BOUDEWIJN BRANS: 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.
BOUDEWIJN BRANS
Largest movements
- Receivables within one year +€200,996
up €200,996 (+273%), from €73,630 to €274,625
of which Other amounts receivable: +€200,256
- Cash -€49,656
down €49,656 (-24.4%), from €203,380 to €153,724
mainly Receivables within one year (-€200,996)
- Reserves +€134,208
up €134,208 (+53.0%), from €253,296 to €387,504
- Tax, wage and social debts +€13,421
up €13,421 (+159%), from €8,418 to €21,839
- Financial income +€53,196
up €53,196 (+48.3%), from €110,088 to €163,284
- Taxes +€5,003
up €5,003 (+59.4%), from €8,418 to €13,421
- Gross operating margin +€1,890
up €1,890 (+11.2%), from -€16,899 to -€15,009
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 | €280,314 | €428,349 | +€148,035 | +52.8% |
| Fixed assets | 21/28 | €1 | €0 | -€1 | -100% |
| Financial fixed assets | 28 | €1 | €0 | -€1 | -100% |
| Current assets | 29/58 | €280,313 | €428,349 | +€148,036 | +52.8% |
| Stocks and contracts in progress | 3 | €3,303 | €0 | -€3,303 | -100% |
| Stocks | 30/36 | €3,303 | €0 | -€3,303 | -100% |
| Amounts receivable within one year | 40/41 | €73,630 | €274,625 | +€200,996 | +273% |
| Trade receivables | 40 | - | €739 | +€739 | |
| Other amounts receivable | 41 | €73,630 | €273,886 | +€200,256 | +272% |
| Cash at bank and in hand | 54/58 | €203,380 | €153,724 | -€49,656 | -24.4% |
| Total equity and liabilities | 10/49 | €280,314 | €428,349 | +€148,035 | +52.8% |
| Equity | 10/15 | €271,896 | €406,104 | +€134,208 | +49.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €253,296 | €387,504 | +€134,208 | +53.0% |
| Distributable reserves | 133 | €253,296 | €387,504 | +€134,208 | +53.0% |
| Amounts payable | 17/49 | €8,418 | €22,246 | +€13,828 | +164% |
| Amounts payable within one year | 42/48 | €8,418 | €22,246 | +€13,828 | +164% |
| Financial debts | 43 | - | €407 | +€407 | |
| Credit institutions | 430/8 | - | €407 | +€407 | |
| Taxes, remuneration and social security | 45 | €8,418 | €21,839 | +€13,421 | +159% |
| Taxes | 450/3 | €8,418 | €21,839 | +€13,421 | +159% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Other operating charges | 640/8 | €508 | €462 | -€46 | -9.0% |
| Gross operating margin | 9900 | -€16,899 | -€15,009 | +€1,890 | +11.2% |
| Operating profit (loss) | 9901 | -€17,407 | -€15,471 | +€1,936 | +11.1% |
| Financial income | 75/76B | €110,088 | €163,284 | +€53,196 | +48.3% |
| Recurring financial income | 75 | €110,088 | €163,284 | +€53,196 | +48.3% |
| Financial charges | 65/66B | €83 | €185 | +€102 | +123% |
| Recurring financial charges | 65 | €83 | €185 | +€102 | +123% |
| Profit (loss) for the period before taxes | 9903 | €92,599 | €147,628 | +€55,030 | +59.4% |
| Income taxes | 67/77 | €8,418 | €13,421 | +€5,003 | +59.4% |
| Profit (loss) for the period | 9904 | €84,181 | €134,208 | +€50,027 | +59.4% |
| Profit (loss) for the period to be appropriated | 9905 | €84,181 | €134,208 | +€50,027 | +59.4% |
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 19 October 2026 via checked.be.