BRULEMA: 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.
What changed
BRULEMA
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€83,114
2024 · €1.6m-€1.5m
Equity
€3.6m
2024 · €3.6m+€83,114
Cash
€144,024
2024 · €81,775+€62,250
Balance sheet total
€10.0m
2024 · €10.4m-€318,320
Largest movements
Assets
- Current investments -€550,000
down €550,000 (-25.6%), from €2.2m to €1.6m
- Deferred charges and accrued income +€292,069
up €292,069 (+633.9%), from €46,074 to €338,143
- Tangible fixed assets -€159,176
down €159,176 (-2.7%), from €6.0m to €5.8m
of which Other tangible fixed assets: -€211,510
Equity and liabilities
- Debts after one year -€400,918
down €400,918 (-7.2%), from €5.6m to €5.2m
of which Financial debts: -€421,086
- Accrued charges and deferred income -€117,706
down €117,706 (-100.0%), from €117,706 to €0
Income statement
- Gross operating margin -€2.1m
down €2.1m (-81.5%), from €2.6m to €485,511
- Financial charges -€131,532
down €131,532 (-52.6%), from €249,866 to €118,334
- Taxes +€26,931
up €26,931, from €0 to €26,931
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
€1.6m
Gross operating margin
-€2.1m
Depreciation
-€1,742
Other operating charges
-€2,372
Financial income
+€11,823
Financial charges
+€131,532
Taxes
-€26,931
Deferred taxes and other
+€555,881
Result 2025
€83,114
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
-€26,920
Investment
+€479,661
Financing
-€390,492
Cash 2024
€81,775
From operations (derived)
-€26,920
Net result for the year
+€83,114
Depreciation
+€229,515
Receivables after one year
-€36,038
Receivables within one year
-€499
Deferred charges and accrued income
-€292,069
Trade debts
+€5,438
Tax, wage and social debts
+€14,131
Advances received
+€4,800
Other debts
+€82,394
Accrued charges and deferred income
-€117,706
Investment (derived)
+€479,661
Investment in fixed assets (net)
-€70,339
Current investments
+€550,000
Financing
-€390,492
Debts after one year
-€400,918
Current portion of long-term debt
+€11,282
Short-term financial debts
-€856
Cash 2025
€144,024
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,358,069 | €10,039,749 | -€318,320 | -3.1% |
| Fixed assets | 21/28 | €6,953,983 | €6,794,807 | -€159,176 | -2.3% |
| Tangible fixed assets | 22/27 | €5,986,011 | €5,826,835 | -€159,176 | -2.7% |
| Land and buildings | 22 | €109,952 | €109,952 | = | 0.0% |
| Other tangible fixed assets | 26 | €5,876,060 | €5,664,549 | -€211,510 | -3.6% |
| Assets under construction and advance payments | 27 | - | €52,334 | +€52,334 | |
| Financial fixed assets | 28 | €967,972 | €967,972 | = | 0.0% |
| Current assets | 29/58 | €3,404,086 | €3,244,942 | -€159,144 | -4.7% |
| Amounts receivable after more than one year | 29 | €1,075,258 | €1,111,296 | +€36,038 | +3.4% |
| Other amounts receivable | 291 | €1,075,258 | €1,111,296 | +€36,038 | +3.4% |
| Amounts receivable within one year | 40/41 | €50,980 | €51,479 | +€499 | +1.0% |
| Trade receivables | 40 | €240 | €240 | = | 0.0% |
| Other amounts receivable | 41 | €50,740 | €51,239 | +€499 | +1.0% |
| Current investments | 50/53 | €2,150,000 | €1,600,000 | -€550,000 | -25.6% |
| Cash at bank and in hand | 54/58 | €81,775 | €144,024 | +€62,250 | +76.1% |
