BRUSEL: 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.
BRUSEL
Largest movements
- Cash +€47,365
up €47,365 (+128%), from €37,099 to €84,465
mainly Trade debts (+€76,201) and Depreciation (+€15,844)
- Tangible fixed assets -€15,844
down €15,844 (-54.2%), from €29,224 to €13,380
of which Plant, machinery and equipment: -€12,252
- Stocks and contracts -€10,455
down €10,455 (-2.5%), from €412,049 to €401,593
- Deferred charges and accrued income -€5,882
down €5,882 (-90.6%), from €6,496 to €614
- Trade debts +€76,201
up €76,201 (+27.3%), from €279,267 to €355,468
- Profit (loss) carried forward -€42,718
down €42,718 (-63.2%), from €67,608 to €24,890
- Tax, wage and social debts -€9,931
down €9,931 (-23.0%), from €43,221 to €33,290
of which Taxes: -€5,077
- Current portion of long-term debt -€5,869
no longer reported in 2025 (was €5,869)
- Gross operating margin -€37,033
down €37,033 (-20.1%), from €183,901 to €146,868
- Staff costs -€7,252
down €7,252 (-4.4%), from €165,777 to €158,525
- Depreciation -€5,197
down €5,197 (-24.7%), from €21,041 to €15,844
- Financial income +€3,376
up €3,376 (+2,927%), from €115 to €3,491
- Financial charges +€2,929
up €2,929 (+50.4%), from €5,814 to €8,743
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 | €554,848 | €575,751 | +€20,903 | +3.8% |
| Fixed assets | 21/28 | €29,224 | €13,380 | -€15,844 | -54.2% |
| Tangible fixed assets | 22/27 | €29,224 | €13,380 | -€15,844 | -54.2% |
| Land and buildings | 22 | €2,620 | €1,849 | -€771 | -29.4% |
| Plant, machinery and equipment | 23 | €20,538 | €8,286 | -€12,252 | -59.7% |
| Furniture and vehicles | 24 | €6,065 | €3,244 | -€2,821 | -46.5% |
| Current assets | 29/58 | €525,624 | €562,371 | +€36,747 | +7.0% |
| Stocks and contracts in progress | 3 | €412,049 | €401,593 | -€10,455 | -2.5% |
| Stocks | 30/36 | €412,049 | €401,593 | -€10,455 | -2.5% |
| Amounts receivable within one year | 40/41 | €69,980 | €75,699 | +€5,719 | +8.2% |
| Trade receivables | 40 | €49,980 | €65,569 | +€15,589 | +31.2% |
| Other amounts receivable | 41 | €20,000 | €10,130 | -€9,870 | -49.3% |
| Cash at bank and in hand | 54/58 | €37,099 | €84,465 | +€47,365 | +128% |
| Deferred charges and accrued income | 490/1 | €6,496 | €614 | -€5,882 | -90.6% |
| Total equity and liabilities | 10/49 | €554,848 | €575,751 | +€20,903 | +3.8% |
| Equity | 10/15 | €148,950 | €106,232 | -€42,718 | -28.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €62,750 | €62,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €2,000 | +€2,000 | |
| Reserves not available under the articles | 1311 | - | €2,000 | +€2,000 | |
| Tax-exempt reserves | 132 | €60,750 | €60,750 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | - | -€2,000 | |
| Profit (loss) carried forward | 14 | €67,608 | €24,890 | -€42,718 | -63.2% |
| Amounts payable | 17/49 | €405,898 | €469,519 | +€63,621 | +15.7% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Financial debts | 170/4 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €330,898 | €394,519 | +€63,621 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €5,869 | - | -€5,869 | |
| Trade debts | 44 | €279,267 | €355,468 | +€76,201 | +27.3% |
| Suppliers | 440/4 | €279,267 | €355,468 | +€76,201 | +27.3% |
| Advances received on contracts in progress | 46 | €1,370 | €1,385 | +€15 | +1.1% |
| Taxes, remuneration and social security | 45 | €43,221 | €33,290 | -€9,931 | -23.0% |
| Taxes | 450/3 | €22,474 | €17,397 | -€5,077 | -22.6% |
| Remuneration and social security | 454/9 | €20,746 | €15,892 | -€4,854 | -23.4% |
| Other amounts payable | 47/48 | €1,172 | €4,376 | +€3,205 | +274% |
| Remuneration, social security and pensions | 62 | €165,777 | €158,525 | -€7,252 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,041 | €15,844 | -€5,197 | -24.7% |
| Other operating charges | 640/8 | €163 | €1,240 | +€1,077 | +663% |
| Gross operating margin | 9900 | €183,901 | €146,868 | -€37,033 | -20.1% |
| Operating profit (loss) | 9901 | -€3,079 | -€28,740 | -€25,661 | -834% |
| Financial income | 75/76B | €115 | €3,491 | +€3,376 | +2,927% |
| Recurring financial income | 75 | €115 | €3,491 | +€3,376 | +2,927% |
| Financial charges | 65/66B | €5,814 | €8,743 | +€2,929 | +50.4% |
| Recurring financial charges | 65 | €5,814 | €8,743 | +€2,929 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | -€8,777 | -€33,992 | -€25,215 | -287% |
| Profit (loss) for the period | 9904 | -€8,777 | -€33,992 | -€25,215 | -287% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,777 | -€33,992 | -€25,215 | -287% |
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 20 October 2026 via checked.be.