De Borze: 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 Borze
Largest movements
- Cash +€13,920
up €13,920 (+59.7%), from €23,306 to €37,226
mainly Net result for the year (+€65,770) and Depreciation (+€11,864)
- Receivables within one year +€11,330
up €11,330 (+1970.0%), from €575 to €11,905
of which Trade receivables: +€11,235
- Tangible fixed assets -€10,264
down €10,264 (-17.4%), from €59,153 to €48,889
of which Plant, machinery and equipment: -€6,571
- Stocks and contracts +€4,560
up €4,560 (+35.8%), from €12,748 to €17,308
- Financial fixed assets -€1,396
down €1,396 (-22.0%), from €6,333 to €4,938
- Profit (loss) carried forward +€65,770
up €65,770 (+43.2%), from -€152,124 to -€86,354
- Trade debts -€50,584
down €50,584 (-50.5%), from €100,226 to €49,642
- Tax, wage and social debts +€8,075
up €8,075 (+31.5%), from €25,616 to €33,691
of which Remuneration and social security: +€4,334
- Current portion of long-term debt -€5,310
down €5,310 (-61.4%), from €8,647 to €3,337
- Other debts -€1,322
down €1,322 (-1.8%), from €72,279 to €70,957
- Gross operating margin +€92,865
up €92,865 (+42.9%), from €216,473 to €309,338
- Staff costs +€33,125
up €33,125 (+17.5%), from €189,376 to €222,501
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 | €106,736 | €124,221 | +€17,485 | +16.4% |
| Fixed assets | 21/28 | €65,486 | €53,826 | -€11,660 | -17.8% |
| Tangible fixed assets | 22/27 | €59,153 | €48,889 | -€10,264 | -17.4% |
| Plant, machinery and equipment | 23 | €33,498 | €26,926 | -€6,571 | -19.6% |
| Furniture and vehicles | 24 | €825 | €1,550 | +€724 | +87.7% |
| Other tangible fixed assets | 26 | €24,830 | €20,413 | -€4,417 | -17.8% |
| Financial fixed assets | 28 | €6,333 | €4,938 | -€1,396 | -22.0% |
| Current assets | 29/58 | €41,250 | €70,395 | +€29,145 | +70.7% |
| Stocks and contracts in progress | 3 | €12,748 | €17,308 | +€4,560 | +35.8% |
| Stocks | 30/36 | €12,748 | €17,308 | +€4,560 | +35.8% |
| Amounts receivable within one year | 40/41 | €575 | €11,905 | +€11,330 | +1970.0% |
| Trade receivables | 40 | €575 | €11,810 | +€11,235 | +1953.3% |
| Other amounts receivable | 41 | €0 | €96 | +€96 | |
| Cash at bank and in hand | 54/58 | €23,306 | €37,226 | +€13,920 | +59.7% |
| Deferred charges and accrued income | 490/1 | €4,621 | €3,955 | -€666 | -14.4% |
| Total equity and liabilities | 10/49 | €106,736 | €124,221 | +€17,485 | +16.4% |
| Equity | 10/15 | -€102,124 | -€36,354 | +€65,770 | +64.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€152,124 | -€86,354 | +€65,770 | +43.2% |
| Amounts payable | 17/49 | €208,860 | €160,576 | -€48,285 | -23.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €208,860 | €160,576 | -€48,285 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €8,647 | €3,337 | -€5,310 | -61.4% |
| Financial debts | 43 | €1,751 | €2,948 | +€1,198 | +68.4% |
| Other loans | 439 | €1,751 | €2,948 | +€1,198 | +68.4% |
| Trade debts | 44 | €100,226 | €49,642 | -€50,584 | -50.5% |
| Suppliers | 440/4 | €100,226 | €49,642 | -€50,584 | -50.5% |
| Advances received on contracts in progress | 46 | €342 | €0 | -€342 | -100.0% |
| Taxes, remuneration and social security | 45 | €25,616 | €33,691 | +€8,075 | +31.5% |
| Taxes | 450/3 | €7,492 | €11,233 | +€3,741 | +49.9% |
| Remuneration and social security | 454/9 | €18,124 | €22,458 | +€4,334 | +23.9% |
| Other amounts payable | 47/48 | €72,279 | €70,957 | -€1,322 | -1.8% |
| Remuneration, social security and pensions | 62 | €189,376 | €222,501 | +€33,125 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,564 | €11,864 | +€300 | +2.6% |
| Other operating charges | 640/8 | €1,787 | €2,420 | +€633 | +35.4% |
| Non-recurring operating charges | 66A | €812 | €0 | -€812 | -100.0% |
| Gross operating margin | 9900 | €216,473 | €309,338 | +€92,865 | +42.9% |
| Operating profit (loss) | 9901 | €12,934 | €72,553 | +€59,619 | +461.0% |
| Financial income | 75/76B | €11 | €87 | +€77 | +714.4% |
| Recurring financial income | 75 | €11 | €87 | +€77 | +714.4% |
| Financial charges | 65/66B | €4,453 | €6,871 | +€2,417 | +54.3% |
| Recurring financial charges | 65 | €4,453 | €6,871 | +€2,417 | +54.3% |
| Profit (loss) for the period before taxes | 9903 | €8,491 | €65,770 | +€57,278 | +674.6% |
| Profit (loss) for the period | 9904 | €8,491 | €65,770 | +€57,278 | +674.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,491 | €65,770 | +€57,278 | +674.6% |
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 11 October 2026 via checked.be.