GERDA BREUGELMANS: 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.
GERDA BREUGELMANS
Largest movements
- Tangible fixed assets -€7,720
down €7,720 (-69.1%), from €11,178 to €3,458
- Cash -€1,182
down €1,182 (-15.3%), from €7,723 to €6,540
mainly Net result for the year (-€4,707) and Current portion of long-term debt (-€4,685)
- Deferred charges and accrued income -€678
down €678 (-20.5%), from €3,314 to €2,637
- Profit (loss) carried forward -€4,707
new in 2025: -€4,707
- Current portion of long-term debt -€4,685
down €4,685 (-91.6%), from €5,114 to €429
- Other debts +€525
up €525 (+54.0%), from €973 to €1,498
- Debts after one year -€429
no longer reported in 2025 (was €429)
- Trade debts -€365
down €365 (-32.9%), from €1,110 to €745
- Gross operating margin -€4,689
down €4,689 (-44.7%), from €10,480 to €5,791
- Taxes -€863
down €863 (-35.2%), from €2,451 to €1,589
- Financial charges +€418
up €418 (+423%), from €99 to €517
- Depreciation +€165
up €165 (+2.2%), from €7,555 to €7,720
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 | €33,084 | €23,513 | -€9,571 | -28.9% |
| Fixed assets | 21/28 | €13,328 | €5,608 | -€7,720 | -57.9% |
| Tangible fixed assets | 22/27 | €11,178 | €3,458 | -€7,720 | -69.1% |
| Furniture and vehicles | 24 | €11,178 | €3,458 | -€7,720 | -69.1% |
| Financial fixed assets | 28 | €2,150 | €2,150 | = | 0.0% |
| Current assets | 29/58 | €19,756 | €17,905 | -€1,851 | -9.4% |
| Amounts receivable within one year | 40/41 | €8,719 | €8,728 | +€9 | +0.1% |
| Other amounts receivable | 41 | €8,719 | €8,728 | +€9 | +0.1% |
| Cash at bank and in hand | 54/58 | €7,723 | €6,540 | -€1,182 | -15.3% |
| Deferred charges and accrued income | 490/1 | €3,314 | €2,637 | -€678 | -20.5% |
| Total equity and liabilities | 10/49 | €33,084 | €23,513 | -€9,571 | -28.9% |
| Equity | 10/15 | €17,428 | €12,721 | -€4,707 | -27.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,228 | €11,228 | = | 0.0% |
| Distributable reserves | 133 | €11,228 | €11,228 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€4,707 | -€4,707 | |
| Amounts payable | 17/49 | €15,656 | €10,792 | -€4,864 | -31.1% |
| Amounts payable after more than one year | 17 | €429 | - | -€429 | |
| Financial debts | 170/4 | €429 | - | -€429 | |
| Amounts payable within one year | 42/48 | €15,227 | €10,792 | -€4,435 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €5,114 | €429 | -€4,685 | -91.6% |
| Trade debts | 44 | €1,110 | €745 | -€365 | -32.9% |
| Suppliers | 440/4 | €1,110 | €745 | -€365 | -32.9% |
| Taxes, remuneration and social security | 45 | €8,030 | €8,120 | +€90 | +1.1% |
| Taxes | 450/3 | €8,030 | €8,120 | +€90 | +1.1% |
| Other amounts payable | 47/48 | €973 | €1,498 | +€525 | +54.0% |
| Non-recurring operating income | 76A | €800 | - | -€800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,555 | €7,720 | +€165 | +2.2% |
| Other operating charges | 640/8 | €595 | €672 | +€77 | +12.9% |
| Gross operating margin | 9900 | €10,480 | €5,791 | -€4,689 | -44.7% |
| Operating profit (loss) | 9901 | €2,330 | -€2,601 | -€4,931 | |
| Financial charges | 65/66B | €99 | €517 | +€418 | +423% |
| Recurring financial charges | 65 | €99 | €517 | +€418 | +423% |
| Profit (loss) for the period before taxes | 9903 | €2,231 | -€3,118 | -€5,350 | |
| Income taxes | 67/77 | €2,451 | €1,589 | -€863 | -35.2% |
| Profit (loss) for the period | 9904 | -€220 | -€4,707 | -€4,487 | -2,038% |
| Profit (loss) for the period to be appropriated | 9905 | -€220 | -€4,707 | -€4,487 | -2,038% |
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.