NA BORECH: 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.
NA BORECH
Largest movements
- Tangible fixed assets -€8,386
down €8,386 (-3.8%), from €221,761 to €213,376
- Cash +€4,307
up €4,307 (+151.0%), from €2,852 to €7,159
mainly Net result for the year (+€8,728) and Depreciation (+€8,386)
- Short-term financial debts -€12,870
down €12,870 (-56.7%), from €22,684 to €9,814
- Reserves +€8,728
up €8,728 (+9.5%), from €91,577 to €100,306
of which Distributable reserves: +€8,728
- Gross operating margin -€10,004
down €10,004 (-31.4%), from €31,878 to €21,874
- Other operating charges -€3,288
down €3,288 (-89.2%), from €3,687 to €400
- Depreciation -€2,013
down €2,013 (-19.4%), from €10,398 to €8,386
- Taxes -€1,349
down €1,349 (-23.9%), from €5,637 to €4,288
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.
Cash bridge derived
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 | €224,613 | €220,535 | -€4,078 | -1.8% |
| Fixed assets | 21/28 | €221,761 | €213,376 | -€8,386 | -3.8% |
| Tangible fixed assets | 22/27 | €221,761 | €213,376 | -€8,386 | -3.8% |
| Land and buildings | 22 | €221,761 | €213,376 | -€8,386 | -3.8% |
| Current assets | 29/58 | €2,852 | €7,159 | +€4,307 | +151.0% |
| Cash at bank and in hand | 54/58 | €2,852 | €7,159 | +€4,307 | +151.0% |
| Total equity and liabilities | 10/49 | €224,613 | €220,535 | -€4,078 | -1.8% |
| Equity | 10/15 | €198,074 | €206,803 | +€8,728 | +4.4% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €91,577 | €100,306 | +€8,728 | +9.5% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €85,327 | €94,056 | +€8,728 | +10.2% |
| Profit (loss) carried forward | 14 | €43,997 | €43,997 | = | 0.0% |
| Amounts payable | 17/49 | €26,539 | €13,732 | -€12,807 | -48.3% |
| Amounts payable within one year | 42/48 | €25,482 | €13,732 | -€11,749 | -46.1% |
| Financial debts | 43 | €22,684 | €9,814 | -€12,870 | -56.7% |
| Credit institutions | 430/8 | €22,684 | €9,814 | -€12,870 | -56.7% |
| Taxes, remuneration and social security | 45 | €2,637 | €2,288 | -€349 | -13.2% |
| Taxes | 450/3 | €2,637 | €2,288 | -€349 | -13.2% |
| Other amounts payable | 47/48 | €161 | €1,630 | +€1,469 | +911.8% |
| Accrued charges and deferred income | 492/3 | €1,057 | - | -€1,057 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,398 | €8,386 | -€2,013 | -19.4% |
| Other operating charges | 640/8 | €3,687 | €400 | -€3,288 | -89.2% |
| Gross operating margin | 9900 | €31,878 | €21,874 | -€10,004 | -31.4% |
| Operating profit (loss) | 9901 | €17,793 | €13,089 | -€4,704 | -26.4% |
| Financial income | 75/76B | €396 | €417 | +€21 | +5.4% |
| Recurring financial income | 75 | €396 | €417 | +€21 | +5.4% |
| Financial charges | 65/66B | €721 | €490 | -€232 | -32.1% |
| Recurring financial charges | 65 | €721 | €490 | -€232 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | €17,467 | €13,016 | -€4,451 | -25.5% |
| Income taxes | 67/77 | €5,637 | €4,288 | -€1,349 | -23.9% |
| Profit (loss) for the period | 9904 | €11,830 | €8,728 | -€3,102 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,830 | €8,728 | -€3,102 | -26.2% |
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 11 October 2026 via checked.be.