BRUNO DEGAND: what changed
BRUNO DEGAND
Largest movements
- Receivables within one year -€25,427
down €25,427 (-39.0%), from €65,202 to €39,775
of which Trade receivables: -€22,814
- Tangible fixed assets -€9,257
down €9,257 (-2.3%), from €395,873 to €386,616
of which Other tangible fixed assets: -€15,240
- Cash +€7,380
up €7,380 (+15.5%), from €47,465 to €54,845
mainly Tax, wage and social debts (+€41,247) and Depreciation (+€38,117)
- Profit (loss) carried forward -€43,344
down €43,344 (-36.0%), from €120,507 to €77,164
- Tax, wage and social debts +€41,247
up €41,247 (+61.7%), from €66,836 to €108,082
of which Remuneration and social security: +€37,622
- Debts after one year -€31,811
down €31,811 (-79.9%), from €39,834 to €8,023
- Short-term financial debts +€6,000
up €6,000 (+8.9%), from €67,500 to €73,500
- Staff costs +€71,635
up €71,635 (+25.3%), from €283,221 to €354,856
- Gross operating margin -€14,852
down €14,852 (-3.9%), from €381,200 to €366,348
- Taxes -€11,146
down €11,146 (-94.0%), from €11,858 to €711
- Depreciation +€4,925
up €4,925 (+14.8%), from €33,193 to €38,117
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €557,608 | €530,538 | -€27,070 | -4.9% |
| Fixed assets | 21/28 | €396,403 | €387,146 | -€9,257 | -2.3% |
| Tangible fixed assets | 22/27 | €395,873 | €386,616 | -€9,257 | -2.3% |
| Land and buildings | 22 | €264,281 | €256,070 | -€8,211 | -3.1% |
| Plant, machinery and equipment | 23 | €10,876 | €24,580 | +€13,704 | +126% |
| Furniture and vehicles | 24 | €17,507 | €17,997 | +€490 | +2.8% |
| Other tangible fixed assets | 26 | €103,209 | €87,969 | -€15,240 | -14.8% |
| Financial fixed assets | 28 | €530 | €530 | = | 0.0% |
| Current assets | 29/58 | €161,205 | €143,392 | -€17,813 | -11.0% |
| Stocks and contracts in progress | 3 | €34,370 | €34,038 | -€332 | -1.0% |
| Stocks | 30/36 | €34,370 | €34,038 | -€332 | -1.0% |
| Amounts receivable within one year | 40/41 | €65,202 | €39,775 | -€25,427 | -39.0% |
| Trade receivables | 40 | €60,685 | €37,871 | -€22,814 | -37.6% |
| Other amounts receivable | 41 | €4,517 | €1,904 | -€2,613 | -57.8% |
| Cash at bank and in hand | 54/58 | €47,465 | €54,845 | +€7,380 | +15.5% |
| Deferred charges and accrued income | 490/1 | €14,168 | €14,734 | +€566 | +4.0% |
| Total equity and liabilities | 10/49 | €557,608 | €530,538 | -€27,070 | -4.9% |
| Equity | 10/15 | €182,048 | €138,705 | -€43,344 | -23.8% |
| Contributions | 10/11 | €40,902 | €40,902 | = | 0.0% |
| Reserves | 13 | €20,639 | €20,639 | = | 0.0% |
| Distributable reserves | 133 | €20,639 | €20,639 | = | 0.0% |
| Profit (loss) carried forward | 14 | €120,507 | €77,164 | -€43,344 | -36.0% |
| Amounts payable | 17/49 | €375,560 | €391,834 | +€16,274 | +4.3% |
| Amounts payable after more than one year | 17 | €39,834 | €8,023 | -€31,811 | -79.9% |
| Financial debts | 170/4 | €39,834 | €8,023 | -€31,811 | -79.9% |
| Amounts payable within one year | 42/48 | €335,726 | €383,811 | +€48,085 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €56,096 | €56,497 | +€401 | +0.7% |
| Financial debts | 43 | €67,500 | €73,500 | +€6,000 | +8.9% |
| Credit institutions | 430/8 | €67,500 | €73,500 | +€6,000 | +8.9% |
| Trade debts | 44 | €135,438 | €133,297 | -€2,141 | -1.6% |
| Suppliers | 440/4 | €135,438 | €133,297 | -€2,141 | -1.6% |
| Taxes, remuneration and social security | 45 | €66,836 | €108,082 | +€41,247 | +61.7% |
| Taxes | 450/3 | €22,397 | €26,022 | +€3,624 | +16.2% |
| Remuneration and social security | 454/9 | €44,438 | €82,060 | +€37,622 | +84.7% |
| Other amounts payable | 47/48 | €9,856 | €12,436 | +€2,580 | +26.2% |
| Remuneration, social security and pensions | 62 | €283,221 | €354,856 | +€71,635 | +25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,193 | €38,117 | +€4,925 | +14.8% |
| Other operating charges | 640/8 | €4,766 | €4,914 | +€148 | +3.1% |
| Gross operating margin | 9900 | €381,200 | €366,348 | -€14,852 | -3.9% |
| Operating profit (loss) | 9901 | €60,020 | -€31,540 | -€91,560 | |
| Financial income | 75/76B | €650 | - | -€650 | |
| Recurring financial income | 75 | €650 | - | -€650 | |
| Financial charges | 65/66B | €11,281 | €11,093 | -€188 | -1.7% |
| Recurring financial charges | 65 | €11,281 | €11,093 | -€188 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €49,389 | -€42,632 | -€92,021 | |
| Income taxes | 67/77 | €11,858 | €711 | -€11,146 | -94.0% |
| Profit (loss) for the period | 9904 | €37,531 | -€43,344 | -€80,875 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,531 | -€43,344 | -€80,875 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.