BRUBO: 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.
BRUBO
Largest movements
- Stocks and contracts -€211,908
down €211,908 (-13.0%), from €1.6m to €1.4m
- Receivables within one year -€92,489
down €92,489 (-44.9%), from €206,196 to €113,707
of which Trade receivables: -€95,477
- Intangible fixed assets -€41,139
down €41,139 (-20.5%), from €200,276 to €159,137
- Cash -€30,752
down €30,752 (-50.8%), from €60,500 to €29,748
mainly Debts after one year (-€341,695) and Advances received (-€240,463)
- Debts after one year -€341,695
down €341,695 (-52.3%), from €653,620 to €311,926
- Current portion of long-term debt +€341,387
up €341,387 (+1107.7%), from €30,820 to €372,207
- Advances received -€240,463
down €240,463 (-27.2%), from €883,503 to €643,040
- Trade debts -€100,522
down €100,522 (-49.4%), from €203,348 to €102,826
- Other debts -€43,725
down €43,725 (-20.3%), from €215,296 to €171,572
- Depreciation +€35,671
up €35,671 (+486.9%), from €7,326 to €42,997
- Financial charges +€22,064
up €22,064 (+300.5%), from €7,343 to €29,407
- Staff costs +€10,874
up €10,874 (+25.4%), from €42,831 to €53,705
- Gross operating margin -€8,244
down €8,244 (-5.8%), from €142,711 to €134,466
- Taxes -€7,790
down €7,790 (-67.3%), from €11,582 to €3,792
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 | €2,118,708 | €1,745,735 | -€372,973 | -17.6% |
| Fixed assets | 21/28 | €222,272 | €179,275 | -€42,997 | -19.3% |
| Intangible fixed assets | 21 | €200,276 | €159,137 | -€41,139 | -20.5% |
| Tangible fixed assets | 22/27 | €8,796 | €6,938 | -€1,858 | -21.1% |
| Plant, machinery and equipment | 23 | €447 | €199 | -€248 | -55.5% |
| Furniture and vehicles | 24 | €4,483 | €3,292 | -€1,191 | -26.6% |
| Other tangible fixed assets | 26 | €3,867 | €3,448 | -€419 | -10.8% |
| Financial fixed assets | 28 | €13,200 | €13,200 | = | 0.0% |
| Current assets | 29/58 | €1,896,436 | €1,566,460 | -€329,976 | -17.4% |
| Stocks and contracts in progress | 3 | €1,625,948 | €1,414,040 | -€211,908 | -13.0% |
| Contracts in progress | 37 | €1,625,948 | €1,414,040 | -€211,908 | -13.0% |
| Amounts receivable within one year | 40/41 | €206,196 | €113,707 | -€92,489 | -44.9% |
| Trade receivables | 40 | €198,979 | €103,502 | -€95,477 | -48.0% |
| Other amounts receivable | 41 | €7,217 | €10,205 | +€2,988 | +41.4% |
| Cash at bank and in hand | 54/58 | €60,500 | €29,748 | -€30,752 | -50.8% |
| Deferred charges and accrued income | 490/1 | €3,791 | €8,965 | +€5,174 | +136.5% |
| Total equity and liabilities | 10/49 | €2,118,708 | €1,745,735 | -€372,973 | -17.6% |
| Equity | 10/15 | €119,792 | €122,700 | +€2,909 | +2.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €109,792 | €112,700 | +€2,909 | +2.6% |
| Distributable reserves | 133 | €109,792 | €112,700 | +€2,909 | +2.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,998,916 | €1,623,034 | -€375,882 | -18.8% |
| Amounts payable after more than one year | 17 | €653,620 | €311,926 | -€341,695 | -52.3% |
| Financial debts | 170/4 | €653,620 | €311,926 | -€341,695 | -52.3% |
| Amounts payable within one year | 42/48 | €1,342,305 | €1,305,504 | -€36,801 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €30,820 | €372,207 | +€341,387 | +1107.7% |
| Trade debts | 44 | €203,348 | €102,826 | -€100,522 | -49.4% |
| Suppliers | 440/4 | €203,348 | €102,826 | -€100,522 | -49.4% |
| Advances received on contracts in progress | 46 | €883,503 | €643,040 | -€240,463 | -27.2% |
| Taxes, remuneration and social security | 45 | €9,338 | €15,860 | +€6,522 | +69.8% |
| Taxes | 450/3 | €1,789 | €6,146 | +€4,357 | +243.5% |
| Remuneration and social security | 454/9 | €7,548 | €9,713 | +€2,165 | +28.7% |
| Other amounts payable | 47/48 | €215,296 | €171,572 | -€43,725 | -20.3% |
| Accrued charges and deferred income | 492/3 | €2,991 | €5,605 | +€2,614 | +87.4% |
| Remuneration, social security and pensions | 62 | €42,831 | €53,705 | +€10,874 | +25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,326 | €42,997 | +€35,671 | +486.9% |
| Other operating charges | 640/8 | €1,037 | €1,765 | +€729 | +70.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €142,711 | €134,466 | -€8,244 | -5.8% |
| Operating profit (loss) | 9901 | €91,517 | €35,999 | -€55,518 | -60.7% |
| Financial income | 75/76B | €159 | €109 | -€51 | -31.8% |
| Recurring financial income | 75 | €159 | €109 | -€51 | -31.8% |
| Financial charges | 65/66B | €7,343 | €29,407 | +€22,064 | +300.5% |
| Recurring financial charges | 65 | €7,343 | €29,407 | +€22,064 | +300.5% |
| Profit (loss) for the period before taxes | 9903 | €84,333 | €6,701 | -€77,632 | -92.1% |
| Income taxes | 67/77 | €11,582 | €3,792 | -€7,790 | -67.3% |
| Profit (loss) for the period | 9904 | €72,751 | €2,909 | -€69,843 | -96.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,751 | €2,909 | -€69,843 | -96.0% |
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 7 October 2026 via checked.be.