Rutger 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.
Rutger Borghs
Largest movements
- Tangible fixed assets -€27,002
down €27,002 (-83.5%), from €32,320 to €5,318
of which Plant, machinery and equipment: -€28,274
- Receivables within one year +€12,820
up €12,820 (+42.9%), from €29,884 to €42,704
of which Trade receivables: +€11,405
- Deferred charges and accrued income -€1,751
down €1,751 (-77.8%), from €2,250 to €499
- Debts after one year -€36,820
down €36,820 (-95.2%), from €38,688 to €1,867
- Profit (loss) carried forward +€17,708
up €17,708, from -€17,708 to €0
- Trade debts +€16,003
up €16,003 (+137%), from €11,678 to €27,681
- Current portion of long-term debt -€11,316
down €11,316 (-72.9%), from €15,521 to €4,205
- Reserves +€9,442
new in 2025: €9,442
- Depreciation -€19,689
down €19,689 (-94.1%), from €20,917 to €1,228
- Gross operating margin +€17,378
up €17,378 (+68.0%), from €25,546 to €42,923
- Taxes +€4,478
up €4,478 (+2,864%), from €156 to €4,634
- Other operating charges -€3,256
down €3,256 (-81.7%), from €3,985 to €729
- Financial charges +€1,324
up €1,324 (+15.1%), from €8,776 to €10,100
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 | €64,454 | €48,903 | -€15,551 | -24.1% |
| Fixed assets | 21/28 | €32,320 | €5,318 | -€27,002 | -83.5% |
| Tangible fixed assets | 22/27 | €32,320 | €5,318 | -€27,002 | -83.5% |
| Plant, machinery and equipment | 23 | €28,274 | €0 | -€28,274 | -100% |
| Furniture and vehicles | 24 | €4,046 | €3,129 | -€917 | -22.7% |
| Other tangible fixed assets | 26 | - | €2,189 | +€2,189 | |
| Current assets | 29/58 | €32,135 | €43,585 | +€11,451 | +35.6% |
| Amounts receivable within one year | 40/41 | €29,884 | €42,704 | +€12,820 | +42.9% |
| Trade receivables | 40 | €25,117 | €36,522 | +€11,405 | +45.4% |
| Other amounts receivable | 41 | €4,767 | €6,183 | +€1,415 | +29.7% |
| Cash at bank and in hand | 54/58 | €0 | €382 | +€382 | |
| Deferred charges and accrued income | 490/1 | €2,250 | €499 | -€1,751 | -77.8% |
| Total equity and liabilities | 10/49 | €64,454 | €48,903 | -€15,551 | -24.1% |
| Equity | 10/15 | -€14,708 | €12,442 | +€27,150 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €9,442 | +€9,442 | |
| Distributable reserves | 133 | - | €9,442 | +€9,442 | |
| Profit (loss) carried forward | 14 | -€17,708 | €0 | +€17,708 | |
| Amounts payable | 17/49 | €79,162 | €36,461 | -€42,701 | -53.9% |
| Amounts payable after more than one year | 17 | €38,688 | €1,867 | -€36,820 | -95.2% |
| Financial debts | 170/4 | €38,688 | €1,867 | -€36,820 | -95.2% |
| Amounts payable within one year | 42/48 | €40,403 | €34,594 | -€5,810 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €15,521 | €4,205 | -€11,316 | -72.9% |
| Financial debts | 43 | €11,958 | €2,708 | -€9,251 | -77.4% |
| Credit institutions | 430/8 | €3,529 | €0 | -€3,529 | -100% |
| Other loans | 439 | €8,430 | €2,708 | -€5,722 | -67.9% |
| Trade debts | 44 | €11,678 | €27,681 | +€16,003 | +137% |
| Suppliers | 440/4 | €11,678 | €27,681 | +€16,003 | +137% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,246 | €0 | -€1,246 | -100% |
| Accrued charges and deferred income | 492/3 | €72 | €0 | -€72 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,917 | €1,228 | -€19,689 | -94.1% |
| Other operating charges | 640/8 | €3,985 | €729 | -€3,256 | -81.7% |
| Gross operating margin | 9900 | €25,546 | €42,923 | +€17,378 | +68.0% |
| Operating profit (loss) | 9901 | €644 | €40,967 | +€40,323 | +6,262% |
| Financial income | 75/76B | €568 | €918 | +€350 | +61.7% |
| Recurring financial income | 75 | €568 | €918 | +€350 | +61.7% |
| Financial charges | 65/66B | €8,776 | €10,100 | +€1,324 | +15.1% |
| Recurring financial charges | 65 | €8,776 | €10,100 | +€1,324 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | -€7,564 | €31,785 | +€39,349 | |
| Income taxes | 67/77 | €156 | €4,634 | +€4,478 | +2,864% |
| Profit (loss) for the period | 9904 | -€7,721 | €27,150 | +€34,871 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,721 | €27,150 | +€34,871 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.