De Brandt: 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.
De Brandt
Largest movements
- Stocks and contracts +€23,965
up €23,965 (+23.5%), from €101,777 to €125,742
of which Stocks: +€30,965
- Cash +€20,227
up €20,227 (+108%), from €18,689 to €38,916
mainly Trade debts (+€16,039) and Net result for the year (+€14,733)
- Receivables within one year -€9,468
down €9,468 (-26.6%), from €35,620 to €26,153
of which Trade receivables: -€13,881
- Tangible fixed assets -€6,173
down €6,173 (-12.8%), from €48,343 to €42,170
of which Furniture and vehicles: -€7,132
- Trade debts +€16,039
up €16,039 (+126%), from €12,679 to €28,718
- Profit (loss) carried forward +€14,733
up €14,733 (+24.5%), from -€60,041 to -€45,308
- Gross operating margin +€28,949
up €28,949, from -€901 to €28,048
- Other operating charges -€4,683
down €4,683 (-55.0%), from €8,514 to €3,830
- Write-downs +€2,953
new in 2025: €2,953
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.
Derived cash bridge
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 | €212,575 | €241,216 | +€28,641 | +13.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €51,150 | €44,977 | -€6,173 | -12.1% |
| Tangible fixed assets | 22/27 | €48,343 | €42,170 | -€6,173 | -12.8% |
| Land and buildings | 22 | €26,010 | €26,010 | = | 0.0% |
| Plant, machinery and equipment | 23 | €489 | €1,448 | +€960 | +196% |
| Furniture and vehicles | 24 | €21,843 | €14,711 | -€7,132 | -32.7% |
| Financial fixed assets | 28 | €2,807 | €2,807 | = | 0.0% |
| Current assets | 29/58 | €161,425 | €196,238 | +€34,814 | +21.6% |
| Stocks and contracts in progress | 3 | €101,777 | €125,742 | +€23,965 | +23.5% |
| Stocks | 30/36 | €94,777 | €125,742 | +€30,965 | +32.7% |
| Contracts in progress | 37 | €7,000 | - | -€7,000 | |
| Amounts receivable within one year | 40/41 | €35,620 | €26,153 | -€9,468 | -26.6% |
| Trade receivables | 40 | €27,530 | €13,650 | -€13,881 | -50.4% |
| Other amounts receivable | 41 | €8,090 | €12,503 | +€4,413 | +54.6% |
| Cash at bank and in hand | 54/58 | €18,689 | €38,916 | +€20,227 | +108% |
| Deferred charges and accrued income | 490/1 | €5,338 | €5,427 | +€90 | +1.7% |
| Total equity and liabilities | 10/49 | €212,575 | €241,216 | +€28,641 | +13.5% |
| Equity | 10/15 | €136,325 | €151,058 | +€14,733 | +10.8% |
| Contributions | 10/11 | €187,605 | €187,605 | = | 0.0% |
| Reserves | 13 | €8,760 | €8,760 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,160 | €6,160 | = | 0.0% |
| Distributable reserves | 133 | €2,600 | €2,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,041 | -€45,308 | +€14,733 | +24.5% |
| Amounts payable | 17/49 | €76,250 | €90,158 | +€13,908 | +18.2% |
| Amounts payable within one year | 42/48 | €76,250 | €90,158 | +€13,908 | +18.2% |
| Trade debts | 44 | €12,679 | €28,718 | +€16,039 | +126% |
| Suppliers | 440/4 | €12,679 | €28,718 | +€16,039 | +126% |
| Taxes, remuneration and social security | 45 | €85 | €111 | +€26 | +30.7% |
| Taxes | 450/3 | €85 | €111 | +€26 | +30.7% |
| Other amounts payable | 47/48 | €63,486 | €61,329 | -€2,157 | -3.4% |
| Non-recurring operating income | 76A | €4,576 | - | -€4,576 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,501 | €7,470 | -€30 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,953 | +€2,953 | |
| Other operating charges | 640/8 | €8,514 | €3,830 | -€4,683 | -55.0% |
| Non-recurring operating charges | 66A | €3,215 | - | -€3,215 | |
| Gross operating margin | 9900 | -€901 | €28,048 | +€28,949 | |
| Operating profit (loss) | 9901 | -€20,131 | €13,794 | +€33,925 | |
| Financial income | 75/76B | €1,175 | €1,265 | +€89 | +7.6% |
| Recurring financial income | 75 | €1,175 | €1,265 | +€89 | +7.6% |
| Financial charges | 65/66B | €292 | €326 | +€34 | +11.6% |
| Recurring financial charges | 65 | €292 | €326 | +€34 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | -€19,248 | €14,733 | +€33,981 | |
| Income taxes | 67/77 | €85 | - | -€85 | |
| Profit (loss) for the period | 9904 | -€19,333 | €14,733 | +€34,066 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,333 | €14,733 | +€34,066 |
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 19 October 2026 via checked.be.