BRUTUS INV.: 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.
BRUTUS INV.
Largest movements
- Tangible fixed assets -€352,900
down €352,900 (-34.8%), from €1.0m to €661,741
of which Land and buildings: -€339,455
- Receivables within one year +€183,718
up €183,718 (+235.4%), from €78,031 to €261,749
of which Other amounts receivable: +€201,431
- Cash +€42,010
up €42,010 (+275.0%), from €15,276 to €57,286
mainly Investment in fixed assets (net) (+€324,719) and Net result for the year (+€218,336)
- Debts after one year -€250,085
down €250,085 (-39.8%), from €628,186 to €378,100
- Reserves +€193,336
up €193,336 (+328.1%), from €58,928 to €252,264
of which Distributable reserves: +€151,236
- Tax, wage and social debts -€19,474
down €19,474 (-56.9%), from €34,216 to €14,742
of which Taxes: -€17,767
- Other debts -€16,755
down €16,755 (-5.6%), from €300,371 to €283,616
- Current portion of long-term debt -€11,812
down €11,812 (-22.1%), from €53,409 to €41,597
- Gross operating margin +€169,887
up €169,887 (+101.3%), from €167,654 to €337,541
- Taxes +€54,189
up €54,189 (+363.9%), from €14,892 to €69,081
- Depreciation -€47,927
down €47,927 (-63.0%), from €76,109 to €28,181
- Staff costs -€7,050
down €7,050 (-85.3%), from €8,267 to €1,217
- Other operating charges +€4,369
up €4,369 (+67.0%), from €6,523 to €10,892
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 | €1,107,947 | €987,599 | -€120,348 | -10.9% |
| Fixed assets | 21/28 | €1,014,641 | €661,741 | -€352,900 | -34.8% |
| Tangible fixed assets | 22/27 | €1,014,641 | €661,741 | -€352,900 | -34.8% |
| Land and buildings | 22 | €973,824 | €634,369 | -€339,455 | -34.9% |
| Plant, machinery and equipment | 23 | €13,420 | €5,881 | -€7,539 | -56.2% |
| Furniture and vehicles | 24 | €27,396 | €16,990 | -€10,406 | -38.0% |
| Other tangible fixed assets | 26 | - | €4,500 | +€4,500 | |
| Current assets | 29/58 | €93,307 | €325,859 | +€232,552 | +249.2% |
| Amounts receivable within one year | 40/41 | €78,031 | €261,749 | +€183,718 | +235.4% |
| Trade receivables | 40 | €20,986 | €3,273 | -€17,713 | -84.4% |
| Other amounts receivable | 41 | €57,045 | €258,476 | +€201,431 | +353.1% |
| Cash at bank and in hand | 54/58 | €15,276 | €57,286 | +€42,010 | +275.0% |
| Deferred charges and accrued income | 490/1 | €0 | €6,824 | +€6,824 | |
| Total equity and liabilities | 10/49 | €1,107,947 | €987,599 | -€120,348 | -10.9% |
| Equity | 10/15 | €61,428 | €254,764 | +€193,336 | +314.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €58,928 | €252,264 | +€193,336 | +328.1% |
| Tax-exempt reserves | 132 | - | €42,100 | +€42,100 | |
| Distributable reserves | 133 | €58,928 | €210,164 | +€151,236 | +256.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,046,519 | €732,835 | -€313,684 | -30.0% |
| Amounts payable after more than one year | 17 | €628,186 | €378,100 | -€250,085 | -39.8% |
| Financial debts | 170/4 | €628,186 | €378,100 | -€250,085 | -39.8% |
| Amounts payable within one year | 42/48 | €418,334 | €354,735 | -€63,599 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €53,409 | €41,597 | -€11,812 | -22.1% |
| Financial debts | 43 | €10,174 | €0 | -€10,174 | -100.0% |
| Credit institutions | 430/8 | €49 | €0 | -€49 | -100.0% |
| Other loans | 439 | €10,125 | €0 | -€10,125 | -100.0% |
| Trade debts | 44 | €20,163 | €13,373 | -€6,790 | -33.7% |
| Suppliers | 440/4 | €20,163 | €13,373 | -€6,790 | -33.7% |
| Advances received on contracts in progress | 46 | - | €1,407 | +€1,407 | |
| Taxes, remuneration and social security | 45 | €34,216 | €14,742 | -€19,474 | -56.9% |
| Taxes | 450/3 | €31,529 | €13,762 | -€17,767 | -56.4% |
| Remuneration and social security | 454/9 | €2,687 | €980 | -€1,707 | -63.5% |
| Other amounts payable | 47/48 | €300,371 | €283,616 | -€16,755 | -5.6% |
| Non-recurring operating income | 76A | - | €8,478 | +€8,478 | |
| Remuneration, social security and pensions | 62 | €8,267 | €1,217 | -€7,050 | -85.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,109 | €28,181 | -€47,927 | -63.0% |
| Other operating charges | 640/8 | €6,523 | €10,892 | +€4,369 | +67.0% |
| Gross operating margin | 9900 | €167,654 | €337,541 | +€169,887 | +101.3% |
| Operating profit (loss) | 9901 | €76,755 | €297,250 | +€220,495 | +287.3% |
| Financial income | 75/76B | €4 | €3,756 | +€3,751 | +93320.6% |
| Recurring financial income | 75 | €4 | €3,756 | +€3,751 | +93320.6% |
| Financial charges | 65/66B | €11,165 | €13,589 | +€2,424 | +21.7% |
| Recurring financial charges | 65 | €11,165 | €13,589 | +€2,424 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | €65,594 | €287,417 | +€221,823 | +338.2% |
| Income taxes | 67/77 | €14,892 | €69,081 | +€54,189 | +363.9% |
| Profit (loss) for the period | 9904 | €50,702 | €218,336 | +€167,634 | +330.6% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,702 | €176,236 | +€125,534 | +247.6% |
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 8 October 2026 via checked.be.