Dr. A. 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.
Dr. A. Borms
Largest movements
- Receivables within one year +€113,416
up €113,416 (+139%), from €81,673 to €195,089
of which Other amounts receivable: +€117,178
- Tangible fixed assets -€57,619
down €57,619 (-14.4%), from €399,760 to €342,141
of which Land and buildings: -€60,251
- Deferred charges and accrued income +€47,679
up €47,679 (+54.6%), from €87,356 to €135,035
- Cash -€23,080
down €23,080 (-24.8%), from €92,886 to €69,806
mainly Receivables within one year (-€113,416) and Other debts (-€77,453)
- Reserves +€235,989
up €235,989 (+94.4%), from €250,035 to €486,024
of which Distributable reserves: +€236,520
- Other debts -€77,453
down €77,453 (-100%), from €77,453 to €0
- Debts after one year -€63,996
down €63,996 (-18.2%), from €351,769 to €287,773
- Tax, wage and social debts -€17,392
down €17,392 (-21.2%), from €82,093 to €64,701
of which Taxes: -€16,223
- Gross operating margin +€55,707
up €55,707 (+15.0%), from €372,330 to €428,037
- Taxes +€38,829
up €38,829 (+54.9%), from €70,670 to €109,499
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 | €839,954 | €920,350 | +€80,396 | +9.6% |
| Fixed assets | 21/28 | €428,040 | €370,421 | -€57,619 | -13.5% |
| Tangible fixed assets | 22/27 | €399,760 | €342,141 | -€57,619 | -14.4% |
| Land and buildings | 22 | €394,271 | €334,019 | -€60,251 | -15.3% |
| Furniture and vehicles | 24 | €5,489 | €8,122 | +€2,632 | +48.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €28,280 | €28,280 | = | 0.0% |
| Current assets | 29/58 | €411,914 | €549,929 | +€138,015 | +33.5% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 291 | €150,000 | €150,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €81,673 | €195,089 | +€113,416 | +139% |
| Trade receivables | 40 | €3,762 | €0 | -€3,762 | -100% |
| Other amounts receivable | 41 | €77,911 | €195,089 | +€117,178 | +150% |
| Cash at bank and in hand | 54/58 | €92,886 | €69,806 | -€23,080 | -24.8% |
| Deferred charges and accrued income | 490/1 | €87,356 | €135,035 | +€47,679 | +54.6% |
| Total equity and liabilities | 10/49 | €839,954 | €920,350 | +€80,396 | +9.6% |
| Equity | 10/15 | €262,435 | €498,424 | +€235,989 | +89.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €250,035 | €486,024 | +€235,989 | +94.4% |
| Tax-exempt reserves | 132 | €2,324 | €1,793 | -€531 | -22.8% |
| Distributable reserves | 133 | €247,711 | €484,231 | +€236,520 | +95.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €775 | €598 | -€177 | -22.8% |
| Deferred taxes | 168 | €775 | €598 | -€177 | -22.8% |
| Amounts payable | 17/49 | €576,745 | €421,328 | -€155,416 | -26.9% |
| Amounts payable after more than one year | 17 | €351,769 | €287,773 | -€63,996 | -18.2% |
| Financial debts | 170/4 | €351,769 | €287,773 | -€63,996 | -18.2% |
| Amounts payable within one year | 42/48 | €224,976 | €133,555 | -€91,421 | -40.6% |
| Current portion of amounts payable after more than one year | 42 | €61,308 | €63,996 | +€2,687 | +4.4% |
| Trade debts | 44 | €4,121 | €4,858 | +€737 | +17.9% |
| Suppliers | 440/4 | €4,121 | €4,858 | +€737 | +17.9% |
| Taxes, remuneration and social security | 45 | €82,093 | €64,701 | -€17,392 | -21.2% |
| Taxes | 450/3 | €76,785 | €60,562 | -€16,223 | -21.1% |
| Remuneration and social security | 454/9 | €5,308 | €4,139 | -€1,169 | -22.0% |
| Other amounts payable | 47/48 | €77,453 | €0 | -€77,453 | -100% |
| Non-recurring operating income | 76A | - | €1,271 | +€1,271 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,540 | €63,267 | -€273 | -0.4% |
| Other operating charges | 640/8 | €6,377 | €6,866 | +€489 | +7.7% |
| Gross operating margin | 9900 | €372,330 | €428,037 | +€55,707 | +15.0% |
| Operating profit (loss) | 9901 | €302,413 | €357,904 | +€55,491 | +18.3% |
| Financial income | 75/76B | €8,856 | €9,333 | +€477 | +5.4% |
| Recurring financial income | 75 | €8,856 | €9,333 | +€477 | +5.4% |
| Financial charges | 65/66B | €24,648 | €21,926 | -€2,721 | -11.0% |
| Recurring financial charges | 65 | €24,648 | €21,926 | -€2,721 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €286,622 | €345,311 | +€58,689 | +20.5% |
| Transfer from deferred taxes | 780 | €177 | €177 | = | 0.0% |
| Income taxes | 67/77 | €70,670 | €109,499 | +€38,829 | +54.9% |
| Profit (loss) for the period | 9904 | €216,129 | €235,989 | +€19,860 | +9.2% |
| Transfer from tax-exempt reserves | 789 | €531 | €531 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €216,660 | €236,520 | +€19,860 | +9.2% |
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 13 October 2026 via checked.be.