Bert Brouwers: 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.
Bert Brouwers
Largest movements
- Receivables within one year +€44,561
up €44,561 (+381.2%), from €11,690 to €56,251
of which Other amounts receivable: +€54,920
- Tangible fixed assets -€20,000
down €20,000 (-3.1%), from €636,370 to €616,370
- Cash +€18,863
up €18,863 (+228.4%), from €8,258 to €27,122
mainly Net result for the year (+€84,118) and Depreciation (+€20,000)
- Debts after one year -€51,704
down €51,704 (-6.1%), from €852,542 to €800,839
- Profit (loss) carried forward +€42,414
no longer reported in 2025 (was -€42,414)
- Reserves +€41,705
new in 2025: €41,705
- Gross operating margin +€101,619
up €101,619 (+298.2%), from €34,079 to €135,698
- Write-downs -€78,405
no longer reported in 2025 (was €78,405)
- Financial charges +€8,319
up €8,319 (+43.0%), from €19,344 to €27,663
- Depreciation +€6,370
up €6,370 (+46.7%), from €13,630 to €20,000
- Taxes +€1,449
new in 2025: €1,449
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 | €952,801 | €996,226 | +€43,425 | +4.6% |
| Fixed assets | 21/28 | €932,853 | €912,853 | -€20,000 | -2.1% |
| Tangible fixed assets | 22/27 | €636,370 | €616,370 | -€20,000 | -3.1% |
| Land and buildings | 22 | €636,370 | €616,370 | -€20,000 | -3.1% |
| Financial fixed assets | 28 | €296,483 | €296,483 | = | 0.0% |
| Current assets | 29/58 | €19,948 | €83,373 | +€63,425 | +317.9% |
| Amounts receivable within one year | 40/41 | €11,690 | €56,251 | +€44,561 | +381.2% |
| Trade receivables | 40 | €11,690 | €1,331 | -€10,359 | -88.6% |
| Other amounts receivable | 41 | - | €54,920 | +€54,920 | |
| Cash at bank and in hand | 54/58 | €8,258 | €27,122 | +€18,863 | +228.4% |
| Total equity and liabilities | 10/49 | €952,801 | €996,226 | +€43,425 | +4.6% |
| Equity | 10/15 | -€36,414 | €47,705 | +€84,118 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | - | €41,705 | +€41,705 | |
| Distributable reserves | 133 | - | €41,705 | +€41,705 | |
| Profit (loss) carried forward | 14 | -€42,414 | - | +€42,414 | |
| Amounts payable | 17/49 | €989,215 | €948,521 | -€40,694 | -4.1% |
| Amounts payable after more than one year | 17 | €852,542 | €800,839 | -€51,704 | -6.1% |
| Financial debts | 170/4 | €852,542 | €800,839 | -€51,704 | -6.1% |
| Amounts payable within one year | 42/48 | €136,672 | €147,682 | +€11,010 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €50,216 | €51,704 | +€1,488 | +3.0% |
| Financial debts | 43 | €1,400 | - | -€1,400 | |
| Credit institutions | 430/8 | €1,400 | - | -€1,400 | |
| Trade debts | 44 | €1,080 | €797 | -€284 | -26.3% |
| Suppliers | 440/4 | €1,080 | €797 | -€284 | -26.3% |
| Taxes, remuneration and social security | 45 | €5,693 | €9,451 | +€3,758 | +66.0% |
| Taxes | 450/3 | €5,693 | €9,451 | +€3,758 | +66.0% |
| Other amounts payable | 47/48 | €78,284 | €85,731 | +€7,448 | +9.5% |
| Non-recurring operating income | 76A | €10,000 | - | -€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,630 | €20,000 | +€6,370 | +46.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €78,405 | - | -€78,405 | |
| Other operating charges | 640/8 | €1,421 | €2,468 | +€1,047 | +73.7% |
| Gross operating margin | 9900 | €34,079 | €135,698 | +€101,619 | +298.2% |
| Operating profit (loss) | 9901 | -€59,377 | €113,230 | +€172,608 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €19,344 | €27,663 | +€8,319 | +43.0% |
| Recurring financial charges | 65 | €19,344 | €27,663 | +€8,319 | +43.0% |
| Profit (loss) for the period before taxes | 9903 | -€78,721 | €85,568 | +€164,289 | |
| Income taxes | 67/77 | - | €1,449 | +€1,449 | |
| Profit (loss) for the period | 9904 | -€78,721 | €84,118 | +€162,840 | |
| Profit (loss) for the period to be appropriated | 9905 | -€78,721 | €84,118 | +€162,840 |
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 9 October 2026 via checked.be.