BRUNCH: 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.
BRUNCH
Largest movements
- Receivables after one year -€30,000
no longer reported in 2025 (was €30,000)
- Current investments -€16,771
no longer reported in 2025 (was €16,771)
- Receivables within one year +€8,334
up €8,334 (+14.1%), from €59,262 to €67,596
- Cash -€8,045
down €8,045 (-11.1%), from €72,408 to €64,363
mainly Debts after one year (-€45,382) and Investment in fixed assets (net) (-€44,226)
- Debts after one year -€45,382
down €45,382 (-13.8%), from €329,395 to €284,014
- Other debts -€13,040
down €13,040 (-38.4%), from €33,950 to €20,910
- Reserves +€7,341
up €7,341 (+3.9%), from €190,659 to €198,000
of which Distributable reserves: +€9,200
- Gross operating margin +€9,254
up €9,254 (+8.7%), from €106,240 to €115,494
- Taxes +€3,350
up €3,350 (+24.9%), from €13,448 to €16,798
- Financial charges -€1,673
down €1,673 (-15.4%), from €10,895 to €9,222
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 | €689,347 | €644,033 | -€45,314 | -6.6% |
| Fixed assets | 21/28 | €510,906 | €512,073 | +€1,168 | +0.2% |
| Tangible fixed assets | 22/27 | €510,906 | €512,073 | +€1,168 | +0.2% |
| Land and buildings | 22 | €467,000 | €481,028 | +€14,028 | +3.0% |
| Furniture and vehicles | 24 | €43,906 | €31,046 | -€12,860 | -29.3% |
| Current assets | 29/58 | €178,441 | €131,959 | -€46,482 | -26.0% |
| Amounts receivable after more than one year | 29 | €30,000 | - | -€30,000 | |
| Other amounts receivable | 291 | €30,000 | - | -€30,000 | |
| Amounts receivable within one year | 40/41 | €59,262 | €67,596 | +€8,334 | +14.1% |
| Trade receivables | 40 | €59,262 | €67,596 | +€8,334 | +14.1% |
| Current investments | 50/53 | €16,771 | - | -€16,771 | |
| Cash at bank and in hand | 54/58 | €72,408 | €64,363 | -€8,045 | -11.1% |
| Total equity and liabilities | 10/49 | €689,347 | €644,033 | -€45,314 | -6.6% |
| Equity | 10/15 | €238,751 | €248,088 | +€9,337 | +3.9% |
| Contributions | 10/11 | €18,592 | €20,451 | +€1,859 | +10.0% |
| Reserves | 13 | €190,659 | €198,000 | +€7,341 | +3.9% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | €188,800 | €198,000 | +€9,200 | +4.9% |
| Profit (loss) carried forward | 14 | €29,499 | €29,637 | +€137 | +0.5% |
| Amounts payable | 17/49 | €450,596 | €395,945 | -€54,651 | -12.1% |
| Amounts payable after more than one year | 17 | €329,395 | €284,014 | -€45,382 | -13.8% |
| Financial debts | 170/4 | €329,395 | €284,014 | -€45,382 | -13.8% |
| Amounts payable within one year | 42/48 | €121,200 | €111,931 | -€9,269 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €44,982 | €46,112 | +€1,130 | +2.5% |
| Trade debts | 44 | €749 | €180 | -€569 | -76.0% |
| Suppliers | 440/4 | €749 | €180 | -€569 | -76.0% |
| Taxes, remuneration and social security | 45 | €41,519 | €44,730 | +€3,210 | +7.7% |
| Taxes | 450/3 | €40,352 | €43,548 | +€3,196 | +7.9% |
| Remuneration and social security | 454/9 | €1,167 | €1,181 | +€14 | +1.2% |
| Other amounts payable | 47/48 | €33,950 | €20,910 | -€13,040 | -38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,098 | €43,059 | -€39 | -0.1% |
| Other operating charges | 640/8 | €7,687 | €7,915 | +€228 | +3.0% |
| Gross operating margin | 9900 | €106,240 | €115,494 | +€9,254 | +8.7% |
| Operating profit (loss) | 9901 | €55,455 | €64,520 | +€9,065 | +16.3% |
| Financial income | 75/76B | €749 | €637 | -€112 | -15.0% |
| Recurring financial income | 75 | €749 | €637 | -€112 | -15.0% |
| Financial charges | 65/66B | €10,895 | €9,222 | -€1,673 | -15.4% |
| Recurring financial charges | 65 | €10,895 | €9,222 | -€1,673 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €45,309 | €55,935 | +€10,626 | +23.5% |
| Income taxes | 67/77 | €13,448 | €16,798 | +€3,350 | +24.9% |
| Profit (loss) for the period | 9904 | €31,861 | €39,137 | +€7,276 | +22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,861 | €39,137 | +€7,276 | +22.8% |
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 4 October 2026 via checked.be.