BRANDS: 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.
BRANDS
Largest movements
- Tangible fixed assets +€132,787
up €132,787 (+3.1%), from €4.2m to €4.4m
- Cash -€98,321
down €98,321 (-42.2%), from €232,790 to €134,469
mainly Investment in fixed assets (net) (-€316,553) and Other debts (-€200,000)
- Profit (loss) carried forward +€200,715
up €200,715 (+415.8%), from €48,273 to €248,988
- Other debts -€200,000
down €200,000 (-17.1%), from €1.2m to €969,782
- Gross operating margin +€135,347
up €135,347 (+34.6%), from €391,572 to €526,919
- Taxes +€65,474
up €65,474 (+4576.3%), from €1,431 to €66,905
- Depreciation +€27,792
up €27,792 (+17.8%), from €155,975 to €183,766
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 | €4,464,898 | €4,512,406 | +€47,508 | +1.1% |
| Fixed assets | 21/28 | €4,228,886 | €4,361,672 | +€132,787 | +3.1% |
| Tangible fixed assets | 22/27 | €4,228,886 | €4,361,672 | +€132,787 | +3.1% |
| Land and buildings | 22 | €4,228,886 | €4,361,672 | +€132,787 | +3.1% |
| Current assets | 29/58 | €236,013 | €150,734 | -€85,279 | -36.1% |
| Amounts receivable within one year | 40/41 | - | €12,554 | +€12,554 | |
| Trade receivables | 40 | - | €9,341 | +€9,341 | |
| Other amounts receivable | 41 | - | €3,213 | +€3,213 | |
| Cash at bank and in hand | 54/58 | €232,790 | €134,469 | -€98,321 | -42.2% |
| Deferred charges and accrued income | 490/1 | €3,223 | €3,710 | +€487 | +15.1% |
| Total equity and liabilities | 10/49 | €4,464,898 | €4,512,406 | +€47,508 | +1.1% |
| Equity | 10/15 | €69,849 | €270,564 | +€200,715 | +287.4% |
| Contributions | 10/11 | €21,576 | €21,576 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,273 | €248,988 | +€200,715 | +415.8% |
| Amounts payable | 17/49 | €4,395,050 | €4,241,842 | -€153,207 | -3.5% |
| Amounts payable after more than one year | 17 | €2,915,683 | €2,927,796 | +€12,113 | +0.4% |
| Financial debts | 170/4 | €2,913,583 | €2,922,796 | +€9,213 | +0.3% |
| Other amounts payable | 178/9 | €2,100 | €5,000 | +€2,900 | +138.1% |
| Amounts payable within one year | 42/48 | €1,479,367 | €1,309,836 | -€169,531 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €289,930 | €331,985 | +€42,055 | +14.5% |
| Trade debts | 44 | €3,994 | €4,683 | +€689 | +17.3% |
| Suppliers | 440/4 | €3,994 | €4,683 | +€689 | +17.3% |
| Taxes, remuneration and social security | 45 | €15,661 | €3,386 | -€12,276 | -78.4% |
| Taxes | 450/3 | €15,661 | €3,386 | -€12,276 | -78.4% |
| Other amounts payable | 47/48 | €1,169,782 | €969,782 | -€200,000 | -17.1% |
| Accrued charges and deferred income | 492/3 | - | €4,210 | +€4,210 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,975 | €183,766 | +€27,792 | +17.8% |
| Other operating charges | 640/8 | €14,544 | €13,189 | -€1,355 | -9.3% |
| Gross operating margin | 9900 | €391,572 | €526,919 | +€135,347 | +34.6% |
| Operating profit (loss) | 9901 | €221,053 | €329,964 | +€108,910 | +49.3% |
| Financial income | 75/76B | - | €395 | +€395 | |
| Recurring financial income | 75 | - | €395 | +€395 | |
| Financial charges | 65/66B | €61,585 | €62,738 | +€1,153 | +1.9% |
| Recurring financial charges | 65 | €61,585 | €62,738 | +€1,153 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €159,468 | €267,620 | +€108,152 | +67.8% |
| Income taxes | 67/77 | €1,431 | €66,905 | +€65,474 | +4576.3% |
| Profit (loss) for the period | 9904 | €158,037 | €200,715 | +€42,678 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €158,037 | €200,715 | +€42,678 | +27.0% |
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 28 September 2026 via checked.be.