Brussels hub1: 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.
Brussels hub1
Largest movements
- Tangible fixed assets +€3.5m
up €3.5m (+281%), from €1.2m to €4.7m
of which Land and buildings: +€3.4m
- Receivables within one year +€286,061
up €286,061 (+160%), from €178,547 to €464,609
of which Trade receivables: +€369,371
- Debts after one year +€3.4m
up €3.4m (+210%), from €1.6m to €5.0m
of which Financial debts: +€3.4m
- Trade debts +€461,671
up €461,671 (+1,553%), from €29,729 to €491,401
- Profit (loss) carried forward -€153,489
down €153,489 (-6,143%), from -€2,499 to -€155,988
- Gross operating margin -€304,717
down €304,717 (-58.0%), from €525,303 to €220,586
- Depreciation +€173,768
up €173,768 (+153%), from €113,400 to €287,168
- Financial charges -€20,443
down €20,443 (-20.0%), from €102,160 to €81,717
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 | €1,847,065 | €5,565,395 | +€3.7m | +201% |
| Formation expenses | 20 | €26,931 | €16,964 | -€9,966 | -37.0% |
| Fixed assets | 21/28 | €1,230,498 | €4,691,822 | +€3.5m | +281% |
| Tangible fixed assets | 22/27 | €1,230,498 | €4,691,822 | +€3.5m | +281% |
| Land and buildings | 22 | €894,822 | €4,315,520 | +€3.4m | +382% |
| Plant, machinery and equipment | 23 | €335,675 | €376,302 | +€40,627 | +12.1% |
| Current assets | 29/58 | €589,637 | €856,608 | +€266,972 | +45.3% |
| Amounts receivable within one year | 40/41 | €178,547 | €464,609 | +€286,061 | +160% |
| Trade receivables | 40 | €58,467 | €427,839 | +€369,371 | +632% |
| Other amounts receivable | 41 | €120,080 | €36,770 | -€83,310 | -69.4% |
| Cash at bank and in hand | 54/58 | €26,007 | €20,663 | -€5,344 | -20.5% |
| Deferred charges and accrued income | 490/1 | €385,083 | €371,336 | -€13,746 | -3.6% |
| Total equity and liabilities | 10/49 | €1,847,065 | €5,565,395 | +€3.7m | +201% |
| Equity | 10/15 | €113,001 | -€40,488 | -€153,489 | |
| Contributions | 10/11 | €105,000 | €105,000 | = | 0.0% |
| Capital | 10 | €105,000 | €105,000 | = | 0.0% |
| Issued capital | 100 | €105,000 | €105,000 | = | 0.0% |
| Reserves | 13 | €10,500 | €10,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,500 | €10,500 | = | 0.0% |
| Legal reserve | 130 | €10,500 | €10,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,499 | -€155,988 | -€153,489 | -6,143% |
| Amounts payable | 17/49 | €1,734,064 | €5,605,883 | +€3.9m | +223% |
| Amounts payable after more than one year | 17 | €1,616,286 | €5,008,368 | +€3.4m | +210% |
| Financial debts | 170/4 | €1,616,286 | €4,989,065 | +€3.4m | +209% |
| Other amounts payable | 178/9 | - | €19,303 | +€19,303 | |
| Amounts payable within one year | 42/48 | €117,778 | €580,520 | +€462,742 | +393% |
| Current portion of amounts payable after more than one year | 42 | €83,714 | €87,221 | +€3,507 | +4.2% |
| Trade debts | 44 | €29,729 | €491,401 | +€461,671 | +1,553% |
| Suppliers | 440/4 | €29,729 | €491,401 | +€461,671 | +1,553% |
| Advances received on contracts in progress | 46 | - | €882 | +€882 | |
| Taxes, remuneration and social security | 45 | €4,334 | €1,016 | -€3,318 | -76.6% |
| Taxes | 450/3 | €4,334 | €1,016 | -€3,318 | -76.6% |
| Accrued charges and deferred income | 492/3 | €0 | €16,995 | +€16,995 | |
| Non-recurring operating income | 76A | €613 | €0 | -€613 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,400 | €287,168 | +€173,768 | +153% |
| Other operating charges | 640/8 | €12,912 | €8,895 | -€4,017 | -31.1% |
| Gross operating margin | 9900 | €525,303 | €220,586 | -€304,717 | -58.0% |
| Operating profit (loss) | 9901 | €398,991 | -€75,476 | -€474,467 | |
| Financial income | 75/76B | €4,480 | €3,704 | -€776 | -17.3% |
| Recurring financial income | 75 | €4,480 | €3,704 | -€776 | -17.3% |
| Financial charges | 65/66B | €102,160 | €81,717 | -€20,443 | -20.0% |
| Recurring financial charges | 65 | €102,160 | €81,717 | -€20,443 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €301,311 | -€153,489 | -€454,801 | |
| Profit (loss) for the period | 9904 | €301,311 | -€153,489 | -€454,801 | |
| Profit (loss) for the period to be appropriated | 9905 | €301,311 | -€153,489 | -€454,801 |
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 28 October 2026 via checked.be.