BRUDES: 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.
BRUDES
Largest movements
- Receivables after one year +€403,667
up €403,667 (+7.1%), from €5.7m to €6.1m
- Current investments -€221,000
down €221,000 (-18.6%), from €1.2m to €969,000
- Debts after one year +€146,653
up €146,653 (+6.0%), from €2.4m to €2.6m
- Reserves +€82,018
up €82,018 (+10.3%), from €796,611 to €878,629
of which Distributable reserves: +€82,018
- Gross operating margin -€25,396
down €25,396 (-25.9%), from -€98,102 to -€123,498
- Financial income -€18,212
down €18,212 (-4.0%), from €456,728 to €438,516
- Financial charges -€15,427
down €15,427 (-7.4%), from €207,433 to €192,006
- Taxes -€9,542
down €9,542 (-21.5%), from €44,348 to €34,807
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 | €6,941,898 | €7,155,889 | +€213,991 | +3.1% |
| Fixed assets | 21/28 | €5,735 | €5,476 | -€259 | -4.5% |
| Tangible fixed assets | 22/27 | €5,735 | €5,476 | -€259 | -4.5% |
| Furniture and vehicles | 24 | €5,735 | €5,476 | -€259 | -4.5% |
| Current assets | 29/58 | €6,936,164 | €7,150,413 | +€214,250 | +3.1% |
| Amounts receivable after more than one year | 29 | €5,671,569 | €6,075,236 | +€403,667 | +7.1% |
| Other amounts receivable | 291 | €5,671,569 | €6,075,236 | +€403,667 | +7.1% |
| Amounts receivable within one year | 40/41 | €57,618 | €35,476 | -€22,142 | -38.4% |
| Trade receivables | 40 | €2,763 | €2,402 | -€360 | -13.0% |
| Other amounts receivable | 41 | €54,855 | €33,073 | -€21,782 | -39.7% |
| Current investments | 50/53 | €1,190,000 | €969,000 | -€221,000 | -18.6% |
| Cash at bank and in hand | 54/58 | €16,887 | €69,503 | +€52,616 | +311.6% |
| Deferred charges and accrued income | 490/1 | €90 | €1,199 | +€1,109 | +1231.9% |
| Total equity and liabilities | 10/49 | €6,941,898 | €7,155,889 | +€213,991 | +3.1% |
| Equity | 10/15 | €4,296,611 | €4,378,629 | +€82,018 | +1.9% |
| Contributions | 10/11 | €3,500,000 | €3,500,000 | = | 0.0% |
| Reserves | 13 | €796,611 | €878,629 | +€82,018 | +10.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €796,611 | €878,629 | +€82,018 | +10.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,645,287 | €2,777,260 | +€131,973 | +5.0% |
| Amounts payable after more than one year | 17 | €2,430,328 | €2,576,981 | +€146,653 | +6.0% |
| Financial debts | 170/4 | €2,430,328 | €2,576,981 | +€146,653 | +6.0% |
| Amounts payable within one year | 42/48 | €4,971 | €5,188 | +€217 | +4.4% |
| Trade debts | 44 | €651 | €825 | +€174 | +26.7% |
| Suppliers | 440/4 | €651 | €825 | +€174 | +26.7% |
| Taxes, remuneration and social security | 45 | €2,820 | €2,863 | +€43 | +1.5% |
| Taxes | 450/3 | €2,820 | €2,863 | +€43 | +1.5% |
| Other amounts payable | 47/48 | €1,500 | €1,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €209,988 | €195,092 | -€14,896 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,310 | €2,307 | -€3 | -0.1% |
| Other operating charges | 640/8 | €2,369 | €2,381 | +€12 | +0.5% |
| Gross operating margin | 9900 | -€98,102 | -€123,498 | -€25,396 | -25.9% |
| Operating profit (loss) | 9901 | -€102,781 | -€128,186 | -€25,405 | -24.7% |
| Financial income | 75/76B | €456,728 | €438,516 | -€18,212 | -4.0% |
| Recurring financial income | 75 | €456,728 | €438,516 | -€18,212 | -4.0% |
| Financial charges | 65/66B | €207,433 | €192,006 | -€15,427 | -7.4% |
| Recurring financial charges | 65 | €207,433 | €192,006 | -€15,427 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €146,514 | €118,324 | -€28,190 | -19.2% |
| Income taxes | 67/77 | €44,348 | €34,807 | -€9,542 | -21.5% |
| Profit (loss) for the period | 9904 | €102,166 | €83,518 | -€18,648 | -18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €102,166 | €83,518 | -€18,648 | -18.3% |
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 8 October 2026 via checked.be.