BRACKETS: 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.
BRACKETS
Largest movements
- Deferred charges and accrued income +€14,444
up €14,444 (+349.5%), from €4,133 to €18,577
- Cash +€13,337
up €13,337 (+25.3%), from €52,747 to €66,084
mainly Net result for the year (+€30,820) and Other debts (+€16,427)
- Tangible fixed assets +€8,148
up €8,148 (+112.2%), from €7,263 to €15,411
of which Assets under construction and advance payments: +€11,700
- Receivables within one year -€4,801
down €4,801 (-39.5%), from €12,149 to €7,347
of which Trade receivables: -€4,711
- Other debts +€16,427
up €16,427 (+1945.6%), from €844 to €17,271
- Reserves +€13,500
up €13,500 (+24.8%), from €54,360 to €67,860
- Tax, wage and social debts -€3,373
down €3,373 (-27.5%), from €12,279 to €8,906
- Short-term financial debts +€2,550
up €2,550 (+3736.8%), from €68 to €2,618
of which Other loans: +€2,550
- Gross operating margin +€19,736
up €19,736 (+66.6%), from €29,640 to €49,375
- Taxes +€5,032
up €5,032 (+68.6%), from €7,333 to €12,366
- Financial charges +€1,351
up €1,351 (+204.5%), from €661 to €2,011
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 | €76,597 | €107,424 | +€30,827 | +40.2% |
| Fixed assets | 21/28 | €7,568 | €15,416 | +€7,848 | +103.7% |
| Tangible fixed assets | 22/27 | €7,263 | €15,411 | +€8,148 | +112.2% |
| Plant, machinery and equipment | 23 | €1,814 | €1,436 | -€378 | -20.8% |
| Furniture and vehicles | 24 | €5,450 | €2,275 | -€3,174 | -58.2% |
| Assets under construction and advance payments | 27 | - | €11,700 | +€11,700 | |
| Financial fixed assets | 28 | €305 | €5 | -€300 | -98.4% |
| Current assets | 29/58 | €69,029 | €92,008 | +€22,979 | +33.3% |
| Amounts receivable within one year | 40/41 | €12,149 | €7,347 | -€4,801 | -39.5% |
| Trade receivables | 40 | €12,058 | €7,347 | -€4,711 | -39.1% |
| Other amounts receivable | 41 | €91 | €0 | -€91 | -100.0% |
| Cash at bank and in hand | 54/58 | €52,747 | €66,084 | +€13,337 | +25.3% |
| Deferred charges and accrued income | 490/1 | €4,133 | €18,577 | +€14,444 | +349.5% |
| Total equity and liabilities | 10/49 | €76,597 | €107,424 | +€30,827 | +40.2% |
| Equity | 10/15 | €60,991 | €75,311 | +€14,320 | +23.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €54,360 | €67,860 | +€13,500 | +24.8% |
| Distributable reserves | 133 | €54,360 | €67,860 | +€13,500 | +24.8% |
| Profit (loss) carried forward | 14 | €431 | €1,251 | +€820 | +190.1% |
| Amounts payable | 17/49 | €15,606 | €32,113 | +€16,507 | +105.8% |
| Amounts payable within one year | 42/48 | €15,593 | €32,079 | +€16,487 | +105.7% |
| Financial debts | 43 | €68 | €2,618 | +€2,550 | +3736.8% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €68 | €2,618 | +€2,550 | +3736.8% |
| Trade debts | 44 | €2,401 | €3,284 | +€882 | +36.7% |
| Suppliers | 440/4 | €2,401 | €3,284 | +€882 | +36.7% |
| Taxes, remuneration and social security | 45 | €12,279 | €8,906 | -€3,373 | -27.5% |
| Taxes | 450/3 | €12,279 | €8,906 | -€3,373 | -27.5% |
| Other amounts payable | 47/48 | €844 | €17,271 | +€16,427 | +1945.6% |
| Accrued charges and deferred income | 492/3 | €13 | €33 | +€20 | +147.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,173 | €3,552 | +€379 | +11.9% |
| Other operating charges | 640/8 | €691 | €626 | -€65 | -9.4% |
| Gross operating margin | 9900 | €29,640 | €49,375 | +€19,736 | +66.6% |
| Operating profit (loss) | 9901 | €25,775 | €45,197 | +€19,421 | +75.3% |
| Financial charges | 65/66B | €661 | €2,011 | +€1,351 | +204.5% |
| Recurring financial charges | 65 | €661 | €2,011 | +€1,351 | +204.5% |
| Profit (loss) for the period before taxes | 9903 | €25,115 | €43,185 | +€18,071 | +72.0% |
| Income taxes | 67/77 | €7,333 | €12,366 | +€5,032 | +68.6% |
| Profit (loss) for the period | 9904 | €17,781 | €30,820 | +€13,038 | +73.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,781 | €30,820 | +€13,038 | +73.3% |
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 6 October 2026 via checked.be.