BRUSSELS KETJEP: 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 KETJEP
Largest movements
- Receivables within one year +€51,239
up €51,239 (+19.7%), from €260,113 to €311,353
of which Other amounts receivable: +€45,114
- Tangible fixed assets -€45,466
down €45,466 (-9.1%), from €498,539 to €453,073
of which Furniture and vehicles: -€25,108
- Stocks and contracts -€31,040
down €31,040 (-22.7%), from €136,692 to €105,652
- Cash -€11,566
down €11,566 (-10.1%), from €114,099 to €102,533
mainly Net result for the year (-€134,142) and Other debts (-€59,000)
- Trade debts +€219,235
up €219,235 (+54.8%), from €400,389 to €619,623
- Reserves -€74,534
no longer reported in 2025 (was €74,534)
- Profit (loss) carried forward -€59,608
new in 2025: -€59,608
- Other debts -€59,000
no longer reported in 2025 (was €59,000)
- Debts after one year -€53,395
down €53,395 (-16.8%), from €317,525 to €264,130
- Gross operating margin -€118,826
down €118,826 (-38.8%), from €306,094 to €187,268
- Staff costs +€18,996
up €18,996 (+8.0%), from €238,021 to €257,017
- Taxes -€5,769
down €5,769 (-87.1%), from €6,624 to €855
- Depreciation +€4,038
up €4,038 (+7.9%), from €51,340 to €55,378
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 | €1,024,147 | €989,458 | -€34,689 | -3.4% |
| Fixed assets | 21/28 | €505,206 | €456,407 | -€48,799 | -9.7% |
| Intangible fixed assets | 21 | €6,667 | €3,334 | -€3,333 | -50.0% |
| Tangible fixed assets | 22/27 | €498,539 | €453,073 | -€45,466 | -9.1% |
| Land and buildings | 22 | €403,351 | €382,470 | -€20,880 | -5.2% |
| Plant, machinery and equipment | 23 | €977 | €1,499 | +€522 | +53.4% |
| Furniture and vehicles | 24 | €94,211 | €69,104 | -€25,108 | -26.7% |
| Current assets | 29/58 | €518,941 | €533,050 | +€14,110 | +2.7% |
| Stocks and contracts in progress | 3 | €136,692 | €105,652 | -€31,040 | -22.7% |
| Stocks | 30/36 | €136,692 | €105,652 | -€31,040 | -22.7% |
| Amounts receivable within one year | 40/41 | €260,113 | €311,353 | +€51,239 | +19.7% |
| Trade receivables | 40 | €186,311 | €192,437 | +€6,126 | +3.3% |
| Other amounts receivable | 41 | €73,803 | €118,916 | +€45,114 | +61.1% |
| Cash at bank and in hand | 54/58 | €114,099 | €102,533 | -€11,566 | -10.1% |
| Deferred charges and accrued income | 490/1 | €8,036 | €13,513 | +€5,477 | +68.2% |
| Total equity and liabilities | 10/49 | €1,024,147 | €989,458 | -€34,689 | -3.4% |
| Equity | 10/15 | €132,713 | -€4,565 | -€137,278 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €74,534 | - | -€74,534 | |
| Distributable reserves | 133 | €74,534 | - | -€74,534 | |
| Profit (loss) carried forward | 14 | - | -€59,608 | -€59,608 | |
| Investment grants | 15 | €39,628 | €36,493 | -€3,136 | -7.9% |
| Provisions and deferred taxes | 16 | €9,907 | €9,123 | -€784 | -7.9% |
| Deferred taxes | 168 | €9,907 | €9,123 | -€784 | -7.9% |
| Amounts payable | 17/49 | €881,527 | €984,900 | +€103,373 | +11.7% |
| Amounts payable after more than one year | 17 | €317,525 | €264,130 | -€53,395 | -16.8% |
| Financial debts | 170/4 | €317,525 | €264,130 | -€53,395 | -16.8% |
| Amounts payable within one year | 42/48 | €564,001 | €720,770 | +€156,769 | +27.8% |
| Current portion of amounts payable after more than one year | 42 | €55,833 | €53,395 | -€2,438 | -4.4% |
| Financial debts | 43 | - | €1,356 | +€1,356 | |
| Credit institutions | 430/8 | - | €1,356 | +€1,356 | |
| Trade debts | 44 | €400,389 | €619,623 | +€219,235 | +54.8% |
| Suppliers | 440/4 | €400,389 | €619,623 | +€219,235 | +54.8% |
| Taxes, remuneration and social security | 45 | €48,779 | €46,396 | -€2,383 | -4.9% |
| Taxes | 450/3 | €5,943 | €7,139 | +€1,196 | +20.1% |
| Remuneration and social security | 454/9 | €42,836 | €39,257 | -€3,579 | -8.4% |
| Other amounts payable | 47/48 | €59,000 | - | -€59,000 | |
| Accrued charges and deferred income | 492/3 | €1 | - | -€1 | |
| Non-recurring operating income | 76A | - | €6,953 | +€6,953 | |
| Remuneration, social security and pensions | 62 | €238,021 | €257,017 | +€18,996 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,340 | €55,378 | +€4,038 | +7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€546 | -€546 | |
| Other operating charges | 640/8 | €3,312 | €5,869 | +€2,558 | +77.2% |
| Gross operating margin | 9900 | €306,094 | €187,268 | -€118,826 | -38.8% |
| Operating profit (loss) | 9901 | €13,421 | -€130,450 | -€143,871 | |
| Financial income | 75/76B | €4,742 | €3,734 | -€1,008 | -21.3% |
| Recurring financial income | 75 | €4,742 | €3,734 | -€1,008 | -21.3% |
| Financial charges | 65/66B | €8,044 | €7,355 | -€689 | -8.6% |
| Recurring financial charges | 65 | €8,044 | €7,355 | -€689 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €10,120 | -€134,071 | -€144,191 | |
| Transfer from deferred taxes | 780 | €784 | €784 | = | 0.0% |
| Income taxes | 67/77 | €6,624 | €855 | -€5,769 | -87.1% |
| Profit (loss) for the period | 9904 | €4,280 | -€134,142 | -€138,422 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,280 | -€134,142 | -€138,422 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.