BREL: 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.
BREL
Largest movements
- Tangible fixed assets +€310,089
up €310,089 (+32.9%), from €942,844 to €1.3m
of which Land and buildings: +€311,715
- Cash +€32,054
up €32,054 (+23.7%), from €135,520 to €167,574
mainly Net result for the year (+€405,991) and Depreciation (+€29,230)
- Current investments +€19,998
new in 2025: €19,998
- Reserves +€404,325
up €404,325 (+77.6%), from €520,717 to €925,042
- Debts after one year -€37,381
down €37,381 (-7.8%), from €479,520 to €442,139
- Financial income +€289,000
up €289,000 (+212.5%), from €136,000 to €425,000
- Gross operating margin -€33,292
down €33,292 (-46.0%), from €72,450 to €39,158
- Depreciation +€3,260
up €3,260 (+12.6%), from €25,970 to €29,230
- Other operating charges -€1,528
down €1,528 (-29.1%), from €5,248 to €3,720
- Financial charges -€1,415
down €1,415 (-12.2%), from €11,632 to €10,217
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 | €1,084,200 | €1,457,373 | +€373,173 | +34.4% |
| Fixed assets | 21/28 | €947,932 | €1,257,933 | +€310,001 | +32.7% |
| Tangible fixed assets | 22/27 | €942,844 | €1,252,933 | +€310,089 | +32.9% |
| Land and buildings | 22 | €935,458 | €1,247,173 | +€311,715 | +33.3% |
| Plant, machinery and equipment | 23 | €596 | €159 | -€437 | -73.3% |
| Furniture and vehicles | 24 | €6,790 | €5,601 | -€1,189 | -17.5% |
| Financial fixed assets | 28 | €5,088 | €5,000 | -€88 | -1.7% |
| Current assets | 29/58 | €136,268 | €199,440 | +€63,172 | +46.4% |
| Amounts receivable within one year | 40/41 | €75 | €10,836 | +€10,761 | +14348.0% |
| Trade receivables | 40 | - | €850 | +€850 | |
| Other amounts receivable | 41 | €75 | €9,986 | +€9,911 | +13214.7% |
| Current investments | 50/53 | - | €19,998 | +€19,998 | |
| Cash at bank and in hand | 54/58 | €135,520 | €167,574 | +€32,054 | +23.7% |
| Deferred charges and accrued income | 490/1 | €673 | €1,032 | +€359 | +53.3% |
| Total equity and liabilities | 10/49 | €1,084,200 | €1,457,373 | +€373,173 | +34.4% |
| Equity | 10/15 | €553,790 | €958,115 | +€404,325 | +73.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €26,873 | €26,873 | = | 0.0% |
| Reserves | 13 | €520,717 | €925,042 | +€404,325 | +77.6% |
| Distributable reserves | 133 | €520,717 | €925,042 | +€404,325 | +77.6% |
| Amounts payable | 17/49 | €530,410 | €499,258 | -€31,152 | -5.9% |
| Amounts payable after more than one year | 17 | €479,520 | €442,139 | -€37,381 | -7.8% |
| Financial debts | 170/4 | €479,520 | €442,139 | -€37,381 | -7.8% |
| Amounts payable within one year | 42/48 | €50,290 | €56,519 | +€6,229 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €27,150 | €27,380 | +€230 | +0.8% |
| Trade debts | 44 | €3,989 | €1,099 | -€2,890 | -72.4% |
| Suppliers | 440/4 | €3,989 | €1,099 | -€2,890 | -72.4% |
| Taxes, remuneration and social security | 45 | €10,577 | €17,729 | +€7,152 | +67.6% |
| Taxes | 450/3 | €10,577 | €17,729 | +€7,152 | +67.6% |
| Other amounts payable | 47/48 | €8,574 | €10,311 | +€1,737 | +20.3% |
| Accrued charges and deferred income | 492/3 | €600 | €600 | = | 0.0% |
| Non-recurring operating income | 76A | €511 | €2,761 | +€2,250 | +440.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,970 | €29,230 | +€3,260 | +12.6% |
| Other operating charges | 640/8 | €5,248 | €3,720 | -€1,528 | -29.1% |
| Gross operating margin | 9900 | €72,450 | €39,158 | -€33,292 | -46.0% |
| Operating profit (loss) | 9901 | €41,232 | €6,208 | -€35,024 | -84.9% |
| Financial income | 75/76B | €136,000 | €425,000 | +€289,000 | +212.5% |
| Recurring financial income | 75 | €136,000 | €425,000 | +€289,000 | +212.5% |
| Financial charges | 65/66B | €11,632 | €10,217 | -€1,415 | -12.2% |
| Recurring financial charges | 65 | €11,632 | €10,217 | -€1,415 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €165,600 | €420,991 | +€255,391 | +154.2% |
| Income taxes | 67/77 | €15,450 | €15,000 | -€450 | -2.9% |
| Profit (loss) for the period | 9904 | €150,150 | €405,991 | +€255,841 | +170.4% |
| Profit (loss) for the period to be appropriated | 9905 | €150,150 | €405,991 | +€255,841 | +170.4% |
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 5 October 2026 via checked.be.