Bram De Schouwer: 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.
Bram De Schouwer
Largest movements
- Receivables after one year +€60,500
up €60,500 (+17.0%), from €355,000 to €415,500
- Receivables within one year +€43,620
up €43,620 (+28.2%), from €154,872 to €198,491
of which Trade receivables: +€39,874
- Cash -€12,479
down €12,479 (-8.0%), from €155,304 to €142,825
mainly Contributions, distributions and other (-€120,938) and Receivables after one year (-€60,500)
- Short-term financial debts +€79,558
up €79,558 (+22.1%), from €359,208 to €438,767
- Other debts +€61,402
up €61,402 (+86.3%), from €71,135 to €132,536
- Debts after one year -€37,461
down €37,461 (-17.8%), from €210,910 to €173,449
of which Other amounts payable: -€29,980
- Trade debts -€11,559
down €11,559 (-80.6%), from €14,346 to €2,786
- Gross operating margin +€43,150
up €43,150 (+19.8%), from €218,476 to €261,626
- Other operating charges +€17,652
up €17,652 (+35.1%), from €50,280 to €67,932
- Taxes +€6,856
up €6,856 (+19.6%), from €34,930 to €41,787
- Financial charges +€4,857
up €4,857 (+23.1%), from €21,048 to €25,906
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 | €802,862 | €895,675 | +€92,814 | +11.6% |
| Fixed assets | 21/28 | €115,257 | €113,240 | -€2,017 | -1.8% |
| Tangible fixed assets | 22/27 | €114,957 | €112,940 | -€2,017 | -1.8% |
| Land and buildings | 22 | €102,595 | €95,710 | -€6,885 | -6.7% |
| Plant, machinery and equipment | 23 | €5,886 | €7,662 | +€1,776 | +30.2% |
| Furniture and vehicles | 24 | €6,477 | €9,568 | +€3,091 | +47.7% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €687,605 | €782,436 | +€94,831 | +13.8% |
| Amounts receivable after more than one year | 29 | €355,000 | €415,500 | +€60,500 | +17.0% |
| Other amounts receivable | 291 | €355,000 | €415,500 | +€60,500 | +17.0% |
| Amounts receivable within one year | 40/41 | €154,872 | €198,491 | +€43,620 | +28.2% |
| Trade receivables | 40 | €147,326 | €187,200 | +€39,874 | +27.1% |
| Other amounts receivable | 41 | €7,546 | €11,291 | +€3,746 | +49.6% |
| Cash at bank and in hand | 54/58 | €155,304 | €142,825 | -€12,479 | -8.0% |
| Deferred charges and accrued income | 490/1 | €22,429 | €25,620 | +€3,191 | +14.2% |
| Total equity and liabilities | 10/49 | €802,862 | €895,675 | +€92,814 | +11.6% |
| Equity | 10/15 | €15,000 | €15,000 | = | 0.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable | 17/49 | €787,862 | €880,675 | +€92,814 | +11.8% |
| Amounts payable after more than one year | 17 | €210,910 | €173,449 | -€37,461 | -17.8% |
| Financial debts | 170/4 | €43,589 | €36,108 | -€7,481 | -17.2% |
| Other amounts payable | 178/9 | €167,321 | €137,341 | -€29,980 | -17.9% |
| Amounts payable within one year | 42/48 | €564,882 | €694,683 | +€129,801 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €36,507 | €37,461 | +€954 | +2.6% |
| Financial debts | 43 | €359,208 | €438,767 | +€79,558 | +22.1% |
| Other loans | 439 | €359,208 | €438,767 | +€79,558 | +22.1% |
| Trade debts | 44 | €14,346 | €2,786 | -€11,559 | -80.6% |
| Suppliers | 440/4 | €14,346 | €2,786 | -€11,559 | -80.6% |
| Taxes, remuneration and social security | 45 | €83,686 | €83,132 | -€554 | -0.7% |
| Taxes | 450/3 | €83,686 | €83,132 | -€554 | -0.7% |
| Other amounts payable | 47/48 | €71,135 | €132,536 | +€61,402 | +86.3% |
| Accrued charges and deferred income | 492/3 | €12,069 | €12,543 | +€474 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,545 | €13,950 | +€2,405 | +20.8% |
| Other operating charges | 640/8 | €50,280 | €67,932 | +€17,652 | +35.1% |
| Gross operating margin | 9900 | €218,476 | €261,626 | +€43,150 | +19.8% |
| Operating profit (loss) | 9901 | €156,651 | €179,744 | +€23,094 | +14.7% |
| Financial income | 75/76B | €7,457 | €8,886 | +€1,429 | +19.2% |
| Recurring financial income | 75 | €7,457 | €8,886 | +€1,429 | +19.2% |
| Financial charges | 65/66B | €21,048 | €25,906 | +€4,857 | +23.1% |
| Recurring financial charges | 65 | €21,048 | €25,906 | +€4,857 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €143,059 | €162,725 | +€19,665 | +13.7% |
| Income taxes | 67/77 | €34,930 | €41,787 | +€6,856 | +19.6% |
| Profit (loss) for the period | 9904 | €108,129 | €120,938 | +€12,809 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €108,129 | €120,938 | +€12,809 | +11.8% |
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 28 October 2026 via checked.be.