DR. BRUNO TERMOTE: 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. BRUNO TERMOTE
Largest movements
- Current investments +€264,172
up €264,172 (+34.7%), from €760,828 to €1.0m
- Cash -€27,787
down €27,787 (-10.7%), from €260,055 to €232,268
mainly Contributions, distributions and other (-€775,000) and Current investments (-€264,172)
- Other debts +€605,131
up €605,131 (+99.9%), from €605,925 to €1.2m
- Profit (loss) carried forward -€361,183
down €361,183 (-66.4%), from €544,343 to €183,160
- Gross operating margin +€49,201
up €49,201 (+9.2%), from €532,809 to €582,010
- Taxes +€12,891
up €12,891 (+10.6%), from €121,460 to €134,350
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 | €1,268,016 | €1,520,626 | +€252,610 | +19.9% |
| Fixed assets | 21/28 | €58,445 | €66,207 | +€7,761 | +13.3% |
| Tangible fixed assets | 22/27 | €58,445 | €66,207 | +€7,761 | +13.3% |
| Plant, machinery and equipment | 23 | €14,854 | €10,542 | -€4,312 | -29.0% |
| Furniture and vehicles | 24 | €29,137 | €15,223 | -€13,914 | -47.8% |
| Other tangible fixed assets | 26 | €14,455 | €40,442 | +€25,987 | +179.8% |
| Current assets | 29/58 | €1,209,571 | €1,454,419 | +€244,848 | +20.2% |
| Amounts receivable within one year | 40/41 | €175,281 | €185,668 | +€10,387 | +5.9% |
| Trade receivables | 40 | €167,927 | €182,605 | +€14,678 | +8.7% |
| Other amounts receivable | 41 | €7,354 | €3,064 | -€4,290 | -58.3% |
| Current investments | 50/53 | €760,828 | €1,025,000 | +€264,172 | +34.7% |
| Cash at bank and in hand | 54/58 | €260,055 | €232,268 | -€27,787 | -10.7% |
| Deferred charges and accrued income | 490/1 | €13,407 | €11,483 | -€1,924 | -14.4% |
| Total equity and liabilities | 10/49 | €1,268,016 | €1,520,626 | +€252,610 | +19.9% |
| Equity | 10/15 | €630,666 | €269,483 | -€361,183 | -57.3% |
| Contributions | 10/11 | €78,000 | €78,000 | = | 0.0% |
| Reserves | 13 | €8,323 | €8,323 | = | 0.0% |
| Tax-exempt reserves | 132 | €523 | €523 | = | 0.0% |
| Distributable reserves | 133 | €7,800 | €7,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €544,343 | €183,160 | -€361,183 | -66.4% |
| Amounts payable | 17/49 | €637,351 | €1,251,143 | +€613,792 | +96.3% |
| Amounts payable within one year | 42/48 | €607,670 | €1,221,870 | +€614,201 | +101.1% |
| Trade debts | 44 | €1,745 | €9,792 | +€8,047 | +461.2% |
| Suppliers | 440/4 | €1,745 | €9,792 | +€8,047 | +461.2% |
| Taxes, remuneration and social security | 45 | - | €1,023 | +€1,023 | |
| Taxes | 450/3 | - | €1,023 | +€1,023 | |
| Other amounts payable | 47/48 | €605,925 | €1,211,056 | +€605,131 | +99.9% |
| Accrued charges and deferred income | 492/3 | €29,681 | €29,273 | -€408 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,320 | €23,481 | +€1,161 | +5.2% |
| Other operating charges | 640/8 | €946 | €1,546 | +€600 | +63.4% |
| Gross operating margin | 9900 | €532,809 | €582,010 | +€49,201 | +9.2% |
| Operating profit (loss) | 9901 | €509,543 | €556,983 | +€47,440 | +9.3% |
| Financial income | 75/76B | €16,816 | €20,550 | +€3,734 | +22.2% |
| Recurring financial income | 75 | €16,816 | €20,550 | +€3,734 | +22.2% |
| Financial charges | 65/66B | €29,752 | €29,366 | -€386 | -1.3% |
| Recurring financial charges | 65 | €29,752 | €29,366 | -€386 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €496,607 | €548,168 | +€51,561 | +10.4% |
| Income taxes | 67/77 | €121,460 | €134,350 | +€12,891 | +10.6% |
| Profit (loss) for the period | 9904 | €375,147 | €413,817 | +€38,670 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €375,147 | €413,817 | +€38,670 | +10.3% |
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 10 October 2026 via checked.be.