Dr. Borkiewicz: 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. Borkiewicz
Largest movements
- Receivables within one year -€120,337
down €120,337 (-53.5%), from €225,089 to €104,752
of which Other amounts receivable: -€119,420
- Intangible fixed assets -€22,850
down €22,850 (-25.5%), from €89,496 to €66,646
- Tangible fixed assets -€19,320
down €19,320 (-26.6%), from €72,746 to €53,426
- Cash +€7,669
up €7,669 (+32.0%), from €23,959 to €31,628
mainly Receivables within one year (+€120,337) and Net result for the year (+€70,502)
- Other debts -€115,168
down €115,168 (-54.0%), from €213,299 to €98,132
- Debts after one year -€34,016
down €34,016 (-53.7%), from €63,291 to €29,275
- Current portion of long-term debt -€5,633
down €5,633 (-14.2%), from €39,648 to €34,016
- Gross operating margin +€20,114
up €20,114 (+17.3%), from €116,351 to €136,465
- Taxes +€4,225
up €4,225 (+28.9%), from €14,628 to €18,853
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 | €416,162 | €262,746 | -€153,416 | -36.9% |
| Fixed assets | 21/28 | €162,242 | €120,072 | -€42,170 | -26.0% |
| Intangible fixed assets | 21 | €89,496 | €66,646 | -€22,850 | -25.5% |
| Tangible fixed assets | 22/27 | €72,746 | €53,426 | -€19,320 | -26.6% |
| Furniture and vehicles | 24 | €72,746 | €53,426 | -€19,320 | -26.6% |
| Current assets | 29/58 | €253,920 | €142,674 | -€111,246 | -43.8% |
| Amounts receivable within one year | 40/41 | €225,089 | €104,752 | -€120,337 | -53.5% |
| Trade receivables | 40 | €1,616 | €700 | -€917 | -56.7% |
| Other amounts receivable | 41 | €223,472 | €104,052 | -€119,420 | -53.4% |
| Cash at bank and in hand | 54/58 | €23,959 | €31,628 | +€7,669 | +32.0% |
| Deferred charges and accrued income | 490/1 | €4,873 | €6,294 | +€1,421 | +29.2% |
| Total equity and liabilities | 10/49 | €416,162 | €262,746 | -€153,416 | -36.9% |
| Equity | 10/15 | €97,453 | €97,366 | -€87 | -0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,853 | €78,766 | -€87 | -0.1% |
| Distributable reserves | 133 | €78,853 | €78,766 | -€87 | -0.1% |
| Amounts payable | 17/49 | €318,709 | €165,380 | -€153,329 | -48.1% |
| Amounts payable after more than one year | 17 | €63,291 | €29,275 | -€34,016 | -53.7% |
| Financial debts | 170/4 | €63,291 | €29,275 | -€34,016 | -53.7% |
| Amounts payable within one year | 42/48 | €255,418 | €135,720 | -€119,699 | -46.9% |
| Current portion of amounts payable after more than one year | 42 | €39,648 | €34,016 | -€5,633 | -14.2% |
| Trade debts | 44 | €2,471 | €1,972 | -€498 | -20.2% |
| Suppliers | 440/4 | €2,471 | €1,972 | -€498 | -20.2% |
| Taxes, remuneration and social security | 45 | - | €1,600 | +€1,600 | |
| Taxes | 450/3 | - | €1,600 | +€1,600 | |
| Other amounts payable | 47/48 | €213,299 | €98,132 | -€115,168 | -54.0% |
| Accrued charges and deferred income | 492/3 | - | €385 | +€385 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,170 | €42,170 | = | 0.0% |
| Other operating charges | 640/8 | €1,146 | €1,698 | +€552 | +48.2% |
| Gross operating margin | 9900 | €116,351 | €136,465 | +€20,114 | +17.3% |
| Operating profit (loss) | 9901 | €73,036 | €92,597 | +€19,561 | +26.8% |
| Financial income | 75/76B | €230 | - | -€230 | |
| Recurring financial income | 75 | €230 | - | -€230 | |
| Financial charges | 65/66B | €4,534 | €3,242 | -€1,292 | -28.5% |
| Recurring financial charges | 65 | €4,534 | €3,242 | -€1,292 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €68,732 | €89,355 | +€20,623 | +30.0% |
| Income taxes | 67/77 | €14,628 | €18,853 | +€4,225 | +28.9% |
| Profit (loss) for the period | 9904 | €54,103 | €70,502 | +€16,398 | +30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €54,103 | €70,502 | +€16,398 | +30.3% |
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 25 October 2026 via checked.be.