B.BRUSSELS: 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.
B.BRUSSELS
Largest movements
- Tangible fixed assets +€397,012
up €397,012 (+74.7%), from €531,433 to €928,446
of which Assets under construction and advance payments: +€285,320
- Cash -€160,947
down €160,947 (-74.1%), from €217,337 to €56,390
mainly Investment in fixed assets (net) (-€481,964) and Advances received (-€111,882)
- Stocks and contracts +€23,513
up €23,513 (+20.8%), from €112,828 to €136,341
- Debts after one year +€375,714
up €375,714 (+112%), from €335,842 to €711,555
- Advances received -€111,882
down €111,882 (-35.0%), from €319,509 to €207,627
- Trade debts +€30,969
up €30,969 (+81.5%), from €37,986 to €68,955
- Tax, wage and social debts -€29,914
down €29,914 (-32.8%), from €91,223 to €61,308
of which Remuneration and social security: -€18,879
- Reserves -€14,688
down €14,688 (-100%), from €14,688 to €0
- Staff costs -€72,945
down €72,945 (-16.9%), from €431,555 to €358,610
- Gross operating margin -€63,944
down €63,944 (-12.3%), from €521,986 to €458,042
- Financial charges +€37,163
up €37,163 (+164%), from €22,608 to €59,771
of which Non-recurring financial charges: +€21,122
- Write-downs +€7,325
new in 2025: €7,325
- Financial income +€7,136
up €7,136 (+27.2%), from €26,194 to €33,331
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 | €1,120,065 | €1,365,264 | +€245,199 | +21.9% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €537,910 | €934,923 | +€397,012 | +73.8% |
| Tangible fixed assets | 22/27 | €531,433 | €928,446 | +€397,012 | +74.7% |
| Land and buildings | 22 | - | €161,720 | +€161,720 | |
| Plant, machinery and equipment | 23 | €108,952 | €90,033 | -€18,918 | -17.4% |
| Furniture and vehicles | 24 | €15,912 | €15,805 | -€107 | -0.7% |
| Other tangible fixed assets | 26 | €361,569 | €330,568 | -€31,002 | -8.6% |
| Assets under construction and advance payments | 27 | €45,000 | €330,320 | +€285,320 | +634% |
| Financial fixed assets | 28 | €6,477 | €6,477 | = | 0.0% |
| Current assets | 29/58 | €582,155 | €430,341 | -€151,813 | -26.1% |
| Stocks and contracts in progress | 3 | €112,828 | €136,341 | +€23,513 | +20.8% |
| Stocks | 30/36 | €112,828 | €136,341 | +€23,513 | +20.8% |
| Amounts receivable within one year | 40/41 | €223,729 | €215,350 | -€8,379 | -3.7% |
| Trade receivables | 40 | €209,939 | €198,027 | -€11,912 | -5.7% |
| Other amounts receivable | 41 | €13,791 | €17,323 | +€3,533 | +25.6% |
| Cash at bank and in hand | 54/58 | €217,337 | €56,390 | -€160,947 | -74.1% |
| Deferred charges and accrued income | 490/1 | €28,260 | €22,261 | -€5,999 | -21.2% |
| Total equity and liabilities | 10/49 | €1,120,065 | €1,365,264 | +€245,199 | +21.9% |
| Equity | 10/15 | €134,688 | €105,369 | -€29,319 | -21.8% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €14,688 | €0 | -€14,688 | -100% |
| Distributable reserves | 133 | €14,688 | €0 | -€14,688 | -100% |
| Profit (loss) carried forward | 14 | - | -€14,631 | -€14,631 | |
| Amounts payable | 17/49 | €985,377 | €1,259,895 | +€274,518 | +27.9% |
| Amounts payable after more than one year | 17 | €335,842 | €711,555 | +€375,714 | +112% |
| Financial debts | 170/4 | €335,842 | €711,555 | +€375,714 | +112% |
| Amounts payable within one year | 42/48 | €649,536 | €548,340 | -€101,196 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €97,678 | €106,330 | +€8,652 | +8.9% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €37,986 | €68,955 | +€30,969 | +81.5% |
| Suppliers | 440/4 | €37,986 | €68,955 | +€30,969 | +81.5% |
| Advances received on contracts in progress | 46 | €319,509 | €207,627 | -€111,882 | -35.0% |
| Taxes, remuneration and social security | 45 | €91,223 | €61,308 | -€29,914 | -32.8% |
| Taxes | 450/3 | €22,145 | €11,109 | -€11,035 | -49.8% |
| Remuneration and social security | 454/9 | €69,078 | €50,199 | -€18,879 | -27.3% |
| Other amounts payable | 47/48 | €3,139 | €4,119 | +€980 | +31.2% |
| Non-recurring operating income | 76A | €0 | €4,148 | +€4,148 | |
| Remuneration, social security and pensions | 62 | €431,555 | €358,610 | -€72,945 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,340 | €84,951 | +€5,612 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,325 | +€7,325 | |
| Other operating charges | 640/8 | €12,422 | €9,824 | -€2,598 | -20.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €521,986 | €458,042 | -€63,944 | -12.3% |
| Operating profit (loss) | 9901 | -€1,330 | -€2,669 | -€1,339 | -101% |
| Financial income | 75/76B | €26,194 | €33,331 | +€7,136 | +27.2% |
| Recurring financial income | 75 | €26,194 | €33,331 | +€7,136 | +27.2% |
| Financial charges | 65/66B | €22,608 | €59,771 | +€37,163 | +164% |
| Recurring financial charges | 65 | €22,608 | €38,649 | +€16,041 | +71.0% |
| Non-recurring financial charges | 66B | - | €21,122 | +€21,122 | |
| Profit (loss) for the period before taxes | 9903 | €2,256 | -€29,109 | -€31,365 | |
| Income taxes | 67/77 | €1,100 | €210 | -€890 | -80.9% |
| Profit (loss) for the period | 9904 | €1,156 | -€29,319 | -€30,475 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,156 | -€29,319 | -€30,475 |
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 14 October 2026 via checked.be.