BREXEL: 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.
BREXEL
Largest movements
- Cash +€22,966
up €22,966 (+35.8%), from €64,188 to €87,154
mainly Net result for the year (+€47,646) and Receivables within one year (+€17,117)
- Receivables within one year -€17,117
down €17,117 (-28.1%), from €60,994 to €43,877
of which Other amounts receivable: -€18,553
- Other debts -€47,500
no longer reported in 2025 (was €47,500)
- Reserves +€45,000
up €45,000 (+28.0%), from €160,859 to €205,859
of which Distributable reserves: +€45,000
- Tax, wage and social debts +€4,718
up €4,718 (+27.9%), from €16,891 to €21,609
- Gross operating margin -€2,789
down €2,789 (-4.0%), from €69,919 to €67,130
- Taxes +€1,073
up €1,073 (+6.2%), from €17,226 to €18,299
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 | €368,516 | €373,474 | +€4,958 | +1.3% |
| Fixed assets | 21/28 | €2,729 | €1,030 | -€1,699 | -62.3% |
| Tangible fixed assets | 22/27 | €2,729 | €1,030 | -€1,699 | -62.3% |
| Plant, machinery and equipment | 23 | €1,977 | €1,030 | -€947 | -47.9% |
| Furniture and vehicles | 24 | €752 | - | -€752 | |
| Current assets | 29/58 | €365,787 | €372,444 | +€6,657 | +1.8% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €60,994 | €43,877 | -€17,117 | -28.1% |
| Trade receivables | 40 | €12,721 | €14,157 | +€1,436 | +11.3% |
| Other amounts receivable | 41 | €48,273 | €29,720 | -€18,553 | -38.4% |
| Current investments | 50/53 | €220,605 | €221,271 | +€666 | +0.3% |
| Cash at bank and in hand | 54/58 | €64,188 | €87,154 | +€22,966 | +35.8% |
| Deferred charges and accrued income | 490/1 | - | €142 | +€142 | |
| Total equity and liabilities | 10/49 | €368,516 | €373,474 | +€4,958 | +1.3% |
| Equity | 10/15 | €302,971 | €350,617 | +€47,646 | +15.7% |
| Contributions | 10/11 | €96,200 | €96,200 | = | 0.0% |
| Reserves | 13 | €160,859 | €205,859 | +€45,000 | +28.0% |
| Non-distributable reserves | 130/1 | €10,859 | €10,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,859 | €10,859 | = | 0.0% |
| Distributable reserves | 133 | €150,000 | €195,000 | +€45,000 | +30.0% |
| Profit (loss) carried forward | 14 | €45,912 | €48,558 | +€2,646 | +5.8% |
| Amounts payable | 17/49 | €65,545 | €22,857 | -€42,687 | -65.1% |
| Amounts payable within one year | 42/48 | €65,545 | €22,857 | -€42,687 | -65.1% |
| Trade debts | 44 | €1,154 | €1,248 | +€94 | +8.2% |
| Suppliers | 440/4 | €1,154 | €1,248 | +€94 | +8.2% |
| Taxes, remuneration and social security | 45 | €16,891 | €21,609 | +€4,718 | +27.9% |
| Taxes | 450/3 | €16,891 | €21,609 | +€4,718 | +27.9% |
| Other amounts payable | 47/48 | €47,500 | - | -€47,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,927 | €1,699 | -€228 | -11.9% |
| Other operating charges | 640/8 | €387 | €550 | +€162 | +41.9% |
| Gross operating margin | 9900 | €69,919 | €67,130 | -€2,789 | -4.0% |
| Operating profit (loss) | 9901 | €67,605 | €64,882 | -€2,723 | -4.0% |
| Financial income | 75/76B | €2,254 | €2,554 | +€299 | +13.3% |
| Recurring financial income | 75 | €2,254 | €2,554 | +€299 | +13.3% |
| Financial charges | 65/66B | €1,837 | €1,490 | -€347 | -18.9% |
| Recurring financial charges | 65 | €1,837 | €1,490 | -€347 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €68,022 | €65,945 | -€2,077 | -3.1% |
| Income taxes | 67/77 | €17,226 | €18,299 | +€1,073 | +6.2% |
| Profit (loss) for the period | 9904 | €50,797 | €47,646 | -€3,151 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €50,797 | €47,646 | -€3,151 | -6.2% |
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 23 October 2026 via checked.be.