BRUCE DOUGLAS: 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.
BRUCE DOUGLAS
Largest movements
- Cash +€185,675
up €185,675 (+115%), from €161,054 to €346,729
mainly Net result for the year (+€138,508) and Receivables within one year (+€57,737)
- Receivables within one year -€57,737
down €57,737 (-72.5%), from €79,587 to €21,851
of which Trade receivables: -€57,737
- Tangible fixed assets +€12,070
up €12,070 (+14.5%), from €83,342 to €95,412
of which Furniture and vehicles: +€10,283
- Reserves +€138,508
up €138,508 (+55.9%), from €247,948 to €386,456
- Other debts -€10,659
down €10,659 (-73.9%), from €14,418 to €3,759
- Debts after one year +€9,276
up €9,276 (+398%), from €2,331 to €11,607
- Tax, wage and social debts +€6,501
up €6,501 (+15.9%), from €40,898 to €47,399
of which Taxes: +€5,001
- Gross operating margin +€99,084
up €99,084 (+74.4%), from €133,164 to €232,248
- Taxes +€24,564
up €24,564 (+68.0%), from €36,099 to €60,663
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 | €328,774 | €468,938 | +€140,164 | +42.6% |
| Fixed assets | 21/28 | €83,342 | €95,412 | +€12,070 | +14.5% |
| Tangible fixed assets | 22/27 | €83,342 | €95,412 | +€12,070 | +14.5% |
| Plant, machinery and equipment | 23 | €18,623 | €20,409 | +€1,787 | +9.6% |
| Furniture and vehicles | 24 | €64,719 | €75,002 | +€10,283 | +15.9% |
| Current assets | 29/58 | €245,432 | €373,526 | +€128,094 | +52.2% |
| Amounts receivable within one year | 40/41 | €79,587 | €21,851 | -€57,737 | -72.5% |
| Trade receivables | 40 | €70,686 | €12,950 | -€57,737 | -81.7% |
| Other amounts receivable | 41 | €8,901 | €8,901 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €161,054 | €346,729 | +€185,675 | +115% |
| Deferred charges and accrued income | 490/1 | €4,790 | €4,946 | +€155 | +3.2% |
| Total equity and liabilities | 10/49 | €328,774 | €468,938 | +€140,164 | +42.6% |
| Equity | 10/15 | €260,348 | €398,856 | +€138,508 | +53.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €247,948 | €386,456 | +€138,508 | +55.9% |
| Distributable reserves | 133 | €247,948 | €386,456 | +€138,508 | +55.9% |
| Amounts payable | 17/49 | €68,426 | €70,081 | +€1,656 | +2.4% |
| Amounts payable after more than one year | 17 | €2,331 | €11,607 | +€9,276 | +398% |
| Financial debts | 170/4 | €2,331 | €11,607 | +€9,276 | +398% |
| Amounts payable within one year | 42/48 | €66,095 | €58,474 | -€7,621 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €9,253 | €4,861 | -€4,391 | -47.5% |
| Trade debts | 44 | €1,527 | €2,455 | +€928 | +60.8% |
| Suppliers | 440/4 | €1,527 | €2,455 | +€928 | +60.8% |
| Taxes, remuneration and social security | 45 | €40,898 | €47,399 | +€6,501 | +15.9% |
| Taxes | 450/3 | €36,898 | €41,899 | +€5,001 | +13.6% |
| Remuneration and social security | 454/9 | €4,000 | €5,500 | +€1,500 | +37.5% |
| Other amounts payable | 47/48 | €14,418 | €3,759 | -€10,659 | -73.9% |
| Non-recurring operating income | 76A | €10,000 | €6,926 | -€3,074 | -30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,972 | €31,986 | +€1,014 | +3.3% |
| Other operating charges | 640/8 | €1,103 | €1,306 | +€203 | +18.4% |
| Gross operating margin | 9900 | €133,164 | €232,248 | +€99,084 | +74.4% |
| Operating profit (loss) | 9901 | €101,089 | €198,956 | +€97,867 | +96.8% |
| Financial income | 75/76B | €21 | €1,169 | +€1,148 | +5,437% |
| Recurring financial income | 75 | €21 | €1,169 | +€1,148 | +5,437% |
| Financial charges | 65/66B | €548 | €955 | +€407 | +74.2% |
| Recurring financial charges | 65 | €548 | €955 | +€407 | +74.2% |
| Profit (loss) for the period before taxes | 9903 | €100,562 | €199,171 | +€98,608 | +98.1% |
| Income taxes | 67/77 | €36,099 | €60,663 | +€24,564 | +68.0% |
| Profit (loss) for the period | 9904 | €64,464 | €138,508 | +€74,044 | +115% |
| Profit (loss) for the period to be appropriated | 9905 | €64,464 | €138,508 | +€74,044 | +115% |
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 27 October 2026 via checked.be.