Brandt: what changed
What changed
Brandt
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€13,225
2024 · €274+€12,951
Equity
€992,097
2024 · €978,871+€13,225
Cash
€145,428
2024 · €104,560+€40,868
Balance sheet total
€1.9m
2024 · €2.1m-€171,389
Largest movements
Assets
- Tangible fixed assets -€194,759
down €194,759 (-12.4%), from €1.6m to €1.4m
- Cash +€40,868
up €40,868 (+39.1%), from €104,560 to €145,428
mainly Depreciation (+€200,326) and Tax, wage and social debts (+€27,721)
Equity and liabilities
- Debts after one year -€85,540
down €85,540 (-16.1%), from €530,877 to €445,336
- Trade debts -€57,740
down €57,740 (-89.6%), from €64,430 to €6,691
- Other debts -€34,789
down €34,789 (-19.7%), from €176,806 to €142,018
- Provisions -€30,951
down €30,951 (-16.6%), from €186,698 to €155,746
- Tax, wage and social debts +€27,721
up €27,721 (+47.3%), from €58,562 to €86,283
of which Taxes: +€30,454
Income statement
- Gross operating margin +€55,690
up €55,690 (+24.3%), from €229,555 to €285,244
- Depreciation +€42,401
up €42,401 (+26.8%), from €157,925 to €200,326
- Staff costs -€19,176
down €19,176 (-53.3%), from €36,004 to €16,828
- Financial charges +€9,524
up €9,524 (+97.9%), from €9,733 to €19,257
- Taxes +€9,254
up €9,254 (+25.6%), from €36,158 to €45,412
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€274
Gross operating margin
+€55,690
Staff costs
+€19,176
Depreciation
-€42,401
Write-downs
-€5,674
Other operating charges
+€4,736
Financial income
+€202
Financial charges
-€9,524
Taxes
-€9,254
Result 2025
€13,225
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€142,391
Investment
-€5,567
Financing
-€95,956
Cash 2024
€104,560
From operations (derived)
+€142,391
Net result for the year
+€13,225
Depreciation
+€200,326
Stocks and contracts
+€10,456
Receivables within one year
+€7,065
Deferred charges and accrued income
-€23
Provisions
-€30,951
Trade debts
-€57,740
Tax, wage and social debts
+€27,721
Advances received
+€756
Other debts
-€34,789
Accrued charges and deferred income
+€6,345
Investment (derived)
-€5,567
Investment in fixed assets (net)
-€5,567
Financing
-€95,956
Debts after one year
-€85,540
Current portion of long-term debt
-€10,416
Cash 2025
€145,428
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,092,951 | €1,921,563 | -€171,389 | -8.2% |
| Fixed assets | 21/28 | €1,573,586 | €1,378,827 | -€194,759 | -12.4% |
| Tangible fixed assets | 22/27 | €1,568,297 | €1,373,538 | -€194,759 | -12.4% |
| Land and buildings | 22 | €1,175,955 | €1,100,584 | -€75,371 | -6.4% |
| Plant, machinery and equipment | 23 | €189,544 | €129,172 | -€60,372 | -31.9% |
| Furniture and vehicles | 24 | €23,728 | €12,862 | -€10,866 | -45.8% |
| Leasing and similar rights | 25 | €179,069 | €130,920 | -€48,150 | -26.9% |
| Financial fixed assets | 28 | €5,289 | €5,289 | = | 0.0% |
| Current assets | 29/58 | €519,366 | €542,736 | +€23,370 | +4.5% |
| Stocks and contracts in progress | 3 | €284,814 | €274,358 | -€10,456 | -3.7% |
| Stocks | 30/36 | €284,814 | €274,358 | -€10,456 | -3.7% |
| Amounts receivable within one year | 40/41 | €129,161 | €122,096 | -€7,065 | -5.5% |
| Trade receivables | 40 | €125,745 | €121,573 | -€4,173 | -3.3% |
| Other amounts receivable | 41 | €3,416 | €523 | -€2,893 | -84.7% |
| Cash at bank and in hand | 54/58 | €104,560 | €145,428 | +€40,868 | +39.1% |
| Deferred charges and accrued income | 490/1 | €831 | €855 | +€23 | +2.8% |
| Total equity and liabilities | 10/49 | €2,092,951 | €1,921,563 | -€171,389 | -8.2% |
| Equity | 10/15 | €978,871 | €992,097 | +€13,225 | +1.4% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €835,646 | €848,872 | +€13,225 | +1.6% |
| Tax-exempt reserves | 132 | €560,093 | €467,239 | -€92,854 | -16.6% |
| Distributable reserves | 133 | €275,554 | €381,633 | +€106,079 | +38.5% |
| Profit (loss) carried forward | 14 | €19,225 | €19,225 | = | 0.0% |
| Provisions and deferred taxes | 16 | €186,698 | €155,746 | -€30,951 | -16.6% |
| Deferred taxes | 168 | €186,698 | €155,746 | -€30,951 | -16.6% |
| Amounts payable | 17/49 | €927,383 | €773,720 | -€153,663 | -16.6% |
| Amounts payable after more than one year | 17 | €530,877 | €445,336 | -€85,540 | -16.1% |
| Financial debts | 170/4 | €530,877 | €445,336 | -€85,540 | -16.1% |
| Amounts payable within one year | 42/48 | €396,506 | €322,039 | -€74,467 | -18.8% |
| Current portion of amounts payable after more than one year | 42 | €96,707 | €86,291 | -€10,416 | -10.8% |
| Trade debts | 44 | €64,430 | €6,691 | -€57,740 | -89.6% |
| Suppliers | 440/4 | €64,430 | €6,691 | -€57,740 | -89.6% |
| Advances received on contracts in progress | 46 | - | €756 | +€756 | |
| Taxes, remuneration and social security | 45 | €58,562 | €86,283 | +€27,721 | +47.3% |
| Taxes | 450/3 | €44,566 | €75,020 | +€30,454 | +68.3% |
| Remuneration and social security | 454/9 | €13,996 | €11,263 | -€2,732 | -19.5% |
| Other amounts payable | 47/48 | €176,806 | €142,018 | -€34,789 | -19.7% |
| Accrued charges and deferred income | 492/3 | - | €6,345 | +€6,345 | |
| Remuneration, social security and pensions | 62 | €36,004 | €16,828 | -€19,176 | -53.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,925 | €200,326 | +€42,401 | +26.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,122 | €4,551 | +€5,674 | |
| Other operating charges | 640/8 | €22,071 | €17,335 | -€4,736 | -21.5% |
| Gross operating margin | 9900 | €229,555 | €285,244 | +€55,690 | +24.3% |
| Operating profit (loss) | 9901 | €14,677 | €46,204 | +€31,527 | +215% |
| Financial income | 75/76B | €537 | €739 | +€202 | +37.6% |
| Recurring financial income | 75 | €537 | €739 | +€202 | +37.6% |
| Financial charges | 65/66B | €9,733 | €19,257 | +€9,524 | +97.9% |
| Recurring financial charges | 65 | €9,733 | €19,257 | +€9,524 | +97.9% |
| Profit (loss) for the period before taxes | 9903 | €5,481 | €27,686 | +€22,205 | +405% |
| Transfer from deferred taxes | 780 | €30,951 | €30,951 | -€0 | 0.0% |
| Income taxes | 67/77 | €36,158 | €45,412 | +€9,254 | +25.6% |
| Profit (loss) for the period | 9904 | €274 | €13,225 | +€12,951 | +4,719% |
| Transfer from tax-exempt reserves | 789 | €92,854 | €92,854 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,128 | €106,079 | +€12,951 | +13.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.