GRIET BORGMANS: 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.
GRIET BORGMANS
Largest movements
- Cash +€46,119
up €46,119 (+48.4%), from €95,343 to €141,463
mainly Net result for the year (+€56,973) and Other debts (+€16,847)
- Receivables within one year -€13,453
down €13,453 (-90.0%), from €14,944 to €1,491
of which Trade receivables: -€9,454
- Tangible fixed assets -€11,206
down €11,206 (-28.3%), from €39,639 to €28,433
of which Furniture and vehicles: -€11,735
- Current investments +€10,731
up €10,731 (+6.9%), from €155,905 to €166,636
- Deferred charges and accrued income +€10,507
up €10,507 (+595%), from €1,766 to €12,273
- Reserves +€27,276
up €27,276 (+9.8%), from €278,557 to €305,834
of which Distributable reserves: +€27,276
- Other debts +€16,847
up €16,847 (+105%), from €16,096 to €32,944
- Gross operating margin +€13,629
up €13,629 (+18.9%), from €72,180 to €85,809
- Taxes +€5,871
up €5,871 (+35.7%), from €16,462 to €22,333
- Financial income +€5,650
up €5,650 (+134%), from €4,203 to €9,853
- Other operating charges -€1,822
down €1,822 (-69.0%), from €2,642 to €820
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 | €307,597 | €350,296 | +€42,699 | +13.9% |
| Fixed assets | 21/28 | €39,639 | €28,433 | -€11,206 | -28.3% |
| Tangible fixed assets | 22/27 | €39,639 | €28,433 | -€11,206 | -28.3% |
| Land and buildings | 22 | €6,315 | €7,591 | +€1,276 | +20.2% |
| Plant, machinery and equipment | 23 | €1,447 | €700 | -€747 | -51.6% |
| Furniture and vehicles | 24 | €31,878 | €20,143 | -€11,735 | -36.8% |
| Current assets | 29/58 | €267,958 | €321,863 | +€53,905 | +20.1% |
| Amounts receivable within one year | 40/41 | €14,944 | €1,491 | -€13,453 | -90.0% |
| Trade receivables | 40 | €10,946 | €1,491 | -€9,454 | -86.4% |
| Other amounts receivable | 41 | €3,999 | €0 | -€3,999 | -100% |
| Current investments | 50/53 | €155,905 | €166,636 | +€10,731 | +6.9% |
| Cash at bank and in hand | 54/58 | €95,343 | €141,463 | +€46,119 | +48.4% |
| Deferred charges and accrued income | 490/1 | €1,766 | €12,273 | +€10,507 | +595% |
| Total equity and liabilities | 10/49 | €307,597 | €350,296 | +€42,699 | +13.9% |
| Equity | 10/15 | €284,957 | €312,234 | +€27,276 | +9.6% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €278,557 | €305,834 | +€27,276 | +9.8% |
| Tax-exempt reserves | 132 | €435 | €435 | = | 0.0% |
| Distributable reserves | 133 | €278,122 | €305,399 | +€27,276 | +9.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €22,640 | €38,062 | +€15,422 | +68.1% |
| Amounts payable within one year | 42/48 | €22,314 | €37,723 | +€15,409 | +69.1% |
| Trade debts | 44 | €2,756 | €1,296 | -€1,459 | -53.0% |
| Suppliers | 440/4 | €2,756 | €1,296 | -€1,459 | -53.0% |
| Taxes, remuneration and social security | 45 | €3,462 | €3,483 | +€21 | +0.6% |
| Taxes | 450/3 | €3,462 | €3,483 | +€21 | +0.6% |
| Other amounts payable | 47/48 | €16,096 | €32,944 | +€16,847 | +105% |
| Accrued charges and deferred income | 492/3 | €326 | €339 | +€13 | +4.0% |
| Non-recurring operating income | 76A | €630 | €0 | -€630 | -100% |
| Remuneration, social security and pensions | 62 | - | €153 | +€153 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,148 | €14,206 | +€58 | +0.4% |
| Other operating charges | 640/8 | €2,642 | €820 | -€1,822 | -69.0% |
| Gross operating margin | 9900 | €72,180 | €85,809 | +€13,629 | +18.9% |
| Operating profit (loss) | 9901 | €55,389 | €70,629 | +€15,240 | +27.5% |
| Financial income | 75/76B | €4,203 | €9,853 | +€5,650 | +134% |
| Recurring financial income | 75 | €4,203 | €9,853 | +€5,650 | +134% |
| Financial charges | 65/66B | €1,091 | €1,177 | +€86 | +7.8% |
| Recurring financial charges | 65 | €1,091 | €1,177 | +€86 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €58,501 | €79,306 | +€20,804 | +35.6% |
| Income taxes | 67/77 | €16,462 | €22,333 | +€5,871 | +35.7% |
| Profit (loss) for the period | 9904 | €42,039 | €56,973 | +€14,934 | +35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €42,039 | €56,973 | +€14,934 | +35.5% |
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 29 October 2026 via checked.be.