MICHAEL BORCHARDT: 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.
MICHAEL BORCHARDT
Largest movements
- Receivables within one year +€28,608
up €28,608 (+69.9%), from €40,933 to €69,541
of which Other amounts receivable: +€21,089
- Tangible fixed assets +€6,158
up €6,158 (+69.4%), from €8,876 to €15,034
of which Furniture and vehicles: +€6,423
- Cash +€4,443
up €4,443 (+709%), from €627 to €5,070
mainly Net result for the year (+€39,467) and Short-term financial debts (+€14,434)
- Profit (loss) carried forward +€36,207
up €36,207, from -€36,207 to €0
- Short-term financial debts +€14,434
new in 2025: €14,434
of which Other loans: +€12,536
- Trade debts -€7,158
down €7,158 (-74.6%), from €9,595 to €2,437
- Current portion of long-term debt -€3,390
down €3,390 (-100%), from €3,390 to €0
- Other debts -€2,176
down €2,176 (-61.4%), from €3,542 to €1,366
- Gross operating margin +€86,145
up €86,145, from -€25,730 to €60,416
- Other operating charges +€6,755
up €6,755 (+369%), from €1,833 to €8,588
- Taxes +€6,089
up €6,089 (+1,412%), from €431 to €6,521
- Financial income +€1,690
up €1,690 (+2,827%), from €60 to €1,750
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 | €73,361 | €111,896 | +€38,534 | +52.5% |
| Fixed assets | 21/28 | €11,801 | €17,284 | +€5,483 | +46.5% |
| Tangible fixed assets | 22/27 | €8,876 | €15,034 | +€6,158 | +69.4% |
| Plant, machinery and equipment | 23 | €794 | €529 | -€265 | -33.3% |
| Furniture and vehicles | 24 | €8,082 | €14,505 | +€6,423 | +79.5% |
| Financial fixed assets | 28 | €2,925 | €2,250 | -€675 | -23.1% |
| Current assets | 29/58 | €61,560 | €94,611 | +€33,051 | +53.7% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €40,933 | €69,541 | +€28,608 | +69.9% |
| Trade receivables | 40 | - | €7,519 | +€7,519 | |
| Other amounts receivable | 41 | €40,933 | €62,022 | +€21,089 | +51.5% |
| Cash at bank and in hand | 54/58 | €627 | €5,070 | +€4,443 | +709% |
| Total equity and liabilities | 10/49 | €73,361 | €111,896 | +€38,534 | +52.5% |
| Equity | 10/15 | €54,711 | €92,512 | +€37,801 | +69.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €89,918 | €91,512 | +€1,594 | +1.8% |
| Non-distributable reserves | 130/1 | €10,100 | €100 | -€10,000 | -99.0% |
| Reserves not available under the articles | 1311 | €10,100 | €100 | -€10,000 | -99.0% |
| Own shares acquired | 1312 | - | €0 | = | |
| Distributable reserves | 133 | €79,818 | €91,412 | +€11,594 | +14.5% |
| Profit (loss) carried forward | 14 | -€36,207 | €0 | +€36,207 | |
| Amounts payable | 17/49 | €18,651 | €19,384 | +€733 | +3.9% |
| Amounts payable within one year | 42/48 | €18,651 | €18,534 | -€117 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €3,390 | €0 | -€3,390 | -100% |
| Financial debts | 43 | - | €14,434 | +€14,434 | |
| Credit institutions | 430/8 | - | €1,899 | +€1,899 | |
| Other loans | 439 | - | €12,536 | +€12,536 | |
| Trade debts | 44 | €9,595 | €2,437 | -€7,158 | -74.6% |
| Suppliers | 440/4 | €9,595 | €2,437 | -€7,158 | -74.6% |
| Taxes, remuneration and social security | 45 | €2,124 | €296 | -€1,827 | -86.0% |
| Taxes | 450/3 | €2,124 | €296 | -€1,827 | -86.0% |
| Other amounts payable | 47/48 | €3,542 | €1,366 | -€2,176 | -61.4% |
| Accrued charges and deferred income | 492/3 | - | €850 | +€850 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,834 | €6,723 | -€111 | -1.6% |
| Other operating charges | 640/8 | €1,833 | €8,588 | +€6,755 | +369% |
| Gross operating margin | 9900 | -€25,730 | €60,416 | +€86,145 | |
| Operating profit (loss) | 9901 | -€34,397 | €45,105 | +€79,501 | |
| Financial income | 75/76B | €60 | €1,750 | +€1,690 | +2,827% |
| Recurring financial income | 75 | €60 | €1,750 | +€1,690 | +2,827% |
| Financial charges | 65/66B | €1,439 | €867 | -€572 | -39.8% |
| Recurring financial charges | 65 | €1,439 | €867 | -€572 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | -€35,776 | €45,988 | +€81,764 | |
| Income taxes | 67/77 | €431 | €6,521 | +€6,089 | +1,412% |
| Profit (loss) for the period | 9904 | -€36,207 | €39,467 | +€75,674 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,207 | €39,467 | +€75,674 |
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.