BRUNO BLONDEEL: 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.
BRUNO BLONDEEL
Largest movements
- Tangible fixed assets -€53,318
down €53,318 (-17.2%), from €310,501 to €257,183
of which Furniture and vehicles: -€44,798
- Receivables within one year -€24,972
down €24,972 (-27.0%), from €92,388 to €67,416
of which Other amounts receivable: -€15,724
- Cash +€7,868
up €7,868 (+84.3%), from €9,334 to €17,202
mainly Depreciation (+€43,453) and Receivables within one year (+€24,972)
- Short-term financial debts -€40,000
down €40,000 (-100%), from €40,000 to €0
- Debts after one year -€29,738
down €29,738 (-14.3%), from €207,630 to €177,892
- Reserves +€7,496
up €7,496 (+6.8%), from €110,297 to €117,794
- Current portion of long-term debt -€5,294
down €5,294 (-15.1%), from €35,032 to €29,738
- Gross operating margin +€8,751
up €8,751 (+12.7%), from €69,019 to €77,770
- Depreciation +€7,462
up €7,462 (+20.7%), from €35,990 to €43,453
- Other operating charges -€3,867
down €3,867 (-30.4%), from €12,729 to €8,862
- Taxes +€1,387
up €1,387 (+46.2%), from €3,003 to €4,390
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.
Derived cash bridge
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 | €436,014 | €363,643 | -€72,371 | -16.6% |
| Fixed assets | 21/28 | €310,501 | €257,183 | -€53,318 | -17.2% |
| Tangible fixed assets | 22/27 | €310,501 | €257,183 | -€53,318 | -17.2% |
| Land and buildings | 22 | €162,996 | €154,476 | -€8,520 | -5.2% |
| Furniture and vehicles | 24 | €147,505 | €102,707 | -€44,798 | -30.4% |
| Current assets | 29/58 | €125,513 | €106,460 | -€19,053 | -15.2% |
| Stocks and contracts in progress | 3 | €21,645 | €20,870 | -€775 | -3.6% |
| Stocks | 30/36 | €21,645 | €20,870 | -€775 | -3.6% |
| Amounts receivable within one year | 40/41 | €92,388 | €67,416 | -€24,972 | -27.0% |
| Trade receivables | 40 | €44,254 | €35,007 | -€9,248 | -20.9% |
| Other amounts receivable | 41 | €48,134 | €32,409 | -€15,724 | -32.7% |
| Cash at bank and in hand | 54/58 | €9,334 | €17,202 | +€7,868 | +84.3% |
| Deferred charges and accrued income | 490/1 | €2,146 | €972 | -€1,175 | -54.7% |
| Total equity and liabilities | 10/49 | €436,014 | €363,643 | -€72,371 | -16.6% |
| Equity | 10/15 | €116,497 | €123,994 | +€7,496 | +6.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €110,297 | €117,794 | +€7,496 | +6.8% |
| Distributable reserves | 133 | €110,297 | €117,794 | +€7,496 | +6.8% |
| Amounts payable | 17/49 | €319,517 | €239,649 | -€79,867 | -25.0% |
| Amounts payable after more than one year | 17 | €207,630 | €177,892 | -€29,738 | -14.3% |
| Financial debts | 170/4 | €207,630 | €177,892 | -€29,738 | -14.3% |
| Amounts payable within one year | 42/48 | €110,051 | €61,358 | -€48,694 | -44.2% |
| Current portion of amounts payable after more than one year | 42 | €35,032 | €29,738 | -€5,294 | -15.1% |
| Financial debts | 43 | €40,000 | €0 | -€40,000 | -100% |
| Credit institutions | 430/8 | €40,000 | €0 | -€40,000 | -100% |
| Trade debts | 44 | €27,638 | €26,693 | -€945 | -3.4% |
| Suppliers | 440/4 | €27,638 | €26,693 | -€945 | -3.4% |
| Taxes, remuneration and social security | 45 | €7,381 | €4,927 | -€2,454 | -33.3% |
| Taxes | 450/3 | €7,381 | €4,927 | -€2,454 | -33.3% |
| Accrued charges and deferred income | 492/3 | €1,836 | €400 | -€1,436 | -78.2% |
| Non-recurring operating income | 76A | €5,019 | €0 | -€5,019 | -100% |
| Remuneration, social security and pensions | 62 | €1,228 | €1,420 | +€192 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,990 | €43,453 | +€7,462 | +20.7% |
| Other operating charges | 640/8 | €12,729 | €8,862 | -€3,867 | -30.4% |
| Non-recurring operating charges | 66A | €188 | €1,303 | +€1,115 | +593% |
| Gross operating margin | 9900 | €69,019 | €77,770 | +€8,751 | +12.7% |
| Operating profit (loss) | 9901 | €18,884 | €22,732 | +€3,848 | +20.4% |
| Financial charges | 65/66B | €11,222 | €10,846 | -€376 | -3.4% |
| Recurring financial charges | 65 | €11,222 | €10,846 | -€376 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €7,662 | €11,886 | +€4,224 | +55.1% |
| Income taxes | 67/77 | €3,003 | €4,390 | +€1,387 | +46.2% |
| Profit (loss) for the period | 9904 | €4,659 | €7,496 | +€2,837 | +60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,659 | €7,496 | +€2,837 | +60.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.