GROUP BORGES: 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.
GROUP BORGES
Largest movements
- Cash +€26,390
up €26,390 (+229%), from €11,505 to €37,895
mainly Net result for the year (+€29,023) and Tax, wage and social debts (+€11,730)
- Receivables within one year +€24,508
up €24,508 (+29.1%), from €84,218 to €108,727
of which Trade receivables: +€24,969
- Deferred charges and accrued income -€5,159
down €5,159 (-19.8%), from €26,076 to €20,917
- Profit (loss) carried forward +€29,023
up €29,023 (+27.7%), from €104,948 to €133,972
- Tax, wage and social debts +€11,730
up €11,730 (+93.1%), from €12,593 to €24,322
of which Taxes: +€6,130
- Trade debts +€4,560
up €4,560 (+136%), from €3,351 to €7,911
- Gross operating margin +€4,524
up €4,524 (+12.2%), from €36,953 to €41,478
- Taxes +€1,089
up €1,089 (+14.2%), from €7,645 to €8,734
- Other operating charges +€489
up €489 (+25.6%), from €1,912 to €2,402
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 | €122,892 | €168,205 | +€45,313 | +36.9% |
| Fixed assets | 21/28 | €1,093 | €667 | -€426 | -39.0% |
| Tangible fixed assets | 22/27 | €1,093 | €667 | -€426 | -39.0% |
| Plant, machinery and equipment | 23 | €40 | - | -€40 | |
| Furniture and vehicles | 24 | €1,053 | €667 | -€386 | -36.7% |
| Current assets | 29/58 | €121,799 | €167,538 | +€45,739 | +37.6% |
| Amounts receivable within one year | 40/41 | €84,218 | €108,727 | +€24,508 | +29.1% |
| Trade receivables | 40 | €80,345 | €105,314 | +€24,969 | +31.1% |
| Other amounts receivable | 41 | €3,874 | €3,413 | -€461 | -11.9% |
| Cash at bank and in hand | 54/58 | €11,505 | €37,895 | +€26,390 | +229% |
| Deferred charges and accrued income | 490/1 | €26,076 | €20,917 | -€5,159 | -19.8% |
| Total equity and liabilities | 10/49 | €122,892 | €168,205 | +€45,313 | +36.9% |
| Equity | 10/15 | €106,948 | €135,972 | +€29,023 | +27.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,948 | €133,972 | +€29,023 | +27.7% |
| Amounts payable | 17/49 | €15,944 | €32,234 | +€16,289 | +102% |
| Amounts payable within one year | 42/48 | €15,944 | €32,234 | +€16,289 | +102% |
| Trade debts | 44 | €3,351 | €7,911 | +€4,560 | +136% |
| Suppliers | 440/4 | €3,351 | €7,911 | +€4,560 | +136% |
| Taxes, remuneration and social security | 45 | €12,593 | €24,322 | +€11,730 | +93.1% |
| Taxes | 450/3 | €9,993 | €16,122 | +€6,130 | +61.3% |
| Remuneration and social security | 454/9 | €2,600 | €8,200 | +€5,600 | +215% |
| Non-recurring operating income | 76A | - | €2,981 | +€2,981 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204 | €426 | +€222 | +108% |
| Other operating charges | 640/8 | €1,912 | €2,402 | +€489 | +25.6% |
| Gross operating margin | 9900 | €36,953 | €41,478 | +€4,524 | +12.2% |
| Operating profit (loss) | 9901 | €34,837 | €38,650 | +€3,813 | +10.9% |
| Financial income | 75/76B | €117 | €197 | +€80 | +68.2% |
| Recurring financial income | 75 | €117 | €197 | +€80 | +68.2% |
| Financial charges | 65/66B | €759 | €1,090 | +€330 | +43.5% |
| Recurring financial charges | 65 | €759 | €1,090 | +€330 | +43.5% |
| Profit (loss) for the period before taxes | 9903 | €34,195 | €37,758 | +€3,563 | +10.4% |
| Income taxes | 67/77 | €7,645 | €8,734 | +€1,089 | +14.2% |
| Profit (loss) for the period | 9904 | €26,550 | €29,023 | +€2,474 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,550 | €29,023 | +€2,474 | +9.3% |
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 19 October 2026 via checked.be.