BRUSSELS FIRST: what changed
Two fiscal 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.
BRUSSELS FIRST
Largest movements
- Cash +€28,566
up €28,566 (+28.8%), from €99,068 to €127,634
mainly Net result for the year (+€37,263) and Depreciation (+€33,543)
- Tangible fixed assets -€21,434
down €21,434 (-17.6%), from €121,611 to €100,177
of which Furniture and vehicles: -€30,515
- Reserves +€37,263
up €37,263 (+36.8%), from €101,382 to €138,645
of which Distributable reserves: +€37,263
- Debts after one year -€31,611
down €31,611 (-34.7%), from €91,030 to €59,419
- Trade debts -€6,651
down €6,651 (-92.1%), from €7,224 to €573
- Tax, wage and social debts +€4,963
new in 2025: €4,963
- Gross operating margin +€51,673
up €51,673 (+117.7%), from €43,920 to €95,593
- Taxes +€14,736
up €14,736 (+345.9%), from €4,261 to €18,997
- Depreciation +€12,149
up €12,149 (+56.8%), from €21,394 to €33,543
- Other operating charges -€2,856
down €2,856 (-56.8%), from €5,027 to €2,171
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.
Cash bridge derived
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 | €265,708 | €270,781 | +€5,073 | +1.9% |
| Fixed assets | 21/28 | €121,685 | €100,250 | -€21,434 | -17.6% |
| Tangible fixed assets | 22/27 | €121,611 | €100,177 | -€21,434 | -17.6% |
| Plant, machinery and equipment | 23 | - | €9,081 | +€9,081 | |
| Furniture and vehicles | 24 | €121,611 | €91,096 | -€30,515 | -25.1% |
| Financial fixed assets | 28 | €73 | €73 | = | 0.0% |
| Current assets | 29/58 | €144,023 | €170,530 | +€26,507 | +18.4% |
| Amounts receivable within one year | 40/41 | €40,915 | €39,467 | -€1,448 | -3.5% |
| Trade receivables | 40 | €17,456 | €15,910 | -€1,547 | -8.9% |
| Other amounts receivable | 41 | €23,459 | €23,558 | +€99 | +0.4% |
| Cash at bank and in hand | 54/58 | €99,068 | €127,634 | +€28,566 | +28.8% |
| Deferred charges and accrued income | 490/1 | €4,040 | €3,429 | -€611 | -15.1% |
| Total equity and liabilities | 10/49 | €265,708 | €270,781 | +€5,073 | +1.9% |
| Equity | 10/15 | €136,952 | €174,215 | +€37,263 | +27.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,382 | €138,645 | +€37,263 | +36.8% |
| 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 | €99,522 | €136,785 | +€37,263 | +37.4% |
| Profit (loss) carried forward | 14 | €16,970 | €16,970 | +€0 | 0.0% |
| Amounts payable | 17/49 | €128,756 | €96,566 | -€32,190 | -25.0% |
| Amounts payable after more than one year | 17 | €91,030 | €59,419 | -€31,611 | -34.7% |
| Financial debts | 170/4 | €91,030 | €59,419 | -€31,611 | -34.7% |
| Amounts payable within one year | 42/48 | €37,725 | €37,147 | -€579 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €30,501 | €31,611 | +€1,110 | +3.6% |
| Trade debts | 44 | €7,224 | €573 | -€6,651 | -92.1% |
| Suppliers | 440/4 | €7,224 | €573 | -€6,651 | -92.1% |
| Taxes, remuneration and social security | 45 | - | €4,963 | +€4,963 | |
| Taxes | 450/3 | - | €4,963 | +€4,963 | |
| Non-recurring operating income | 76A | €182 | - | -€182 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,394 | €33,543 | +€12,149 | +56.8% |
| Other operating charges | 640/8 | €5,027 | €2,171 | -€2,856 | -56.8% |
| Non-recurring operating charges | 66A | €373 | €243 | -€130 | -34.8% |
| Gross operating margin | 9900 | €43,920 | €95,593 | +€51,673 | +117.7% |
| Operating profit (loss) | 9901 | €17,125 | €59,636 | +€42,510 | +248.2% |
| Financial income | 75/76B | €1,238 | €1,186 | -€53 | -4.2% |
| Recurring financial income | 75 | €1,238 | €1,186 | -€53 | -4.2% |
| Financial charges | 65/66B | €3,920 | €4,562 | +€642 | +16.4% |
| Recurring financial charges | 65 | €3,920 | €4,562 | +€642 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €14,444 | €56,259 | +€41,815 | +289.5% |
| Income taxes | 67/77 | €4,261 | €18,997 | +€14,736 | +345.9% |
| Profit (loss) for the period | 9904 | €10,183 | €37,263 | +€27,079 | +265.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,183 | €37,263 | +€27,079 | +265.9% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.