BRUXELLES 104: what changed
BRUXELLES 104
Largest movements
- Cash -€58,881
down €58,881 (-65.4%), from €90,013 to €31,132
mainly Other debts (-€170,465) and Receivables within one year (-€48,096)
- Receivables within one year +€48,096
up €48,096 (+42.5%), from €113,133 to €161,228
of which Other amounts receivable: +€61,259
- Stocks and contracts +€14,798
up €14,798 (+303%), from €4,878 to €19,676
- Financial fixed assets -€14,293
down €14,293 (-4.2%), from €342,788 to €328,496
- Trade debts +€182,916
up €182,916 (+4,487%), from €4,076 to €186,992
- Other debts -€170,465
down €170,465 (-34.4%), from €495,022 to €324,556
- Profit (loss) carried forward -€16,882
down €16,882 (-82.5%), from €20,457 to €3,576
- Debts after one year -€15,415
down €15,415 (-100%), from €15,415 to €0
- Gross operating margin -€82,577
down €82,577 (-73.5%), from €112,405 to €29,828
- Financial charges +€33,291
up €33,291 (+340%), from €9,778 to €43,069
of which Non-recurring financial charges: +€30,325
- Staff costs +€13,624
up €13,624 (+257%), from €5,307 to €18,931
- Financial income +€9,865
up €9,865 (+113%), from €8,747 to €18,613
- Taxes +€1,849
new in 2026: €1,849
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €556,194 | €544,301 | -€11,893 | -2.1% |
| Fixed assets | 21/28 | €345,389 | €332,123 | -€13,266 | -3.8% |
| Tangible fixed assets | 22/27 | €2,601 | €3,627 | +€1,026 | +39.4% |
| Furniture and vehicles | 24 | €2,601 | €3,627 | +€1,026 | +39.4% |
| Financial fixed assets | 28 | €342,788 | €328,496 | -€14,293 | -4.2% |
| Current assets | 29/58 | €210,804 | €212,178 | +€1,373 | +0.7% |
| Stocks and contracts in progress | 3 | €4,878 | €19,676 | +€14,798 | +303% |
| Stocks | 30/36 | €4,878 | €19,676 | +€14,798 | +303% |
| Amounts receivable within one year | 40/41 | €113,133 | €161,228 | +€48,096 | +42.5% |
| Trade receivables | 40 | €78,715 | €65,552 | -€13,163 | -16.7% |
| Other amounts receivable | 41 | €34,418 | €95,677 | +€61,259 | +178% |
| Cash at bank and in hand | 54/58 | €90,013 | €31,132 | -€58,881 | -65.4% |
| Deferred charges and accrued income | 490/1 | €2,781 | €141 | -€2,640 | -94.9% |
| Total equity and liabilities | 10/49 | €556,194 | €544,301 | -€11,893 | -2.1% |
| Equity | 10/15 | €40,862 | €23,981 | -€16,882 | -41.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,457 | €3,576 | -€16,882 | -82.5% |
| Amounts payable | 17/49 | €515,331 | €520,320 | +€4,989 | +1.0% |
| Amounts payable after more than one year | 17 | €15,415 | €0 | -€15,415 | -100% |
| Other amounts payable | 178/9 | €15,415 | €0 | -€15,415 | -100% |
| Amounts payable within one year | 42/48 | €499,820 | €516,441 | +€16,621 | +3.3% |
| Trade debts | 44 | €4,076 | €186,992 | +€182,916 | +4,487% |
| Suppliers | 440/4 | €4,076 | €186,992 | +€182,916 | +4,487% |
| Taxes, remuneration and social security | 45 | €722 | €4,893 | +€4,171 | +577% |
| Taxes | 450/3 | - | €1,849 | +€1,849 | |
| Remuneration and social security | 454/9 | €722 | €3,043 | +€2,321 | +321% |
| Other amounts payable | 47/48 | €495,022 | €324,556 | -€170,465 | -34.4% |
| Accrued charges and deferred income | 492/3 | €97 | €3,879 | +€3,782 | +3,906% |
| Remuneration, social security and pensions | 62 | €5,307 | €18,931 | +€13,624 | +257% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216 | €844 | +€628 | +290% |
| Other operating charges | 640/8 | €388 | €628 | +€240 | +61.9% |
| Gross operating margin | 9900 | €112,405 | €29,828 | -€82,577 | -73.5% |
| Operating profit (loss) | 9901 | €106,494 | €9,424 | -€97,069 | -91.2% |
| Financial income | 75/76B | €8,747 | €18,613 | +€9,865 | +113% |
| Recurring financial income | 75 | €8,747 | €18,613 | +€9,865 | +113% |
| Financial charges | 65/66B | €9,778 | €43,069 | +€33,291 | +340% |
| Recurring financial charges | 65 | €9,778 | €12,744 | +€2,966 | +30.3% |
| Non-recurring financial charges | 66B | - | €30,325 | +€30,325 | |
| Profit (loss) for the period before taxes | 9903 | €105,463 | -€15,032 | -€120,496 | |
| Income taxes | 67/77 | - | €1,849 | +€1,849 | |
| Profit (loss) for the period | 9904 | €105,463 | -€16,882 | -€122,345 | |
| Profit (loss) for the period to be appropriated | 9905 | €105,463 | -€16,882 | -€122,345 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.