BRZ MANAGEMENT: 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.
BRZ MANAGEMENT
Largest movements
- Receivables within one year -€17,457
down €17,457 (-37.8%), from €46,215 to €28,758
of which Trade receivables: -€23,554
- Cash -€5,162
down €5,162 (-7.5%), from €68,977 to €63,816
mainly Current portion of long-term debt (-€16,643) and Debts after one year (-€6,902)
- Tangible fixed assets -€3,870
down €3,870 (-3.5%), from €109,617 to €105,746
of which Land and buildings: -€5,626
- Current portion of long-term debt -€16,643
down €16,643 (-70.7%), from €23,546 to €6,902
- Debts after one year -€6,902
down €6,902 (-56.5%), from €12,216 to €5,314
- Gross operating margin +€8,248
up €8,248 (+42.7%), from €19,338 to €27,587
- Depreciation -€1,295
down €1,295 (-16.3%), from €7,938 to €6,643
- Financial income -€853
down €853 (-97.5%), from €875 to €22
- Financial charges -€391
down €391 (-14.7%), from €2,660 to €2,269
- Other operating charges +€367
up €367 (+3.6%), from €10,115 to €10,482
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 | €227,537 | €200,946 | -€26,590 | -11.7% |
| Formation expenses | 20 | €1,061 | €688 | -€373 | -35.1% |
| Fixed assets | 21/28 | €109,939 | €106,069 | -€3,870 | -3.5% |
| Tangible fixed assets | 22/27 | €109,617 | €105,746 | -€3,870 | -3.5% |
| Land and buildings | 22 | €109,359 | €103,733 | -€5,626 | -5.1% |
| Plant, machinery and equipment | 23 | €258 | - | -€258 | |
| Furniture and vehicles | 24 | - | €2,013 | +€2,013 | |
| Financial fixed assets | 28 | €322 | €322 | = | 0.0% |
| Current assets | 29/58 | €116,537 | €94,189 | -€22,347 | -19.2% |
| Amounts receivable within one year | 40/41 | €46,215 | €28,758 | -€17,457 | -37.8% |
| Trade receivables | 40 | €25,091 | €1,538 | -€23,554 | -93.9% |
| Other amounts receivable | 41 | €21,123 | €27,220 | +€6,097 | +28.9% |
| Cash at bank and in hand | 54/58 | €68,977 | €63,816 | -€5,162 | -7.5% |
| Deferred charges and accrued income | 490/1 | €1,345 | €1,616 | +€271 | +20.1% |
| Total equity and liabilities | 10/49 | €227,537 | €200,946 | -€26,590 | -11.7% |
| Equity | 10/15 | €163,746 | €163,225 | -€521 | -0.3% |
| Contributions | 10/11 | €79,618 | €79,618 | = | 0.0% |
| Capital | 10 | €79,618 | €79,618 | = | 0.0% |
| Issued capital | 100 | €79,618 | €79,618 | = | 0.0% |
| Reserves | 13 | €101,642 | €101,642 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,966 | €7,966 | = | 0.0% |
| Legal reserve | 130 | €7,966 | €7,966 | = | 0.0% |
| Distributable reserves | 133 | €93,676 | €93,676 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,514 | -€18,035 | -€521 | -3.0% |
| Amounts payable | 17/49 | €63,791 | €37,722 | -€26,069 | -40.9% |
| Amounts payable after more than one year | 17 | €12,216 | €5,314 | -€6,902 | -56.5% |
| Financial debts | 170/4 | €12,216 | €5,314 | -€6,902 | -56.5% |
| Amounts payable within one year | 42/48 | €51,574 | €32,408 | -€19,167 | -37.2% |
| Current portion of amounts payable after more than one year | 42 | €23,546 | €6,902 | -€16,643 | -70.7% |
| Trade debts | 44 | €22,007 | €21,065 | -€941 | -4.3% |
| Suppliers | 440/4 | €22,007 | €21,065 | -€941 | -4.3% |
| Taxes, remuneration and social security | 45 | €5,676 | €3,586 | -€2,091 | -36.8% |
| Taxes | 450/3 | €5,055 | €2,948 | -€2,106 | -41.7% |
| Remuneration and social security | 454/9 | €622 | €637 | +€16 | +2.5% |
| Other amounts payable | 47/48 | €346 | €854 | +€509 | +147.2% |
| Remuneration, social security and pensions | 62 | €9,092 | €8,735 | -€357 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,938 | €6,643 | -€1,295 | -16.3% |
| Other operating charges | 640/8 | €10,115 | €10,482 | +€367 | +3.6% |
| Gross operating margin | 9900 | €19,338 | €27,587 | +€8,248 | +42.7% |
| Operating profit (loss) | 9901 | -€7,807 | €1,726 | +€9,533 | |
| Financial income | 75/76B | €875 | €22 | -€853 | -97.5% |
| Recurring financial income | 75 | €875 | €22 | -€853 | -97.5% |
| Financial charges | 65/66B | €2,660 | €2,269 | -€391 | -14.7% |
| Recurring financial charges | 65 | €2,660 | €2,269 | -€391 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | -€9,592 | -€521 | +€9,071 | +94.6% |
| Profit (loss) for the period | 9904 | -€9,592 | -€521 | +€9,071 | +94.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,592 | -€521 | +€9,071 | +94.6% |
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 3 October 2026 via checked.be.