Bram Demunter: 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 Demunter
Largest movements
- Cash +€32,553
up €32,553 (+15.8%), from €205,607 to €238,160
mainly Net result for the year (+€134,656) and Trade debts (+€35,509)
- Receivables within one year +€29,407
up €29,407 (+40.1%), from €73,307 to €102,714
of which Trade receivables: +€28,179
- Tangible fixed assets +€28,823
up €28,823 (+11.0%), from €261,081 to €289,904
of which Land and buildings: +€29,753
- Deferred charges and accrued income +€9,600
up €9,600 (+1,166%), from €823 to €10,423
- Profit (loss) carried forward +€134,656
up €134,656 (+2,835%), from €4,749 to €139,405
- Trade debts +€35,509
up €35,509 (+848%), from €4,186 to €39,695
- Accrued charges and deferred income -€34,169
down €34,169 (-98.7%), from €34,614 to €445
- Tax, wage and social debts -€26,033
down €26,033 (-66.2%), from €39,315 to €13,282
of which Taxes: -€28,053
- Debts after one year -€8,206
down €8,206 (-6.3%), from €130,882 to €122,676
- Gross operating margin -€21,522
down €21,522 (-9.7%), from €221,785 to €200,262
- Taxes -€14,862
down €14,862 (-27.3%), from €54,351 to €39,488
- Depreciation -€9,287
down €9,287 (-35.0%), from €26,565 to €17,277
- Other operating charges +€2,495
up €2,495 (+82.8%), from €3,013 to €5,508
- Financial income +€2,417
up €2,417 (+8,182%), from €30 to €2,446
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 | €540,818 | €641,201 | +€100,383 | +18.6% |
| Fixed assets | 21/28 | €261,081 | €289,904 | +€28,823 | +11.0% |
| Tangible fixed assets | 22/27 | €261,081 | €289,904 | +€28,823 | +11.0% |
| Land and buildings | 22 | €258,296 | €288,048 | +€29,753 | +11.5% |
| Furniture and vehicles | 24 | €2,785 | €1,856 | -€929 | -33.4% |
| Current assets | 29/58 | €279,737 | €351,297 | +€71,560 | +25.6% |
| Amounts receivable within one year | 40/41 | €73,307 | €102,714 | +€29,407 | +40.1% |
| Trade receivables | 40 | €71,762 | €99,941 | +€28,179 | +39.3% |
| Other amounts receivable | 41 | €1,545 | €2,773 | +€1,229 | +79.6% |
| Cash at bank and in hand | 54/58 | €205,607 | €238,160 | +€32,553 | +15.8% |
| Deferred charges and accrued income | 490/1 | €823 | €10,423 | +€9,600 | +1,166% |
| Total equity and liabilities | 10/49 | €540,818 | €641,201 | +€100,383 | +18.6% |
| Equity | 10/15 | €214,602 | €349,257 | +€134,656 | +62.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €189,852 | €189,852 | = | 0.0% |
| Distributable reserves | 133 | €189,852 | €189,852 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,749 | €139,405 | +€134,656 | +2,835% |
| Amounts payable | 17/49 | €326,216 | €291,944 | -€34,272 | -10.5% |
| Amounts payable after more than one year | 17 | €130,882 | €122,676 | -€8,206 | -6.3% |
| Financial debts | 170/4 | €130,882 | €122,676 | -€8,206 | -6.3% |
| Amounts payable within one year | 42/48 | €160,720 | €168,823 | +€8,103 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €7,880 | €8,875 | +€995 | +12.6% |
| Trade debts | 44 | €4,186 | €39,695 | +€35,509 | +848% |
| Suppliers | 440/4 | €4,186 | €39,695 | +€35,509 | +848% |
| Taxes, remuneration and social security | 45 | €39,315 | €13,282 | -€26,033 | -66.2% |
| Taxes | 450/3 | €39,315 | €11,262 | -€28,053 | -71.4% |
| Remuneration and social security | 454/9 | - | €2,020 | +€2,020 | |
| Other amounts payable | 47/48 | €109,338 | €106,971 | -€2,368 | -2.2% |
| Accrued charges and deferred income | 492/3 | €34,614 | €445 | -€34,169 | -98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,565 | €17,277 | -€9,287 | -35.0% |
| Other operating charges | 640/8 | €3,013 | €5,508 | +€2,495 | +82.8% |
| Gross operating margin | 9900 | €221,785 | €200,262 | -€21,522 | -9.7% |
| Operating profit (loss) | 9901 | €192,207 | €177,477 | -€14,730 | -7.7% |
| Financial income | 75/76B | €30 | €2,446 | +€2,417 | +8,182% |
| Recurring financial income | 75 | €30 | €2,446 | +€2,417 | +8,182% |
| Financial charges | 65/66B | €5,864 | €5,780 | -€84 | -1.4% |
| Recurring financial charges | 65 | €5,864 | €5,780 | -€84 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €186,373 | €174,144 | -€12,229 | -6.6% |
| Income taxes | 67/77 | €54,351 | €39,488 | -€14,862 | -27.3% |
| Profit (loss) for the period | 9904 | €132,022 | €134,656 | +€2,633 | +2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €132,022 | €134,656 | +€2,633 | +2.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.