ANTHONY BRACKE: what changed
Two fiscal 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.
ANTHONY BRACKE
Largest movements
- Tangible fixed assets -€46,753
down €46,753 (-9.1%), from €516,238 to €469,485
- Cash -€39,489
down €39,489 (-48.8%), from €80,860 to €41,371
mainly Debts after one year (-€54,517) and Contributions, distributions and other (-€50,000)
- Stocks and contracts +€24,638
up €24,638 (+185.0%), from €13,317 to €37,955
of which Contracts in progress: +€22,778
- Debts after one year -€54,517
down €54,517 (-30.5%), from €178,893 to €124,376
- Other debts -€13,498
down €13,498 (-22.1%), from €61,091 to €47,593
- Tax, wage and social debts +€8,653
up €8,653 (+135.4%), from €6,391 to €15,044
of which Remuneration and social security: +€4,419
- Trade debts +€7,701
up €7,701 (+40.1%), from €19,225 to €26,926
- Current portion of long-term debt -€6,842
down €6,842 (-10.9%), from €62,928 to €56,087
- Staff costs +€28,033
up €28,033 (+36.2%), from €77,377 to €105,410
- Gross operating margin +€21,559
up €21,559 (+10.0%), from €214,582 to €236,140
- Depreciation -€7,048
down €7,048 (-11.3%), from €62,107 to €55,058
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.
Cash bridge derived
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 | €667,272 | €609,508 | -€57,764 | -8.7% |
| Fixed assets | 21/28 | €516,253 | €469,499 | -€46,753 | -9.1% |
| Tangible fixed assets | 22/27 | €516,238 | €469,485 | -€46,753 | -9.1% |
| Land and buildings | 22 | €442,326 | €423,047 | -€19,279 | -4.4% |
| Plant, machinery and equipment | 23 | €27,299 | €22,966 | -€4,333 | -15.9% |
| Furniture and vehicles | 24 | €46,613 | €23,472 | -€23,141 | -49.6% |
| Financial fixed assets | 28 | €15 | €15 | = | 0.0% |
| Current assets | 29/58 | €151,020 | €140,009 | -€11,011 | -7.3% |
| Stocks and contracts in progress | 3 | €13,317 | €37,955 | +€24,638 | +185.0% |
| Stocks | 30/36 | €11,317 | €13,177 | +€1,860 | +16.4% |
| Contracts in progress | 37 | €2,000 | €24,778 | +€22,778 | +1138.9% |
| Amounts receivable within one year | 40/41 | €55,393 | €59,480 | +€4,088 | +7.4% |
| Trade receivables | 40 | €42,786 | €48,442 | +€5,656 | +13.2% |
| Other amounts receivable | 41 | €12,607 | €11,038 | -€1,569 | -12.4% |
| Cash at bank and in hand | 54/58 | €80,860 | €41,371 | -€39,489 | -48.8% |
| Deferred charges and accrued income | 490/1 | €1,449 | €1,202 | -€247 | -17.1% |
| Total equity and liabilities | 10/49 | €667,272 | €609,508 | -€57,764 | -8.7% |
| Equity | 10/15 | €338,744 | €339,483 | +€738 | +0.2% |
| Contributions | 10/11 | €12,445 | €12,445 | = | 0.0% |
| Reserves | 13 | €326,300 | €327,038 | +€738 | +0.2% |
| Non-distributable reserves | 130/1 | €2,360 | €2,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,360 | €2,360 | = | 0.0% |
| Distributable reserves | 133 | €323,940 | €324,678 | +€738 | +0.2% |
| Amounts payable | 17/49 | €328,528 | €270,026 | -€58,502 | -17.8% |
| Amounts payable after more than one year | 17 | €178,893 | €124,376 | -€54,517 | -30.5% |
| Financial debts | 170/4 | €178,893 | €124,376 | -€54,517 | -30.5% |
| Amounts payable within one year | 42/48 | €149,635 | €145,650 | -€3,986 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €62,928 | €56,087 | -€6,842 | -10.9% |
| Trade debts | 44 | €19,225 | €26,926 | +€7,701 | +40.1% |
| Suppliers | 440/4 | €19,225 | €26,926 | +€7,701 | +40.1% |
| Taxes, remuneration and social security | 45 | €6,391 | €15,044 | +€8,653 | +135.4% |
| Taxes | 450/3 | €4,886 | €9,120 | +€4,234 | +86.7% |
| Remuneration and social security | 454/9 | €1,505 | €5,924 | +€4,419 | +293.7% |
| Other amounts payable | 47/48 | €61,091 | €47,593 | -€13,498 | -22.1% |
| Remuneration, social security and pensions | 62 | €77,377 | €105,410 | +€28,033 | +36.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,107 | €55,058 | -€7,048 | -11.3% |
| Other operating charges | 640/8 | €1,663 | €1,878 | +€214 | +12.9% |
| Gross operating margin | 9900 | €214,582 | €236,140 | +€21,559 | +10.0% |
| Operating profit (loss) | 9901 | €73,435 | €73,794 | +€360 | +0.5% |
| Financial income | 75/76B | €2,322 | €3,173 | +€851 | +36.6% |
| Recurring financial income | 75 | €2,322 | €3,173 | +€851 | +36.6% |
| Financial charges | 65/66B | €5,764 | €7,671 | +€1,907 | +33.1% |
| Recurring financial charges | 65 | €5,764 | €7,671 | +€1,907 | +33.1% |
| Profit (loss) for the period before taxes | 9903 | €69,992 | €69,296 | -€696 | -1.0% |
| Income taxes | 67/77 | €19,886 | €18,558 | -€1,328 | -6.7% |
| Profit (loss) for the period | 9904 | €50,106 | €50,738 | +€632 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,106 | €50,738 | +€632 | +1.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.