BRUNET: 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.
BRUNET
Largest movements
- Stocks and contracts +€100,580
up €100,580 (+34.3%), from €293,046 to €393,627
of which Stocks: +€75,314
- Receivables within one year -€40,295
down €40,295 (-6.4%), from €626,532 to €586,238
of which Trade receivables: -€50,046
- Cash +€39,101
up €39,101 (+5.0%), from €787,989 to €827,090
mainly Depreciation (+€266,153) and Tax, wage and social debts (+€108,948)
- Advances received -€148,046
down €148,046 (-38.6%), from €383,853 to €235,808
- Tax, wage and social debts +€108,948
up €108,948 (+37.3%), from €292,303 to €401,251
of which Remuneration and social security: +€73,406
- Debts after one year +€97,812
up €97,812 (+27.7%), from €353,684 to €451,496
- Trade debts +€56,050
up €56,050 (+11.4%), from €493,810 to €549,860
- Gross operating margin -€264,506
down €264,506 (-12.3%), from €2.2m to €1.9m
- Taxes -€94,646
down €94,646 (-95.7%), from €98,947 to €4,301
- Provisions -€75,000
no longer reported in 2025 (was €75,000)
- Staff costs +€71,037
up €71,037 (+4.8%), from €1.5m to €1.6m
- Financial charges -€35,328
down €35,328 (-71.2%), from €49,609 to €14,281
of which Non-recurring financial charges: -€33,665
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 | €3,026,656 | €3,106,282 | +€79,626 | +2.6% |
| Fixed assets | 21/28 | €1,294,382 | €1,275,004 | -€19,378 | -1.5% |
| Intangible fixed assets | 21 | €23,693 | €21,341 | -€2,352 | -9.9% |
| Tangible fixed assets | 22/27 | €1,269,282 | €1,253,258 | -€16,024 | -1.3% |
| Land and buildings | 22 | €508,624 | €572,322 | +€63,698 | +12.5% |
| Plant, machinery and equipment | 23 | €239,610 | €276,820 | +€37,211 | +15.5% |
| Furniture and vehicles | 24 | €118,789 | €97,799 | -€20,989 | -17.7% |
| Leasing and similar rights | 25 | €402,259 | €306,316 | -€95,943 | -23.9% |
| Financial fixed assets | 28 | €1,408 | €405 | -€1,003 | -71.2% |
| Current assets | 29/58 | €1,732,274 | €1,831,278 | +€99,004 | +5.7% |
| Stocks and contracts in progress | 3 | €293,046 | €393,627 | +€100,580 | +34.3% |
| Stocks | 30/36 | €235,163 | €310,476 | +€75,314 | +32.0% |
| Contracts in progress | 37 | €57,884 | €83,150 | +€25,266 | +43.7% |
| Amounts receivable within one year | 40/41 | €626,532 | €586,238 | -€40,295 | -6.4% |
| Trade receivables | 40 | €626,532 | €576,486 | -€50,046 | -8.0% |
| Other amounts receivable | 41 | - | €9,752 | +€9,752 | |
| Cash at bank and in hand | 54/58 | €787,989 | €827,090 | +€39,101 | +5.0% |
| Deferred charges and accrued income | 490/1 | €24,707 | €24,324 | -€383 | -1.5% |
| Total equity and liabilities | 10/49 | €3,026,656 | €3,106,282 | +€79,626 | +2.6% |
| Equity | 10/15 | €1,291,278 | €1,288,796 | -€2,482 | -0.2% |
| Contributions | 10/11 | €237,415 | €237,415 | = | 0.0% |
| Capital | 10 | €237,415 | €237,415 | = | 0.0% |
| Issued capital | 100 | €237,415 | €237,415 | = | 0.0% |
| Revaluation surpluses | 12 | €388,307 | €369,747 | -€18,560 | -4.8% |
| Reserves | 13 | €640,997 | €662,332 | +€21,335 | +3.3% |
| Non-distributable reserves | 130/1 | €23,742 | €23,742 | = | 0.0% |
| Legal reserve | 130 | €23,742 | €23,742 | = | 0.0% |
| Distributable reserves | 133 | €617,256 | €638,591 | +€21,335 | +3.5% |
| Investment grants | 15 | €24,559 | €19,302 | -€5,257 | -21.4% |
| Provisions and deferred taxes | 16 | €75,000 | €75,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €75,000 | €75,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,660,378 | €1,742,486 | +€82,108 | +4.9% |
| Amounts payable after more than one year | 17 | €353,684 | €451,496 | +€97,812 | +27.7% |
| Financial debts | 170/4 | €353,684 | €451,496 | +€97,812 | +27.7% |
| Amounts payable within one year | 42/48 | €1,279,633 | €1,284,107 | +€4,474 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €108,941 | €97,188 | -€11,753 | -10.8% |
| Trade debts | 44 | €493,810 | €549,860 | +€56,050 | +11.4% |
| Suppliers | 440/4 | €493,810 | €549,860 | +€56,050 | +11.4% |
| Advances received on contracts in progress | 46 | €383,853 | €235,808 | -€148,046 | -38.6% |
| Taxes, remuneration and social security | 45 | €292,303 | €401,251 | +€108,948 | +37.3% |
| Taxes | 450/3 | €151,343 | €186,886 | +€35,543 | +23.5% |
| Remuneration and social security | 454/9 | €140,960 | €214,365 | +€73,406 | +52.1% |
| Other amounts payable | 47/48 | €725 | - | -€725 | |
| Accrued charges and deferred income | 492/3 | €27,061 | €6,883 | -€20,178 | -74.6% |
| Remuneration, social security and pensions | 62 | €1,487,428 | €1,558,465 | +€71,037 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €239,870 | €266,153 | +€26,283 | +11.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,225 | -€8,259 | -€13,484 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €75,000 | - | -€75,000 | |
| Other operating charges | 640/8 | €31,350 | €55,609 | +€24,259 | +77.4% |
| Non-recurring operating charges | 66A | €17,492 | - | -€17,492 | |
| Gross operating margin | 9900 | €2,151,684 | €1,887,178 | -€264,506 | -12.3% |
| Operating profit (loss) | 9901 | €295,319 | €15,210 | -€280,109 | -94.8% |
| Financial income | 75/76B | €5,477 | €6,147 | +€670 | +12.2% |
| Recurring financial income | 75 | €5,477 | €6,147 | +€670 | +12.2% |
| Financial charges | 65/66B | €49,609 | €14,281 | -€35,328 | -71.2% |
| Recurring financial charges | 65 | €15,944 | €14,281 | -€1,663 | -10.4% |
| Non-recurring financial charges | 66B | €33,665 | - | -€33,665 | |
| Profit (loss) for the period before taxes | 9903 | €251,188 | €7,076 | -€244,112 | -97.2% |
| Income taxes | 67/77 | €98,947 | €4,301 | -€94,646 | -95.7% |
| Profit (loss) for the period | 9904 | €152,240 | €2,775 | -€149,465 | -98.2% |
| Transfer from tax-exempt reserves | 789 | €67,258 | - | -€67,258 | |
| Profit (loss) for the period to be appropriated | 9905 | €219,498 | €2,775 | -€216,724 | -98.7% |
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 11 October 2026 via checked.be.