BRUYNSEELS: 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.
BRUYNSEELS
Largest movements
- Receivables after one year -€430,000
no longer reported in 2025 (was €430,000)
- Tangible fixed assets -€101,954
down €101,954 (-14.9%), from €683,989 to €582,035
of which Leasing and similar rights: -€72,582
- Cash -€91,334
down €91,334 (-40.0%), from €228,314 to €136,980
mainly Other debts (-€538,831) and Trade debts (-€67,397)
- Current investments +€54,012
up €54,012 (+108.0%), from €50,000 to €104,012
- Stocks and contracts -€22,048
down €22,048 (-57.8%), from €38,133 to €16,085
- Other debts -€538,831
down €538,831 (-84.7%), from €636,013 to €97,182
- Trade debts -€67,397
down €67,397 (-31.6%), from €213,244 to €145,847
- Depreciation +€62,999
up €62,999 (+88.6%), from €71,099 to €134,098
- Staff costs +€52,311
up €52,311 (+19.6%), from €267,360 to €319,670
- Gross operating margin +€48,124
up €48,124 (+10.6%), from €452,019 to €500,143
- Financial charges +€14,629
up €14,629 (+111.5%), from €13,126 to €27,756
- Financial income -€8,599
down €8,599 (-26.7%), from €32,147 to €23,548
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 | €1,466,570 | €874,387 | -€592,183 | -40.4% |
| Fixed assets | 21/28 | €689,013 | €588,468 | -€100,544 | -14.6% |
| Intangible fixed assets | 21 | €4,987 | €6,396 | +€1,410 | +28.3% |
| Tangible fixed assets | 22/27 | €683,989 | €582,035 | -€101,954 | -14.9% |
| Plant, machinery and equipment | 23 | €57,507 | €59,244 | +€1,737 | +3.0% |
| Leasing and similar rights | 25 | €231,134 | €158,552 | -€72,582 | -31.4% |
| Other tangible fixed assets | 26 | €395,347 | €364,239 | -€31,108 | -7.9% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €777,558 | €285,919 | -€491,639 | -63.2% |
| Amounts receivable after more than one year | 29 | €430,000 | - | -€430,000 | |
| Trade receivables | 290 | €430,000 | - | -€430,000 | |
| Stocks and contracts in progress | 3 | €38,133 | €16,085 | -€22,048 | -57.8% |
| Stocks | 30/36 | €38,133 | €16,085 | -€22,048 | -57.8% |
| Amounts receivable within one year | 40/41 | €16,261 | €14,840 | -€1,421 | -8.7% |
| Trade receivables | 40 | €41 | €3,297 | +€3,256 | +7864.3% |
| Other amounts receivable | 41 | €16,219 | €11,543 | -€4,676 | -28.8% |
| Current investments | 50/53 | €50,000 | €104,012 | +€54,012 | +108.0% |
| Cash at bank and in hand | 54/58 | €228,314 | €136,980 | -€91,334 | -40.0% |
| Deferred charges and accrued income | 490/1 | €14,850 | €14,001 | -€849 | -5.7% |
| Total equity and liabilities | 10/49 | €1,466,570 | €874,387 | -€592,183 | -40.4% |
| Equity | 10/15 | €69,587 | €72,012 | +€2,425 | +3.5% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €63,389 | €65,815 | +€2,425 | +3.8% |
| Tax-exempt reserves | 132 | €43,389 | €43,389 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €22,425 | +€2,425 | +12.1% |
| Amounts payable | 17/49 | €1,396,984 | €802,376 | -€594,608 | -42.6% |
| Amounts payable after more than one year | 17 | €407,915 | €413,769 | +€5,854 | +1.4% |
| Financial debts | 170/4 | €407,915 | €413,769 | +€5,854 | +1.4% |
| Amounts payable within one year | 42/48 | €985,971 | €385,895 | -€600,076 | -60.9% |
| Current portion of amounts payable after more than one year | 42 | €93,754 | €99,981 | +€6,228 | +6.6% |
| Trade debts | 44 | €213,244 | €145,847 | -€67,397 | -31.6% |
| Suppliers | 440/4 | €213,244 | €145,847 | -€67,397 | -31.6% |
| Taxes, remuneration and social security | 45 | €42,960 | €42,884 | -€76 | -0.2% |
| Taxes | 450/3 | €1,689 | €2,215 | +€525 | +31.1% |
| Remuneration and social security | 454/9 | €41,271 | €40,669 | -€602 | -1.5% |
| Other amounts payable | 47/48 | €636,013 | €97,182 | -€538,831 | -84.7% |
| Accrued charges and deferred income | 492/3 | €3,098 | €2,712 | -€386 | -12.5% |
| Non-recurring operating income | 76A | €2,648 | €450 | -€2,198 | -83.0% |
| Remuneration, social security and pensions | 62 | €267,360 | €319,670 | +€52,311 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,099 | €134,098 | +€62,999 | +88.6% |
| Other operating charges | 640/8 | €1,770 | €3,187 | +€1,417 | +80.1% |
| Gross operating margin | 9900 | €452,019 | €500,143 | +€48,124 | +10.6% |
| Operating profit (loss) | 9901 | €111,790 | €43,187 | -€68,603 | -61.4% |
| Financial income | 75/76B | €32,147 | €23,548 | -€8,599 | -26.7% |
| Recurring financial income | 75 | €32,147 | €23,548 | -€8,599 | -26.7% |
| Financial charges | 65/66B | €13,126 | €27,756 | +€14,629 | +111.5% |
| Recurring financial charges | 65 | €13,126 | €27,756 | +€14,629 | +111.5% |
| Profit (loss) for the period before taxes | 9903 | €130,810 | €38,979 | -€91,831 | -70.2% |
| Income taxes | 67/77 | €2,701 | €5,224 | +€2,523 | +93.4% |
| Profit (loss) for the period | 9904 | €128,109 | €33,754 | -€94,355 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €128,109 | €33,754 | -€94,355 | -73.7% |
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 11 October 2026 via checked.be.