| Deferred charges and accrued income | 490/1 | €46,074 | €338,143 | +€292,069 | +633.9% |
| Total equity and liabilities | 10/49 | €10,358,069 | €10,039,749 | -€318,320 | -3.1% |
| Equity | 10/15 | €3,552,558 | €3,635,672 | +€83,114 | +2.3% |
| Contributions | 10/11 | €945,960 | €945,960 | = | 0.0% |
| Reserves | 13 | €2,606,598 | €2,689,712 | +€83,114 | +3.2% |
| Non-distributable reserves | 130/1 | €4,339 | €4,339 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,339 | €4,339 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,061,652 | €1,670,122 | -€391,530 | -19.0% |
| Distributable reserves | 133 | €540,607 | €1,015,251 | +€474,644 | +87.8% |
| Provisions and deferred taxes | 16 | €555,881 | €555,881 | = | 0.0% |
| Deferred taxes | 168 | €555,881 | €555,881 | = | 0.0% |
| Amounts payable | 17/49 | €6,249,630 | €5,848,195 | -€401,435 | -6.4% |
| Amounts payable after more than one year | 17 | €5,583,946 | €5,183,028 | -€400,918 | -7.2% |
| Financial debts | 170/4 | €3,131,956 | €2,710,871 | -€421,086 | -13.4% |
| Other amounts payable | 178/9 | €2,451,989 | €2,472,157 | +€20,168 | +0.8% |
| Amounts payable within one year | 42/48 | €547,979 | €665,168 | +€117,189 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €444,420 | €455,702 | +€11,282 | +2.5% |
| Financial debts | 43 | €8,578 | €7,722 | -€856 | -10.0% |
| Credit institutions | 430/8 | €8,578 | €7,722 | -€856 | -10.0% |
| Trade debts | 44 | €0 | €5,438 | +€5,438 | |
| Suppliers | 440/4 | €0 | €5,438 | +€5,438 | |
| Advances received on contracts in progress | 46 | €45,052 | €49,852 | +€4,800 | +10.7% |
| Taxes, remuneration and social security | 45 | €3,308 | €17,439 | +€14,131 | +427.2% |
| Taxes | 450/3 | €3,308 | €17,439 | +€14,131 | +427.2% |
| Other amounts payable | 47/48 | €46,621 | €129,015 | +€82,394 | +176.7% |
| Accrued charges and deferred income | 492/3 | €117,706 | €0 | -€117,706 | -100.0% |
| Non-recurring operating income | 76A | €2,223,525 | €0 | -€2.2m | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €227,774 | €229,515 | +€1,742 | +0.8% |
| Other operating charges | 640/8 | €77,086 | €79,458 | +€2,372 | +3.1% |
| Gross operating margin | 9900 | €2,623,790 | €485,511 | -€2.1m | -81.5% |
| Operating profit (loss) | 9901 | €2,318,931 | €176,538 | -€2.1m | -92.4% |
| Financial income | 75/76B | €40,019 | €51,842 | +€11,823 | +29.5% |
| Recurring financial income | 75 | €40,019 | €51,842 | +€11,823 | +29.5% |
| Financial charges | 65/66B | €249,866 | €118,334 | -€131,532 | -52.6% |
| Recurring financial charges | 65 | €249,866 | €118,334 | -€131,532 | -52.6% |
| Profit (loss) for the period before taxes | 9903 | €2,109,084 | €110,046 | -€2.0m | -94.8% |
| Transfer to deferred taxes | 680 | €555,881 | €0 | -€555,881 | -100.0% |
| Income taxes | 67/77 | €0 | €26,931 | +€26,931 | |
| Profit (loss) for the period | 9904 | €1,553,203 | €83,114 | -€1.5m | -94.6% |
| Transfer from tax-exempt reserves | 789 | - | €391,530 | +€391,530 | |
| Transfer to tax-exempt reserves | 689 | €1,667,643 | €0 | -€1.7m | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€114,441 | €474,644 | +€589,085 |
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 9 October 2026 via checked.be.