BRUGEVAL: 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.
What changed
BRUGEVAL
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€709,755
2024 · -€3,583+€713,339
Equity
€1.1m
2024 · €444,933+€664,755
Cash
€8,690
2024 · €28,153-€19,463
Balance sheet total
€2.6m
2024 · €1.7m+€866,989
Largest movements
Assets
- Receivables within one year +€684,270
up €684,270 (+88.7%), from €771,340 to €1.5m
of which Other amounts receivable: +€687,276
- Current investments +€544,698
up €544,698 (+10272.8%), from €5,302 to €550,000
- Tangible fixed assets -€344,341
down €344,341 (-40.3%), from €855,031 to €510,689
of which Land and buildings: -€339,757
Equity and liabilities
- Reserves +€666,171
up €666,171 (+157.1%), from €423,940 to €1.1m
of which Tax-exempt reserves: +€598,171
- Provisions +€195,086
up €195,086 (+97.2%), from €200,630 to €395,717
of which Deferred taxes: +€199,390
- Debts after one year -€57,764
down €57,764 (-7.3%), from €792,144 to €734,380
- Other debts +€45,000
up €45,000 (+30.0%), from €150,000 to €195,000
Income statement
- Gross operating margin +€896,201
up €896,201 (+828.3%), from €108,201 to €1.0m
- Taxes +€21,363
up €21,363, from €0 to €21,363
- Depreciation -€16,586
down €16,586 (-31.3%), from €53,031 to €36,444
- Other operating charges -€13,442
down €13,442 (-51.3%), from €26,198 to €12,756
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.
Result 2024
-€3,583
Gross operating margin
+€896,201
Depreciation
+€16,586
Other operating charges
+€13,442
Other operating items
+€466
Financial income
+€9,134
Financial charges
+€3,871
Taxes
-€21,363
Deferred taxes and other
-€204,999
Result 2025
€709,755
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.
From operations
+€325,335
Investment
-€236,801
Financing
-€107,997
Cash 2024
€28,153
From operations (derived)
+€325,335
Net result for the year
+€709,755
Depreciation
+€36,444
Receivables within one year
-€684,270
Deferred charges and accrued income
-€1,826
Provisions
+€195,086
Trade debts
+€1,783
Tax, wage and social debts
+€20,125
Other debts
+€45,000
Accrued charges and deferred income
+€3,237
Investment (derived)
-€236,801
Investment in fixed assets (net)
+€307,897
Current investments
-€544,698
Financing
-€107,997
Debts after one year
-€57,764
Current portion of long-term debt
-€5,233
Contributions, distributions and other
-€45,000
Cash 2025
€8,690
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,685,653 | €2,552,642 | +€866,989 | +51.4% |
| Fixed assets | 21/28 | €860,240 | €515,899 | -€344,341 | -40.0% |
| Tangible fixed assets | 22/27 | €855,031 | €510,689 | -€344,341 | -40.3% |
| Land and buildings | 22 | €847,901 | €508,144 | -€339,757 | -40.1% |
| Plant, machinery and equipment | 23 | €7,130 | €2,546 | -€4,584 | -64.3% |
| Financial fixed assets | 28 | €5,209 | €5,209 | = | 0.0% |
| Current assets | 29/58 | €825,413 | €2,036,744 | +€1.2m | +146.8% |
| Amounts receivable after more than one year | 29 | €16,248 | €16,248 | = | 0.0% |
| Other amounts receivable | 291 | €16,248 | €16,248 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €771,340 | €1,455,610 | +€684,270 | +88.7% |
| Trade receivables | 40 | €3,969 | €963 | -€3,006 | -75.7% |
| Other amounts receivable | 41 | €767,371 | €1,454,647 | +€687,276 | +89.6% |
| Current investments | 50/53 | €5,302 | €550,000 | +€544,698 | +10272.8% |
| Cash at bank and in hand | 54/58 | €28,153 | €8,690 | -€19,463 | -69.1% |
| Deferred charges and accrued income | 490/1 | €4,369 | €6,195 | +€1,826 | +41.8% |
| Total equity and liabilities | 10/49 | €1,685,653 | €2,552,642 | +€866,989 | +51.4% |
| Equity | 10/15 | €444,933 | €1,109,689 | +€664,755 | +149.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €423,940 | €1,090,111 | +€666,171 | +157.1% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €192,440 | €790,611 | +€598,171 | +310.8% |
| Distributable reserves | 133 | €225,000 | €293,000 | +€68,000 | +30.2% |
| Profit (loss) carried forward | 14 | €2,393 | €977 | -€1,416 | -59.2% |
| Provisions and deferred taxes | 16 | €200,630 | €395,717 | +€195,086 | +97.2% |
| Provisions for liabilities and charges | 160/5 | €136,484 | €132,180 | -€4,304 | -3.2% |
| Pensions and similar obligations | 160 | €136,484 | €132,180 | -€4,304 | -3.2% |
| Deferred taxes | 168 | €64,146 | €263,537 | +€199,390 | +310.8% |
| Amounts payable | 17/49 | €1,040,089 | €1,047,237 | +€7,148 | +0.7% |
| Amounts payable after more than one year | 17 | €792,144 | €734,380 | -€57,764 | -7.3% |
| Financial debts | 170/4 | €792,144 | €734,380 | -€57,764 | -7.3% |
| Amounts payable within one year | 42/48 | €227,195 | €288,870 | +€61,675 | +27.1% |
| Current portion of amounts payable after more than one year | 42 | €67,303 | €62,070 | -€5,233 | -7.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €9,892 | €11,675 | +€1,783 | +18.0% |
| Suppliers | 440/4 | €9,892 | €11,675 | +€1,783 | +18.0% |
| Taxes, remuneration and social security | 45 | - | €20,125 | +€20,125 | |
| Taxes | 450/3 | - | €20,125 | +€20,125 | |
| Other amounts payable | 47/48 | €150,000 | €195,000 | +€45,000 | +30.0% |
| Accrued charges and deferred income | 492/3 | €20,750 | €23,987 | +€3,237 | +15.6% |
| Non-recurring operating income | 76A | €0 | €921,244 | +€921,244 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,031 | €36,444 | -€16,586 | -31.3% |
| Other operating charges | 640/8 | €26,198 | €12,756 | -€13,442 | -51.3% |
| Non-recurring operating charges | 66A | €466 | €0 | -€466 | -100.0% |
| Gross operating margin | 9900 | €108,201 | €1,004,403 | +€896,201 | +828.3% |
| Operating profit (loss) | 9901 | €28,506 | €955,202 | +€926,696 | +3250.8% |
| Financial income | 75/76B | €1,170 | €10,303 | +€9,134 | +780.9% |
| Recurring financial income | 75 | €1,170 | €10,303 | +€9,134 | +780.9% |
| Financial charges | 65/66B | €38,868 | €34,997 | -€3,871 | -10.0% |
| Recurring financial charges | 65 | €38,868 | €34,997 | -€3,871 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,192 | €930,509 | +€939,701 | |
| Transfer from deferred taxes | 780 | €5,608 | €30,874 | +€25,265 | +450.5% |
| Transfer to deferred taxes | 680 | - | €230,264 | +€230,264 | |
| Income taxes | 67/77 | €0 | €21,363 | +€21,363 | |
| Profit (loss) for the period | 9904 | -€3,583 | €709,755 | +€713,339 | |
| Transfer from tax-exempt reserves | 789 | €16,825 | €92,621 | +€75,796 | +450.5% |
| Transfer to tax-exempt reserves | 689 | - | €690,792 | +€690,792 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,242 | €111,584 | +€98,342 | +742.7% |
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.