BURSSENS: 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.
BURSSENS
Largest movements
- Current investments -€401,381
down €401,381 (-29.2%), from €1.4m to €971,863
- Tangible fixed assets -€54,618
down €54,618 (-3.6%), from €1.5m to €1.4m
of which Land and buildings: -€38,584
- Reserves -€251,897
down €251,897 (-35.2%), from €715,718 to €463,821
of which Distributable reserves: -€242,701
- Other debts -€182,867
down €182,867 (-17.6%), from €1.0m to €853,621
- Financial charges +€23,064
up €23,064 (+19.3%), from €119,602 to €142,666
- Gross operating margin +€19,679
up €19,679 (+24.1%), from €81,587 to €101,266
- Financial income +€14,706
up €14,706 (+19.0%), from €77,337 to €92,042
of which Non-recurring financial income: +€8,235
- Depreciation +€6,034
up €6,034 (+11.4%), from €53,135 to €59,169
- Taxes +€2,220
up €2,220 (+48.5%), from €4,574 to €6,794
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 | €2,947,505 | €2,503,909 | -€443,596 | -15.0% |
| Fixed assets | 21/28 | €1,503,552 | €1,448,934 | -€54,618 | -3.6% |
| Tangible fixed assets | 22/27 | €1,503,552 | €1,448,934 | -€54,618 | -3.6% |
| Land and buildings | 22 | €1,426,619 | €1,388,034 | -€38,584 | -2.7% |
| Plant, machinery and equipment | 23 | €1,445 | €1,445 | = | 0.0% |
| Furniture and vehicles | 24 | €50,522 | €39,111 | -€11,411 | -22.6% |
| Other tangible fixed assets | 26 | €24,966 | €20,343 | -€4,622 | -18.5% |
| Current assets | 29/58 | €1,443,953 | €1,054,975 | -€388,978 | -26.9% |
| Amounts receivable within one year | 40/41 | €32,334 | €22,783 | -€9,550 | -29.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €32,334 | €22,783 | -€9,550 | -29.5% |
| Current investments | 50/53 | €1,373,244 | €971,863 | -€401,381 | -29.2% |
| Cash at bank and in hand | 54/58 | €35,593 | €57,818 | +€22,225 | +62.4% |
| Deferred charges and accrued income | 490/1 | €2,783 | €2,511 | -€272 | -9.8% |
| Total equity and liabilities | 10/49 | €2,947,505 | €2,503,909 | -€443,596 | -15.0% |
| Equity | 10/15 | €1,822,818 | €1,565,680 | -€257,137 | -14.1% |
| Contributions | 10/11 | €1,107,100 | €1,107,100 | = | 0.0% |
| Reserves | 13 | €715,718 | €463,821 | -€251,897 | -35.2% |
| Tax-exempt reserves | 132 | €260,010 | €250,814 | -€9,196 | -3.5% |
| Distributable reserves | 133 | €455,708 | €213,007 | -€242,701 | -53.3% |
| Profit (loss) carried forward | 14 | €0 | -€5,240 | -€5,240 | |
| Provisions and deferred taxes | 16 | €86,670 | €83,605 | -€3,065 | -3.5% |
| Deferred taxes | 168 | €86,670 | €83,605 | -€3,065 | -3.5% |
| Amounts payable | 17/49 | €1,038,017 | €854,624 | -€183,394 | -17.7% |
| Amounts payable within one year | 42/48 | €1,038,017 | €854,624 | -€183,394 | -17.7% |
| Trade debts | 44 | €1,138 | €1,003 | -€135 | -11.9% |
| Suppliers | 440/4 | €1,138 | €1,003 | -€135 | -11.9% |
| Taxes, remuneration and social security | 45 | €392 | €0 | -€392 | -100.0% |
| Taxes | 450/3 | €392 | €0 | -€392 | -100.0% |
| Other amounts payable | 47/48 | €1,036,488 | €853,621 | -€182,867 | -17.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €7,506 | €0 | -€7,506 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,135 | €59,169 | +€6,034 | +11.4% |
| Other operating charges | 640/8 | €8,127 | €8,238 | +€112 | +1.4% |
| Gross operating margin | 9900 | €81,587 | €101,266 | +€19,679 | +24.1% |
| Operating profit (loss) | 9901 | €20,325 | €33,859 | +€13,533 | +66.6% |
| Financial income | 75/76B | €77,337 | €92,042 | +€14,706 | +19.0% |
| Recurring financial income | 75 | €42,222 | €48,693 | +€6,471 | +15.3% |
| Non-recurring financial income | 76B | €35,115 | €43,349 | +€8,235 | +23.5% |
| Financial charges | 65/66B | €119,602 | €142,666 | +€23,064 | +19.3% |
| Recurring financial charges | 65 | €119,602 | €142,666 | +€23,064 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | -€21,940 | -€16,765 | +€5,175 | +23.6% |
| Transfer from deferred taxes | 780 | €3,065 | €3,065 | = | 0.0% |
| Income taxes | 67/77 | €4,574 | €6,794 | +€2,220 | +48.5% |
| Profit (loss) for the period | 9904 | -€23,449 | -€20,494 | +€2,955 | +12.6% |
| Transfer from tax-exempt reserves | 789 | €9,196 | €9,196 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,253 | -€11,298 | +€2,955 | +20.7% |
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.