DR. BORKELMANS: what changed
Two fiscal 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. BORKELMANS
Largest movements
- Cash +€48,331
up €48,331 (+46.6%), from €103,747 to €152,078
mainly Depreciation (+€49,469) and Net result for the year (+€49,253)
- Intangible fixed assets -€27,126
down €27,126 (-39.2%), from €69,145 to €42,019
- Tangible fixed assets -€22,343
down €22,343 (-61.2%), from €36,514 to €14,171
of which Furniture and vehicles: -€18,179
- Receivables within one year +€7,051
up €7,051 (+21.6%), from €32,616 to €39,667
- Reserves +€21,532
up €21,532 (+9.6%), from €223,339 to €244,871
- Accrued charges and deferred income -€8,444
no longer reported in 2025 (was €8,444)
- Other debts -€5,396
down €5,396 (-54.6%), from €9,876 to €4,480
- Gross operating margin +€10,788
up €10,788 (+9.9%), from €109,056 to €119,844
- Depreciation -€7,288
down €7,288 (-12.8%), from €56,757 to €49,469
- Taxes +€4,836
up €4,836 (+31.3%), from €15,429 to €20,265
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 | €254,276 | €262,155 | +€7,879 | +3.1% |
| Fixed assets | 21/28 | €105,659 | €56,190 | -€49,469 | -46.8% |
| Intangible fixed assets | 21 | €69,145 | €42,019 | -€27,126 | -39.2% |
| Tangible fixed assets | 22/27 | €36,514 | €14,171 | -€22,343 | -61.2% |
| Plant, machinery and equipment | 23 | €3,345 | €2,086 | -€1,259 | -37.6% |
| Furniture and vehicles | 24 | €18,942 | €763 | -€18,179 | -96.0% |
| Other tangible fixed assets | 26 | €14,227 | €11,322 | -€2,905 | -20.4% |
| Current assets | 29/58 | €148,617 | €205,965 | +€57,348 | +38.6% |
| Amounts receivable within one year | 40/41 | €32,616 | €39,667 | +€7,051 | +21.6% |
| Other amounts receivable | 41 | €32,616 | €39,667 | +€7,051 | +21.6% |
| Cash at bank and in hand | 54/58 | €103,747 | €152,078 | +€48,331 | +46.6% |
| Deferred charges and accrued income | 490/1 | €12,254 | €14,220 | +€1,966 | +16.0% |
| Total equity and liabilities | 10/49 | €254,276 | €262,155 | +€7,879 | +3.1% |
| Equity | 10/15 | €235,739 | €257,271 | +€21,532 | +9.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €223,339 | €244,871 | +€21,532 | +9.6% |
| Distributable reserves | 133 | €223,339 | €244,871 | +€21,532 | +9.6% |
| Amounts payable | 17/49 | €18,537 | €4,884 | -€13,653 | -73.7% |
| Amounts payable within one year | 42/48 | €10,093 | €4,884 | -€5,209 | -51.6% |
| Trade debts | 44 | €217 | €139 | -€78 | -35.9% |
| Suppliers | 440/4 | €217 | €139 | -€78 | -35.9% |
| Taxes, remuneration and social security | 45 | - | €265 | +€265 | |
| Taxes | 450/3 | - | €265 | +€265 | |
| Other amounts payable | 47/48 | €9,876 | €4,480 | -€5,396 | -54.6% |
| Accrued charges and deferred income | 492/3 | €8,444 | - | -€8,444 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,757 | €49,469 | -€7,288 | -12.8% |
| Other operating charges | 640/8 | €652 | €803 | +€151 | +23.2% |
| Gross operating margin | 9900 | €109,056 | €119,844 | +€10,788 | +9.9% |
| Operating profit (loss) | 9901 | €51,647 | €69,572 | +€17,925 | +34.7% |
| Financial charges | 65/66B | €53 | €54 | +€1 | +1.9% |
| Recurring financial charges | 65 | €53 | €54 | +€1 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €51,594 | €69,518 | +€17,924 | +34.7% |
| Income taxes | 67/77 | €15,429 | €20,265 | +€4,836 | +31.3% |
| Profit (loss) for the period | 9904 | €36,165 | €49,253 | +€13,088 | +36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,165 | €49,253 | +€13,088 | +36.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.