Dokter Etienne Borms: 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.
Dokter Etienne Borms
Largest movements
- Tangible fixed assets +€289,209
up €289,209 (+107%), from €271,328 to €560,537
of which Plant, machinery and equipment: +€169,221
- Current investments +€250,000
new in 2025: €250,000
- Cash -€151,169
down €151,169 (-47.4%), from €318,910 to €167,741
mainly Investment in fixed assets (net) (-€448,980) and Current investments (-€250,000)
- Receivables within one year -€40,432
down €40,432 (-17.5%), from €231,354 to €190,922
of which Other amounts receivable: -€25,054
- Debts after one year +€277,461
up €277,461, from €0 to €277,461
- Reserves +€63,305
up €63,305 (+18.3%), from €345,455 to €408,760
of which Distributable reserves: +€63,305
- Current portion of long-term debt +€37,336
up €37,336 (+109%), from €34,392 to €71,728
- Tax, wage and social debts -€34,060
down €34,060 (-52.8%), from €64,514 to €30,453
of which Taxes: -€31,828
- Trade debts +€12,176
up €12,176 (+28.5%), from €42,761 to €54,937
- Gross operating margin +€33,320
up €33,320 (+6.2%), from €539,906 to €573,225
- Depreciation +€32,470
up €32,470 (+25.5%), from €127,301 to €159,771
- Staff costs +€9,937
up €9,937 (+4.5%), from €220,926 to €230,863
- Taxes -€9,209
down €9,209 (-16.2%), from €56,938 to €47,729
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 | €852,558 | €1,208,776 | +€356,218 | +41.8% |
| Fixed assets | 21/28 | €271,328 | €560,537 | +€289,209 | +107% |
| Tangible fixed assets | 22/27 | €271,328 | €560,537 | +€289,209 | +107% |
| Land and buildings | 22 | €11,110 | €10,045 | -€1,066 | -9.6% |
| Plant, machinery and equipment | 23 | €248,817 | €418,038 | +€169,221 | +68.0% |
| Furniture and vehicles | 24 | €11,401 | €132,454 | +€121,054 | +1,062% |
| Current assets | 29/58 | €581,230 | €648,239 | +€67,009 | +11.5% |
| Amounts receivable within one year | 40/41 | €231,354 | €190,922 | -€40,432 | -17.5% |
| Trade receivables | 40 | €15,616 | €237 | -€15,378 | -98.5% |
| Other amounts receivable | 41 | €215,738 | €190,684 | -€25,054 | -11.6% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €318,910 | €167,741 | -€151,169 | -47.4% |
| Deferred charges and accrued income | 490/1 | €30,966 | €39,577 | +€8,611 | +27.8% |
| Total equity and liabilities | 10/49 | €852,558 | €1,208,776 | +€356,218 | +41.8% |
| Equity | 10/15 | €710,455 | €773,760 | +€63,305 | +8.9% |
| Contributions | 10/11 | €365,000 | €365,000 | = | 0.0% |
| Reserves | 13 | €345,455 | €408,760 | +€63,305 | +18.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €345,455 | €408,760 | +€63,305 | +18.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €142,103 | €435,016 | +€292,913 | +206% |
| Amounts payable after more than one year | 17 | €0 | €277,461 | +€277,461 | |
| Financial debts | 170/4 | €0 | €277,461 | +€277,461 | |
| Amounts payable within one year | 42/48 | €142,103 | €157,555 | +€15,452 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €34,392 | €71,728 | +€37,336 | +109% |
| Trade debts | 44 | €42,761 | €54,937 | +€12,176 | +28.5% |
| Suppliers | 440/4 | €42,761 | €54,937 | +€12,176 | +28.5% |
| Taxes, remuneration and social security | 45 | €64,514 | €30,453 | -€34,060 | -52.8% |
| Taxes | 450/3 | €33,557 | €1,729 | -€31,828 | -94.8% |
| Remuneration and social security | 454/9 | €30,957 | €28,724 | -€2,233 | -7.2% |
| Other amounts payable | 47/48 | €436 | €436 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €220,926 | €230,863 | +€9,937 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,301 | €159,771 | +€32,470 | +25.5% |
| Other operating charges | 640/8 | €12,286 | €12,522 | +€236 | +1.9% |
| Gross operating margin | 9900 | €539,906 | €573,225 | +€33,320 | +6.2% |
| Operating profit (loss) | 9901 | €179,393 | €170,070 | -€9,324 | -5.2% |
| Financial income | 75/76B | €3,310 | €5,278 | +€1,968 | +59.5% |
| Recurring financial income | 75 | €3,310 | €5,278 | +€1,968 | +59.5% |
| Financial charges | 65/66B | €1,002 | €6,156 | +€5,154 | +514% |
| Recurring financial charges | 65 | €1,002 | €6,156 | +€5,154 | +514% |
| Profit (loss) for the period before taxes | 9903 | €181,701 | €169,191 | -€12,510 | -6.9% |
| Income taxes | 67/77 | €56,938 | €47,729 | -€9,209 | -16.2% |
| Profit (loss) for the period | 9904 | €124,763 | €121,463 | -€3,301 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €124,763 | €121,463 | -€3,301 | -2.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.