BRUNO DEVRIENDT: 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 DEVRIENDT
Largest movements
- Receivables within one year +€57,500
up €57,500 (+20.4%), from €281,990 to €339,489
of which Other amounts receivable: +€33,450
- Cash -€49,572
down €49,572 (-50.4%), from €98,423 to €48,851
mainly Receivables within one year (-€57,500) and Contributions, distributions and other (-€15,739)
- Deferred charges and accrued income +€7,028
new in 2025: €7,028
- Reserves +€33,232
up €33,232 (+22.1%), from €150,596 to €183,828
of which Distributable reserves: +€33,232
- Other debts +€14,373
up €14,373 (+223%), from €6,436 to €20,809
- Trade debts -€13,251
down €13,251 (-15.0%), from €88,542 to €75,291
- Tax, wage and social debts -€10,200
down €10,200 (-36.7%), from €27,758 to €17,558
of which Taxes: -€7,312
- Short-term financial debts -€10,000
down €10,000 (-12.5%), from €80,000 to €70,000
- Gross operating margin -€47,754
down €47,754 (-19.8%), from €240,633 to €192,879
- Taxes -€12,950
down €12,950 (-32.2%), from €40,236 to €27,286
- Financial income +€5,014
up €5,014 (+76.5%), from €6,551 to €11,564
- Depreciation -€4,370
down €4,370 (-86.7%), from €5,040 to €671
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 | €387,244 | €400,171 | +€12,927 | +3.3% |
| Fixed assets | 21/28 | €1,574 | €2,803 | +€1,229 | +78.1% |
| Intangible fixed assets | 21 | €833 | €624 | -€208 | -25.0% |
| Tangible fixed assets | 22/27 | €741 | €2,178 | +€1,437 | +194% |
| Furniture and vehicles | 24 | €741 | €2,178 | +€1,437 | +194% |
| Current assets | 29/58 | €385,670 | €397,368 | +€11,698 | +3.0% |
| Amounts receivable after more than one year | 29 | €4,000 | - | -€4,000 | |
| Other amounts receivable | 291 | €4,000 | - | -€4,000 | |
| Stocks and contracts in progress | 3 | €1,258 | €2,000 | +€742 | +59.0% |
| Stocks | 30/36 | €1,258 | €2,000 | +€742 | +59.0% |
| Amounts receivable within one year | 40/41 | €281,990 | €339,489 | +€57,500 | +20.4% |
| Trade receivables | 40 | €14,324 | €38,373 | +€24,049 | +168% |
| Other amounts receivable | 41 | €267,666 | €301,116 | +€33,450 | +12.5% |
| Cash at bank and in hand | 54/58 | €98,423 | €48,851 | -€49,572 | -50.4% |
| Deferred charges and accrued income | 490/1 | - | €7,028 | +€7,028 | |
| Total equity and liabilities | 10/49 | €387,244 | €400,171 | +€12,927 | +3.3% |
| Equity | 10/15 | €162,996 | €196,228 | +€33,232 | +20.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €150,596 | €183,828 | +€33,232 | +22.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €148,736 | €181,968 | +€33,232 | +22.3% |
| Amounts payable | 17/49 | €224,247 | €203,943 | -€20,304 | -9.1% |
| Amounts payable within one year | 42/48 | €223,463 | €203,657 | -€19,805 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €20,727 | €20,000 | -€727 | -3.5% |
| Financial debts | 43 | €80,000 | €70,000 | -€10,000 | -12.5% |
| Credit institutions | 430/8 | €80,000 | €70,000 | -€10,000 | -12.5% |
| Trade debts | 44 | €88,542 | €75,291 | -€13,251 | -15.0% |
| Suppliers | 440/4 | €88,542 | €75,291 | -€13,251 | -15.0% |
| Taxes, remuneration and social security | 45 | €27,758 | €17,558 | -€10,200 | -36.7% |
| Taxes | 450/3 | €20,710 | €13,398 | -€7,312 | -35.3% |
| Remuneration and social security | 454/9 | €7,047 | €4,160 | -€2,887 | -41.0% |
| Other amounts payable | 47/48 | €6,436 | €20,809 | +€14,373 | +223% |
| Accrued charges and deferred income | 492/3 | €785 | €286 | -€499 | -63.6% |
| Remuneration, social security and pensions | 62 | €114,498 | €116,647 | +€2,149 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,040 | €671 | -€4,370 | -86.7% |
| Other operating charges | 640/8 | €861 | €938 | +€77 | +9.0% |
| Gross operating margin | 9900 | €240,633 | €192,879 | -€47,754 | -19.8% |
| Operating profit (loss) | 9901 | €120,234 | €74,623 | -€45,611 | -37.9% |
| Financial income | 75/76B | €6,551 | €11,564 | +€5,014 | +76.5% |
| Recurring financial income | 75 | €6,551 | €11,564 | +€5,014 | +76.5% |
| Financial charges | 65/66B | €9,790 | €9,930 | +€140 | +1.4% |
| Recurring financial charges | 65 | €9,790 | €9,930 | +€140 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €116,994 | €76,257 | -€40,737 | -34.8% |
| Income taxes | 67/77 | €40,236 | €27,286 | -€12,950 | -32.2% |
| Profit (loss) for the period | 9904 | €76,759 | €48,971 | -€27,788 | -36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €76,759 | €48,971 | -€27,788 | -36.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.