Eline Brugman: 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.
Eline Brugman
Largest movements
- Cash +€121,204
up €121,204 (+31.1%), from €389,991 to €511,195
mainly Net result for the year (+€153,399) and Deferred charges and accrued income (+€2,016)
- Current investments +€31,525
new in 2025: €31,525
- Reserves +€153,399
up €153,399 (+52.3%), from €293,116 to €446,515
- Gross operating margin +€5,182
up €5,182 (+2.6%), from €195,925 to €201,107
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 | €397,640 | €549,451 | +€151,811 | +38.2% |
| Fixed assets | 21/28 | €863 | €584 | -€279 | -32.4% |
| Tangible fixed assets | 22/27 | €863 | €584 | -€279 | -32.4% |
| Furniture and vehicles | 24 | €863 | €584 | -€279 | -32.4% |
| Current assets | 29/58 | €396,777 | €548,867 | +€152,091 | +38.3% |
| Amounts receivable within one year | 40/41 | €61 | €1,439 | +€1,378 | +2,255% |
| Trade receivables | 40 | €61 | €1,439 | +€1,378 | +2,255% |
| Current investments | 50/53 | - | €31,525 | +€31,525 | |
| Cash at bank and in hand | 54/58 | €389,991 | €511,195 | +€121,204 | +31.1% |
| Deferred charges and accrued income | 490/1 | €6,724 | €4,708 | -€2,016 | -30.0% |
| Total equity and liabilities | 10/49 | €397,640 | €549,451 | +€151,811 | +38.2% |
| Equity | 10/15 | €308,116 | €461,515 | +€153,399 | +49.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €293,116 | €446,515 | +€153,399 | +52.3% |
| Distributable reserves | 133 | €293,116 | €446,515 | +€153,399 | +52.3% |
| Amounts payable | 17/49 | €89,524 | €87,937 | -€1,588 | -1.8% |
| Amounts payable within one year | 42/48 | €89,023 | €87,019 | -€2,005 | -2.3% |
| Trade debts | 44 | €1,366 | €586 | -€780 | -57.1% |
| Suppliers | 440/4 | €1,366 | €586 | -€780 | -57.1% |
| Taxes, remuneration and social security | 45 | €85,955 | €84,036 | -€1,919 | -2.2% |
| Taxes | 450/3 | €85,955 | €84,036 | -€1,919 | -2.2% |
| Other amounts payable | 47/48 | €1,702 | €2,397 | +€694 | +40.8% |
| Accrued charges and deferred income | 492/3 | €501 | €918 | +€417 | +83.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €279 | €279 | = | 0.0% |
| Other operating charges | 640/8 | €771 | €901 | +€130 | +16.8% |
| Gross operating margin | 9900 | €195,925 | €201,107 | +€5,182 | +2.6% |
| Operating profit (loss) | 9901 | €194,874 | €199,927 | +€5,053 | +2.6% |
| Financial income | 75/76B | €0 | €5 | +€5 | +11,925% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +11,925% |
| Financial charges | 65/66B | €208 | €719 | +€510 | +245% |
| Recurring financial charges | 65 | €208 | €719 | +€510 | +245% |
| Profit (loss) for the period before taxes | 9903 | €194,666 | €199,213 | +€4,547 | +2.3% |
| Income taxes | 67/77 | €44,677 | €45,815 | +€1,137 | +2.5% |
| Profit (loss) for the period | 9904 | €149,989 | €153,399 | +€3,410 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €149,989 | €153,399 | +€3,410 | +2.3% |
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 26 October 2026 via checked.be.