BRASSEBEL: 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.
BRASSEBEL
Largest movements
- Cash +€120,490
up €120,490 (+16.6%), from €726,044 to €846,534
mainly Depreciation (+€221,549) and Tax, wage and social debts (+€86,721)
- Tangible fixed assets +€34,139
up €34,139 (+5.4%), from €634,828 to €668,967
of which Plant, machinery and equipment: +€45,254
- Receivables within one year -€21,638
down €21,638 (-8.1%), from €266,144 to €244,506
of which Trade receivables: -€11,363
- Tax, wage and social debts +€86,721
up €86,721 (+24.2%), from €358,513 to €445,235
of which Remuneration and social security: +€50,830
- Reserves +€68,072
up €68,072 (+15.6%), from €436,886 to €504,957
of which Distributable reserves: +€68,072
- Trade debts -€31,744
down €31,744 (-13.6%), from €232,819 to €201,075
- Staff costs +€97,598
up €97,598 (+4.2%), from €2.3m to €2.4m
- Gross operating margin +€70,916
up €70,916 (+2.6%), from €2.7m to €2.8m
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 | €2,032,238 | €2,147,637 | +€115,399 | +5.7% |
| Fixed assets | 21/28 | €665,049 | €696,063 | +€31,014 | +4.7% |
| Intangible fixed assets | 21 | €28,903 | €25,779 | -€3,125 | -10.8% |
| Tangible fixed assets | 22/27 | €634,828 | €668,967 | +€34,139 | +5.4% |
| Land and buildings | 22 | €89,203 | €93,465 | +€4,262 | +4.8% |
| Plant, machinery and equipment | 23 | €328,414 | €373,668 | +€45,254 | +13.8% |
| Furniture and vehicles | 24 | €217,210 | €201,834 | -€15,377 | -7.1% |
| Financial fixed assets | 28 | €1,318 | €1,318 | = | 0.0% |
| Current assets | 29/58 | €1,367,189 | €1,451,574 | +€84,384 | +6.2% |
| Stocks and contracts in progress | 3 | €244,463 | €244,773 | +€311 | +0.1% |
| Stocks | 30/36 | €244,463 | €244,773 | +€311 | +0.1% |
| Amounts receivable within one year | 40/41 | €266,144 | €244,506 | -€21,638 | -8.1% |
| Trade receivables | 40 | €176,767 | €165,405 | -€11,363 | -6.4% |
| Other amounts receivable | 41 | €89,377 | €79,101 | -€10,276 | -11.5% |
| Current investments | 50/53 | €89,374 | €89,374 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €726,044 | €846,534 | +€120,490 | +16.6% |
| Deferred charges and accrued income | 490/1 | €41,164 | €26,386 | -€14,778 | -35.9% |
| Total equity and liabilities | 10/49 | €2,032,238 | €2,147,637 | +€115,399 | +5.7% |
| Equity | 10/15 | €1,374,500 | €1,442,572 | +€68,072 | +5.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €436,886 | €504,957 | +€68,072 | +15.6% |
| Tax-exempt reserves | 132 | €56,400 | €56,400 | = | 0.0% |
| Distributable reserves | 133 | €380,486 | €448,558 | +€68,072 | +17.9% |
| Profit (loss) carried forward | 14 | €919,014 | €919,014 | = | 0.0% |
| Amounts payable | 17/49 | €657,738 | €705,065 | +€47,327 | +7.2% |
| Amounts payable within one year | 42/48 | €642,684 | €700,115 | +€57,431 | +8.9% |
| Trade debts | 44 | €232,819 | €201,075 | -€31,744 | -13.6% |
| Suppliers | 440/4 | €232,819 | €201,075 | -€31,744 | -13.6% |
| Advances received on contracts in progress | 46 | €18,146 | €9,367 | -€8,778 | -48.4% |
| Taxes, remuneration and social security | 45 | €358,513 | €445,235 | +€86,721 | +24.2% |
| Taxes | 450/3 | €51,379 | €87,270 | +€35,891 | +69.9% |
| Remuneration and social security | 454/9 | €307,135 | €357,965 | +€50,830 | +16.5% |
| Other amounts payable | 47/48 | €33,206 | €44,438 | +€11,233 | +33.8% |
| Accrued charges and deferred income | 492/3 | €15,055 | €4,951 | -€10,104 | -67.1% |
| Remuneration, social security and pensions | 62 | €2,348,033 | €2,445,631 | +€97,598 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,881 | €221,549 | +€15,667 | +7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €17,477 | €15,565 | -€1,912 | -10.9% |
| Gross operating margin | 9900 | €2,740,793 | €2,811,709 | +€70,916 | +2.6% |
| Operating profit (loss) | 9901 | €169,401 | €128,963 | -€40,438 | -23.9% |
| Financial income | 75/76B | €8,655 | €6,839 | -€1,816 | -21.0% |
| Recurring financial income | 75 | €8,655 | €6,839 | -€1,816 | -21.0% |
| Financial charges | 65/66B | €32,531 | €34,014 | +€1,483 | +4.6% |
| Recurring financial charges | 65 | €32,531 | €34,014 | +€1,483 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €145,526 | €101,789 | -€43,737 | -30.1% |
| Income taxes | 67/77 | €53,083 | €33,717 | -€19,366 | -36.5% |
| Profit (loss) for the period | 9904 | €92,443 | €68,072 | -€24,371 | -26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €92,443 | €68,072 | -€24,371 | -26.4% |
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 11 October 2026 via checked.be.