VAN DEN BORG: 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.
VAN DEN BORG
Largest movements
- Receivables within one year +€89,816
up €89,816 (+80.7%), from €111,261 to €201,076
of which Other amounts receivable: +€96,545
- Cash -€82,669
down €82,669 (-56.1%), from €147,431 to €64,762
mainly Receivables within one year (-€89,816) and Contributions, distributions and other (-€35,541)
- Receivables after one year +€13,000
up €13,000 (+6.1%), from €212,679 to €225,679
- Trade debts +€11,183
up €11,183 (+218%), from €5,138 to €16,321
- Reserves +€9,114
up €9,114 (+2.1%), from €432,180 to €441,295
of which Distributable reserves: +€9,114
- Tax, wage and social debts -€8,326
down €8,326 (-56.4%), from €14,767 to €6,441
of which Taxes: -€8,326
- Other debts +€6,637
up €6,637 (+44.4%), from €14,941 to €21,579
- Gross operating margin -€58,020
down €58,020 (-51.9%), from €111,877 to €53,858
- Taxes -€16,659
down €16,659 (-45.0%), from €37,041 to €20,382
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 | €479,634 | €498,416 | +€18,781 | +3.9% |
| Fixed assets | 21/28 | €5,158 | €3,763 | -€1,395 | -27.1% |
| Tangible fixed assets | 22/27 | €2,758 | €1,363 | -€1,395 | -50.6% |
| Plant, machinery and equipment | 23 | €1,191 | €833 | -€358 | -30.1% |
| Furniture and vehicles | 24 | €1,567 | €530 | -€1,037 | -66.2% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €474,476 | €494,653 | +€20,177 | +4.3% |
| Amounts receivable after more than one year | 29 | €212,679 | €225,679 | +€13,000 | +6.1% |
| Other amounts receivable | 291 | €212,679 | €225,679 | +€13,000 | +6.1% |
| Amounts receivable within one year | 40/41 | €111,261 | €201,076 | +€89,816 | +80.7% |
| Trade receivables | 40 | €19,848 | €13,118 | -€6,730 | -33.9% |
| Other amounts receivable | 41 | €91,413 | €187,958 | +€96,545 | +106% |
| Cash at bank and in hand | 54/58 | €147,431 | €64,762 | -€82,669 | -56.1% |
| Deferred charges and accrued income | 490/1 | €3,105 | €3,135 | +€31 | +1.0% |
| Total equity and liabilities | 10/49 | €479,634 | €498,416 | +€18,781 | +3.9% |
| Equity | 10/15 | €444,580 | €453,695 | +€9,114 | +2.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €432,180 | €441,295 | +€9,114 | +2.1% |
| 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 | €430,320 | €439,435 | +€9,114 | +2.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,054 | €44,721 | +€9,667 | +27.6% |
| Amounts payable within one year | 42/48 | €35,054 | €44,721 | +€9,667 | +27.6% |
| Financial debts | 43 | €207 | €380 | +€173 | +83.4% |
| Credit institutions | 430/8 | €207 | €380 | +€173 | +83.4% |
| Trade debts | 44 | €5,138 | €16,321 | +€11,183 | +218% |
| Suppliers | 440/4 | €5,138 | €16,321 | +€11,183 | +218% |
| Taxes, remuneration and social security | 45 | €14,767 | €6,441 | -€8,326 | -56.4% |
| Taxes | 450/3 | €14,767 | €6,441 | -€8,326 | -56.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €14,941 | €21,579 | +€6,637 | +44.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,252 | €1,395 | -€857 | -38.0% |
| Other operating charges | 640/8 | €2,744 | €2,809 | +€65 | +2.4% |
| Gross operating margin | 9900 | €111,877 | €53,858 | -€58,020 | -51.9% |
| Operating profit (loss) | 9901 | €106,880 | €49,653 | -€57,227 | -53.5% |
| Financial income | 75/76B | €17,179 | €17,348 | +€169 | +1.0% |
| Recurring financial income | 75 | €17,179 | €17,348 | +€169 | +1.0% |
| Financial charges | 65/66B | €2,236 | €1,963 | -€272 | -12.2% |
| Recurring financial charges | 65 | €2,236 | €1,963 | -€272 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €121,823 | €65,037 | -€56,786 | -46.6% |
| Income taxes | 67/77 | €37,041 | €20,382 | -€16,659 | -45.0% |
| Profit (loss) for the period | 9904 | €84,782 | €44,655 | -€40,127 | -47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €84,782 | €44,655 | -€40,127 | -47.3% |
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 15 October 2026 via checked.be.