VAN DER BORGHT: 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 DER BORGHT
Largest movements
- Cash -€53,412
down €53,412 (-60.6%), from €88,074 to €34,661
mainly Net result for the year (-€173,865) and Debts after one year (-€6,754)
- Stocks and contracts -€40,627
down €40,627 (-39.6%), from €102,669 to €62,041
of which Contracts in progress: -€28,252
- Receivables within one year -€34,934
down €34,934 (-41.1%), from €85,082 to €50,148
of which Trade receivables: -€19,894
- Tangible fixed assets -€16,546
down €16,546 (-28.6%), from €57,879 to €41,333
of which Furniture and vehicles: -€12,535
- Profit (loss) carried forward -€173,865
down €173,865 (-681%), from -€25,516 to -€199,381
- Other debts +€21,372
new in 2025: €21,372
- Tax, wage and social debts +€13,016
up €13,016 (+101%), from €12,845 to €25,861
of which Taxes: +€15,144
- Debts after one year -€6,754
down €6,754 (-56.1%), from €12,049 to €5,295
- Gross operating margin -€132,821
down €132,821, from €22,725 to -€110,096
- Staff costs +€9,987
up €9,987 (+31.9%), from €31,281 to €41,269
- Financial charges +€5,118
up €5,118 (+412%), from €1,242 to €6,360
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 | €353,703 | €208,183 | -€145,519 | -41.1% |
| Fixed assets | 21/28 | €57,879 | €41,333 | -€16,546 | -28.6% |
| Tangible fixed assets | 22/27 | €57,879 | €41,333 | -€16,546 | -28.6% |
| Plant, machinery and equipment | 23 | €8,161 | €4,545 | -€3,616 | -44.3% |
| Furniture and vehicles | 24 | €47,785 | €35,250 | -€12,535 | -26.2% |
| Other tangible fixed assets | 26 | €1,933 | €1,538 | -€395 | -20.4% |
| Current assets | 29/58 | €295,824 | €166,850 | -€128,974 | -43.6% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €102,669 | €62,041 | -€40,627 | -39.6% |
| Stocks | 30/36 | €22,550 | €10,174 | -€12,376 | -54.9% |
| Contracts in progress | 37 | €80,119 | €51,867 | -€28,252 | -35.3% |
| Amounts receivable within one year | 40/41 | €85,082 | €50,148 | -€34,934 | -41.1% |
| Trade receivables | 40 | €21,390 | €1,496 | -€19,894 | -93.0% |
| Other amounts receivable | 41 | €63,692 | €48,652 | -€15,040 | -23.6% |
| Cash at bank and in hand | 54/58 | €88,074 | €34,661 | -€53,412 | -60.6% |
| Total equity and liabilities | 10/49 | €353,703 | €208,183 | -€145,519 | -41.1% |
| Equity | 10/15 | €267,384 | €93,519 | -€173,865 | -65.0% |
| Contributions | 10/11 | €78,000 | €78,000 | = | 0.0% |
| Capital | 10 | €78,000 | €78,000 | = | 0.0% |
| Issued capital | 100 | €78,000 | €78,000 | = | 0.0% |
| Reserves | 13 | €214,900 | €214,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,800 | €7,800 | = | 0.0% |
| Legal reserve | 130 | €7,800 | €7,800 | = | 0.0% |
| Distributable reserves | 133 | €207,100 | €207,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,516 | -€199,381 | -€173,865 | -681% |
| Amounts payable | 17/49 | €86,319 | €114,664 | +€28,345 | +32.8% |
| Amounts payable after more than one year | 17 | €12,049 | €5,295 | -€6,754 | -56.1% |
| Financial debts | 170/4 | €12,049 | €5,295 | -€6,754 | -56.1% |
| Amounts payable within one year | 42/48 | €74,270 | €109,369 | +€35,099 | +47.3% |
| Current portion of amounts payable after more than one year | 42 | €6,420 | €6,754 | +€334 | +5.2% |
| Trade debts | 44 | €55,005 | €55,383 | +€378 | +0.7% |
| Suppliers | 440/4 | €55,005 | €55,383 | +€378 | +0.7% |
| Taxes, remuneration and social security | 45 | €12,845 | €25,861 | +€13,016 | +101% |
| Taxes | 450/3 | €10,717 | €25,861 | +€15,144 | +141% |
| Remuneration and social security | 454/9 | €2,128 | €0 | -€2,128 | -100% |
| Other amounts payable | 47/48 | - | €21,372 | +€21,372 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €31,281 | €41,269 | +€9,987 | +31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,627 | €16,546 | -€81 | -0.5% |
| Other operating charges | 640/8 | €1,485 | €1,527 | +€43 | +2.9% |
| Gross operating margin | 9900 | €22,725 | -€110,096 | -€132,821 | |
| Operating profit (loss) | 9901 | -€26,668 | -€169,438 | -€142,770 | -535% |
| Financial income | 75/76B | €1,746 | €2,233 | +€487 | +27.9% |
| Recurring financial income | 75 | €1,746 | €2,233 | +€487 | +27.9% |
| Financial charges | 65/66B | €1,242 | €6,360 | +€5,118 | +412% |
| Recurring financial charges | 65 | €1,242 | €6,360 | +€5,118 | +412% |
| Profit (loss) for the period before taxes | 9903 | -€26,164 | -€173,565 | -€147,402 | -563% |
| Income taxes | 67/77 | -€502 | €299 | +€801 | |
| Profit (loss) for the period | 9904 | -€25,662 | -€173,865 | -€148,203 | -578% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,662 | -€173,865 | -€148,203 | -578% |
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 16 October 2026 via checked.be.