BRUGAFAR: 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.
BRUGAFAR
Largest movements
- Tangible fixed assets -€52,060
down €52,060 (-11.5%), from €454,349 to €402,289
of which Land and buildings: -€42,227
- Receivables within one year +€41,726
up €41,726 (+21.9%), from €190,203 to €231,929
of which Trade receivables: +€38,673
- Cash -€12,811
down €12,811 (-5.6%), from €226,879 to €214,068
mainly Receivables within one year (-€41,726) and Debts after one year (-€39,546)
- Debts after one year -€39,546
down €39,546 (-12.7%), from €311,858 to €272,313
- Trade debts -€36,292
down €36,292 (-18.3%), from €198,547 to €162,254
- Reserves +€24,902
up €24,902 (+10.0%), from €249,524 to €274,426
of which Distributable reserves: +€24,902
- Staff costs -€48,307
down €48,307 (-17.6%), from €274,569 to €226,262
- Gross operating margin +€20,929
up €20,929 (+6.5%), from €319,894 to €340,822
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 | €1,210,539 | €1,180,498 | -€30,042 | -2.5% |
| Fixed assets | 21/28 | €454,349 | €402,289 | -€52,060 | -11.5% |
| Tangible fixed assets | 22/27 | €454,349 | €402,289 | -€52,060 | -11.5% |
| Land and buildings | 22 | €419,141 | €376,914 | -€42,227 | -10.1% |
| Plant, machinery and equipment | 23 | €11,044 | €7,537 | -€3,506 | -31.8% |
| Furniture and vehicles | 24 | €24,164 | €17,838 | -€6,327 | -26.2% |
| Current assets | 29/58 | €756,191 | €778,209 | +€22,018 | +2.9% |
| Stocks and contracts in progress | 3 | €336,279 | €328,977 | -€7,302 | -2.2% |
| Stocks | 30/36 | €336,279 | €328,977 | -€7,302 | -2.2% |
| Amounts receivable within one year | 40/41 | €190,203 | €231,929 | +€41,726 | +21.9% |
| Trade receivables | 40 | €159,029 | €197,702 | +€38,673 | +24.3% |
| Other amounts receivable | 41 | €31,174 | €34,228 | +€3,054 | +9.8% |
| Cash at bank and in hand | 54/58 | €226,879 | €214,068 | -€12,811 | -5.6% |
| Deferred charges and accrued income | 490/1 | €2,830 | €3,235 | +€405 | +14.3% |
| Total equity and liabilities | 10/49 | €1,210,539 | €1,180,498 | -€30,042 | -2.5% |
| Equity | 10/15 | €465,172 | €490,074 | +€24,902 | +5.4% |
| Contributions | 10/11 | €215,648 | €215,648 | = | 0.0% |
| Capital | 10 | €215,648 | €215,648 | = | 0.0% |
| Issued capital | 100 | €215,648 | €215,648 | = | 0.0% |
| Reserves | 13 | €249,524 | €274,426 | +€24,902 | +10.0% |
| Non-distributable reserves | 130/1 | €21,565 | €21,565 | = | 0.0% |
| Legal reserve | 130 | €21,565 | €21,565 | = | 0.0% |
| Tax-exempt reserves | 132 | €376 | €376 | = | 0.0% |
| Distributable reserves | 133 | €227,583 | €252,485 | +€24,902 | +10.9% |
| Amounts payable | 17/49 | €745,367 | €690,424 | -€54,944 | -7.4% |
| Amounts payable after more than one year | 17 | €311,858 | €272,313 | -€39,546 | -12.7% |
| Financial debts | 170/4 | €311,858 | €272,313 | -€39,546 | -12.7% |
| Amounts payable within one year | 42/48 | €421,373 | €406,877 | -€14,496 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €38,043 | €39,546 | +€1,502 | +3.9% |
| Trade debts | 44 | €198,547 | €162,254 | -€36,292 | -18.3% |
| Suppliers | 440/4 | €198,547 | €162,254 | -€36,292 | -18.3% |
| Taxes, remuneration and social security | 45 | €28,235 | €40,265 | +€12,030 | +42.6% |
| Taxes | 450/3 | - | €1,535 | +€1,535 | |
| Remuneration and social security | 454/9 | €28,235 | €38,730 | +€10,495 | +37.2% |
| Other amounts payable | 47/48 | €156,548 | €164,812 | +€8,264 | +5.3% |
| Accrued charges and deferred income | 492/3 | €12,136 | €11,234 | -€902 | -7.4% |
| Remuneration, social security and pensions | 62 | €274,569 | €226,262 | -€48,307 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,427 | €52,060 | -€367 | -0.7% |
| Other operating charges | 640/8 | €9,445 | €9,605 | +€160 | +1.7% |
| Gross operating margin | 9900 | €319,894 | €340,822 | +€20,929 | +6.5% |
| Operating profit (loss) | 9901 | -€16,547 | €52,896 | +€69,443 | |
| Financial income | 75/76B | €2,858 | €2,586 | -€272 | -9.5% |
| Recurring financial income | 75 | €2,858 | €2,586 | -€272 | -9.5% |
| Financial charges | 65/66B | €33,066 | €30,333 | -€2,733 | -8.3% |
| Recurring financial charges | 65 | €33,066 | €30,333 | -€2,733 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | -€46,755 | €25,149 | +€71,904 | |
| Income taxes | 67/77 | €500 | €247 | -€253 | -50.6% |
| Profit (loss) for the period | 9904 | -€47,254 | €24,902 | +€72,156 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,254 | €24,902 | +€72,156 |
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 15 October 2026 via checked.be.