BRELCO: 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.
BRELCO
Largest movements
- Stocks and contracts +€303,139
up €303,139 (+50.1%), from €604,981 to €908,120
- Receivables within one year -€217,443
down €217,443 (-10.0%), from €2.2m to €2.0m
of which Trade receivables: -€262,913
- Tangible fixed assets -€204,300
down €204,300 (-10.9%), from €1.9m to €1.7m
of which Furniture and vehicles: -€153,561
- Cash -€195,162
down €195,162 (-22.8%), from €854,709 to €659,546
mainly Contributions, distributions and other (-€530,801) and Stocks and contracts (-€303,139)
- Deferred charges and accrued income +€110,517
up €110,517 (+242.0%), from €45,662 to €156,179
- Other debts +€359,799
up €359,799 (+895.0%), from €40,201 to €400,000
- Reserves -€294,173
down €294,173 (-22.8%), from €1.3m to €996,849
of which Distributable reserves: -€287,960
- Debts after one year -€184,856
down €184,856 (-17.0%), from €1.1m to €904,310
- Current portion of long-term debt -€177,955
down €177,955 (-60.5%), from €294,278 to €116,322
- Short-term financial debts +€149,192
up €149,192 (+24.8%), from €600,809 to €750,000
of which Credit institutions: +€150,000
- Staff costs +€396,740
up €396,740 (+22.2%), from €1.8m to €2.2m
- Turnover +€330,888
up €330,888 (+3.6%), from €9.3m to €9.6m
- Gross operating margin +€281,105
up €281,105 (+10.8%), from €2.6m to €2.9m
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 | €5,613,023 | €5,429,613 | -€183,410 | -3.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,879,974 | €1,675,673 | -€204,300 | -10.9% |
| Tangible fixed assets | 22/27 | €1,876,950 | €1,672,650 | -€204,300 | -10.9% |
| Land and buildings | 22 | €1,419,306 | €1,356,984 | -€62,321 | -4.4% |
| Plant, machinery and equipment | 23 | €168,261 | €179,842 | +€11,582 | +6.9% |
| Furniture and vehicles | 24 | €289,384 | €135,823 | -€153,561 | -53.1% |
| Financial fixed assets | 28 | €3,023 | €3,023 | = | 0.0% |
| Current assets | 29/58 | €3,733,050 | €3,753,940 | +€20,890 | +0.6% |
| Stocks and contracts in progress | 3 | €604,981 | €908,120 | +€303,139 | +50.1% |
| Stocks | 30/36 | €604,981 | €908,120 | +€303,139 | +50.1% |
| Amounts receivable within one year | 40/41 | €2,173,608 | €1,956,165 | -€217,443 | -10.0% |
| Trade receivables | 40 | €2,044,016 | €1,781,104 | -€262,913 | -12.9% |
| Other amounts receivable | 41 | €129,592 | €175,062 | +€45,470 | +35.1% |
| Current investments | 50/53 | €54,091 | €73,930 | +€19,839 | +36.7% |
| Cash at bank and in hand | 54/58 | €854,709 | €659,546 | -€195,162 | -22.8% |
| Deferred charges and accrued income | 490/1 | €45,662 | €156,179 | +€110,517 | +242.0% |
| Total equity and liabilities | 10/49 | €5,613,023 | €5,429,613 | -€183,410 | -3.3% |
| Equity | 10/15 | €1,366,022 | €1,071,849 | -€294,173 | -21.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €1,291,022 | €996,849 | -€294,173 | -22.8% |
| Tax-exempt reserves | 132 | €105,633 | €99,419 | -€6,214 | -5.9% |
| Distributable reserves | 133 | €1,185,389 | €897,430 | -€287,960 | -24.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €35,211 | €33,140 | -€2,071 | -5.9% |
| Deferred taxes | 168 | €35,211 | €33,140 | -€2,071 | -5.9% |
| Amounts payable | 17/49 | €4,211,790 | €4,324,625 | +€112,834 | +2.7% |
| Amounts payable after more than one year | 17 | €1,089,165 | €904,310 | -€184,856 | -17.0% |
| Financial debts | 170/4 | €1,089,165 | €904,310 | -€184,856 | -17.0% |
| Amounts payable within one year | 42/48 | €2,937,932 | €3,263,069 | +€325,138 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €294,278 | €116,322 | -€177,955 | -60.5% |
| Financial debts | 43 | €600,809 | €750,000 | +€149,192 | +24.8% |
| Credit institutions | 430/8 | €600,000 | €750,000 | +€150,000 | +25.0% |
| Other loans | 439 | €809 | €0 | -€809 | -100.0% |
| Trade debts | 44 | €1,786,085 | €1,744,948 | -€41,136 | -2.3% |
| Suppliers | 440/4 | €1,786,085 | €1,744,948 | -€41,136 | -2.3% |
| Taxes, remuneration and social security | 45 | €216,560 | €251,799 | +€35,239 | +16.3% |
| Taxes | 450/3 | €4,904 | €3,226 | -€1,678 | -34.2% |
| Remuneration and social security | 454/9 | €211,656 | €248,572 | +€36,917 | +17.4% |
| Other amounts payable | 47/48 | €40,201 | €400,000 | +€359,799 | +895.0% |
| Accrued charges and deferred income | 492/3 | €184,693 | €157,245 | -€27,448 | -14.9% |
| Turnover | 70 | €9,264,116 | €9,595,004 | +€330,888 | +3.6% |
| Non-recurring operating income | 76A | €14,058 | €0 | -€14,058 | -100.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €6,791,655 | €6,797,406 | +€5,751 | +0.1% |
| Remuneration, social security and pensions | 62 | €1,788,583 | €2,185,323 | +€396,740 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €171,085 | €202,460 | +€31,374 | +18.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,929 | €63,712 | +€61,783 | +3202.8% |
| Other operating charges | 640/8 | €24,651 | €20,820 | -€3,831 | -15.5% |
| Non-recurring operating charges | 66A | €500 | €0 | -€500 | -100.0% |
| Gross operating margin | 9900 | €2,606,132 | €2,887,238 | +€281,105 | +10.8% |
| Operating profit (loss) | 9901 | €619,384 | €414,922 | -€204,461 | -33.0% |
| Financial income | 75/76B | €13,647 | €2,254 | -€11,393 | -83.5% |
| Recurring financial income | 75 | €13,647 | €2,254 | -€11,393 | -83.5% |
| Financial charges | 65/66B | €67,153 | €60,828 | -€6,325 | -9.4% |
| Recurring financial charges | 65 | €67,153 | €60,828 | -€6,325 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €565,877 | €356,348 | -€209,529 | -37.0% |
| Transfer from deferred taxes | 780 | €2,071 | €2,071 | = | 0.0% |
| Income taxes | 67/77 | €155,100 | €121,792 | -€33,308 | -21.5% |
| Profit (loss) for the period | 9904 | €412,849 | €236,628 | -€176,221 | -42.7% |
| Transfer from tax-exempt reserves | 789 | €6,214 | €6,214 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €419,063 | €242,842 | -€176,221 | -42.1% |
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 9 October 2026 via checked.be.