FREDERIC BRUSTEN: 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.
FREDERIC BRUSTEN
Largest movements
- Cash +€310,430
up €310,430 (+2,251%), from €13,789 to €324,219
mainly Other debts (+€487,666) and Depreciation (+€153,824)
- Intangible fixed assets +€137,950
up €137,950 (+22.2%), from €622,329 to €760,279
- Current investments +€120,000
up €120,000 (+31.6%), from €380,000 to €500,000
- Tangible fixed assets -€47,776
down €47,776 (-6.2%), from €766,644 to €718,868
of which Furniture and vehicles: -€46,800
- Other debts +€487,666
up €487,666 (+411%), from €118,650 to €606,316
- Reserves -€146,997
down €146,997 (-100%), from €146,997 to €0
- Debts after one year +€119,063
up €119,063 (+8.7%), from €1.4m to €1.5m
- Tax, wage and social debts +€42,454
up €42,454 (+50.7%), from €83,805 to €126,259
of which Taxes: +€39,074
- Current portion of long-term debt +€26,030
up €26,030 (+27.0%), from €96,457 to €122,487
- Gross operating margin +€58,569
up €58,569 (+8.4%), from €697,898 to €756,466
- Staff costs +€36,472
up €36,472 (+10.5%), from €346,318 to €382,790
- Financial income +€8,418
up €8,418 (+249%), from €3,375 to €11,793
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 | €1,865,599 | €2,406,737 | +€541,138 | +29.0% |
| Fixed assets | 21/28 | €1,390,222 | €1,480,397 | +€90,174 | +6.5% |
| Intangible fixed assets | 21 | €622,329 | €760,279 | +€137,950 | +22.2% |
| Tangible fixed assets | 22/27 | €766,644 | €718,868 | -€47,776 | -6.2% |
| Land and buildings | 22 | €288,207 | €281,436 | -€6,771 | -2.3% |
| Plant, machinery and equipment | 23 | €16,728 | €14,723 | -€2,005 | -12.0% |
| Furniture and vehicles | 24 | €461,708 | €414,909 | -€46,800 | -10.1% |
| Other tangible fixed assets | 26 | - | €7,800 | +€7,800 | |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €475,377 | €926,340 | +€450,964 | +94.9% |
| Amounts receivable within one year | 40/41 | €72,396 | €91,527 | +€19,131 | +26.4% |
| Trade receivables | 40 | €72,060 | €91,527 | +€19,467 | +27.0% |
| Other amounts receivable | 41 | €336 | €0 | -€336 | -100% |
| Current investments | 50/53 | €380,000 | €500,000 | +€120,000 | +31.6% |
| Cash at bank and in hand | 54/58 | €13,789 | €324,219 | +€310,430 | +2,251% |
| Deferred charges and accrued income | 490/1 | €9,192 | €10,594 | +€1,402 | +15.3% |
| Total equity and liabilities | 10/49 | €1,865,599 | €2,406,737 | +€541,138 | +29.0% |
| Equity | 10/15 | €166,997 | €20,000 | -€146,997 | -88.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €146,997 | €0 | -€146,997 | -100% |
| Distributable reserves | 133 | €146,997 | €0 | -€146,997 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,698,602 | €2,386,737 | +€688,135 | +40.5% |
| Amounts payable after more than one year | 17 | €1,361,829 | €1,480,892 | +€119,063 | +8.7% |
| Financial debts | 170/4 | €1,361,829 | €1,480,892 | +€119,063 | +8.7% |
| Amounts payable within one year | 42/48 | €326,153 | €899,845 | +€573,693 | +176% |
| Current portion of amounts payable after more than one year | 42 | €96,457 | €122,487 | +€26,030 | +27.0% |
| Financial debts | 43 | - | €11,946 | +€11,946 | |
| Credit institutions | 430/8 | - | €11,946 | +€11,946 | |
| Trade debts | 44 | €27,241 | €32,837 | +€5,596 | +20.5% |
| Suppliers | 440/4 | €27,241 | €32,837 | +€5,596 | +20.5% |
| Taxes, remuneration and social security | 45 | €83,805 | €126,259 | +€42,454 | +50.7% |
| Taxes | 450/3 | €43,584 | €82,658 | +€39,074 | +89.7% |
| Remuneration and social security | 454/9 | €40,221 | €43,601 | +€3,380 | +8.4% |
| Other amounts payable | 47/48 | €118,650 | €606,316 | +€487,666 | +411% |
| Accrued charges and deferred income | 492/3 | €10,620 | €6,000 | -€4,620 | -43.5% |
| Non-recurring operating income | 76A | - | €5,228 | +€5,228 | |
| Remuneration, social security and pensions | 62 | €346,318 | €382,790 | +€36,472 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,867 | €153,824 | +€1,957 | +1.3% |
| Other operating charges | 640/8 | €8,851 | €6,653 | -€2,199 | -24.8% |
| Gross operating margin | 9900 | €697,898 | €756,466 | +€58,569 | +8.4% |
| Operating profit (loss) | 9901 | €190,861 | €213,199 | +€22,339 | +11.7% |
| Financial income | 75/76B | €3,375 | €11,793 | +€8,418 | +249% |
| Recurring financial income | 75 | €3,375 | €11,793 | +€8,418 | +249% |
| Financial charges | 65/66B | €26,369 | €29,203 | +€2,835 | +10.8% |
| Recurring financial charges | 65 | €26,369 | €29,203 | +€2,835 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €167,867 | €195,789 | +€27,922 | +16.6% |
| Income taxes | 67/77 | €42,726 | €47,702 | +€4,976 | +11.6% |
| Profit (loss) for the period | 9904 | €125,141 | €148,087 | +€22,946 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €125,141 | €148,087 | +€22,946 | +18.3% |
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 15 October 2026 via checked.be.