DE BRUYN NICK: 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 BRUYN NICK
Largest movements
- Tangible fixed assets -€29,352
down €29,352 (-24.6%), from €119,266 to €89,914
of which Furniture and vehicles: -€23,476
- Stocks and contracts +€24,898
up €24,898 (+5.8%), from €426,658 to €451,555
- Cash +€18,820
up €18,820 (+107%), from €17,614 to €36,434
mainly Short-term financial debts (+€280,000) and Net result for the year (+€34,358)
- Receivables within one year -€11,182
down €11,182 (-25.5%), from €43,778 to €32,596
of which Other amounts receivable: -€9,212
- Short-term financial debts +€280,000
new in 2025: €280,000
- Current portion of long-term debt -€279,928
down €279,928 (-98.8%), from €283,228 to €3,300
- Reserves +€34,358
up €34,358 (+15.4%), from €222,829 to €257,187
- Trade debts -€24,652
down €24,652 (-84.1%), from €29,313 to €4,661
- Other debts -€15,636
down €15,636 (-44.6%), from €35,039 to €19,402
- Gross operating margin +€45,270
up €45,270 (+85.6%), from €52,902 to €98,172
- Taxes +€11,484
up €11,484 (+290%), from €3,959 to €15,443
- Depreciation +€9,637
up €9,637 (+45.7%), from €21,106 to €30,743
- Financial charges -€2,567
down €2,567 (-14.4%), from €17,809 to €15,242
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 | €613,208 | €616,251 | +€3,043 | +0.5% |
| Fixed assets | 21/28 | €119,266 | €89,914 | -€29,352 | -24.6% |
| Tangible fixed assets | 22/27 | €119,266 | €89,914 | -€29,352 | -24.6% |
| Land and buildings | 22 | €63,677 | €61,003 | -€2,674 | -4.2% |
| Plant, machinery and equipment | 23 | €3,826 | €1,903 | -€1,924 | -50.3% |
| Furniture and vehicles | 24 | €45,373 | €21,896 | -€23,476 | -51.7% |
| Assets under construction and advance payments | 27 | €6,390 | €5,112 | -€1,278 | -20.0% |
| Current assets | 29/58 | €493,942 | €526,337 | +€32,395 | +6.6% |
| Stocks and contracts in progress | 3 | €426,658 | €451,555 | +€24,898 | +5.8% |
| Stocks | 30/36 | €426,658 | €451,555 | +€24,898 | +5.8% |
| Amounts receivable within one year | 40/41 | €43,778 | €32,596 | -€11,182 | -25.5% |
| Trade receivables | 40 | €34,566 | €32,596 | -€1,970 | -5.7% |
| Other amounts receivable | 41 | €9,212 | €0 | -€9,212 | -100% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €17,614 | €36,434 | +€18,820 | +107% |
| Deferred charges and accrued income | 490/1 | €5,893 | €5,752 | -€141 | -2.4% |
| Total equity and liabilities | 10/49 | €613,208 | €616,251 | +€3,043 | +0.5% |
| Equity | 10/15 | €222,829 | €257,187 | +€34,358 | +15.4% |
| Reserves | 13 | €222,829 | €257,187 | +€34,358 | +15.4% |
| Distributable reserves | 133 | €222,829 | €257,187 | +€34,358 | +15.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €390,378 | €359,064 | -€31,315 | -8.0% |
| Amounts payable after more than one year | 17 | €29,547 | €26,247 | -€3,300 | -11.2% |
| Financial debts | 170/4 | €29,547 | €26,247 | -€3,300 | -11.2% |
| Amounts payable within one year | 42/48 | €360,831 | €332,817 | -€28,014 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €283,228 | €3,300 | -€279,928 | -98.8% |
| Financial debts | 43 | - | €280,000 | +€280,000 | |
| Credit institutions | 430/8 | - | €280,000 | +€280,000 | |
| Trade debts | 44 | €29,313 | €4,661 | -€24,652 | -84.1% |
| Suppliers | 440/4 | €29,313 | €4,661 | -€24,652 | -84.1% |
| Taxes, remuneration and social security | 45 | €13,252 | €25,454 | +€12,202 | +92.1% |
| Taxes | 450/3 | €13,252 | €25,454 | +€12,202 | +92.1% |
| Other amounts payable | 47/48 | €35,039 | €19,402 | -€15,636 | -44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,106 | €30,743 | +€9,637 | +45.7% |
| Other operating charges | 640/8 | €3,326 | €2,831 | -€495 | -14.9% |
| Gross operating margin | 9900 | €52,902 | €98,172 | +€45,270 | +85.6% |
| Operating profit (loss) | 9901 | €28,470 | €64,598 | +€36,128 | +127% |
| Financial income | 75/76B | €451 | €445 | -€5 | -1.2% |
| Recurring financial income | 75 | €451 | €445 | -€5 | -1.2% |
| Financial charges | 65/66B | €17,809 | €15,242 | -€2,567 | -14.4% |
| Recurring financial charges | 65 | €17,809 | €15,242 | -€2,567 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €11,112 | €49,801 | +€38,690 | +348% |
| Income taxes | 67/77 | €3,959 | €15,443 | +€11,484 | +290% |
| Profit (loss) for the period | 9904 | €7,152 | €34,358 | +€27,205 | +380% |
| Profit (loss) for the period to be appropriated | 9905 | €7,152 | €34,358 | +€27,205 | +380% |
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 20 October 2026 via checked.be.