Den Brouwer: 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.
Den Brouwer
Largest movements
- Receivables within one year +€67,383
up €67,383 (+74.1%), from €90,983 to €158,366
of which Trade receivables: +€57,382
- Stocks and contracts -€16,583
down €16,583 (-10.1%), from €164,725 to €148,142
- Cash -€7,872
down €7,872 (-49.4%), from €15,949 to €8,078
mainly Receivables within one year (-€67,383) and Short-term financial debts (-€19,698)
- Trade debts +€42,139
up €42,139 (+30.7%), from €137,279 to €179,417
- Debts after one year +€20,000
new in 2025: €20,000
- Short-term financial debts -€19,698
down €19,698 (-28.1%), from €70,000 to €50,302
- Gross operating margin -€4,670
down €4,670 (-14.1%), from €33,235 to €28,565
- Financial charges +€2,499
up €2,499 (+22.6%), from €11,065 to €13,564
- Other operating charges -€1,676
down €1,676 (-73.1%), from €2,294 to €618
- Financial income +€909
up €909 (+115%), from €794 to €1,702
- Depreciation -€790
down €790 (-99.1%), from €797 to €7
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 | €271,665 | €315,504 | +€43,840 | +16.1% |
| Fixed assets | 21/28 | €7 | €0 | -€7 | -100% |
| Tangible fixed assets | 22/27 | €7 | €0 | -€7 | -100% |
| Plant, machinery and equipment | 23 | €7 | €0 | -€7 | -100% |
| Current assets | 29/58 | €271,657 | €315,504 | +€43,847 | +16.1% |
| Stocks and contracts in progress | 3 | €164,725 | €148,142 | -€16,583 | -10.1% |
| Stocks | 30/36 | €164,725 | €148,142 | -€16,583 | -10.1% |
| Amounts receivable within one year | 40/41 | €90,983 | €158,366 | +€67,383 | +74.1% |
| Trade receivables | 40 | €781 | €58,163 | +€57,382 | +7,347% |
| Other amounts receivable | 41 | €90,202 | €100,203 | +€10,001 | +11.1% |
| Cash at bank and in hand | 54/58 | €15,949 | €8,078 | -€7,872 | -49.4% |
| Deferred charges and accrued income | 490/1 | €0 | €918 | +€918 | |
| Total equity and liabilities | 10/49 | €271,665 | €315,504 | +€43,840 | +16.1% |
| Equity | 10/15 | €58,892 | €60,169 | +€1,277 | +2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,292 | €41,569 | +€1,277 | +3.2% |
| Distributable reserves | 133 | €40,292 | €41,569 | +€1,277 | +3.2% |
| Amounts payable | 17/49 | €212,773 | €255,336 | +€42,563 | +20.0% |
| Amounts payable after more than one year | 17 | - | €20,000 | +€20,000 | |
| Financial debts | 170/4 | - | €20,000 | +€20,000 | |
| Amounts payable within one year | 42/48 | €212,773 | €235,336 | +€22,563 | +10.6% |
| Financial debts | 43 | €70,000 | €50,302 | -€19,698 | -28.1% |
| Credit institutions | 430/8 | €70,000 | €50,302 | -€19,698 | -28.1% |
| Trade debts | 44 | €137,279 | €179,417 | +€42,139 | +30.7% |
| Suppliers | 440/4 | €137,279 | €179,417 | +€42,139 | +30.7% |
| Taxes, remuneration and social security | 45 | €5,494 | €5,616 | +€122 | +2.2% |
| Taxes | 450/3 | €3,939 | €1,012 | -€2,927 | -74.3% |
| Remuneration and social security | 454/9 | €1,555 | €4,603 | +€3,049 | +196% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €13,685 | €14,047 | +€362 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €797 | €7 | -€790 | -99.1% |
| Other operating charges | 640/8 | €2,294 | €618 | -€1,676 | -73.1% |
| Gross operating margin | 9900 | €33,235 | €28,565 | -€4,670 | -14.1% |
| Operating profit (loss) | 9901 | €16,459 | €13,893 | -€2,565 | -15.6% |
| Financial income | 75/76B | €794 | €1,702 | +€909 | +115% |
| Recurring financial income | 75 | €794 | €1,702 | +€909 | +115% |
| Financial charges | 65/66B | €11,065 | €13,564 | +€2,499 | +22.6% |
| Recurring financial charges | 65 | €11,065 | €13,564 | +€2,499 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €6,187 | €2,032 | -€4,155 | -67.2% |
| Income taxes | 67/77 | €677 | €755 | +€78 | +11.5% |
| Profit (loss) for the period | 9904 | €5,510 | €1,277 | -€4,233 | -76.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,510 | €1,277 | -€4,233 | -76.8% |
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.