BRAHM STEEN: 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.
BRAHM STEEN
Largest movements
- Tangible fixed assets +€253,171
up €253,171 (+25.5%), from €994,677 to €1.2m
of which Land and buildings: +€196,371
- Cash -€82,257
down €82,257 (-85.5%), from €96,251 to €13,994
mainly Investment in fixed assets (net) (-€344,442) and Contributions, distributions and other (-€168,000)
- Receivables within one year +€27,870
up €27,870 (+18.4%), from €151,604 to €179,474
of which Other amounts receivable: +€25,026
- Debts after one year +€175,000
up €175,000 (+31.8%), from €550,000 to €725,000
- Other debts +€147,993
up €147,993 (+272%), from €54,433 to €202,426
- Reserves -€132,196
down €132,196 (-21.3%), from €621,409 to €489,213
of which Distributable reserves: -€130,189
- Gross operating margin +€111,622
up €111,622 (+163%), from €68,431 to €180,053
- Depreciation +€22,638
up €22,638 (+33.0%), from €68,632 to €91,270
- Taxes +€17,764
up €17,764 (+6,800%), from €261 to €18,025
- Financial charges -€12,250
down €12,250 (-28.0%), from €43,678 to €31,428
- Other operating charges +€2,711
up €2,711 (+171%), from €1,584 to €4,295
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 | €1,258,523 | €1,448,450 | +€189,927 | +15.1% |
| Fixed assets | 21/28 | €994,677 | €1,247,848 | +€253,171 | +25.5% |
| Tangible fixed assets | 22/27 | €994,677 | €1,247,848 | +€253,171 | +25.5% |
| Land and buildings | 22 | €925,111 | €1,121,482 | +€196,371 | +21.2% |
| Plant, machinery and equipment | 23 | €30,031 | €31,291 | +€1,260 | +4.2% |
| Furniture and vehicles | 24 | €39,535 | €95,075 | +€55,540 | +140% |
| Current assets | 29/58 | €263,846 | €200,602 | -€63,245 | -24.0% |
| Amounts receivable within one year | 40/41 | €151,604 | €179,474 | +€27,870 | +18.4% |
| Trade receivables | 40 | €15,017 | €17,860 | +€2,843 | +18.9% |
| Other amounts receivable | 41 | €136,587 | €161,614 | +€25,026 | +18.3% |
| Cash at bank and in hand | 54/58 | €96,251 | €13,994 | -€82,257 | -85.5% |
| Deferred charges and accrued income | 490/1 | €15,992 | €7,134 | -€8,857 | -55.4% |
| Total equity and liabilities | 10/49 | €1,258,523 | €1,448,450 | +€189,927 | +15.1% |
| Equity | 10/15 | €640,009 | €507,813 | -€132,196 | -20.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €621,409 | €489,213 | -€132,196 | -21.3% |
| Tax-exempt reserves | 132 | €53,874 | €51,867 | -€2,007 | -3.7% |
| Distributable reserves | 133 | €567,535 | €437,346 | -€130,189 | -22.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €8,781 | €8,279 | -€502 | -5.7% |
| Deferred taxes | 168 | €8,781 | €8,279 | -€502 | -5.7% |
| Amounts payable | 17/49 | €609,733 | €932,358 | +€322,625 | +52.9% |
| Amounts payable after more than one year | 17 | €550,000 | €725,000 | +€175,000 | +31.8% |
| Other amounts payable | 178/9 | €550,000 | €725,000 | +€175,000 | +31.8% |
| Amounts payable within one year | 42/48 | €59,733 | €207,358 | +€147,625 | +247% |
| Trade debts | 44 | €938 | €3,228 | +€2,291 | +244% |
| Suppliers | 440/4 | €938 | €3,228 | +€2,291 | +244% |
| Taxes, remuneration and social security | 45 | €4,362 | €1,703 | -€2,659 | -60.9% |
| Taxes | 450/3 | €4,362 | €1,703 | -€2,659 | -60.9% |
| Other amounts payable | 47/48 | €54,433 | €202,426 | +€147,993 | +272% |
| Non-recurring operating income | 76A | €1,671 | €0 | -€1,671 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,632 | €91,270 | +€22,638 | +33.0% |
| Other operating charges | 640/8 | €1,584 | €4,295 | +€2,711 | +171% |
| Non-recurring operating charges | 66A | €4,198 | €0 | -€4,198 | -100% |
| Gross operating margin | 9900 | €68,431 | €180,053 | +€111,622 | +163% |
| Operating profit (loss) | 9901 | -€5,982 | €84,487 | +€90,470 | |
| Financial income | 75/76B | €1,618 | €267 | -€1,351 | -83.5% |
| Recurring financial income | 75 | €1,618 | €267 | -€1,351 | -83.5% |
| Financial charges | 65/66B | €43,678 | €31,428 | -€12,250 | -28.0% |
| Recurring financial charges | 65 | €43,678 | €31,428 | -€12,250 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | -€48,042 | €53,327 | +€101,369 | |
| Transfer from deferred taxes | 780 | €502 | €502 | = | 0.0% |
| Income taxes | 67/77 | €261 | €18,025 | +€17,764 | +6,800% |
| Profit (loss) for the period | 9904 | -€47,802 | €35,804 | +€83,605 | |
| Transfer from tax-exempt reserves | 789 | €2,007 | €2,007 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,795 | €37,811 | +€83,605 |
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 31 October 2026 via checked.be.