BREL (0724.599.502): financials and annual accounts

BREL

Ghent ·KBO/BCE: BE 0724.599.502

Line	2025	2024	2023	2022	2021	2020
Balance sheet: assets
Total assets`20/58`	1.5m	1.1m	1.0m	1.1m	1.1m	947,357
Fixed assets`21/28`	1.3m	947,932	963,038	953,120	903,104	877,179
Intangible fixed assets`21`	-	-	-	-	319,608	357,611
Tangible fixed assets`22/27`	1.3m	942,844	957,950	948,032	583,426	519,498
Land and buildings`22`	1.2m	935,458	933,417	911,884	538,710	464,496
Plant, machinery and equipment`23`	159	596	1,298	2,153	3,359	3,202
Furniture and vehicles`24`	5,601	6,790	23,235	33,995	41,357	51,800
Financial fixed assets`28`	5,000	5,088	5,088	5,088	70	70
Current assets`29/58`	199,440	136,268	47,768	145,455	207,700	70,178
Amounts receivable within one year`40/41`	10,836	75	873	128,685	48,698	53,017
Trade receivables`40`	850	-	-	-	445	-
Other amounts receivable`41`	9,986	75	873	128,685	48,253	53,017
Current investments`50/53`	19,998	-	-	-	-	-
Cash at bank and in hand`54/58`	167,574	135,520	44,740	15,125	155,686	14,517
Deferred charges and accrued income`490/1`	1,032	673	2,155	1,645	3,316	2,644
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.5m	1.1m	1.0m	1.1m	1.1m	947,357
Equity`10/15`	958,115	553,790	405,306	405,352	326,891	147,455
Contributions`10/11`	6,200	6,200	6,200	6,200	6,200	6,200
Revaluation surpluses`12`	26,873	26,873	26,873	26,873	26,873	-
Reserves`13`	925,042	520,717	372,233	372,279	293,818	141,255
Distributable reserves`133`	925,042	520,717	372,233	372,279	293,818	141,255
Amounts payable`17/49`	499,258	530,410	605,500	693,223	783,913	799,902
Amounts payable after more than one year`17`	442,139	479,520	531,670	561,356	567,891	623,935
Financial debts`170/4`	442,139	479,520	531,670	561,356	567,891	623,935
Amounts payable within one year`42/48`	56,519	50,290	73,230	130,843	214,471	174,660
Current portion of amounts payable after more than one year`42`	27,380	27,150	26,921	28,929	56,044	55,514
Trade debts`44`	1,099	3,989	6,002	1,401	15,018	30,849
Suppliers`440/4`	1,099	3,989	6,002	1,401	15,018	30,849
Taxes, remuneration and social security`45`	17,729	10,577	39,187	97,439	142,110	77,160
Taxes`450/3`	17,729	10,577	39,187	95,520	125,915	66,171
Remuneration and social security`454/9`	-	-	-	1,919	16,195	10,989
Other amounts payable`47/48`	10,311	8,574	1,120	3,074	1,299	11,137
Accrued charges and deferred income`492/3`	600	600	600	1,024	1,551	1,307
Income statement
Non-recurring operating income`76A`	2,761	511	-	6,465	-	-
Gross operating margin`9900`	39,158	72,450	56,581	254,883	386,065	401,569
Remuneration, social security and pensions`62`	-	-	-	74,708	96,602	104,738
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	29,230	25,970	32,282	25,083	58,648	78,982
Other operating charges`640/8`	3,720	5,248	9,544	32,594	10,842	7,815
Operating profit (loss)`9901`	6,208	41,232	14,755	122,498	219,973	210,034
Financial income`75/76B`	425,000	136,000	-	3	-	4
Recurring financial income`75`	425,000	136,000	-	3	-	4
Financial charges`65/66B`	10,217	11,632	11,917	7,781	6,403	5,056
Recurring financial charges`65`	10,217	11,632	11,917	7,781	6,403	5,056
Profit (loss) for the period before taxes`9903`	420,991	165,600	2,838	114,720	213,570	204,982
Income taxes`67/77`	15,000	15,450	1,284	34,658	59,407	62,127
Profit (loss) for the period`9904`	405,991	150,150	1,554	80,062	154,163	142,855
Profit (loss) for the period to be appropriated`9905`	405,991	150,150	1,554	80,062	154,163	142,855
Appropriation of the result
Profit (loss) to be appropriated`9906`	405,991	150,150	1,554	80,062	154,163	142,855
Transfer from equity`791/2`	-	-	46	-	-	-
Transfer to equity`691/2`	404,325	148,484	-	78,462	152,563	141,255
To other reserves`6921`	404,325	148,484	-	78,462	152,563	141,255
Profit to be distributed`694/7`	1,666	1,666	1,600	1,600	1,600	1,600
Return on contributions (dividend)`694`	1,666	1,666	1,600	1,600	1,600	1,600
Social balance sheet
Average staff (FTE)`9087`	-	-	-	1.4	1.9	1.6
Hours worked`1013`	-	-	-	2,325	3,189	2,993
Document	PDF	PDF	PDF	PDF	PDF	PDF

Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	31-08-2026	2026-00487700	PDF
31-12-2024	abbreviated format	27-08-2025	2025-00425510	PDF
31-12-2023	abbreviated format	30-09-2024	2024-00486783	PDF
31-12-2022	micro format	31-08-2023	2023-00411529	PDF
31-12-2021	micro format	31-08-2022	2022-20393358	PDF
31-12-2020	micro format	27-08-2021	2021-55400595	PDF

Line	2025	2024	2023	2022	2021	2020
EBITDA	35,438	67,202	47,037	147,581	278,621	289,016
Cash flow	435,221	176,120	33,836	105,145	212,811	221,837
Investment in fixed assets	339,319	23,854	42,200	394,707	61,676	966,285
Change in cash	32,054	90,780	29,615	-140,561	141,169	-
Working capital	142,921	85,978	-25,462	14,612	-6,771	-104,482
Solvency	65.7%	51.1%	40.1%	36.9%	29.4%	15.6%
Current ratio	3.53	2.71	0.65	1.11	0.97	0.40
Debt to equity	0.52	0.96	1.49	1.71	2.40	5.42
ROE	42.4%	27.1%	0.4%	19.8%	47.2%	96.9%
ROA	27.9%	13.8%	0.2%	7.3%	13.9%	15.1%
Interest coverage	3.47	5.78	3.95	18.97	43.51	-

Item	31-12-2022	31-12-2021
Employees at the balance-sheet date	-	2
full-time	-	1
part-time	-	1
in full-time equivalents	-	1.9
Average over the year, in full-time equivalents	1.4	1.9
On a permanent contract	-	1

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	€284,520	€311,670	€338,591	-	-
Mortgages, amount registered	€25,000	€25,000	€25,000	€25,000	€25,000
Mortgage mandates	€393,000	€393,000	€393,000	€393,000	€393,000
Carrying value of the mortgaged assets	€918,927	€935,458	€933,417	€911,884	€538,710

BREL

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency65.7%

Current ratio3.53

Return on assets27.9%

Staff

Staff cost per FTE

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Securities and guarantees

Investments

Insights on BREL

Next steps

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€339,319	€23,854	€42,200	€389,689	€55,421
Intangible fixed assets	-	-	-	-	€6,255
Financial fixed assets	-	-	-	€5,018	-
Depreciation and write-downs of the year	€29,230	€25,970	€32,282	€25,083	€58,648