Brels: 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.
Brels
Largest movements
- Receivables within one year +€72,144
up €72,144 (+73.1%), from €98,683 to €170,827
of which Other amounts receivable: +€39,993
- Tangible fixed assets -€6,186
down €6,186 (-20.7%), from €29,946 to €23,760
of which Plant, machinery and equipment: -€3,096
- Other debts +€80,272
up €80,272 (+124.7%), from €64,359 to €144,631
- Trade debts -€35,794
down €35,794 (-55.6%), from €64,396 to €28,602
- Tax, wage and social debts +€25,396
up €25,396 (+95.9%), from €26,487 to €51,883
of which Taxes: +€17,323
- Profit (loss) carried forward +€16,487
up €16,487 (+321.8%), from €5,123 to €21,610
- Current portion of long-term debt -€6,627
down €6,627 (-43.4%), from €15,279 to €8,652
- Staff costs -€21,941
down €21,941 (-7.9%), from €276,907 to €254,966
- Taxes +€5,953
up €5,953 (+210.3%), from €2,831 to €8,784
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 | €223,101 | €290,912 | +€67,811 | +30.4% |
| Fixed assets | 21/28 | €29,946 | €23,760 | -€6,186 | -20.7% |
| Tangible fixed assets | 22/27 | €29,946 | €23,760 | -€6,186 | -20.7% |
| Plant, machinery and equipment | 23 | €5,335 | €2,239 | -€3,096 | -58.0% |
| Furniture and vehicles | 24 | €9,864 | €9,324 | -€540 | -5.5% |
| Other tangible fixed assets | 26 | €14,747 | €12,197 | -€2,550 | -17.3% |
| Current assets | 29/58 | €193,155 | €267,152 | +€73,997 | +38.3% |
| Stocks and contracts in progress | 3 | €28,216 | €29,112 | +€896 | +3.2% |
| Stocks | 30/36 | €28,216 | €29,112 | +€896 | +3.2% |
| Amounts receivable within one year | 40/41 | €98,683 | €170,827 | +€72,144 | +73.1% |
| Trade receivables | 40 | €66,058 | €98,209 | +€32,151 | +48.7% |
| Other amounts receivable | 41 | €32,626 | €72,619 | +€39,993 | +122.6% |
| Cash at bank and in hand | 54/58 | €65,915 | €67,213 | +€1,297 | +2.0% |
| Deferred charges and accrued income | 490/1 | €340 | €0 | -€340 | -100.0% |
| Total equity and liabilities | 10/49 | €223,101 | €290,912 | +€67,811 | +30.4% |
| Equity | 10/15 | €40,657 | €57,145 | +€16,487 | +40.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,934 | €16,934 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €15,074 | €16,934 | +€1,860 | +12.3% |
| Profit (loss) carried forward | 14 | €5,123 | €21,610 | +€16,487 | +321.8% |
| Amounts payable | 17/49 | €182,443 | €233,767 | +€51,324 | +28.1% |
| Amounts payable after more than one year | 17 | €5,806 | €0 | -€5,806 | -100.0% |
| Financial debts | 170/4 | €5,806 | €0 | -€5,806 | -100.0% |
| Amounts payable within one year | 42/48 | €176,637 | €233,767 | +€57,129 | +32.3% |
| Current portion of amounts payable after more than one year | 42 | €15,279 | €8,652 | -€6,627 | -43.4% |
| Financial debts | 43 | €6,117 | €0 | -€6,117 | -100.0% |
| Credit institutions | 430/8 | €6,117 | €0 | -€6,117 | -100.0% |
| Trade debts | 44 | €64,396 | €28,602 | -€35,794 | -55.6% |
| Suppliers | 440/4 | €64,396 | €28,602 | -€35,794 | -55.6% |
| Taxes, remuneration and social security | 45 | €26,487 | €51,883 | +€25,396 | +95.9% |
| Taxes | 450/3 | €26,487 | €43,809 | +€17,323 | +65.4% |
| Remuneration and social security | 454/9 | €0 | €8,073 | +€8,073 | |
| Other amounts payable | 47/48 | €64,359 | €144,631 | +€80,272 | +124.7% |
| Remuneration, social security and pensions | 62 | €276,907 | €254,966 | -€21,941 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,577 | €7,232 | -€1,345 | -15.7% |
| Other operating charges | 640/8 | €4,424 | €3,509 | -€915 | -20.7% |
| Gross operating margin | 9900 | €296,004 | €295,848 | -€156 | -0.1% |
| Operating profit (loss) | 9901 | €6,097 | €30,142 | +€24,045 | +394.4% |
| Financial income | 75/76B | €164 | €88 | -€76 | -46.1% |
| Recurring financial income | 75 | €164 | €88 | -€76 | -46.1% |
| Financial charges | 65/66B | €4,954 | €4,959 | +€5 | +0.1% |
| Recurring financial charges | 65 | €4,954 | €4,959 | +€5 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €1,307 | €25,271 | +€23,964 | +1833.2% |
| Income taxes | 67/77 | €2,831 | €8,784 | +€5,953 | +210.3% |
| Profit (loss) for the period | 9904 | -€1,524 | €16,487 | +€18,011 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,524 | €16,487 | +€18,011 |
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 8 October 2026 via checked.be.