BRANDT: 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.
BRANDT
Largest movements
- Cash +€73,447
up €73,447 (+2,013%), from €3,649 to €77,096
mainly Net result for the year (+€77,382) and Short-term financial debts (+€70,000)
- Tangible fixed assets +€63,471
up €63,471 (+131%), from €48,319 to €111,790
of which Leasing and similar rights: +€75,190
- Receivables within one year +€17,203
up €17,203 (+5.7%), from €302,141 to €319,344
of which Other amounts receivable: +€49,763
- Deferred charges and accrued income +€10,633
up €10,633 (+1,217%), from €874 to €11,507
- Profit (loss) carried forward +€77,382
up €77,382 (+44.2%), from €175,182 to €252,564
- Short-term financial debts +€70,000
up €70,000 (+140%), from €50,000 to €120,000
- Debts after one year +€48,977
new in 2025: €48,977
- Trade debts -€44,447
down €44,447 (-39.0%), from €113,856 to €69,409
- Current portion of long-term debt +€22,493
new in 2025: €22,493
- Staff costs -€54,395
down €54,395 (-20.4%), from €267,008 to €212,613
- Depreciation +€11,170
up €11,170 (+79.2%), from €14,110 to €25,280
- Taxes +€6,347
up €6,347 (+49.5%), from €12,831 to €19,178
- Gross operating margin -€4,583
down €4,583 (-1.3%), from €355,949 to €351,365
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 | €359,606 | €523,289 | +€163,683 | +45.5% |
| Fixed assets | 21/28 | €52,943 | €115,342 | +€62,400 | +118% |
| Intangible fixed assets | 21 | €4,623 | €3,552 | -€1,071 | -23.2% |
| Tangible fixed assets | 22/27 | €48,319 | €111,790 | +€63,471 | +131% |
| Plant, machinery and equipment | 23 | €22,163 | €20,623 | -€1,539 | -6.9% |
| Furniture and vehicles | 24 | €26,156 | €15,976 | -€10,180 | -38.9% |
| Leasing and similar rights | 25 | - | €75,190 | +€75,190 | |
| Current assets | 29/58 | €306,664 | €407,947 | +€101,283 | +33.0% |
| Amounts receivable within one year | 40/41 | €302,141 | €319,344 | +€17,203 | +5.7% |
| Trade receivables | 40 | €260,415 | €227,855 | -€32,560 | -12.5% |
| Other amounts receivable | 41 | €41,726 | €91,489 | +€49,763 | +119% |
| Cash at bank and in hand | 54/58 | €3,649 | €77,096 | +€73,447 | +2,013% |
| Deferred charges and accrued income | 490/1 | €874 | €11,507 | +€10,633 | +1,217% |
| Total equity and liabilities | 10/49 | €359,606 | €523,289 | +€163,683 | +45.5% |
| Equity | 10/15 | €176,182 | €253,564 | +€77,382 | +43.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €175,182 | €252,564 | +€77,382 | +44.2% |
| Amounts payable | 17/49 | €183,425 | €269,726 | +€86,301 | +47.1% |
| Amounts payable after more than one year | 17 | - | €48,977 | +€48,977 | |
| Financial debts | 170/4 | - | €48,977 | +€48,977 | |
| Amounts payable within one year | 42/48 | €183,425 | €220,749 | +€37,324 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | - | €22,493 | +€22,493 | |
| Financial debts | 43 | €50,000 | €120,000 | +€70,000 | +140% |
| Credit institutions | 430/8 | €50,000 | €120,000 | +€70,000 | +140% |
| Trade debts | 44 | €113,856 | €69,409 | -€44,447 | -39.0% |
| Suppliers | 440/4 | €113,856 | €69,409 | -€44,447 | -39.0% |
| Taxes, remuneration and social security | 45 | €19,569 | €8,848 | -€10,721 | -54.8% |
| Taxes | 450/3 | €4,411 | €1,655 | -€2,756 | -62.5% |
| Remuneration and social security | 454/9 | €15,158 | €7,193 | -€7,965 | -52.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €267,008 | €212,613 | -€54,395 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,110 | €25,280 | +€11,170 | +79.2% |
| Other operating charges | 640/8 | €6,678 | €8,390 | +€1,712 | +25.6% |
| Gross operating margin | 9900 | €355,949 | €351,365 | -€4,583 | -1.3% |
| Operating profit (loss) | 9901 | €68,153 | €105,083 | +€36,930 | +54.2% |
| Financial income | 75/76B | €1,260 | €1,900 | +€640 | +50.8% |
| Recurring financial income | 75 | €1,260 | €1,900 | +€640 | +50.8% |
| Financial charges | 65/66B | €10,738 | €10,424 | -€315 | -2.9% |
| Recurring financial charges | 65 | €10,738 | €10,424 | -€315 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €58,675 | €96,560 | +€37,885 | +64.6% |
| Income taxes | 67/77 | €12,831 | €19,178 | +€6,347 | +49.5% |
| Profit (loss) for the period | 9904 | €45,844 | €77,382 | +€31,538 | +68.8% |
| Profit (loss) for the period to be appropriated | 9905 | €45,844 | €77,382 | +€31,538 | +68.8% |
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 20 October 2026 via checked.be.