BRUNO DE WINTER: 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 DE WINTER
Largest movements
- Cash -€552,514
down €552,514 (-69.9%), from €790,635 to €238,121
mainly Current investments (-€449,856) and Investment in fixed assets (net) (-€289,820)
- Current investments +€449,856
up €449,856 (+35.1%), from €1.3m to €1.7m
- Tangible fixed assets +€178,352
up €178,352 (+25.8%), from €692,573 to €870,925
of which Plant, machinery and equipment: +€181,093
- Profit (loss) carried forward +€68,146
up €68,146 (+17.2%), from €395,700 to €463,846
- Gross operating margin +€20,410
up €20,410 (+9.8%), from €207,644 to €228,054
- Depreciation -€19,149
down €19,149 (-14.7%), from €130,616 to €111,467
- Financial income -€12,353
down €12,353 (-42.3%), from €29,237 to €16,884
- Financial charges +€4,076
up €4,076 (+193%), from €2,108 to €6,185
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 | €2,817,468 | €2,907,527 | +€90,059 | +3.2% |
| Fixed assets | 21/28 | €692,573 | €870,925 | +€178,352 | +25.8% |
| Tangible fixed assets | 22/27 | €692,573 | €870,925 | +€178,352 | +25.8% |
| Land and buildings | 22 | €7,195 | €6,708 | -€487 | -6.8% |
| Plant, machinery and equipment | 23 | €674,632 | €855,726 | +€181,093 | +26.8% |
| Furniture and vehicles | 24 | €10,746 | €8,492 | -€2,254 | -21.0% |
| Current assets | 29/58 | €2,124,895 | €2,036,601 | -€88,294 | -4.2% |
| Amounts receivable within one year | 40/41 | €49,459 | €63,651 | +€14,192 | +28.7% |
| Trade receivables | 40 | €40,926 | €39,955 | -€971 | -2.4% |
| Other amounts receivable | 41 | €8,533 | €23,696 | +€15,162 | +178% |
| Current investments | 50/53 | €1,281,155 | €1,731,011 | +€449,856 | +35.1% |
| Cash at bank and in hand | 54/58 | €790,635 | €238,121 | -€552,514 | -69.9% |
| Deferred charges and accrued income | 490/1 | €3,646 | €3,819 | +€173 | +4.7% |
| Total equity and liabilities | 10/49 | €2,817,468 | €2,907,527 | +€90,059 | +3.2% |
| Equity | 10/15 | €2,748,168 | €2,819,230 | +€71,062 | +2.6% |
| Contributions | 10/11 | €1,450,918 | €1,450,918 | = | 0.0% |
| Capital | 10 | €1,450,918 | €1,450,918 | = | 0.0% |
| Issued capital | 100 | €1,450,918 | €1,450,918 | = | 0.0% |
| Reserves | 13 | €901,550 | €904,466 | +€2,916 | +0.3% |
| Non-distributable reserves | 130/1 | €59,705 | €72,495 | +€12,790 | +21.4% |
| Legal reserve | 130 | €59,705 | €72,495 | +€12,790 | +21.4% |
| Tax-exempt reserves | 132 | €10,193 | €319 | -€9,874 | -96.9% |
| Distributable reserves | 133 | €831,652 | €831,652 | = | 0.0% |
| Profit (loss) carried forward | 14 | €395,700 | €463,846 | +€68,146 | +17.2% |
| Provisions and deferred taxes | 16 | €3,498 | €306 | -€3,191 | -91.2% |
| Deferred taxes | 168 | €3,498 | €306 | -€3,191 | -91.2% |
| Amounts payable | 17/49 | €65,802 | €87,990 | +€22,188 | +33.7% |
| Amounts payable within one year | 42/48 | €65,802 | €87,990 | +€22,188 | +33.7% |
| Trade debts | 44 | €8,536 | €24,478 | +€15,941 | +187% |
| Suppliers | 440/4 | €8,536 | €24,478 | +€15,941 | +187% |
| Taxes, remuneration and social security | 45 | €9,597 | €15,135 | +€5,538 | +57.7% |
| Taxes | 450/3 | €6,657 | €11,365 | +€4,707 | +70.7% |
| Remuneration and social security | 454/9 | €2,940 | €3,770 | +€830 | +28.2% |
| Other amounts payable | 47/48 | €47,669 | €48,378 | +€709 | +1.5% |
| Remuneration, social security and pensions | 62 | €30,887 | €30,027 | -€860 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,616 | €111,467 | -€19,149 | -14.7% |
| Other operating charges | 640/8 | €9,859 | €10,669 | +€810 | +8.2% |
| Gross operating margin | 9900 | €207,644 | €228,054 | +€20,410 | +9.8% |
| Operating profit (loss) | 9901 | €36,282 | €75,891 | +€39,608 | +109% |
| Financial income | 75/76B | €29,237 | €16,884 | -€12,353 | -42.3% |
| Recurring financial income | 75 | €29,237 | €16,884 | -€12,353 | -42.3% |
| Financial charges | 65/66B | €2,108 | €6,185 | +€4,076 | +193% |
| Recurring financial charges | 65 | €2,108 | €6,185 | +€4,076 | +193% |
| Profit (loss) for the period before taxes | 9903 | €63,411 | €86,590 | +€23,179 | +36.6% |
| Transfer from deferred taxes | 780 | €3,191 | €3,191 | = | 0.0% |
| Income taxes | 67/77 | €19,218 | €18,720 | -€499 | -2.6% |
| Profit (loss) for the period | 9904 | €47,384 | €71,062 | +€23,678 | +50.0% |
| Transfer from tax-exempt reserves | 789 | €9,874 | €9,874 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,258 | €80,936 | +€23,678 | +41.4% |
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 25 October 2026 via checked.be.