Bruno Denijs: 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 Denijs
Largest movements
- Current investments -€813,405
down €813,405 (-99.9%), from €814,423 to €1,019
- Cash +€812,235
up €812,235 (+204%), from €398,873 to €1.2m
mainly Current investments (+€813,405) and Net result for the year (+€177,688)
- Receivables within one year -€149,939
down €149,939 (-17.3%), from €864,771 to €714,832
of which Trade receivables: -€124,651
- Tangible fixed assets +€53,118
up €53,118 (+17.9%), from €296,865 to €349,983
of which Other tangible fixed assets: +€66,617
- Deferred charges and accrued income -€43,229
down €43,229 (-40.8%), from €105,911 to €62,682
- Trade debts -€389,649
down €389,649 (-19.8%), from €2.0m to €1.6m
- Reserves +€177,688
up €177,688 (+55.0%), from €323,259 to €500,946
of which Distributable reserves: +€177,688
- Debts after one year +€50,724
up €50,724 (+963%), from €5,266 to €55,990
- Gross operating margin +€128,265
up €128,265 (+17.4%), from €738,121 to €866,386
- Staff costs -€37,755
down €37,755 (-7.2%), from €525,696 to €487,941
- Taxes +€30,590
up €30,590 (+56.8%), from €53,883 to €84,473
- Financial income -€29,446
down €29,446 (-65.0%), from €45,316 to €15,870
- Depreciation +€22,460
up €22,460 (+28.1%), from €79,805 to €102,265
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 | €2,484,117 | €2,341,713 | -€142,403 | -5.7% |
| Fixed assets | 21/28 | €300,139 | €352,073 | +€51,935 | +17.3% |
| Intangible fixed assets | 21 | €3,112 | €1,928 | -€1,183 | -38.0% |
| Tangible fixed assets | 22/27 | €296,865 | €349,983 | +€53,118 | +17.9% |
| Plant, machinery and equipment | 23 | €4,193 | €2,734 | -€1,459 | -34.8% |
| Furniture and vehicles | 24 | €79,002 | €74,463 | -€4,539 | -5.7% |
| Leasing and similar rights | 25 | €52,500 | €45,000 | -€7,500 | -14.3% |
| Other tangible fixed assets | 26 | €161,170 | €227,786 | +€66,617 | +41.3% |
| Financial fixed assets | 28 | €162 | €162 | = | 0.0% |
| Current assets | 29/58 | €2,183,978 | €1,989,640 | -€194,338 | -8.9% |
| Amounts receivable within one year | 40/41 | €864,771 | €714,832 | -€149,939 | -17.3% |
| Trade receivables | 40 | €797,035 | €672,384 | -€124,651 | -15.6% |
| Other amounts receivable | 41 | €67,736 | €42,448 | -€25,288 | -37.3% |
| Current investments | 50/53 | €814,423 | €1,019 | -€813,405 | -99.9% |
| Cash at bank and in hand | 54/58 | €398,873 | €1,211,107 | +€812,235 | +204% |
| Deferred charges and accrued income | 490/1 | €105,911 | €62,682 | -€43,229 | -40.8% |
| Total equity and liabilities | 10/49 | €2,484,117 | €2,341,713 | -€142,403 | -5.7% |
| Equity | 10/15 | €384,759 | €562,446 | +€177,688 | +46.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Contributions outside capital | 11 | €61,500 | €61,500 | = | 0.0% |
| Other | 1109/19 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €323,259 | €500,946 | +€177,688 | +55.0% |
| Tax-exempt reserves | 132 | €148 | €148 | = | 0.0% |
| Distributable reserves | 133 | €323,111 | €500,799 | +€177,688 | +55.0% |
| Amounts payable | 17/49 | €2,099,358 | €1,779,267 | -€320,091 | -15.2% |
| Amounts payable after more than one year | 17 | €5,266 | €55,990 | +€50,724 | +963% |
| Financial debts | 170/4 | €5,266 | €55,990 | +€50,724 | +963% |
| Amounts payable within one year | 42/48 | €2,081,276 | €1,723,276 | -€358,000 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €20,512 | €41,489 | +€20,977 | +102% |
| Financial debts | 43 | €16,667 | €21,873 | +€5,206 | +31.2% |
| Credit institutions | 430/8 | €16,667 | €21,873 | +€5,206 | +31.2% |
| Trade debts | 44 | €1,968,977 | €1,579,328 | -€389,649 | -19.8% |
| Suppliers | 440/4 | €1,968,977 | €1,579,328 | -€389,649 | -19.8% |
| Taxes, remuneration and social security | 45 | €74,896 | €80,363 | +€5,466 | +7.3% |
| Taxes | 450/3 | €14,010 | €27,322 | +€13,312 | +95.0% |
| Remuneration and social security | 454/9 | €60,886 | €53,040 | -€7,846 | -12.9% |
| Other amounts payable | 47/48 | €224 | €224 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €12,815 | - | -€12,815 | |
| Remuneration, social security and pensions | 62 | €525,696 | €487,941 | -€37,755 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,805 | €102,265 | +€22,460 | +28.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€10,504 | -€10,504 | |
| Other operating charges | 640/8 | €18,722 | €2,574 | -€16,148 | -86.3% |
| Non-recurring operating charges | 66A | €10,401 | €16,157 | +€5,756 | +55.3% |
| Gross operating margin | 9900 | €738,121 | €866,386 | +€128,265 | +17.4% |
| Operating profit (loss) | 9901 | €103,497 | €267,952 | +€164,455 | +159% |
| Financial income | 75/76B | €45,316 | €15,870 | -€29,446 | -65.0% |
| Recurring financial income | 75 | €45,316 | €15,870 | -€29,446 | -65.0% |
| Financial charges | 65/66B | €7,267 | €21,662 | +€14,395 | +198% |
| Recurring financial charges | 65 | €7,267 | €21,662 | +€14,395 | +198% |
| Profit (loss) for the period before taxes | 9903 | €141,546 | €262,160 | +€120,615 | +85.2% |
| Income taxes | 67/77 | €53,883 | €84,473 | +€30,590 | +56.8% |
| Profit (loss) for the period | 9904 | €87,663 | €177,688 | +€90,025 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €87,663 | €177,688 | +€90,025 | +103% |
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 29 October 2026 via checked.be.