Bruno Dhont: 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 Dhont
Largest movements
- Cash -€156,397
down €156,397 (-82.7%), from €189,023 to €32,625
mainly Contributions, distributions and other (-€199,000) and Investment in fixed assets (net) (-€24,900)
- Receivables within one year -€18,346
down €18,346 (-50.9%), from €36,070 to €17,724
of which Trade receivables: -€18,246
- Tangible fixed assets +€16,856
up €16,856 (+90.4%), from €18,646 to €35,502
of which Plant, machinery and equipment: +€10,640
- Reserves -€152,472
down €152,472 (-74.8%), from €203,760 to €51,287
- Tax, wage and social debts -€7,050
down €7,050 (-78.0%), from €9,042 to €1,993
- Gross operating margin -€28,463
down €28,463 (-27.6%), from €103,116 to €74,653
- Taxes -€1,994
down €1,994 (-10.5%), from €19,005 to €17,011
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €245,787 | €88,024 | -€157,763 | -64.2% |
| Fixed assets | 21/28 | €18,646 | €35,502 | +€16,856 | +90.4% |
| Tangible fixed assets | 22/27 | €18,646 | €35,502 | +€16,856 | +90.4% |
| Land and buildings | 22 | €1,020 | €698 | -€322 | -31.6% |
| Plant, machinery and equipment | 23 | €16,374 | €27,014 | +€10,640 | +65.0% |
| Furniture and vehicles | 24 | €1,251 | €7,790 | +€6,538 | +523% |
| Current assets | 29/58 | €227,141 | €52,522 | -€174,619 | -76.9% |
| Amounts receivable within one year | 40/41 | €36,070 | €17,724 | -€18,346 | -50.9% |
| Trade receivables | 40 | €35,969 | €17,724 | -€18,246 | -50.7% |
| Other amounts receivable | 41 | €101 | €0 | -€101 | -100% |
| Cash at bank and in hand | 54/58 | €189,023 | €32,625 | -€156,397 | -82.7% |
| Deferred charges and accrued income | 490/1 | €2,048 | €2,174 | +€125 | +6.1% |
| Total equity and liabilities | 10/49 | €245,787 | €88,024 | -€157,763 | -64.2% |
| Equity | 10/15 | €206,260 | €53,787 | -€152,472 | -73.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €203,760 | €51,287 | -€152,472 | -74.8% |
| Distributable reserves | 133 | €203,760 | €51,287 | -€152,472 | -74.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €39,527 | €34,237 | -€5,290 | -13.4% |
| Amounts payable within one year | 42/48 | €39,527 | €34,237 | -€5,290 | -13.4% |
| Trade debts | 44 | €784 | €1,091 | +€307 | +39.2% |
| Suppliers | 440/4 | €784 | €1,091 | +€307 | +39.2% |
| Taxes, remuneration and social security | 45 | €9,042 | €1,993 | -€7,050 | -78.0% |
| Taxes | 450/3 | €9,042 | €1,993 | -€7,050 | -78.0% |
| Other amounts payable | 47/48 | €29,701 | €31,153 | +€1,452 | +4.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €25 | €0 | -€25 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,298 | €8,044 | -€253 | -3.1% |
| Other operating charges | 640/8 | €329 | €1,008 | +€679 | +207% |
| Gross operating margin | 9900 | €103,116 | €74,653 | -€28,463 | -27.6% |
| Operating profit (loss) | 9901 | €94,489 | €65,600 | -€28,889 | -30.6% |
| Financial income | 75/76B | €0 | €24 | +€24 | |
| Recurring financial income | 75 | €0 | €24 | +€24 | |
| Financial charges | 65/66B | €2,173 | €2,086 | -€87 | -4.0% |
| Recurring financial charges | 65 | €2,148 | €2,086 | -€62 | -2.9% |
| Non-recurring financial charges | 66B | €25 | €0 | -€25 | -100% |
| Profit (loss) for the period before taxes | 9903 | €92,316 | €63,539 | -€28,778 | -31.2% |
| Income taxes | 67/77 | €19,005 | €17,011 | -€1,994 | -10.5% |
| Profit (loss) for the period | 9904 | €73,311 | €46,528 | -€26,783 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €73,311 | €46,528 | -€26,783 | -36.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.