BRM 28: 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.
BRM 28
Largest movements
- Tangible fixed assets +€44,270
up €44,270 (+32.9%), from €134,513 to €178,783
of which Land and buildings: +€34,244
- Cash -€35,397
down €35,397 (-21.8%), from €162,461 to €127,064
mainly Contributions, distributions and other (-€146,143) and Investment in fixed assets (net) (-€50,621)
- Receivables within one year +€13,852
up €13,852 (+23.0%), from €60,258 to €74,110
of which Trade receivables: +€12,615
- Reserves -€28,623
down €28,623 (-21.8%), from €131,155 to €102,532
- Tax, wage and social debts +€27,849
up €27,849 (+140.3%), from €19,851 to €47,701
of which Taxes: +€23,879
- Debts after one year +€13,368
up €13,368 (+9.2%), from €145,979 to €159,347
- Trade debts +€6,899
up €6,899 (+55.4%), from €12,459 to €19,359
- Gross operating margin +€90,466
up €90,466 (+87.5%), from €103,346 to €193,812
- Staff costs +€25,217
new in 2025: €25,217
- Taxes +€15,657
up €15,657 (+81.1%), from €19,306 to €34,963
- Financial charges +€6,189
up €6,189 (+309.4%), from €2,001 to €8,190
- Depreciation -€3,963
down €3,963 (-38.4%), from €10,313 to €6,350
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 | €400,050 | €423,197 | +€23,146 | +5.8% |
| Fixed assets | 21/28 | €134,513 | €178,783 | +€44,270 | +32.9% |
| Tangible fixed assets | 22/27 | €134,513 | €178,783 | +€44,270 | +32.9% |
| Land and buildings | 22 | €130,102 | €164,346 | +€34,244 | +26.3% |
| Plant, machinery and equipment | 23 | - | €4,104 | +€4,104 | |
| Furniture and vehicles | 24 | €4,411 | €10,333 | +€5,922 | +134.3% |
| Current assets | 29/58 | €265,537 | €244,413 | -€21,124 | -8.0% |
| Amounts receivable within one year | 40/41 | €60,258 | €74,110 | +€13,852 | +23.0% |
| Trade receivables | 40 | €59,564 | €72,179 | +€12,615 | +21.2% |
| Other amounts receivable | 41 | €694 | €1,931 | +€1,237 | +178.1% |
| Current investments | 50/53 | €40,988 | €40,988 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €162,461 | €127,064 | -€35,397 | -21.8% |
| Deferred charges and accrued income | 490/1 | €1,831 | €2,252 | +€422 | +23.0% |
| Total equity and liabilities | 10/49 | €400,050 | €423,197 | +€23,146 | +5.8% |
| Equity | 10/15 | €149,755 | €121,132 | -€28,623 | -19.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €131,155 | €102,532 | -€28,623 | -21.8% |
| Distributable reserves | 133 | €131,155 | €102,532 | -€28,623 | -21.8% |
| Amounts payable | 17/49 | €250,295 | €302,064 | +€51,769 | +20.7% |
| Amounts payable after more than one year | 17 | €145,979 | €159,347 | +€13,368 | +9.2% |
| Financial debts | 170/4 | €145,979 | €159,347 | +€13,368 | +9.2% |
| Amounts payable within one year | 42/48 | €104,208 | €142,437 | +€38,229 | +36.7% |
| Current portion of amounts payable after more than one year | 42 | €6,164 | €9,489 | +€3,326 | +54.0% |
| Financial debts | 43 | - | €556 | +€556 | |
| Credit institutions | 430/8 | - | €556 | +€556 | |
| Trade debts | 44 | €12,459 | €19,359 | +€6,899 | +55.4% |
| Suppliers | 440/4 | €12,459 | €19,359 | +€6,899 | +55.4% |
| Taxes, remuneration and social security | 45 | €19,851 | €47,701 | +€27,849 | +140.3% |
| Taxes | 450/3 | €15,017 | €38,896 | +€23,879 | +159.0% |
| Remuneration and social security | 454/9 | €4,835 | €8,804 | +€3,970 | +82.1% |
| Other amounts payable | 47/48 | €65,734 | €65,332 | -€401 | -0.6% |
| Accrued charges and deferred income | 492/3 | €108 | €280 | +€172 | +159.3% |
| Non-recurring operating income | 76A | €9,370 | - | -€9,370 | |
| Remuneration, social security and pensions | 62 | - | €25,217 | +€25,217 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,313 | €6,350 | -€3,963 | -38.4% |
| Other operating charges | 640/8 | €1,285 | €1,611 | +€326 | +25.3% |
| Gross operating margin | 9900 | €103,346 | €193,812 | +€90,466 | +87.5% |
| Operating profit (loss) | 9901 | €91,747 | €160,634 | +€68,887 | +75.1% |
| Financial income | 75/76B | €10 | €39 | +€29 | +296.9% |
| Recurring financial income | 75 | €10 | €39 | +€29 | +296.9% |
| Financial charges | 65/66B | €2,001 | €8,190 | +€6,189 | +309.4% |
| Recurring financial charges | 65 | €2,001 | €8,190 | +€6,189 | +309.4% |
| Profit (loss) for the period before taxes | 9903 | €89,757 | €152,483 | +€62,727 | +69.9% |
| Income taxes | 67/77 | €19,306 | €34,963 | +€15,657 | +81.1% |
| Profit (loss) for the period | 9904 | €70,451 | €117,520 | +€47,069 | +66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €70,451 | €117,520 | +€47,069 | +66.8% |
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 11 October 2026 via checked.be.