Ingrid Borghs: 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.
Ingrid Borghs
Largest movements
- Receivables within one year +€121,614
up €121,614 (+31.1%), from €391,615 to €513,229
of which Trade receivables: +€103,819
- Tangible fixed assets -€46,372
down €46,372 (-2.7%), from €1.7m to €1.7m
of which Land and buildings: -€40,705
- Cash +€29,065
up €29,065 (+10.8%), from €268,050 to €297,115
mainly Other debts (+€349,046) and Trade debts (+€86,357)
- Other debts +€349,046
up €349,046 (+1,349%), from €25,874 to €374,921
- Reserves -€294,499
down €294,499 (-53.1%), from €554,138 to €259,640
of which Distributable reserves: -€294,499
- Trade debts +€86,357
up €86,357 (+16.0%), from €539,312 to €625,668
- Debts after one year -€53,989
down €53,989 (-4.7%), from €1.2m to €1.1m
- Staff costs +€73,800
up €73,800 (+31,606%), from €234 to €74,034
- Gross operating margin +€45,073
up €45,073 (+22.8%), from €197,486 to €242,559
- Depreciation +€33,525
up €33,525 (+95.2%), from €35,217 to €68,742
- Taxes -€19,105
down €19,105 (-44.3%), from €43,163 to €24,058
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 | €2,390,396 | €2,495,276 | +€104,880 | +4.4% |
| Fixed assets | 21/28 | €1,727,182 | €1,680,810 | -€46,372 | -2.7% |
| Tangible fixed assets | 22/27 | €1,723,932 | €1,677,560 | -€46,372 | -2.7% |
| Land and buildings | 22 | €1,677,303 | €1,636,598 | -€40,705 | -2.4% |
| Plant, machinery and equipment | 23 | €6,372 | €5,137 | -€1,235 | -19.4% |
| Furniture and vehicles | 24 | €40,257 | €35,825 | -€4,432 | -11.0% |
| Financial fixed assets | 28 | €3,250 | €3,250 | = | 0.0% |
| Current assets | 29/58 | €663,213 | €814,466 | +€151,253 | +22.8% |
| Amounts receivable within one year | 40/41 | €391,615 | €513,229 | +€121,614 | +31.1% |
| Trade receivables | 40 | €383,103 | €486,923 | +€103,819 | +27.1% |
| Other amounts receivable | 41 | €8,512 | €26,307 | +€17,795 | +209% |
| Cash at bank and in hand | 54/58 | €268,050 | €297,115 | +€29,065 | +10.8% |
| Deferred charges and accrued income | 490/1 | €3,548 | €4,122 | +€574 | +16.2% |
| Total equity and liabilities | 10/49 | €2,390,396 | €2,495,276 | +€104,880 | +4.4% |
| Equity | 10/15 | €572,738 | €278,240 | -€294,499 | -51.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €554,138 | €259,640 | -€294,499 | -53.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €552,278 | €257,780 | -€294,499 | -53.3% |
| Amounts payable | 17/49 | €1,817,657 | €2,217,036 | +€399,379 | +22.0% |
| Amounts payable after more than one year | 17 | €1,161,004 | €1,107,016 | -€53,989 | -4.7% |
| Financial debts | 170/4 | €1,161,004 | €1,107,016 | -€53,989 | -4.7% |
| Amounts payable within one year | 42/48 | €656,653 | €1,110,021 | +€453,368 | +69.0% |
| Current portion of amounts payable after more than one year | 42 | €64,818 | €78,989 | +€14,171 | +21.9% |
| Trade debts | 44 | €539,312 | €625,668 | +€86,357 | +16.0% |
| Suppliers | 440/4 | €539,312 | €625,668 | +€86,357 | +16.0% |
| Taxes, remuneration and social security | 45 | €26,649 | €30,443 | +€3,794 | +14.2% |
| Taxes | 450/3 | €20,144 | €23,875 | +€3,730 | +18.5% |
| Remuneration and social security | 454/9 | €6,505 | €6,569 | +€64 | +1.0% |
| Other amounts payable | 47/48 | €25,874 | €374,921 | +€349,046 | +1,349% |
| Non-recurring operating income | 76A | €3,529 | €4,650 | +€1,121 | +31.8% |
| Remuneration, social security and pensions | 62 | €234 | €74,034 | +€73,800 | +31,606% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,217 | €68,742 | +€33,525 | +95.2% |
| Other operating charges | 640/8 | €835 | €2,436 | +€1,601 | +192% |
| Gross operating margin | 9900 | €197,486 | €242,559 | +€45,073 | +22.8% |
| Operating profit (loss) | 9901 | €161,201 | €97,348 | -€63,854 | -39.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €26,053 | €23,708 | -€2,345 | -9.0% |
| Recurring financial charges | 65 | €26,053 | €23,708 | -€2,345 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €135,148 | €73,641 | -€61,508 | -45.5% |
| Income taxes | 67/77 | €43,163 | €24,058 | -€19,105 | -44.3% |
| Profit (loss) for the period | 9904 | €91,986 | €49,583 | -€42,403 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €91,986 | €49,583 | -€42,403 | -46.1% |
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 21 October 2026 via checked.be.