DE BRUYN: 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.
DE BRUYN
Largest movements
- Stocks and contracts +€2.3m
up €2.3m (+15.5%), from €14.8m to €17.1m
- Receivables within one year +€758,552
up €758,552 (+83.7%), from €906,379 to €1.7m
of which Trade receivables: +€768,803
- Cash +€271,941
up €271,941 (+249.2%), from €109,124 to €381,065
mainly Short-term financial debts (+€2.7m) and Contributions, distributions and other (+€2.0m)
- Short-term financial debts +€2.7m
up €2.7m (+48.7%), from €5.6m to €8.3m
- Contributions +€2.0m
up €2.0m (+26.1%), from €7.6m to €9.6m
- Trade debts -€892,733
down €892,733 (-71.5%), from €1.2m to €355,082
- Other debts -€461,222
no longer reported in 2025 (was €461,222)
- Gross operating margin -€300,141
down €300,141 (-11.0%), from €2.7m to €2.4m
- Financial charges -€164,739
down €164,739 (-30.5%), from €539,758 to €375,019
- Taxes -€31,847
down €31,847 (-50.7%), from €62,844 to €30,997
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 | €18,444,795 | €21,673,839 | +€3.2m | +17.5% |
| Fixed assets | 21/28 | €2,581,758 | €2,536,214 | -€45,544 | -1.8% |
| Tangible fixed assets | 22/27 | €1,381,666 | €1,336,122 | -€45,544 | -3.3% |
| Land and buildings | 22 | €1,015,205 | €986,777 | -€28,428 | -2.8% |
| Plant, machinery and equipment | 23 | €190,279 | €222,559 | +€32,280 | +17.0% |
| Furniture and vehicles | 24 | €176,182 | €126,786 | -€49,396 | -28.0% |
| Financial fixed assets | 28 | €1,200,092 | €1,200,092 | = | 0.0% |
| Current assets | 29/58 | €15,863,037 | €19,137,625 | +€3.3m | +20.6% |
| Stocks and contracts in progress | 3 | €14,796,158 | €17,086,178 | +€2.3m | +15.5% |
| Stocks | 30/36 | €14,796,158 | €17,086,178 | +€2.3m | +15.5% |
| Amounts receivable within one year | 40/41 | €906,379 | €1,664,931 | +€758,552 | +83.7% |
| Trade receivables | 40 | €815,305 | €1,584,108 | +€768,803 | +94.3% |
| Other amounts receivable | 41 | €91,074 | €80,823 | -€10,251 | -11.3% |
| Current investments | 50/53 | €3,780 | - | -€3,780 | |
| Cash at bank and in hand | 54/58 | €109,124 | €381,065 | +€271,941 | +249.2% |
| Deferred charges and accrued income | 490/1 | €47,596 | €5,450 | -€42,146 | -88.5% |
| Total equity and liabilities | 10/49 | €18,444,795 | €21,673,839 | +€3.2m | +17.5% |
| Equity | 10/15 | €9,555,472 | €11,593,585 | +€2.0m | +21.3% |
| Contributions | 10/11 | €7,648,490 | €9,648,490 | +€2.0m | +26.1% |
| Reserves | 13 | €1,420,880 | €1,420,880 | = | 0.0% |
| Distributable reserves | 133 | €1,420,880 | €1,420,880 | = | 0.0% |
| Profit (loss) carried forward | 14 | €486,103 | €524,216 | +€38,113 | +7.8% |
| Amounts payable | 17/49 | €8,889,323 | €10,080,254 | +€1.2m | +13.4% |
| Amounts payable after more than one year | 17 | €1,002,030 | €823,708 | -€178,322 | -17.8% |
| Financial debts | 170/4 | €1,002,030 | €823,708 | -€178,322 | -17.8% |
| Amounts payable within one year | 42/48 | €7,887,293 | €9,256,545 | +€1.4m | +17.4% |
| Current portion of amounts payable after more than one year | 42 | €327,232 | €293,601 | -€33,631 | -10.3% |
| Financial debts | 43 | €5,605,000 | €8,335,000 | +€2.7m | +48.7% |
| Credit institutions | 430/8 | €5,605,000 | €8,335,000 | +€2.7m | +48.7% |
| Trade debts | 44 | €1,247,815 | €355,082 | -€892,733 | -71.5% |
| Suppliers | 440/4 | €1,247,815 | €355,082 | -€892,733 | -71.5% |
| Taxes, remuneration and social security | 45 | €246,023 | €272,862 | +€26,839 | +10.9% |
| Taxes | 450/3 | €55,747 | €68,306 | +€12,559 | +22.5% |
| Remuneration and social security | 454/9 | €190,276 | €204,556 | +€14,279 | +7.5% |
| Other amounts payable | 47/48 | €461,222 | - | -€461,222 | |
| Remuneration, social security and pensions | 62 | €1,780,152 | €1,767,778 | -€12,373 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,840 | €181,602 | +€10,762 | +6.3% |
| Other operating charges | 640/8 | €40,249 | €36,065 | -€4,184 | -10.4% |
| Gross operating margin | 9900 | €2,726,248 | €2,426,108 | -€300,141 | -11.0% |
| Operating profit (loss) | 9901 | €735,007 | €440,662 | -€294,345 | -40.0% |
| Financial income | 75/76B | €13,033 | €3,467 | -€9,566 | -73.4% |
| Recurring financial income | 75 | €13,033 | €3,467 | -€9,566 | -73.4% |
| Financial charges | 65/66B | €539,758 | €375,019 | -€164,739 | -30.5% |
| Recurring financial charges | 65 | €539,758 | €375,019 | -€164,739 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €208,282 | €69,110 | -€139,172 | -66.8% |
| Income taxes | 67/77 | €62,844 | €30,997 | -€31,847 | -50.7% |
| Profit (loss) for the period | 9904 | €145,438 | €38,113 | -€107,325 | -73.8% |
| Profit (loss) for the period to be appropriated | 9905 | €145,438 | €38,113 | -€107,325 | -73.8% |
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.