Dr. L. 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. L. BORMS
Largest movements
- Current investments -€350,000
down €350,000 (-100.0%), from €350,000 to €0
- Tangible fixed assets +€109,317
up €109,317 (+18.3%), from €598,553 to €707,869
of which Furniture and vehicles: +€180,741
- Cash -€82,807
down €82,807 (-10.3%), from €804,995 to €722,188
mainly Contributions, distributions and other (-€643,078) and Investment in fixed assets (net) (-€191,229)
- Receivables within one year -€21,333
down €21,333 (-81.2%), from €26,281 to €4,948
of which Other amounts receivable: -€25,100
- Reserves -€448,257
down €448,257 (-27.0%), from €1.7m to €1.2m
- Other debts +€97,884
up €97,884 (+309.9%), from €31,585 to €129,469
- Tax, wage and social debts +€25,353
up €25,353 (+436.7%), from €5,806 to €31,159
of which Taxes: +€17,874
- Gross operating margin +€161,042
up €161,042 (+55.1%), from €292,122 to €453,164
- Staff costs +€47,695
up €47,695 (+177.5%), from €26,874 to €74,569
- Taxes +€41,857
up €41,857 (+69.4%), from €60,328 to €102,185
- Depreciation +€10,617
up €10,617 (+14.9%), from €71,296 to €81,912
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,789,010 | €1,447,730 | -€341,280 | -19.1% |
| Fixed assets | 21/28 | €598,553 | €707,869 | +€109,317 | +18.3% |
| Tangible fixed assets | 22/27 | €598,553 | €707,869 | +€109,317 | +18.3% |
| Plant, machinery and equipment | 23 | €102,936 | €93,468 | -€9,468 | -9.2% |
| Furniture and vehicles | 24 | €11,531 | €192,271 | +€180,741 | +1567.5% |
| Other tangible fixed assets | 26 | €474,086 | €412,129 | -€61,957 | -13.1% |
| Assets under construction and advance payments | 27 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €1,190,457 | €739,860 | -€450,597 | -37.9% |
| Amounts receivable within one year | 40/41 | €26,281 | €4,948 | -€21,333 | -81.2% |
| Trade receivables | 40 | €250 | €4,017 | +€3,767 | +1506.7% |
| Other amounts receivable | 41 | €26,031 | €931 | -€25,100 | -96.4% |
| Current investments | 50/53 | €350,000 | €0 | -€350,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €804,995 | €722,188 | -€82,807 | -10.3% |
| Deferred charges and accrued income | 490/1 | €9,182 | €12,725 | +€3,543 | +38.6% |
| Total equity and liabilities | 10/49 | €1,789,010 | €1,447,730 | -€341,280 | -19.1% |
| Equity | 10/15 | €1,699,156 | €1,250,899 | -€448,257 | -26.4% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €1,661,956 | €1,213,699 | -€448,257 | -27.0% |
| Distributable reserves | 133 | €1,661,956 | €1,213,699 | -€448,257 | -27.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €89,854 | €196,830 | +€106,976 | +119.1% |
| Amounts payable after more than one year | 17 | €17,461 | €0 | -€17,461 | -100.0% |
| Other amounts payable | 178/9 | €17,461 | €0 | -€17,461 | -100.0% |
| Amounts payable within one year | 42/48 | €72,095 | €196,830 | +€124,735 | +173.0% |
| Current portion of amounts payable after more than one year | 42 | €28,000 | €28,000 | = | 0.0% |
| Trade debts | 44 | €6,705 | €8,202 | +€1,498 | +22.3% |
| Suppliers | 440/4 | €6,705 | €8,202 | +€1,498 | +22.3% |
| Taxes, remuneration and social security | 45 | €5,806 | €31,159 | +€25,353 | +436.7% |
| Taxes | 450/3 | €947 | €18,822 | +€17,874 | +1886.5% |
| Remuneration and social security | 454/9 | €4,859 | €12,337 | +€7,479 | +153.9% |
| Other amounts payable | 47/48 | €31,585 | €129,469 | +€97,884 | +309.9% |
| Accrued charges and deferred income | 492/3 | €298 | €0 | -€298 | -100.0% |
| Non-recurring operating income | 76A | €0 | €12,368 | +€12,368 | |
| Remuneration, social security and pensions | 62 | €26,874 | €74,569 | +€47,695 | +177.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,296 | €81,912 | +€10,617 | +14.9% |
| Other operating charges | 640/8 | €1,108 | €3,856 | +€2,748 | +248.0% |
| Gross operating margin | 9900 | €292,122 | €453,164 | +€161,042 | +55.1% |
| Operating profit (loss) | 9901 | €192,844 | €292,826 | +€99,982 | +51.8% |
| Financial income | 75/76B | €7,601 | €6,668 | -€933 | -12.3% |
| Recurring financial income | 75 | €7,601 | €6,668 | -€933 | -12.3% |
| Financial charges | 65/66B | €3,640 | €2,488 | -€1,151 | -31.6% |
| Recurring financial charges | 65 | €3,640 | €2,488 | -€1,151 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €196,806 | €297,006 | +€100,200 | +50.9% |
| Income taxes | 67/77 | €60,328 | €102,185 | +€41,857 | +69.4% |
| Profit (loss) for the period | 9904 | €136,478 | €194,821 | +€58,343 | +42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €136,478 | €194,821 | +€58,343 | +42.7% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.