HANS BRACQUENE: 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.
HANS BRACQUENE
Largest movements
- Current investments +€236,607
up €236,607 (+18.5%), from €1.3m to €1.5m
- Cash -€147,341
down €147,341 (-64.3%), from €229,108 to €81,767
mainly Current investments (-€236,607) and Contributions, distributions and other (-€62,814)
- Tangible fixed assets -€37,505
down €37,505 (-9.9%), from €378,772 to €341,268
of which Land and buildings: -€30,278
- Reserves +€99,910
up €99,910 (+5.3%), from €1.9m to €2.0m
- Trade debts -€44,637
down €44,637 (-82.1%), from €54,376 to €9,739
- Financial income +€14,072
up €14,072 (+36.9%), from €38,101 to €52,173
- Financial charges +€14,014
up €14,014 (+5,280%), from €265 to €14,280
- Gross operating margin +€9,437
up €9,437 (+3.2%), from €294,644 to €304,080
- Other operating charges +€7,129
up €7,129 (+133%), from €5,343 to €12,471
- Taxes +€5,572
up €5,572 (+7.5%), from €74,403 to €79,975
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 | €2,031,650 | €2,086,122 | +€54,472 | +2.7% |
| Fixed assets | 21/28 | €378,772 | €341,268 | -€37,505 | -9.9% |
| Tangible fixed assets | 22/27 | €378,772 | €341,268 | -€37,505 | -9.9% |
| Land and buildings | 22 | €336,309 | €306,031 | -€30,278 | -9.0% |
| Plant, machinery and equipment | 23 | €26,059 | €21,133 | -€4,926 | -18.9% |
| Furniture and vehicles | 24 | €16,404 | €11,927 | -€4,477 | -27.3% |
| Assets under construction and advance payments | 27 | - | €2,176 | +€2,176 | |
| Current assets | 29/58 | €1,652,877 | €1,744,854 | +€91,977 | +5.6% |
| Amounts receivable within one year | 40/41 | €138,137 | €139,585 | +€1,447 | +1.0% |
| Trade receivables | 40 | €129,460 | €93,151 | -€36,309 | -28.0% |
| Other amounts receivable | 41 | €8,677 | €46,433 | +€37,756 | +435% |
| Current investments | 50/53 | €1,280,473 | €1,517,080 | +€236,607 | +18.5% |
| Cash at bank and in hand | 54/58 | €229,108 | €81,767 | -€147,341 | -64.3% |
| Deferred charges and accrued income | 490/1 | €5,159 | €6,422 | +€1,264 | +24.5% |
| Total equity and liabilities | 10/49 | €2,031,650 | €2,086,122 | +€54,472 | +2.7% |
| Equity | 10/15 | €1,934,273 | €2,033,060 | +€98,787 | +5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,890,991 | €1,990,902 | +€99,910 | +5.3% |
| Distributable reserves | 133 | €1,890,991 | €1,990,902 | +€99,910 | +5.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €24,682 | €23,558 | -€1,123 | -4.6% |
| Amounts payable | 17/49 | €97,377 | €53,062 | -€44,315 | -45.5% |
| Amounts payable within one year | 42/48 | €93,959 | €53,062 | -€40,897 | -43.5% |
| Trade debts | 44 | €54,376 | €9,739 | -€44,637 | -82.1% |
| Suppliers | 440/4 | €54,376 | €9,739 | -€44,637 | -82.1% |
| Taxes, remuneration and social security | 45 | €39,583 | €43,323 | +€3,740 | +9.4% |
| Taxes | 450/3 | €34,855 | €38,213 | +€3,358 | +9.6% |
| Remuneration and social security | 454/9 | €4,728 | €5,111 | +€383 | +8.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,418 | €0 | -€3,418 | -100% |
| Remuneration, social security and pensions | 62 | €41,091 | €43,119 | +€2,028 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,302 | €44,809 | -€493 | -1.1% |
| Other operating charges | 640/8 | €5,343 | €12,471 | +€7,129 | +133% |
| Gross operating margin | 9900 | €294,644 | €304,080 | +€9,437 | +3.2% |
| Operating profit (loss) | 9901 | €202,909 | €203,682 | +€773 | +0.4% |
| Financial income | 75/76B | €38,101 | €52,173 | +€14,072 | +36.9% |
| Recurring financial income | 75 | €38,101 | €52,173 | +€14,072 | +36.9% |
| Financial charges | 65/66B | €265 | €14,280 | +€14,014 | +5,280% |
| Recurring financial charges | 65 | €265 | €14,280 | +€14,014 | +5,280% |
| Profit (loss) for the period before taxes | 9903 | €240,745 | €241,575 | +€831 | +0.3% |
| Income taxes | 67/77 | €74,403 | €79,975 | +€5,572 | +7.5% |
| Profit (loss) for the period | 9904 | €166,342 | €161,601 | -€4,741 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €166,342 | €161,601 | -€4,741 | -2.9% |
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 26 October 2026 via checked.be.