Projectbouw Borgonjon: what changed
What changed
Projectbouw Borgonjon
NACE 41.001, General construction of residential buildings
filed annual accounts (NBB)
Net result for the year
€86,641
2024 · €64,078+€22,563
Equity
€784,225
2024 · €937,282-€153,057
Cash
€1.2m
2024 · €173,795+€1.0m
Balance sheet total
€3.2m
2024 · €2.3m+€885,224
Largest movements
Assets
- Cash +€1.0m
up €1.0m (+601%), from €173,795 to €1.2m
mainly Stocks and contracts (+€831,522) and Advances received (+€633,664)
- Stocks and contracts -€831,522
down €831,522 (-49.7%), from €1.7m to €840,742
of which Contracts in progress: -€849,912
- Receivables within one year +€432,520
up €432,520 (+189%), from €228,684 to €661,204
of which Trade receivables: +€564,758
- Tangible fixed assets +€242,777
up €242,777 (+172%), from €141,187 to €383,964
of which Furniture and vehicles: +€141,864
Equity and liabilities
- Advances received +€633,664
up €633,664 (+306%), from €206,922 to €840,587
- Trade debts +€415,144
up €415,144 (+81.0%), from €512,298 to €927,441
- Short-term financial debts -€355,753
no longer reported in 2025 (was €355,753)
- Debts after one year +€199,929
up €199,929 (+257%), from €77,844 to €277,773
- Tax, wage and social debts +€165,947
up €165,947 (+202%), from €82,146 to €248,094
of which Taxes: +€146,456
Income statement
- Gross operating margin +€176,706
up €176,706 (+15.5%), from €1.1m to €1.3m
- Staff costs +€111,851
up €111,851 (+11.3%), from €985,730 to €1.1m
- Financial income -€45,163
down €45,163 (-95.7%), from €47,206 to €2,044
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€64,078
Gross operating margin
+€176,706
Staff costs
-€111,851
Depreciation
+€7,615
Other operating charges
-€6,163
Other operating items
-€10,917
Financial income
-€45,163
Financial charges
+€11,895
Taxes
+€441
Result 2025
€86,641
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.7m
Investment
-€303,041
Financing
-€342,398
Cash 2024
€173,795
From operations (derived)
+€1.7m
Net result for the year
+€86,641
Depreciation
+€60,912
Stocks and contracts
+€831,522
Receivables within one year
-€432,520
Deferred charges and accrued income
+€2,001
Trade debts
+€415,144
Tax, wage and social debts
+€165,947
Advances received
+€633,664
Other debts
-€73,775
Investment (derived)
-€303,041
Investment in fixed assets (net)
-€303,041
Financing
-€342,398
Debts after one year
+€199,929
Current portion of long-term debt
+€53,125
Short-term financial debts
-€355,753
Contributions, distributions and other
-€239,699
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,307,315 | €3,192,539 | +€885,224 | +38.4% |
| Fixed assets | 21/28 | €178,946 | €421,075 | +€242,129 | +135% |
| Intangible fixed assets | 21 | €649 | - | -€649 | |
| Tangible fixed assets | 22/27 | €141,187 | €383,964 | +€242,777 | +172% |
| Plant, machinery and equipment | 23 | €60,045 | €185,422 | +€125,377 | +209% |
| Furniture and vehicles | 24 | €56,679 | €198,542 | +€141,864 | +250% |
| Other tangible fixed assets | 26 | €24,463 | - | -€24,463 | |
| Financial fixed assets | 28 | €37,111 | €37,111 | = | 0.0% |
| Current assets | 29/58 | €2,128,369 | €2,771,464 | +€643,095 | +30.2% |
| Stocks and contracts in progress | 3 | €1,672,264 | €840,742 | -€831,522 | -49.7% |
| Stocks | 30/36 | €90,299 | €108,689 | +€18,390 | +20.4% |
| Contracts in progress | 37 | €1,581,965 | €732,053 | -€849,912 | -53.7% |
| Amounts receivable within one year | 40/41 | €228,684 | €661,204 | +€432,520 | +189% |
| Trade receivables | 40 | €77,506 | €642,263 | +€564,758 | +729% |
| Other amounts receivable | 41 | €151,178 | €18,941 | -€132,237 | -87.5% |
| Cash at bank and in hand | 54/58 | €173,795 | €1,217,893 | +€1.0m | +601% |
| Deferred charges and accrued income | 490/1 | €53,625 | €51,624 | -€2,001 | -3.7% |
| Total equity and liabilities | 10/49 | €2,307,315 | €3,192,539 | +€885,224 | +38.4% |
| Equity | 10/15 | €937,282 | €784,225 | -€153,057 | -16.3% |
| Contributions | 10/11 | €85,200 | €85,200 | = | 0.0% |
| Reserves | 13 | €852,082 | €699,025 | -€153,057 | -18.0% |
| Distributable reserves | 133 | €852,082 | €699,025 | -€153,057 | -18.0% |
| Amounts payable | 17/49 | €1,370,033 | €2,408,315 | +€1.0m | +75.8% |
| Amounts payable after more than one year | 17 | €77,844 | €277,773 | +€199,929 | +257% |
| Financial debts | 170/4 | €77,844 | €277,773 | +€199,929 | +257% |
| Amounts payable within one year | 42/48 | €1,292,189 | €2,130,542 | +€838,352 | +64.9% |
| Current portion of amounts payable after more than one year | 42 | €56,975 | €110,100 | +€53,125 | +93.2% |
| Financial debts | 43 | €355,753 | - | -€355,753 | |
| Credit institutions | 430/8 | €355,753 | - | -€355,753 | |
| Trade debts | 44 | €512,298 | €927,441 | +€415,144 | +81.0% |
| Suppliers | 440/4 | €512,298 | €927,441 | +€415,144 | +81.0% |
| Advances received on contracts in progress | 46 | €206,922 | €840,587 | +€633,664 | +306% |
| Taxes, remuneration and social security | 45 | €82,146 | €248,094 | +€165,947 | +202% |
| Taxes | 450/3 | €43,417 | €189,873 | +€146,456 | +337% |
| Remuneration and social security | 454/9 | €38,730 | €58,221 | +€19,491 | +50.3% |
| Other amounts payable | 47/48 | €78,095 | €4,320 | -€73,775 | -94.5% |
| Non-recurring operating income | 76A | €10,413 | €54,480 | +€44,067 | +423% |
| Remuneration, social security and pensions | 62 | €985,730 | €1,097,582 | +€111,851 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,528 | €60,912 | -€7,615 | -11.1% |
| Other operating charges | 640/8 | €4,150 | €10,313 | +€6,163 | +149% |
| Non-recurring operating charges | 66A | - | €10,917 | +€10,917 | |
| Gross operating margin | 9900 | €1,138,981 | €1,315,687 | +€176,706 | +15.5% |
| Operating profit (loss) | 9901 | €80,573 | €135,963 | +€55,390 | +68.7% |
| Financial income | 75/76B | €47,206 | €2,044 | -€45,163 | -95.7% |
| Recurring financial income | 75 | €47,206 | €2,044 | -€45,163 | -95.7% |
| Financial charges | 65/66B | €31,511 | €19,616 | -€11,895 | -37.7% |
| Recurring financial charges | 65 | €31,511 | €19,616 | -€11,895 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €96,269 | €118,391 | +€22,122 | +23.0% |
| Income taxes | 67/77 | €32,190 | €31,749 | -€441 | -1.4% |
| Profit (loss) for the period | 9904 | €64,078 | €86,641 | +€22,563 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €64,078 | €86,641 | +€22,563 | +35.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.