B & R: 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 & R
Largest movements
- Receivables within one year -€1.3m
down €1.3m (-38.3%), from €3.4m to €2.1m
of which Other amounts receivable: -€1.2m
- Tangible fixed assets -€187,720
down €187,720 (-27.7%), from €677,188 to €489,468
of which Furniture and vehicles: -€144,328
- Deferred charges and accrued income +€176,409
up €176,409 (+142.5%), from €123,816 to €300,225
- Cash +€138,156
up €138,156 (+15.6%), from €883,409 to €1.0m
mainly Net result for the year (+€1.5m) and Receivables within one year (+€1.3m)
- Reserves -€930,011
down €930,011 (-26.3%), from €3.5m to €2.6m
- Provisions -€156,291
down €156,291 (-100.0%), from €156,291 to €0
- Debts after one year -€85,696
down €85,696 (-37.4%), from €228,878 to €143,181
of which Financial debts: -€85,696
- Trade debts -€77,145
down €77,145 (-19.2%), from €402,495 to €325,350
- Other debts +€66,620
up €66,620 (+18.8%), from €353,885 to €420,505
- Gross operating margin +€187,584
up €187,584 (+3.8%), from €5.0m to €5.2m
- Staff costs +€151,945
up €151,945 (+5.5%), from €2.8m to €2.9m
- Financial charges +€64,103
up €64,103 (+183.1%), from €35,005 to €99,108
of which Non-recurring financial charges: +€68,929
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 | €5,190,845 | €4,006,585 | -€1.2m | -22.8% |
| Fixed assets | 21/28 | €762,977 | €575,256 | -€187,720 | -24.6% |
| Tangible fixed assets | 22/27 | €677,188 | €489,468 | -€187,720 | -27.7% |
| Land and buildings | 22 | €1,568 | €1,568 | = | 0.0% |
| Plant, machinery and equipment | 23 | €99,985 | €56,592 | -€43,392 | -43.4% |
| Furniture and vehicles | 24 | €575,636 | €431,308 | -€144,328 | -25.1% |
| Financial fixed assets | 28 | €85,788 | €85,788 | = | 0.0% |
| Current assets | 29/58 | €4,427,869 | €3,431,329 | -€996,540 | -22.5% |
| Amounts receivable within one year | 40/41 | €3,420,643 | €2,109,538 | -€1.3m | -38.3% |
| Trade receivables | 40 | €1,861,594 | €1,738,871 | -€122,723 | -6.6% |
| Other amounts receivable | 41 | €1,559,049 | €370,667 | -€1.2m | -76.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €883,409 | €1,021,566 | +€138,156 | +15.6% |
| Deferred charges and accrued income | 490/1 | €123,816 | €300,225 | +€176,409 | +142.5% |
| Total equity and liabilities | 10/49 | €5,190,845 | €4,006,585 | -€1.2m | -22.8% |
| Equity | 10/15 | €3,534,717 | €2,604,706 | -€930,011 | -26.3% |
| Reserves | 13 | €3,534,717 | €2,604,706 | -€930,011 | -26.3% |
| Distributable reserves | 133 | €3,534,717 | €2,604,706 | -€930,011 | -26.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €156,291 | €0 | -€156,291 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €156,291 | €0 | -€156,291 | -100.0% |
| Other liabilities and charges | 164/5 | €156,291 | €0 | -€156,291 | -100.0% |
| Amounts payable | 17/49 | €1,499,838 | €1,401,879 | -€97,958 | -6.5% |
| Amounts payable after more than one year | 17 | €228,878 | €143,181 | -€85,696 | -37.4% |
| Financial debts | 170/4 | €221,378 | €135,681 | -€85,696 | -38.7% |
| Other amounts payable | 178/9 | €7,500 | €7,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,270,392 | €1,258,084 | -€12,308 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €252,625 | €241,109 | -€11,516 | -4.6% |
| Trade debts | 44 | €402,495 | €325,350 | -€77,145 | -19.2% |
| Suppliers | 440/4 | €402,495 | €325,350 | -€77,145 | -19.2% |
| Taxes, remuneration and social security | 45 | €261,387 | €271,119 | +€9,732 | +3.7% |
| Taxes | 450/3 | €71,477 | €53,616 | -€17,861 | -25.0% |
| Remuneration and social security | 454/9 | €189,911 | €217,503 | +€27,593 | +14.5% |
| Other amounts payable | 47/48 | €353,885 | €420,505 | +€66,620 | +18.8% |
| Accrued charges and deferred income | 492/3 | €568 | €614 | +€46 | +8.2% |
| Non-recurring operating income | 76A | - | €28,082 | +€28,082 | |
| Remuneration, social security and pensions | 62 | €2,776,527 | €2,928,472 | +€151,945 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €255,045 | €247,400 | -€7,645 | -3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€47,829 | -€47,829 | |
| Other operating charges | 640/8 | €21,397 | €21,423 | +€25 | +0.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €4,998,476 | €5,186,060 | +€187,584 | +3.8% |
| Operating profit (loss) | 9901 | €1,945,507 | €2,036,594 | +€91,087 | +4.7% |
| Financial income | 75/76B | €50,762 | €91,170 | +€40,407 | +79.6% |
| Recurring financial income | 75 | €28,385 | €91,170 | +€62,785 | +221.2% |
| Non-recurring financial income | 76B | €22,377 | €0 | -€22,377 | -100.0% |
| Financial charges | 65/66B | €35,005 | €99,108 | +€64,103 | +183.1% |
| Recurring financial charges | 65 | €35,005 | €30,179 | -€4,826 | -13.8% |
| Non-recurring financial charges | 66B | - | €68,929 | +€68,929 | |
| Profit (loss) for the period before taxes | 9903 | €1,961,265 | €2,028,656 | +€67,391 | +3.4% |
| Income taxes | 67/77 | €514,567 | €538,667 | +€24,099 | +4.7% |
| Profit (loss) for the period | 9904 | €1,446,697 | €1,489,989 | +€43,292 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,446,697 | €1,489,989 | +€43,292 | +3.0% |
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 10 October 2026 via checked.be.