BRENDOC: 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.
BRENDOC
Largest movements
- Cash +€186,723
up €186,723 (+26.0%), from €718,147 to €904,870
mainly Current investments (+€150,000) and Net result for the year (+€89,578)
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Reserves +€89,578
up €89,578 (+8.4%), from €1.1m to €1.2m
of which Distributable reserves: +€91,438
- Other debts -€38,610
no longer reported in 2025 (was €38,610)
- Tax, wage and social debts -€21,874
no longer reported in 2025 (was €21,874)
- Gross operating margin -€62,557
down €62,557 (-33.8%), from €185,190 to €122,633
- Taxes -€29,820
down €29,820 (-49.7%), from €59,963 to €30,143
- Financial income +€2,331
up €2,331 (+35.3%), from €6,594 to €8,925
- Depreciation -€2,199
down €2,199 (-20.9%), from €10,546 to €8,346
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 | €1,230,605 | €1,261,060 | +€30,454 | +2.5% |
| Fixed assets | 21/28 | €15,930 | €10,772 | -€5,158 | -32.4% |
| Tangible fixed assets | 22/27 | €15,930 | €10,772 | -€5,158 | -32.4% |
| Plant, machinery and equipment | 23 | €1,931 | €1,102 | -€829 | -42.9% |
| Furniture and vehicles | 24 | €5,690 | €65 | -€5,625 | -98.9% |
| Other tangible fixed assets | 26 | €8,310 | €9,605 | +€1,296 | +15.6% |
| Current assets | 29/58 | €1,214,675 | €1,250,288 | +€35,612 | +2.9% |
| Amounts receivable after more than one year | 29 | €325,000 | €325,000 | = | 0.0% |
| Other amounts receivable | 291 | €325,000 | €325,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,877 | €17,566 | +€5,688 | +47.9% |
| Other amounts receivable | 41 | €11,877 | €17,566 | +€5,688 | +47.9% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €718,147 | €904,870 | +€186,723 | +26.0% |
| Deferred charges and accrued income | 490/1 | €9,651 | €2,852 | -€6,799 | -70.4% |
| Total equity and liabilities | 10/49 | €1,230,605 | €1,261,060 | +€30,454 | +2.5% |
| Equity | 10/15 | €1,165,741 | €1,255,319 | +€89,578 | +7.7% |
| Contributions | 10/11 | €93,000 | €93,000 | = | 0.0% |
| Reserves | 13 | €1,072,741 | €1,162,319 | +€89,578 | +8.4% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €1,070,881 | €1,162,319 | +€91,438 | +8.5% |
| Amounts payable | 17/49 | €64,864 | €5,741 | -€59,124 | -91.1% |
| Amounts payable within one year | 42/48 | €64,864 | €4,143 | -€60,721 | -93.6% |
| Trade debts | 44 | €4,381 | €4,143 | -€238 | -5.4% |
| Suppliers | 440/4 | €4,381 | €4,143 | -€238 | -5.4% |
| Taxes, remuneration and social security | 45 | €21,874 | - | -€21,874 | |
| Taxes | 450/3 | €21,874 | - | -€21,874 | |
| Other amounts payable | 47/48 | €38,610 | - | -€38,610 | |
| Accrued charges and deferred income | 492/3 | - | €1,598 | +€1,598 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,546 | €8,346 | -€2,199 | -20.9% |
| Other operating charges | 640/8 | €706 | €578 | -€128 | -18.2% |
| Gross operating margin | 9900 | €185,190 | €122,633 | -€62,557 | -33.8% |
| Operating profit (loss) | 9901 | €173,938 | €113,709 | -€60,229 | -34.6% |
| Financial income | 75/76B | €6,594 | €8,925 | +€2,331 | +35.3% |
| Recurring financial income | 75 | €6,594 | €8,925 | +€2,331 | +35.3% |
| Financial charges | 65/66B | €1,926 | €2,913 | +€987 | +51.3% |
| Recurring financial charges | 65 | €1,926 | €2,913 | +€987 | +51.3% |
| Profit (loss) for the period before taxes | 9903 | €178,606 | €119,721 | -€58,886 | -33.0% |
| Income taxes | 67/77 | €59,963 | €30,143 | -€29,820 | -49.7% |
| Profit (loss) for the period | 9904 | €118,643 | €89,578 | -€29,065 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €118,643 | €89,578 | -€29,065 | -24.5% |
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 14 October 2026 via checked.be.