Dr Borremans: 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 Borremans
Largest movements
- Cash +€68,839
up €68,839 (+51.7%), from €133,128 to €201,967
mainly Net result for the year (+€104,521) and Other debts (+€54,345)
- Receivables within one year -€5,394
down €5,394 (-50.9%), from €10,596 to €5,201
of which Other amounts receivable: -€4,841
- Other debts +€54,345
up €54,345 (+31.6%), from €171,805 to €226,150
- Tax, wage and social debts +€9,580
up €9,580 (+522%), from €1,836 to €11,417
- Gross operating margin +€26,595
up €26,595 (+24.3%), from €109,401 to €135,997
- Taxes +€8,193
up €8,193 (+37.9%), from €21,622 to €29,815
- Depreciation -€4,405
down €4,405 (-76.5%), from €5,755 to €1,350
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 | €175,677 | €240,229 | +€64,552 | +36.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €5,659 | €6,809 | +€1,150 | +20.3% |
| Tangible fixed assets | 22/27 | €5,659 | €6,809 | +€1,150 | +20.3% |
| Plant, machinery and equipment | 23 | €669 | €2,349 | +€1,680 | +251% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €4,989 | €4,459 | -€530 | -10.6% |
| Current assets | 29/58 | €170,019 | €233,421 | +€63,402 | +37.3% |
| Amounts receivable within one year | 40/41 | €10,596 | €5,201 | -€5,394 | -50.9% |
| Trade receivables | 40 | €5,755 | €5,201 | -€554 | -9.6% |
| Other amounts receivable | 41 | €4,841 | - | -€4,841 | |
| Current investments | 50/53 | €25,000 | €25,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €133,128 | €201,967 | +€68,839 | +51.7% |
| Deferred charges and accrued income | 490/1 | €1,295 | €1,253 | -€42 | -3.3% |
| Total equity and liabilities | 10/49 | €175,677 | €240,229 | +€64,552 | +36.7% |
| Equity | 10/15 | €1,500 | €1,500 | = | 0.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Amounts payable | 17/49 | €174,177 | €238,729 | +€64,552 | +37.1% |
| Amounts payable within one year | 42/48 | €174,177 | €238,729 | +€64,552 | +37.1% |
| Trade debts | 44 | €536 | €1,163 | +€626 | +117% |
| Suppliers | 440/4 | €536 | €1,163 | +€626 | +117% |
| Taxes, remuneration and social security | 45 | €1,836 | €11,417 | +€9,580 | +522% |
| Taxes | 450/3 | €1,836 | €11,417 | +€9,580 | +522% |
| Other amounts payable | 47/48 | €171,805 | €226,150 | +€54,345 | +31.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,755 | €1,350 | -€4,405 | -76.5% |
| Other operating charges | 640/8 | €626 | €643 | +€17 | +2.8% |
| Gross operating margin | 9900 | €109,401 | €135,997 | +€26,595 | +24.3% |
| Operating profit (loss) | 9901 | €103,021 | €134,003 | +€30,983 | +30.1% |
| Financial income | 75/76B | €0 | €900 | +€900 | +428,452% |
| Recurring financial income | 75 | €0 | €900 | +€900 | +428,452% |
| Financial charges | 65/66B | €671 | €567 | -€103 | -15.4% |
| Recurring financial charges | 65 | €671 | €567 | -€103 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €102,350 | €134,336 | +€31,986 | +31.3% |
| Income taxes | 67/77 | €21,622 | €29,815 | +€8,193 | +37.9% |
| Profit (loss) for the period | 9904 | €80,728 | €104,521 | +€23,793 | +29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €80,728 | €104,521 | +€23,793 | +29.5% |
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 15 October 2026 via checked.be.