BRSM: 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.
BRSM
Largest movements
- Receivables within one year +€8.0m
new in 2025: €8.0m
- Other debts +€8.0m
new in 2025: €8.0m
- Financial charges +€75,994
up €75,994 (+165204.3%), from €46 to €76,040
- Financial income +€74,485
up €74,485 (+25402.3%), from €293 to €74,778
- Gross operating margin -€1,204
down €1,204 (-260.2%), from -€463 to -€1,667
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 | €5,546 | €8,078,218 | +€8.1m | +145550.0% |
| Current assets | 29/58 | €5,546 | €8,078,218 | +€8.1m | +145550.0% |
| Amounts receivable within one year | 40/41 | - | €8,000,000 | +€8.0m | |
| Other amounts receivable | 41 | - | €8,000,000 | +€8.0m | |
| Cash at bank and in hand | 54/58 | €5,546 | €3,440 | -€2,106 | -38.0% |
| Deferred charges and accrued income | 490/1 | - | €74,778 | +€74,778 | |
| Total equity and liabilities | 10/49 | €5,546 | €8,078,218 | +€8.1m | +145550.0% |
| Equity | 10/15 | €5,546 | €2,218 | -€3,329 | -60.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Outside capital | 11 | - | €6,200 | +€6,200 | |
| Other | 1109/19 | - | €6,200 | +€6,200 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€2,514 | -€5,842 | -€3,329 | -132.4% |
| Amounts payable | 17/49 | - | €8,076,000 | +€8.1m | |
| Amounts payable within one year | 42/48 | - | €8,000,000 | +€8.0m | |
| Other amounts payable | 47/48 | - | €8,000,000 | +€8.0m | |
| Accrued charges and deferred income | 492/3 | - | €76,000 | +€76,000 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€463 | -€1,667 | -€1,204 | -260.2% |
| Operating profit (loss) | 9901 | -€850 | -€2,066 | -€1,216 | -143.1% |
| Financial income | 75/76B | €293 | €74,778 | +€74,485 | +25402.3% |
| Recurring financial income | 75 | €293 | €74,778 | +€74,485 | +25402.3% |
| Financial charges | 65/66B | €46 | €76,040 | +€75,994 | +165204.3% |
| Recurring financial charges | 65 | €46 | €76,040 | +€75,994 | +165204.3% |
| Profit (loss) for the period before taxes | 9903 | -€603 | -€3,329 | -€2,726 | -452.2% |
| Profit (loss) for the period | 9904 | -€603 | -€3,329 | -€2,726 | -452.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€603 | -€3,329 | -€2,726 | -452.2% |
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 4 October 2026 via checked.be.