amounts payable after more than one year | 42 | €115,757 | €27,485 | -€88,272 | -76.3% |
| Financial debts | 43 | €258 | €442 | +€184 | +71.4% |
| Credit institutions | 430/8 | €258 | €442 | +€184 | +71.4% |
| Trade debts | 44 | €40,264 | €41,633 | +€1,369 | +3.4% |
| Suppliers | 440/4 | €40,264 | €41,633 | +€1,369 | +3.4% |
| Taxes, remuneration and social security | 45 | €41,237 | €44,134 | +€2,897 | +7.0% |
| Taxes | 450/3 | €30,443 | €26,368 | -€4,074 | -13.4% |
| Remuneration and social security | 454/9 | €10,795 | €17,765 | +€6,971 | +64.6% |
| Other amounts payable | 47/48 | €158,436 | €108,650 | -€49,786 | -31.4% |
| Accrued charges and deferred income | 492/3 | €17,099 | €19,175 | +€2,076 | +12.1% |
| Remuneration, social security and pensions | 62 | €89,322 | €98,458 | +€9,135 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,655 | €54,849 | -€18,806 | -25.5% |
| Other operating charges | 640/8 | €2,319 | €2,114 | -€205 | -8.8% |
| Gross operating margin | 9900 | €304,781 | €217,049 | -€87,732 | -28.8% |
| Operating profit (loss) | 9901 | €139,485 | €61,628 | -€77,857 | -55.8% |
| Financial income | 75/76B | €24 | €0 | -€24 | -99.9% |
| Recurring financial income | 75 | €24 | €0 | -€24 | -99.9% |
| Financial charges | 65/66B | €13,915 | €10,270 | -€3,645 | -26.2% |
| Recurring financial charges | 65 | €13,915 | €10,270 | -€3,645 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | €125,595 | €51,358 | -€74,236 | -59.1% |
| Income taxes | 67/77 | €29,823 | €13,553 | -€16,271 | -54.6% |
| Profit (loss) for the period | 9904 | €95,771 | €37,805 | -€57,966 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €95,771 | €37,805 | -€57,966 | -60.5% |
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 15 October 2026 via checked.be.