DR. ANNICK BRACKE: 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.
DR. ANNICK BRACKE
Largest movements
- Cash +€44,097
up €44,097 (+68.0%), from €64,825 to €108,921
mainly Net result for the year (+€141,339) and Trade debts (+€13,177)
- Receivables within one year +€29,492
up €29,492 (+14.4%), from €204,465 to €233,957
of which Other amounts receivable: +€28,523
- Reserves +€64,320
up €64,320 (+26.5%), from €243,096 to €307,415
- Trade debts +€13,177
up €13,177 (+16.2%), from €81,123 to €94,300
- Debts after one year -€12,245
down €12,245 (-8.1%), from €151,381 to €139,136
- Tax, wage and social debts +€7,999
up €7,999 (+309%), from €2,589 to €10,588
of which Taxes: +€7,999
- Gross operating margin +€74,288
up €74,288 (+51.8%), from €143,451 to €217,739
- Taxes +€23,246
up €23,246 (+62.1%), from €37,432 to €60,677
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 | €513,500 | €586,493 | +€72,993 | +14.2% |
| Fixed assets | 21/28 | €221,014 | €220,405 | -€609 | -0.3% |
| Tangible fixed assets | 22/27 | €220,014 | €219,405 | -€609 | -0.3% |
| Land and buildings | 22 | €218,291 | €210,867 | -€7,424 | -3.4% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €1,723 | €8,537 | +€6,815 | +396% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €292,486 | €366,088 | +€73,602 | +25.2% |
| Amounts receivable within one year | 40/41 | €204,465 | €233,957 | +€29,492 | +14.4% |
| Trade receivables | 40 | - | €969 | +€969 | |
| Other amounts receivable | 41 | €204,465 | €232,988 | +€28,523 | +14.0% |
| Current investments | 50/53 | €21,206 | €22,414 | +€1,208 | +5.7% |
| Cash at bank and in hand | 54/58 | €64,825 | €108,921 | +€44,097 | +68.0% |
| Deferred charges and accrued income | 490/1 | €1,990 | €795 | -€1,194 | -60.0% |
| Total equity and liabilities | 10/49 | €513,500 | €586,493 | +€72,993 | +14.2% |
| Equity | 10/15 | €261,696 | €326,015 | +€64,320 | +24.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €243,096 | €307,415 | +€64,320 | +26.5% |
| Distributable reserves | 133 | €243,096 | €307,415 | +€64,320 | +26.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €251,804 | €260,477 | +€8,673 | +3.4% |
| Amounts payable after more than one year | 17 | €151,381 | €139,136 | -€12,245 | -8.1% |
| Financial debts | 170/4 | €151,381 | €139,136 | -€12,245 | -8.1% |
| Amounts payable within one year | 42/48 | €95,553 | €118,372 | +€22,819 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €11,841 | €12,245 | +€404 | +3.4% |
| Trade debts | 44 | €81,123 | €94,300 | +€13,177 | +16.2% |
| Suppliers | 440/4 | €81,123 | €94,300 | +€13,177 | +16.2% |
| Taxes, remuneration and social security | 45 | €2,589 | €10,588 | +€7,999 | +309% |
| Taxes | 450/3 | €2,589 | €10,588 | +€7,999 | +309% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €1,239 | +€1,239 | |
| Accrued charges and deferred income | 492/3 | €4,870 | €2,969 | -€1,901 | -39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,437 | €9,446 | +€1,009 | +12.0% |
| Other operating charges | 640/8 | €1,909 | €1,573 | -€336 | -17.6% |
| Gross operating margin | 9900 | €143,451 | €217,739 | +€74,288 | +51.8% |
| Operating profit (loss) | 9901 | €133,106 | €206,720 | +€73,614 | +55.3% |
| Financial income | 75/76B | €787 | €348 | -€438 | -55.7% |
| Recurring financial income | 75 | €787 | €348 | -€438 | -55.7% |
| Financial charges | 65/66B | €6,020 | €5,052 | -€968 | -16.1% |
| Recurring financial charges | 65 | €6,020 | €5,052 | -€968 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €127,872 | €202,016 | +€74,144 | +58.0% |
| Income taxes | 67/77 | €37,432 | €60,677 | +€23,246 | +62.1% |
| Profit (loss) for the period | 9904 | €90,441 | €141,339 | +€50,898 | +56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €90,441 | €141,339 | +€50,898 | +56.3% |
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 14 October 2026 via checked.be.