HEIDI BRUGGEMAN: 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
HEIDI BRUGGEMAN
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€17,085
2024 · €18,426-€1,341
Equity
€171,301
2024 · €154,216+€17,085
Cash
€982
2024 · €1,896-€914
Balance sheet total
€469,598
2024 · €475,493-€5,895
Largest movements
Assets
- Tangible fixed assets -€5,032
down €5,032 (-22.2%), from €22,700 to €17,668
Equity and liabilities
- Debts after one year -€23,295
down €23,295 (-9.0%), from €259,141 to €235,846
- Reserves +€17,085
up €17,085 (+11.5%), from €148,016 to €165,101
Income statement
- Depreciation +€2,571
up €2,571 (+104%), from €2,461 to €5,032
- Gross operating margin +€944
up €944 (+2.4%), from €38,756 to €39,700
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
€18,426
Gross operating margin
+€944
Depreciation
-€2,571
Other operating charges
+€31
Financial charges
+€222
Taxes
+€34
Result 2025
€17,085
raises the resultlowers the result
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
+€22,249
Investment
€0
Financing
-€23,163
Cash 2024
€1,896
From operations (derived)
+€22,249
Net result for the year
+€17,085
Depreciation
+€5,032
Smaller working-capital items
-€8
Tax, wage and social debts
+€256
Other debts
-€117
Financing
-€23,163
Debts after one year
-€23,295
Current portion of long-term debt
+€135
Short-term financial debts
-€3
Cash 2025
€982
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €475,493 | €469,598 | -€5,895 | -1.2% |
| Fixed assets | 21/28 | €472,700 | €467,668 | -€5,032 | -1.1% |
| Tangible fixed assets | 22/27 | €22,700 | €17,668 | -€5,032 | -22.2% |
| Furniture and vehicles | 24 | €22,700 | €17,668 | -€5,032 | -22.2% |
| Financial fixed assets | 28 | €450,000 | €450,000 | = | 0.0% |
| Current assets | 29/58 | €2,793 | €1,930 | -€862 | -30.9% |
| Amounts receivable within one year | 40/41 | €5 | - | -€5 | |
| Trade receivables | 40 | €5 | - | -€5 | |
| Cash at bank and in hand | 54/58 | €1,896 | €982 | -€914 | -48.2% |
| Deferred charges and accrued income | 490/1 | €892 | €948 | +€57 | +6.3% |
| Total equity and liabilities | 10/49 | €475,493 | €469,598 | -€5,895 | -1.2% |
| Equity | 10/15 | €154,216 | €171,301 | +€17,085 | +11.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €148,016 | €165,101 | +€17,085 | +11.5% |
| Distributable reserves | 133 | €148,016 | €165,101 | +€17,085 | +11.5% |
| Amounts payable | 17/49 | €321,277 | €298,297 | -€22,980 | -7.2% |
| Amounts payable after more than one year | 17 | €259,141 | €235,846 | -€23,295 | -9.0% |
| Financial debts | 170/4 | €259,141 | €235,846 | -€23,295 | -9.0% |
| Amounts payable within one year | 42/48 | €61,971 | €62,285 | +€314 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €23,160 | €23,295 | +€135 | +0.6% |
| Financial debts | 43 | €1,353 | €1,351 | -€3 | -0.2% |
| Credit institutions | 430/8 | €1,353 | €1,351 | -€3 | -0.2% |
| Trade debts | 44 | €35 | €79 | +€44 | +127% |
| Suppliers | 440/4 | €35 | €79 | +€44 | +127% |
| Taxes, remuneration and social security | 45 | €7,877 | €8,133 | +€256 | +3.2% |
| Taxes | 450/3 | €6,647 | €6,676 | +€29 | +0.4% |
| Remuneration and social security | 454/9 | €1,229 | €1,456 | +€227 | +18.5% |
| Other amounts payable | 47/48 | €29,547 | €29,429 | -€117 | -0.4% |
| Accrued charges and deferred income | 492/3 | €165 | €165 | = | 0.0% |
| Non-recurring operating income | 76A | €935 | - | -€935 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,461 | €5,032 | +€2,571 | +104% |
| Other operating charges | 640/8 | €1,373 | €1,341 | -€31 | -2.3% |
| Gross operating margin | 9900 | €38,756 | €39,700 | +€944 | +2.4% |
| Operating profit (loss) | 9901 | €34,923 | €33,327 | -€1,596 | -4.6% |
| Financial charges | 65/66B | €9,698 | €9,476 | -€222 | -2.3% |
| Recurring financial charges | 65 | €9,698 | €9,476 | -€222 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €25,225 | €23,851 | -€1,374 | -5.4% |
| Income taxes | 67/77 | €6,799 | €6,765 | -€34 | -0.5% |
| Profit (loss) for the period | 9904 | €18,426 | €17,085 | -€1,341 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,426 | €17,085 | -€1,341 | -7.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.