Brels: 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.
Brels
Largest movements
- Financial fixed assets +€570,000
up €570,000 (+11,400%), from €5,000 to €575,000
- Tangible fixed assets -€32,217
down €32,217 (-4.3%), from €753,411 to €721,195
of which Land and buildings: -€31,214
- Cash +€25,020
up €25,020 (+24.4%), from €102,528 to €127,548
mainly Other debts (+€511,951) and Net result for the year (+€70,854)
- Other debts +€511,951
up €511,951 (+373%), from €137,261 to €649,212
- Reserves +€70,854
up €70,854 (+232%), from €30,554 to €101,408
- Debts after one year -€28,016
down €28,016 (-4.4%), from €629,689 to €601,673
- Depreciation -€44,156
down €44,156 (-57.8%), from €76,373 to €32,217
- Gross operating margin +€18,725
up €18,725 (+12.7%), from €147,641 to €166,367
- Taxes +€11,341
up €11,341 (+139%), from €8,177 to €19,518
- Financial charges +€7,370
up €7,370 (+29.5%), from €24,961 to €32,331
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.
Derived cash bridge
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 | €877,381 | €1,430,650 | +€553,270 | +63.1% |
| Fixed assets | 21/28 | €758,411 | €1,296,195 | +€537,783 | +70.9% |
| Tangible fixed assets | 22/27 | €753,411 | €721,195 | -€32,217 | -4.3% |
| Land and buildings | 22 | €752,409 | €721,195 | -€31,214 | -4.1% |
| Furniture and vehicles | 24 | €1,003 | - | -€1,003 | |
| Financial fixed assets | 28 | €5,000 | €575,000 | +€570,000 | +11,400% |
| Current assets | 29/58 | €118,969 | €134,456 | +€15,486 | +13.0% |
| Amounts receivable within one year | 40/41 | €15,447 | €5,671 | -€9,776 | -63.3% |
| Other amounts receivable | 41 | €15,447 | €5,671 | -€9,776 | -63.3% |
| Cash at bank and in hand | 54/58 | €102,528 | €127,548 | +€25,020 | +24.4% |
| Deferred charges and accrued income | 490/1 | €994 | €1,237 | +€243 | +24.4% |
| Total equity and liabilities | 10/49 | €877,381 | €1,430,650 | +€553,270 | +63.1% |
| Equity | 10/15 | €76,018 | €146,871 | +€70,854 | +93.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €30,554 | €101,408 | +€70,854 | +232% |
| Distributable reserves | 133 | €30,554 | €101,408 | +€70,854 | +232% |
| Profit (loss) carried forward | 14 | €43,464 | €43,464 | = | 0.0% |
| Amounts payable | 17/49 | €801,363 | €1,283,779 | +€482,416 | +60.2% |
| Amounts payable after more than one year | 17 | €629,689 | €601,673 | -€28,016 | -4.4% |
| Financial debts | 170/4 | €629,689 | €601,673 | -€28,016 | -4.4% |
| Amounts payable within one year | 42/48 | €171,673 | €682,106 | +€510,433 | +297% |
| Current portion of amounts payable after more than one year | 42 | €28,309 | €28,016 | -€292 | -1.0% |
| Trade debts | 44 | €67 | €71 | +€4 | +6.2% |
| Suppliers | 440/4 | €67 | €71 | +€4 | +6.2% |
| Taxes, remuneration and social security | 45 | €6,036 | €4,806 | -€1,230 | -20.4% |
| Taxes | 450/3 | €3,186 | €1,956 | -€1,230 | -38.6% |
| Remuneration and social security | 454/9 | €2,850 | €2,850 | = | 0.0% |
| Other amounts payable | 47/48 | €137,261 | €649,212 | +€511,951 | +373% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,373 | €32,217 | -€44,156 | -57.8% |
| Other operating charges | 640/8 | €7,682 | €7,077 | -€605 | -7.9% |
| Non-recurring operating charges | 66A | - | €5,000 | +€5,000 | |
| Gross operating margin | 9900 | €147,641 | €166,367 | +€18,725 | +12.7% |
| Operating profit (loss) | 9901 | €63,587 | €122,073 | +€58,486 | +92.0% |
| Financial income | 75/76B | €105 | €629 | +€524 | +501% |
| Recurring financial income | 75 | €105 | €629 | +€524 | +501% |
| Financial charges | 65/66B | €24,961 | €32,331 | +€7,370 | +29.5% |
| Recurring financial charges | 65 | €24,961 | €32,331 | +€7,370 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | €38,731 | €90,371 | +€51,640 | +133% |
| Income taxes | 67/77 | €8,177 | €19,518 | +€11,341 | +139% |
| Profit (loss) for the period | 9904 | €30,554 | €70,854 | +€40,300 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €30,554 | €70,854 | +€40,300 | +132% |
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 22 October 2026 via checked.be.