BRANDERS: 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.
BRANDERS
Largest movements
- Cash -€48,517
down €48,517 (-62.4%), from €77,810 to €29,293
mainly Investment in fixed assets (net) (-€90,345) and Trade debts (-€59,453)
- Tangible fixed assets +€44,298
up €44,298 (+18.5%), from €239,203 to €283,502
of which Other tangible fixed assets: +€79,906
- Stocks and contracts +€11,469
up €11,469 (+8.1%), from €141,378 to €152,847
- Receivables within one year -€11,466
down €11,466 (-6.0%), from €192,386 to €180,919
of which Trade receivables: -€8,754
- Short-term financial debts +€101,627
new in 2025: €101,627
- Trade debts -€59,453
down €59,453 (-56.3%), from €105,539 to €46,086
- Other debts -€43,408
down €43,408 (-61.7%), from €70,368 to €26,960
- Reserves +€33,093
up €33,093 (+16.1%), from €205,694 to €238,787
- Tax, wage and social debts -€15,482
down €15,482 (-88.4%), from €17,508 to €2,027
of which Remuneration and social security: -€15,482
- Gross operating margin -€34,566
down €34,566 (-19.2%), from €180,187 to €145,621
- Staff costs +€12,762
up €12,762 (+47.7%), from €26,780 to €39,542
- Taxes -€12,034
down €12,034 (-45.1%), from €26,666 to €14,633
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 | €653,064 | €653,323 | +€259 | 0.0% |
| Fixed assets | 21/28 | €239,203 | €283,502 | +€44,298 | +18.5% |
| Tangible fixed assets | 22/27 | €239,203 | €283,502 | +€44,298 | +18.5% |
| Land and buildings | 22 | €74,530 | €59,442 | -€15,088 | -20.2% |
| Plant, machinery and equipment | 23 | €134,628 | €117,603 | -€17,024 | -12.6% |
| Furniture and vehicles | 24 | €30,045 | €26,550 | -€3,496 | -11.6% |
| Other tangible fixed assets | 26 | - | €79,906 | +€79,906 | |
| Current assets | 29/58 | €413,861 | €369,821 | -€44,039 | -10.6% |
| Stocks and contracts in progress | 3 | €141,378 | €152,847 | +€11,469 | +8.1% |
| Stocks | 30/36 | €141,378 | €152,847 | +€11,469 | +8.1% |
| Amounts receivable within one year | 40/41 | €192,386 | €180,919 | -€11,466 | -6.0% |
| Trade receivables | 40 | €80,668 | €71,914 | -€8,754 | -10.9% |
| Other amounts receivable | 41 | €111,718 | €109,005 | -€2,712 | -2.4% |
| Cash at bank and in hand | 54/58 | €77,810 | €29,293 | -€48,517 | -62.4% |
| Deferred charges and accrued income | 490/1 | €2,287 | €6,762 | +€4,475 | +196% |
| Total equity and liabilities | 10/49 | €653,064 | €653,323 | +€259 | 0.0% |
| Equity | 10/15 | €211,994 | €244,987 | +€32,993 | +15.6% |
| Contributions | 10/11 | €6,300 | €6,200 | -€100 | -1.6% |
| Reserves | 13 | €205,694 | €238,787 | +€33,093 | +16.1% |
| Distributable reserves | 133 | €205,694 | €238,787 | +€33,093 | +16.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €441,070 | €408,336 | -€32,734 | -7.4% |
| Amounts payable after more than one year | 17 | €170,637 | €165,537 | -€5,100 | -3.0% |
| Financial debts | 170/4 | €170,637 | €165,537 | -€5,100 | -3.0% |
| Amounts payable within one year | 42/48 | €270,433 | €242,799 | -€27,634 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €77,017 | €66,099 | -€10,918 | -14.2% |
| Financial debts | 43 | - | €101,627 | +€101,627 | |
| Credit institutions | 430/8 | - | €101,627 | +€101,627 | |
| Trade debts | 44 | €105,539 | €46,086 | -€59,453 | -56.3% |
| Suppliers | 440/4 | €105,539 | €46,086 | -€59,453 | -56.3% |
| Taxes, remuneration and social security | 45 | €17,508 | €2,027 | -€15,482 | -88.4% |
| Taxes | 450/3 | - | €0 | = | |
| Remuneration and social security | 454/9 | €17,508 | €2,027 | -€15,482 | -88.4% |
| Other amounts payable | 47/48 | €70,368 | €26,960 | -€43,408 | -61.7% |
| Non-recurring operating income | 76A | - | €17,794 | +€17,794 | |
| Remuneration, social security and pensions | 62 | €26,780 | €39,542 | +€12,762 | +47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,055 | €46,047 | -€1,008 | -2.1% |
| Other operating charges | 640/8 | €2,986 | €2,703 | -€283 | -9.5% |
| Gross operating margin | 9900 | €180,187 | €145,621 | -€34,566 | -19.2% |
| Operating profit (loss) | 9901 | €103,366 | €57,329 | -€46,036 | -44.5% |
| Financial income | 75/76B | €10 | €763 | +€753 | +7,352% |
| Recurring financial income | 75 | €10 | €763 | +€753 | +7,352% |
| Financial charges | 65/66B | €11,453 | €10,467 | -€986 | -8.6% |
| Recurring financial charges | 65 | €11,453 | €10,467 | -€986 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €91,923 | €47,625 | -€44,297 | -48.2% |
| Income taxes | 67/77 | €26,666 | €14,633 | -€12,034 | -45.1% |
| Profit (loss) for the period | 9904 | €65,256 | €32,993 | -€32,263 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €65,256 | €32,993 | -€32,263 | -49.4% |
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 26 October 2026 via checked.be.