HERMAN BRAECKMANS: 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.
HERMAN BRAECKMANS
Largest movements
- Current investments +€671,725
up €671,725 (+16.7%), from €4.0m to €4.7m
- Cash +€86,191
up €86,191 (+37.7%), from €228,582 to €314,773
mainly Net result for the year (+€636,969) and Other debts (+€409,731)
- Receivables within one year -€62,029
down €62,029 (-25.3%), from €245,612 to €183,584
of which Trade receivables: -€63,234
- Other debts +€409,731
up €409,731 (+451%), from €90,806 to €500,537
- Accrued charges and deferred income +€96,723
up €96,723 (+22.0%), from €438,811 to €535,534
- Tax, wage and social debts +€90,090
up €90,090 (+66.4%), from €135,739 to €225,829
- Reserves +€90,046
up €90,046 (+2.5%), from €3.6m to €3.7m
of which Distributable reserves: +€90,046
- Gross operating margin -€40,708
down €40,708 (-4.4%), from €925,818 to €885,110
- Taxes -€17,813
down €17,813 (-5.6%), from €316,607 to €298,794
- Write-downs +€12,625
up €12,625, from -€12,625 to €0
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 | €4,540,363 | €5,232,224 | +€691,861 | +15.2% |
| Fixed assets | 21/28 | €24,270 | €22,481 | -€1,789 | -7.4% |
| Tangible fixed assets | 22/27 | €3,623 | €2,223 | -€1,399 | -38.6% |
| Furniture and vehicles | 24 | €3,623 | €2,223 | -€1,399 | -38.6% |
| Financial fixed assets | 28 | €20,647 | €20,257 | -€390 | -1.9% |
| Current assets | 29/58 | €4,516,093 | €5,209,743 | +€693,650 | +15.4% |
| Amounts receivable after more than one year | 29 | €5,000 | €2,669 | -€2,331 | -46.6% |
| Other amounts receivable | 291 | €5,000 | €2,669 | -€2,331 | -46.6% |
| Amounts receivable within one year | 40/41 | €245,612 | €183,584 | -€62,029 | -25.3% |
| Trade receivables | 40 | €245,612 | €182,379 | -€63,234 | -25.7% |
| Other amounts receivable | 41 | €0 | €1,205 | +€1,205 | |
| Current investments | 50/53 | €4,033,929 | €4,705,654 | +€671,725 | +16.7% |
| Cash at bank and in hand | 54/58 | €228,582 | €314,773 | +€86,191 | +37.7% |
| Deferred charges and accrued income | 490/1 | €2,970 | €3,064 | +€94 | +3.2% |
| Total equity and liabilities | 10/49 | €4,540,363 | €5,232,224 | +€691,861 | +15.2% |
| Equity | 10/15 | €3,835,858 | €3,925,904 | +€90,046 | +2.3% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €3,585,858 | €3,675,904 | +€90,046 | +2.5% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €3,560,858 | €3,650,904 | +€90,046 | +2.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €704,505 | €1,306,320 | +€601,816 | +85.4% |
| Amounts payable within one year | 42/48 | €265,694 | €770,786 | +€505,092 | +190% |
| Trade debts | 44 | €39,149 | €44,420 | +€5,271 | +13.5% |
| Suppliers | 440/4 | €39,149 | €44,420 | +€5,271 | +13.5% |
| Taxes, remuneration and social security | 45 | €135,739 | €225,829 | +€90,090 | +66.4% |
| Taxes | 450/3 | €135,739 | €225,829 | +€90,090 | +66.4% |
| Other amounts payable | 47/48 | €90,806 | €500,537 | +€409,731 | +451% |
| Accrued charges and deferred income | 492/3 | €438,811 | €535,534 | +€96,723 | +22.0% |
| Non-recurring operating income | 76A | €57,575 | €0 | -€57,575 | -100% |
| Remuneration, social security and pensions | 62 | €2,229 | - | -€2,229 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,208 | €1,399 | -€809 | -36.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€12,625 | €0 | +€12,625 | |
| Other operating charges | 640/8 | €1,429 | €7,758 | +€6,328 | +443% |
| Gross operating margin | 9900 | €925,818 | €885,110 | -€40,708 | -4.4% |
| Operating profit (loss) | 9901 | €932,577 | €875,953 | -€56,624 | -6.1% |
| Financial income | 75/76B | €68,398 | €77,472 | +€9,074 | +13.3% |
| Recurring financial income | 75 | €68,398 | €77,472 | +€9,074 | +13.3% |
| Financial charges | 65/66B | €12,897 | €17,663 | +€4,766 | +37.0% |
| Recurring financial charges | 65 | €12,897 | €17,663 | +€4,766 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | €988,078 | €935,762 | -€52,316 | -5.3% |
| Income taxes | 67/77 | €316,607 | €298,794 | -€17,813 | -5.6% |
| Profit (loss) for the period | 9904 | €671,471 | €636,969 | -€34,503 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €671,471 | €636,969 | -€34,503 | -5.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.