Guy Van den Brande: 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.
Guy Van den Brande
Largest movements
- Cash -€176,758
down €176,758 (-72.2%), from €244,789 to €68,032
mainly Receivables within one year (-€122,803) and Contributions, distributions and other (-€100,000)
- Receivables within one year +€122,803
up €122,803 (+10.3%), from €1.2m to €1.3m
of which Other amounts receivable: +€117,233
- Tangible fixed assets +€31,668
up €31,668 (+40.9%), from €77,405 to €109,073
of which Other tangible fixed assets: +€24,887
- Current investments +€30,000
up €30,000 (+8.1%), from €370,000 to €400,000
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€59,144
up €59,144 (+56.6%), from €104,546 to €163,690
- Financial income -€23,805
down €23,805 (-29.1%), from €81,878 to €58,073
- Staff costs +€16,268
up €16,268 (+190%), from €8,544 to €24,812
- Write-downs -€10,068
no longer reported in 2025 (was €10,068)
- Depreciation +€7,283
up €7,283 (+22.7%), from €32,072 to €39,355
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 | €1,999,818 | €2,008,732 | +€8,915 | +0.4% |
| Fixed assets | 21/28 | €77,405 | €109,073 | +€31,668 | +40.9% |
| Tangible fixed assets | 22/27 | €77,405 | €109,073 | +€31,668 | +40.9% |
| Plant, machinery and equipment | 23 | €592 | €427 | -€165 | -27.9% |
| Furniture and vehicles | 24 | €53,052 | €59,999 | +€6,946 | +13.1% |
| Other tangible fixed assets | 26 | €23,761 | €48,647 | +€24,887 | +105% |
| Current assets | 29/58 | €1,922,413 | €1,899,659 | -€22,754 | -1.2% |
| Amounts receivable within one year | 40/41 | €1,192,556 | €1,315,359 | +€122,803 | +10.3% |
| Trade receivables | 40 | €19,430 | €25,000 | +€5,570 | +28.7% |
| Other amounts receivable | 41 | €1,173,126 | €1,290,359 | +€117,233 | +10.0% |
| Current investments | 50/53 | €370,000 | €400,000 | +€30,000 | +8.1% |
| Cash at bank and in hand | 54/58 | €244,789 | €68,032 | -€176,758 | -72.2% |
| Deferred charges and accrued income | 490/1 | €115,068 | €116,269 | +€1,201 | +1.0% |
| Total equity and liabilities | 10/49 | €1,999,818 | €2,008,732 | +€8,915 | +0.4% |
| Equity | 10/15 | €1,932,764 | €1,932,213 | -€550 | 0.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €431,950 | €430,950 | -€1,000 | -0.2% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €410,700 | €409,700 | -€1,000 | -0.2% |
| Profit (loss) carried forward | 14 | €1,475,814 | €1,476,263 | +€450 | 0.0% |
| Amounts payable | 17/49 | €67,054 | €76,519 | +€9,465 | +14.1% |
| Amounts payable within one year | 42/48 | €67,054 | €76,519 | +€9,465 | +14.1% |
| Trade debts | 44 | €7,064 | €1,721 | -€5,342 | -75.6% |
| Suppliers | 440/4 | €7,064 | €1,721 | -€5,342 | -75.6% |
| Taxes, remuneration and social security | 45 | €59,990 | €74,798 | +€14,807 | +24.7% |
| Taxes | 450/3 | €57,091 | €69,008 | +€11,917 | +20.9% |
| Remuneration and social security | 454/9 | €2,899 | €5,790 | +€2,891 | +99.7% |
| Remuneration, social security and pensions | 62 | €8,544 | €24,812 | +€16,268 | +190% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,072 | €39,355 | +€7,283 | +22.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,068 | - | -€10,068 | |
| Other operating charges | 640/8 | €3,679 | €1,888 | -€1,791 | -48.7% |
| Non-recurring operating charges | 66A | - | €270 | +€270 | |
| Gross operating margin | 9900 | €104,546 | €163,690 | +€59,144 | +56.6% |
| Operating profit (loss) | 9901 | €50,183 | €97,365 | +€47,182 | +94.0% |
| Financial income | 75/76B | €81,878 | €58,073 | -€23,805 | -29.1% |
| Recurring financial income | 75 | €81,878 | €58,073 | -€23,805 | -29.1% |
| Financial charges | 65/66B | €658 | €1,455 | +€798 | +121% |
| Recurring financial charges | 65 | €658 | €1,455 | +€798 | +121% |
| Profit (loss) for the period before taxes | 9903 | €131,403 | €153,982 | +€22,579 | +17.2% |
| Income taxes | 67/77 | €48,038 | €54,532 | +€6,494 | +13.5% |
| Profit (loss) for the period | 9904 | €83,365 | €99,450 | +€16,085 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €83,365 | €99,450 | +€16,085 | +19.3% |
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 23 October 2026 via checked.be.