Eric Brassart: 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.
Eric Brassart
Largest movements
- Cash +€110,240
up €110,240 (+10.3%), from €1.1m to €1.2m
mainly Net result for the year (+€338,536) and Depreciation (+€39,296)
- Tangible fixed assets -€33,255
down €33,255 (-4.8%), from €693,367 to €660,112
of which Land and buildings: -€20,210
- Profit (loss) carried forward +€79,352
up €79,352 (+7.6%), from €1.0m to €1.1m
- Debts after one year -€32,025
down €32,025 (-8.1%), from €394,650 to €362,625
- Tax, wage and social debts +€29,923
up €29,923 (+14.1%), from €212,829 to €242,751
of which Taxes: +€26,734
- Other debts +€28,907
up €28,907 (+16.6%), from €173,950 to €202,857
- Gross operating margin +€77,900
up €77,900 (+16.9%), from €460,906 to €538,805
- Taxes +€25,597
up €25,597 (+23.9%), from €106,928 to €132,525
- Depreciation -€21,372
down €21,372 (-35.2%), from €60,669 to €39,296
- Staff costs -€14,406
down €14,406 (-62.2%), from €23,158 to €8,752
- Other operating charges -€5,789
down €5,789 (-45.8%), from €12,650 to €6,861
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 | €1,932,156 | €2,026,170 | +€94,014 | +4.9% |
| Fixed assets | 21/28 | €694,165 | €660,910 | -€33,255 | -4.8% |
| Tangible fixed assets | 22/27 | €693,367 | €660,112 | -€33,255 | -4.8% |
| Land and buildings | 22 | €590,151 | €569,941 | -€20,210 | -3.4% |
| Plant, machinery and equipment | 23 | €41,663 | €32,086 | -€9,578 | -23.0% |
| Furniture and vehicles | 24 | €61,553 | €58,086 | -€3,467 | -5.6% |
| Financial fixed assets | 28 | €798 | €798 | = | 0.0% |
| Current assets | 29/58 | €1,237,991 | €1,365,260 | +€127,269 | +10.3% |
| Amounts receivable within one year | 40/41 | €86,634 | €103,633 | +€16,999 | +19.6% |
| Trade receivables | 40 | €75,906 | €75,691 | -€215 | -0.3% |
| Other amounts receivable | 41 | €10,729 | €27,943 | +€17,214 | +160% |
| Current investments | 50/53 | €80,000 | €80,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,065,453 | €1,175,693 | +€110,240 | +10.3% |
| Deferred charges and accrued income | 490/1 | €5,904 | €5,934 | +€30 | +0.5% |
| Total equity and liabilities | 10/49 | €1,932,156 | €2,026,170 | +€94,014 | +4.9% |
| Equity | 10/15 | €1,074,734 | €1,154,086 | +€79,352 | +7.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €9,405 | €9,405 | = | 0.0% |
| Distributable reserves | 133 | €9,405 | €9,405 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,046,737 | €1,126,089 | +€79,352 | +7.6% |
| Amounts payable | 17/49 | €857,422 | €872,084 | +€14,662 | +1.7% |
| Amounts payable after more than one year | 17 | €394,650 | €362,625 | -€32,025 | -8.1% |
| Financial debts | 170/4 | €394,650 | €362,625 | -€32,025 | -8.1% |
| Amounts payable within one year | 42/48 | €462,773 | €508,738 | +€45,965 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €31,067 | €32,025 | +€958 | +3.1% |
| Trade debts | 44 | €44,927 | €31,105 | -€13,823 | -30.8% |
| Suppliers | 440/4 | €44,927 | €31,105 | -€13,823 | -30.8% |
| Taxes, remuneration and social security | 45 | €212,829 | €242,751 | +€29,923 | +14.1% |
| Taxes | 450/3 | €212,829 | €239,562 | +€26,734 | +12.6% |
| Remuneration and social security | 454/9 | - | €3,189 | +€3,189 | |
| Other amounts payable | 47/48 | €173,950 | €202,857 | +€28,907 | +16.6% |
| Accrued charges and deferred income | 492/3 | - | €721 | +€721 | |
| Remuneration, social security and pensions | 62 | €23,158 | €8,752 | -€14,406 | -62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,669 | €39,296 | -€21,372 | -35.2% |
| Other operating charges | 640/8 | €12,650 | €6,861 | -€5,789 | -45.8% |
| Gross operating margin | 9900 | €460,906 | €538,805 | +€77,900 | +16.9% |
| Operating profit (loss) | 9901 | €364,429 | €483,896 | +€119,467 | +32.8% |
| Financial income | 75/76B | €0 | €2,539 | +€2,539 | +2,539,190% |
| Recurring financial income | 75 | €0 | €2,539 | +€2,539 | +2,539,190% |
| Financial charges | 65/66B | €12,527 | €15,375 | +€2,848 | +22.7% |
| Recurring financial charges | 65 | €12,527 | €15,375 | +€2,848 | +22.7% |
| Profit (loss) for the period before taxes | 9903 | €351,902 | €471,061 | +€119,158 | +33.9% |
| Income taxes | 67/77 | €106,928 | €132,525 | +€25,597 | +23.9% |
| Profit (loss) for the period | 9904 | €244,974 | €338,536 | +€93,561 | +38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €244,974 | €338,536 | +€93,561 | +38.2% |
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 28 October 2026 via checked.be.