GROUP DE BRANDT: 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.
What changed
GROUP DE BRANDT
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6.8m
2024 · €26.2m-€19.3m
Equity
€38.9m
2024 · €32.0m+€6.8m
Cash
€242,764
2024 · €25,140+€217,624
Balance sheet total
€39.2m
2024 · €32.3m+€6.9m
Largest movements
Assets
- Current investments +€7.3m
up €7.3m (+27.7%), from €26.5m to €33.8m
- Financial fixed assets -€895,535
down €895,535 (-16.4%), from €5.5m to €4.6m
Equity and liabilities
- Profit (loss) carried forward +€6.8m
up €6.8m (+24.8%), from €27.5m to €34.4m
Income statement
- Financial income -€18.7m
down €18.7m (-72.3%), from €25.9m to €7.2m
of which Financial income: -€18.7m
- Turnover -€2.3m
down €2.3m (-84.5%), from €2.8m to €427,862
- Staff costs -€1.3m
down €1.3m (-94.7%), from €1.3m to €70,745
- Services and other goods -€453,898
down €453,898 (-41.9%), from €1.1m to €628,846
- Taxes -€80,181
down €80,181 (-51.4%), from €156,082 to €75,901
of which Taxes: -€80,328
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.
Result 2024
€26.2m
Turnover
-€2.3m
Other operating income
-€69,677
Services and other goods
+€453,898
Staff costs
+€1.3m
Depreciation
-€8,569
Other operating charges
-€144
Other operating items
+€979
Financial income
-€18.7m
Financial charges
+€4,826
Taxes
+€80,181
Result 2025
€6.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€6.7m
Investment
-€6.5m
Financing
€0
Cash 2024
€25,140
From operations (derived)
+€6.7m
Net result for the year
+€6.8m
Depreciation
+€18,017
Receivables within one year
-€156,750
Deferred charges and accrued income
-€406
Trade debts
+€151,633
Tax, wage and social debts
-€114,758
Investment (derived)
-€6.5m
Investment in fixed assets (net)
+€842,983
Current investments
-€7.3m
Cash 2025
€242,764
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,318,361 | €39,174,141 | +€6.9m | +21.2% |
| Fixed assets | 21/28 | €5,500,680 | €4,639,680 | -€861,000 | -15.7% |
| Tangible fixed assets | 22/27 | €29,195 | €63,731 | +€34,536 | +118% |
| Furniture and vehicles | 24 | €29,195 | €63,731 | +€34,536 | +118% |
| Financial fixed assets | 28 | €5,471,485 | €4,575,949 | -€895,535 | -16.4% |
| Affiliated companies | 280/1 | €5,471,485 | €4,575,949 | -€895,535 | -16.4% |
| Participating interests | 280 | €5,471,485 | €4,575,949 | -€895,535 | -16.4% |
| Current assets | 29/58 | €26,817,681 | €34,534,461 | +€7.7m | +28.8% |
| Amounts receivable within one year | 40/41 | €296,499 | €453,248 | +€156,750 | +52.9% |
| Trade receivables | 40 | €281,670 | €337,483 | +€55,813 | +19.8% |
| Other amounts receivable | 41 | €14,829 | €115,766 | +€100,937 | +681% |
| Current investments | 50/53 | €26,488,000 | €33,830,000 | +€7.3m | +27.7% |
| Other investments | 51/53 | €26,488,000 | €33,830,000 | +€7.3m | +27.7% |
| Cash at bank and in hand | 54/58 | €25,140 | €242,764 | +€217,624 | +866% |
| Deferred charges and accrued income | 490/1 | €8,043 | €8,449 | +€406 | +5.1% |
| Total equity and liabilities | 10/49 | €32,318,361 | €39,174,141 | +€6.9m | +21.2% |
| Equity | 10/15 | €32,049,518 | €38,868,424 | +€6.8m | +21.3% |
| Contributions | 10/11 | €4,091,886 | €4,091,886 | = | 0.0% |
| Capital | 10 | €4,091,886 | €4,091,886 | = | 0.0% |
| Issued capital | 100 | €4,091,886 | €4,091,886 | = | 0.0% |
| Reserves | 13 | €409,189 | €409,189 | = | 0.0% |
| Non-distributable reserves | 130/1 | €409,189 | €409,189 | = | 0.0% |
| Legal reserve | 130 | €409,189 | €409,189 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,548,444 | €34,367,350 | +€6.8m | +24.8% |
| Amounts payable | 17/49 | €268,842 | €305,718 | +€36,875 | +13.7% |
| Amounts payable within one year | 42/48 | €268,842 | €305,718 | +€36,875 | +13.7% |
| Trade debts | 44 | €139,151 | €290,784 | +€151,633 | +109% |
| Suppliers | 440/4 | €139,151 | €290,784 | +€151,633 | +109% |
| Taxes, remuneration and social security | 45 | €129,692 | €14,934 | -€114,758 | -88.5% |
| Taxes | 450/3 | €7,275 | - | -€7,275 | |
| Remuneration and social security | 454/9 | €122,417 | €14,934 | -€107,484 | -87.8% |
| Operating income | 70/76A | €2,845,584 | €439,767 | -€2.4m | -84.5% |
| Turnover | 70 | €2,764,982 | €427,862 | -€2.3m | -84.5% |
| Other operating income | 74 | €79,102 | €9,425 | -€69,677 | -88.1% |
| Non-recurring operating income | 76A | €1,500 | €2,479 | +€979 | +65.3% |
| Operating charges | 60/66A | €2,441,126 | €720,383 | -€1.7m | -70.5% |
| Services and other goods | 61 | €1,082,744 | €628,846 | -€453,898 | -41.9% |
| Remuneration, social security and pensions | 62 | €1,346,303 | €70,745 | -€1.3m | -94.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,448 | €18,017 | +€8,569 | +90.7% |
| Other operating charges | 640/8 | €2,632 | €2,776 | +€144 | +5.5% |
| Operating profit (loss) | 9901 | €404,458 | -€280,617 | -€685,075 | |
| Financial income | 75/76B | €25,920,194 | €7,178,117 | -€18.7m | -72.3% |
| Recurring financial income | 75 | €25,920,194 | €7,178,117 | -€18.7m | -72.3% |
| Income from financial fixed assets | 750 | €25,700,000 | - | -€25.7m | |
| Income from current assets | 751 | €220,194 | - | -€220,194 | |
| Non-recurring financial income | 76B | - | €7,178,117 | +€7.2m | |
| Financial charges | 65/66B | €7,520 | €2,694 | -€4,826 | -64.2% |
| Recurring financial charges | 65 | €7,520 | €2,694 | -€4,826 | -64.2% |
| Other financial charges | 652/9 | €7,520 | €2,694 | -€4,826 | -64.2% |
| Profit (loss) for the period before taxes | 9903 | €26,317,132 | €6,894,806 | -€19.4m | -73.8% |
| Income taxes | 67/77 | €156,082 | €75,901 | -€80,181 | -51.4% |
| Taxes | 670/3 | €156,229 | €75,901 | -€80,328 | -51.4% |
| Tax adjustments and reversals of tax provisions | 77 | €147 | - | -€147 | |
| Profit (loss) for the period | 9904 | €26,161,050 | €6,818,905 | -€19.3m | -73.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,161,050 | €6,818,905 | -€19.3m | -73.9% |
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 31 October 2026 via checked.be.