BRUNO GHILAIN: 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 GHILAIN
Largest movements
- Tangible fixed assets -€19,182
down €19,182 (-13.0%), from €148,120 to €128,938
of which Furniture and vehicles: -€10,496
- Cash +€16,094
up €16,094 (+27.6%), from €58,336 to €74,430
mainly Net result for the year (+€38,887) and Depreciation (+€19,486)
- Current investments +€15,116
up €15,116 (+76.0%), from €19,878 to €34,994
- Receivables within one year -€14,492
down €14,492 (-17.1%), from €84,972 to €70,480
of which Trade receivables: -€18,633
- Receivables after one year -€7,199
down €7,199 (-15.4%), from €46,830 to €39,630
- Reserves +€38,000
up €38,000 (+28.6%), from €133,002 to €171,002
- Profit (loss) carried forward -€22,113
down €22,113 (-16.3%), from €135,248 to €113,135
- Debts after one year -€16,104
down €16,104 (-70.6%), from €22,822 to €6,718
- Current portion of long-term debt -€14,326
down €14,326 (-47.1%), from €30,429 to €16,104
- Gross operating margin +€6,154
up €6,154 (+9.0%), from €68,619 to €74,773
- Taxes +€5,142
up €5,142 (+50.2%), from €10,251 to €15,393
- Financial charges -€1,459
down €1,459 (-46.0%), from €3,171 to €1,712
- Other operating charges +€752
up €752 (+53.4%), from €1,410 to €2,162
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 | €359,155 | €349,455 | -€9,701 | -2.7% |
| Fixed assets | 21/28 | €148,235 | €129,053 | -€19,182 | -12.9% |
| Tangible fixed assets | 22/27 | €148,120 | €128,938 | -€19,182 | -13.0% |
| Land and buildings | 22 | €87,014 | €80,731 | -€6,283 | -7.2% |
| Plant, machinery and equipment | 23 | €25,352 | €22,949 | -€2,403 | -9.5% |
| Furniture and vehicles | 24 | €35,755 | €25,258 | -€10,496 | -29.4% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €210,920 | €220,401 | +€9,481 | +4.5% |
| Amounts receivable after more than one year | 29 | €46,830 | €39,630 | -€7,199 | -15.4% |
| Other amounts receivable | 291 | €46,830 | €39,630 | -€7,199 | -15.4% |
| Amounts receivable within one year | 40/41 | €84,972 | €70,480 | -€14,492 | -17.1% |
| Trade receivables | 40 | €81,071 | €62,438 | -€18,633 | -23.0% |
| Other amounts receivable | 41 | €3,901 | €8,042 | +€4,141 | +106% |
| Current investments | 50/53 | €19,878 | €34,994 | +€15,116 | +76.0% |
| Cash at bank and in hand | 54/58 | €58,336 | €74,430 | +€16,094 | +27.6% |
| Deferred charges and accrued income | 490/1 | €905 | €867 | -€38 | -4.2% |
| Total equity and liabilities | 10/49 | €359,155 | €349,455 | -€9,701 | -2.7% |
| Equity | 10/15 | €280,650 | €296,537 | +€15,887 | +5.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €133,002 | €171,002 | +€38,000 | +28.6% |
| Distributable reserves | 133 | €133,002 | €171,002 | +€38,000 | +28.6% |
| Profit (loss) carried forward | 14 | €135,248 | €113,135 | -€22,113 | -16.3% |
| Amounts payable | 17/49 | €78,506 | €52,918 | -€25,588 | -32.6% |
| Amounts payable after more than one year | 17 | €22,822 | €6,718 | -€16,104 | -70.6% |
| Financial debts | 170/4 | €22,822 | €6,718 | -€16,104 | -70.6% |
| Amounts payable within one year | 42/48 | €54,638 | €46,094 | -€8,544 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €30,429 | €16,104 | -€14,326 | -47.1% |
| Trade debts | 44 | €340 | €59 | -€281 | -82.7% |
| Suppliers | 440/4 | €340 | €59 | -€281 | -82.7% |
| Taxes, remuneration and social security | 45 | €9,220 | €12,167 | +€2,947 | +32.0% |
| Taxes | 450/3 | €9,220 | €12,167 | +€2,947 | +32.0% |
| Other amounts payable | 47/48 | €14,648 | €17,764 | +€3,116 | +21.3% |
| Accrued charges and deferred income | 492/3 | €1,046 | €106 | -€940 | -89.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,103 | €19,486 | +€384 | +2.0% |
| Other operating charges | 640/8 | €1,410 | €2,162 | +€752 | +53.4% |
| Gross operating margin | 9900 | €68,619 | €74,773 | +€6,154 | +9.0% |
| Operating profit (loss) | 9901 | €48,107 | €53,125 | +€5,018 | +10.4% |
| Financial income | 75/76B | €2,676 | €2,867 | +€191 | +7.1% |
| Recurring financial income | 75 | €2,676 | €2,305 | -€371 | -13.9% |
| Non-recurring financial income | 76B | - | €563 | +€563 | |
| Financial charges | 65/66B | €3,171 | €1,712 | -€1,459 | -46.0% |
| Recurring financial charges | 65 | €3,171 | €1,712 | -€1,459 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €47,612 | €54,281 | +€6,669 | +14.0% |
| Income taxes | 67/77 | €10,251 | €15,393 | +€5,142 | +50.2% |
| Profit (loss) for the period | 9904 | €37,361 | €38,887 | +€1,526 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,361 | €38,887 | +€1,526 | +4.1% |
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 26 October 2026 via checked.be.