BRUGEST: 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.
BRUGEST
Largest movements
- Tangible fixed assets +€423,163
up €423,163 (+83.2%), from €508,730 to €931,893
of which Assets under construction and advance payments: +€423,373
- Debts after one year +€229,200
new in 2025: €229,200
- Other debts +€226,851
up €226,851 (+176.6%), from €128,467 to €355,318
- Profit (loss) carried forward -€36,242
down €36,242 (-10.7%), from -€339,072 to -€375,314
- Depreciation -€37,947
down €37,947 (-79.3%), from €47,867 to €9,920
- Financial charges +€14,520
up €14,520 (+760.8%), from €1,909 to €16,429
- Gross operating margin +€6,373
up €6,373 (+37.9%), from -€16,815 to -€10,442
- Other operating charges -€767
down €767 (-42.6%), from €1,800 to €1,033
- Financial income -€650
down €650 (-84.6%), from €769 to €119
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 | €536,246 | €956,823 | +€420,577 | +78.4% |
| Fixed assets | 21/28 | €508,730 | €931,893 | +€423,163 | +83.2% |
| Tangible fixed assets | 22/27 | €508,730 | €931,893 | +€423,163 | +83.2% |
| Land and buildings | 22 | €226,314 | €221,329 | -€4,985 | -2.2% |
| Furniture and vehicles | 24 | €2,035 | €6,810 | +€4,775 | +234.6% |
| Assets under construction and advance payments | 27 | €280,380 | €703,754 | +€423,373 | +151.0% |
| Current assets | 29/58 | €27,517 | €24,930 | -€2,586 | -9.4% |
| Amounts receivable within one year | 40/41 | €7,180 | €3,512 | -€3,667 | -51.1% |
| Trade receivables | 40 | €1,157 | €2,823 | +€1,667 | +144.1% |
| Other amounts receivable | 41 | €6,023 | €689 | -€5,334 | -88.6% |
| Cash at bank and in hand | 54/58 | €17,786 | €16,790 | -€996 | -5.6% |
| Deferred charges and accrued income | 490/1 | €2,551 | €4,629 | +€2,077 | +81.4% |
| Total equity and liabilities | 10/49 | €536,246 | €956,823 | +€420,577 | +78.4% |
| Equity | 10/15 | €306,456 | €268,810 | -€37,646 | -12.3% |
| Contributions | 10/11 | €353,248 | €353,248 | = | 0.0% |
| Capital | 10 | €353,248 | €353,248 | = | 0.0% |
| Issued capital | 100 | €353,248 | €353,248 | = | 0.0% |
| Reserves | 13 | €292,279 | €290,876 | -€1,404 | -0.5% |
| Tax-exempt reserves | 132 | €292,279 | €290,876 | -€1,404 | -0.5% |
| Profit (loss) carried forward | 14 | -€339,072 | -€375,314 | -€36,242 | -10.7% |
| Provisions and deferred taxes | 16 | €95,650 | €95,048 | -€602 | -0.6% |
| Deferred taxes | 168 | €95,650 | €95,048 | -€602 | -0.6% |
| Amounts payable | 17/49 | €134,140 | €592,965 | +€458,825 | +342.0% |
| Amounts payable after more than one year | 17 | - | €229,200 | +€229,200 | |
| Financial debts | 170/4 | - | €229,200 | +€229,200 | |
| Amounts payable within one year | 42/48 | €134,140 | €363,765 | +€229,625 | +171.2% |
| Trade debts | 44 | €5,143 | €7,904 | +€2,761 | +53.7% |
| Suppliers | 440/4 | €5,143 | €7,904 | +€2,761 | +53.7% |
| Taxes, remuneration and social security | 45 | €530 | €542 | +€12 | +2.3% |
| Taxes | 450/3 | €530 | €542 | +€12 | +2.3% |
| Other amounts payable | 47/48 | €128,467 | €355,318 | +€226,851 | +176.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,867 | €9,920 | -€37,947 | -79.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,800 | €1,033 | -€767 | -42.6% |
| Gross operating margin | 9900 | -€16,815 | -€10,442 | +€6,373 | +37.9% |
| Operating profit (loss) | 9901 | -€66,482 | -€21,395 | +€45,087 | +67.8% |
| Financial income | 75/76B | €769 | €119 | -€650 | -84.6% |
| Recurring financial income | 75 | €769 | €119 | -€650 | -84.6% |
| Financial charges | 65/66B | €1,909 | €16,429 | +€14,520 | +760.8% |
| Recurring financial charges | 65 | €1,909 | €16,429 | +€14,520 | +760.8% |
| Profit (loss) for the period before taxes | 9903 | -€67,622 | -€37,705 | +€29,917 | +44.2% |
| Transfer from deferred taxes | 780 | €602 | €602 | = | 0.0% |
| Income taxes | 67/77 | €530 | €542 | +€12 | +2.3% |
| Profit (loss) for the period | 9904 | -€67,550 | -€37,646 | +€29,905 | +44.3% |
| Transfer from tax-exempt reserves | 789 | €1,404 | €1,404 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€66,147 | -€36,242 | +€29,905 | +45.2% |
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 5 October 2026 via checked.be.