BRECHT VDB: what changed
BRECHT VDB
Largest movements
- Receivables within one year +€39,303
up €39,303 (+66.2%), from €59,348 to €98,651
of which Trade receivables: +€28,812
- Tangible fixed assets +€28,161
up €28,161 (+8.0%), from €353,311 to €381,472
of which Furniture and vehicles: +€113,628
- Cash -€24,902
down €24,902 (-33.1%), from €75,123 to €50,221
mainly Investment in fixed assets (net) (-€137,633) and Contributions, distributions and other (-€101,388)
- Reserves -€85,077
down €85,077 (-53.9%), from €157,787 to €72,710
- Other debts +€66,613
up €66,613 (+109%), from €61,275 to €127,888
- Debts after one year +€40,788
up €40,788 (+22.8%), from €178,738 to €219,526
- Current portion of long-term debt +€26,407
up €26,407 (+47.6%), from €55,432 to €81,839
- Trade debts +€15,297
up €15,297 (+249%), from €6,142 to €21,440
- Depreciation +€27,954
up €27,954 (+34.3%), from €81,563 to €109,518
- Gross operating margin -€23,764
down €23,764 (-13.6%), from €174,190 to €150,426
- Taxes -€9,243
down €9,243 (-69.8%), from €13,244 to €4,001
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €496,060 | €543,009 | +€46,950 | +9.5% |
| Formation expenses | 20 | €46 | - | -€46 | |
| Fixed assets | 21/28 | €353,311 | €381,472 | +€28,161 | +8.0% |
| Tangible fixed assets | 22/27 | €353,311 | €381,472 | +€28,161 | +8.0% |
| Plant, machinery and equipment | 23 | €248,506 | €182,653 | -€65,853 | -26.5% |
| Furniture and vehicles | 24 | €40,677 | €154,305 | +€113,628 | +279% |
| Leasing and similar rights | 25 | €61,998 | €40,008 | -€21,990 | -35.5% |
| Other tangible fixed assets | 26 | €2,130 | €4,507 | +€2,377 | +112% |
| Current assets | 29/58 | €142,703 | €161,537 | +€18,834 | +13.2% |
| Amounts receivable within one year | 40/41 | €59,348 | €98,651 | +€39,303 | +66.2% |
| Trade receivables | 40 | €47,054 | €75,866 | +€28,812 | +61.2% |
| Other amounts receivable | 41 | €12,294 | €22,785 | +€10,491 | +85.3% |
| Cash at bank and in hand | 54/58 | €75,123 | €50,221 | -€24,902 | -33.1% |
| Deferred charges and accrued income | 490/1 | €8,232 | €12,666 | +€4,433 | +53.8% |
| Total equity and liabilities | 10/49 | €496,060 | €543,009 | +€46,950 | +9.5% |
| Equity | 10/15 | €160,787 | €75,710 | -€85,077 | -52.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €157,787 | €72,710 | -€85,077 | -53.9% |
| Distributable reserves | 133 | €157,787 | €72,710 | -€85,077 | -53.9% |
| Amounts payable | 17/49 | €335,273 | €467,299 | +€132,027 | +39.4% |
| Amounts payable after more than one year | 17 | €178,738 | €219,526 | +€40,788 | +22.8% |
| Financial debts | 170/4 | €178,738 | €219,526 | +€40,788 | +22.8% |
| Amounts payable within one year | 42/48 | €151,064 | €244,413 | +€93,349 | +61.8% |
| Current portion of amounts payable after more than one year | 42 | €55,432 | €81,839 | +€26,407 | +47.6% |
| Trade debts | 44 | €6,142 | €21,440 | +€15,297 | +249% |
| Suppliers | 440/4 | €6,142 | €21,440 | +€15,297 | +249% |
| Taxes, remuneration and social security | 45 | €28,214 | €13,247 | -€14,968 | -53.0% |
| Taxes | 450/3 | €28,214 | €13,247 | -€14,968 | -53.0% |
| Other amounts payable | 47/48 | €61,275 | €127,888 | +€66,613 | +109% |
| Accrued charges and deferred income | 492/3 | €5,470 | €3,360 | -€2,111 | -38.6% |
| Non-recurring operating income | 76A | - | €660 | +€660 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,563 | €109,518 | +€27,954 | +34.3% |
| Other operating charges | 640/8 | €7,546 | €6,562 | -€984 | -13.0% |
| Non-recurring operating charges | 66A | €17,547 | - | -€17,547 | |
| Gross operating margin | 9900 | €174,190 | €150,426 | -€23,764 | -13.6% |
| Operating profit (loss) | 9901 | €67,534 | €34,346 | -€33,187 | -49.1% |
| Financial income | 75/76B | €4 | €0 | -€4 | -98.6% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -98.6% |
| Financial charges | 65/66B | €14,376 | €14,035 | -€341 | -2.4% |
| Recurring financial charges | 65 | €14,376 | €14,035 | -€341 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €53,162 | €20,312 | -€32,850 | -61.8% |
| Income taxes | 67/77 | €13,244 | €4,001 | -€9,243 | -69.8% |
| Profit (loss) for the period | 9904 | €39,919 | €16,311 | -€23,608 | -59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,919 | €16,311 | -€23,608 | -59.1% |
Next steps
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 4 November 2026 via checked.be.