DR. ANNICK 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.
DR. ANNICK BRANDT
Largest movements
- Cash +€122,353
up €122,353 (+24.5%), from €498,766 to €621,119
mainly Other debts (+€205,822) and Net result for the year (+€114,420)
- Tangible fixed assets -€36,816
down €36,816 (-5.7%), from €648,629 to €611,813
of which Land and buildings: -€31,219
- Other debts +€205,822
up €205,822 (+173%), from €119,154 to €324,976
- Reserves -€83,744
down €83,744 (-8.2%), from €1.0m to €932,203
of which Distributable reserves: -€83,744
- Depreciation +€33,757
up €33,757 (+64.8%), from €52,086 to €85,843
- Taxes -€18,074
down €18,074 (-25.4%), from €71,251 to €53,176
- Gross operating margin +€11,385
up €11,385 (+3.5%), from €329,839 to €341,224
- Other operating charges +€9,882
up €9,882 (+194%), from €5,090 to €14,972
- Staff costs +€6,610
up €6,610 (+10.9%), from €60,858 to €67,469
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 | €1,195,080 | €1,293,330 | +€98,251 | +8.2% |
| Fixed assets | 21/28 | €648,679 | €611,863 | -€36,816 | -5.7% |
| Tangible fixed assets | 22/27 | €648,629 | €611,813 | -€36,816 | -5.7% |
| Land and buildings | 22 | €554,738 | €523,519 | -€31,219 | -5.6% |
| Plant, machinery and equipment | 23 | €55,316 | €64,323 | +€9,007 | +16.3% |
| Furniture and vehicles | 24 | €38,575 | €23,971 | -€14,604 | -37.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €546,400 | €681,467 | +€135,067 | +24.7% |
| Amounts receivable within one year | 40/41 | €2,061 | €3,693 | +€1,632 | +79.1% |
| Trade receivables | 40 | €1,215 | €1,030 | -€185 | -15.3% |
| Other amounts receivable | 41 | €846 | €2,663 | +€1,817 | +215% |
| Current investments | 50/53 | €45,573 | €55,615 | +€10,042 | +22.0% |
| Cash at bank and in hand | 54/58 | €498,766 | €621,119 | +€122,353 | +24.5% |
| Deferred charges and accrued income | 490/1 | - | €1,040 | +€1,040 | |
| Total equity and liabilities | 10/49 | €1,195,080 | €1,293,330 | +€98,251 | +8.2% |
| Equity | 10/15 | €1,022,147 | €938,403 | -€83,744 | -8.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,015,947 | €932,203 | -€83,744 | -8.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,014,087 | €930,343 | -€83,744 | -8.3% |
| Amounts payable | 17/49 | €172,933 | €354,927 | +€181,994 | +105% |
| Amounts payable within one year | 42/48 | €166,203 | €354,927 | +€188,724 | +114% |
| Trade debts | 44 | €15,190 | €5,170 | -€10,020 | -66.0% |
| Suppliers | 440/4 | €15,190 | €5,170 | -€10,020 | -66.0% |
| Taxes, remuneration and social security | 45 | €31,860 | €24,781 | -€7,079 | -22.2% |
| Taxes | 450/3 | €17,400 | €12,996 | -€4,405 | -25.3% |
| Remuneration and social security | 454/9 | €14,459 | €11,785 | -€2,674 | -18.5% |
| Other amounts payable | 47/48 | €119,154 | €324,976 | +€205,822 | +173% |
| Accrued charges and deferred income | 492/3 | €6,729 | - | -€6,729 | |
| Non-recurring operating income | 76A | €19,697 | - | -€19,697 | |
| Remuneration, social security and pensions | 62 | €60,858 | €67,469 | +€6,610 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,086 | €85,843 | +€33,757 | +64.8% |
| Other operating charges | 640/8 | €5,090 | €14,972 | +€9,882 | +194% |
| Gross operating margin | 9900 | €329,839 | €341,224 | +€11,385 | +3.5% |
| Operating profit (loss) | 9901 | €211,805 | €172,940 | -€38,864 | -18.3% |
| Financial income | 75/76B | €6,623 | €3,623 | -€3,000 | -45.3% |
| Recurring financial income | 75 | €6,623 | €3,623 | -€3,000 | -45.3% |
| Financial charges | 65/66B | €9,917 | €8,967 | -€950 | -9.6% |
| Recurring financial charges | 65 | €9,917 | €8,967 | -€950 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €208,511 | €167,596 | -€40,915 | -19.6% |
| Income taxes | 67/77 | €71,251 | €53,176 | -€18,074 | -25.4% |
| Profit (loss) for the period | 9904 | €137,260 | €114,420 | -€22,841 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €137,260 | €114,420 | -€22,841 | -16.6% |
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 22 October 2026 via checked.be.