HS BRUGGE: what changed
HS BRUGGE
Largest movements
- Tangible fixed assets +€169,607
up €169,607 (+70.5%), from €240,577 to €410,184
of which Other tangible fixed assets: +€174,507
- Cash -€63,757
down €63,757 (-49.0%), from €130,100 to €66,343
mainly Investment in fixed assets (net) (-€226,013) and Advances received (-€75,502)
- Receivables within one year -€46,754
down €46,754 (-64.3%), from €72,761 to €26,007
of which Trade receivables: -€46,754
- Stocks and contracts +€18,000
up €18,000 (+120%), from €15,000 to €33,000
- Intangible fixed assets +€13,333
new in 2025: €13,333
- Advances received -€75,502
no longer reported in 2025 (was €75,502)
- Debts after one year +€67,181
up €67,181 (+55.2%), from €121,802 to €188,983
- Trade debts +€42,011
up €42,011 (+256%), from €16,411 to €58,422
- Tax, wage and social debts +€39,303
up €39,303 (+100%), from €39,181 to €78,485
of which Remuneration and social security: +€36,993
- Profit (loss) carried forward -€36,112
new in 2025: -€36,112
- Staff costs +€84,355
up €84,355 (+65.2%), from €129,471 to €213,826
- Gross operating margin +€16,336
up €16,336 (+7.2%), from €227,058 to €243,393
- Taxes -€7,031
down €7,031 (-85.7%), from €8,208 to €1,177
- Financial charges +€6,354
up €6,354 (+70.4%), from €9,026 to €15,379
- Other operating charges +€4,850
up €4,850 (+243%), from €1,992 to €6,842
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €460,373 | €555,477 | +€95,104 | +20.7% |
| Fixed assets | 21/28 | €240,577 | €424,217 | +€183,641 | +76.3% |
| Intangible fixed assets | 21 | - | €13,333 | +€13,333 | |
| Tangible fixed assets | 22/27 | €240,577 | €410,184 | +€169,607 | +70.5% |
| Plant, machinery and equipment | 23 | €11,202 | €8,782 | -€2,420 | -21.6% |
| Furniture and vehicles | 24 | €108,678 | €106,199 | -€2,479 | -2.3% |
| Other tangible fixed assets | 26 | €120,696 | €295,203 | +€174,507 | +145% |
| Financial fixed assets | 28 | - | €700 | +€700 | |
| Current assets | 29/58 | €219,796 | €131,259 | -€88,537 | -40.3% |
| Stocks and contracts in progress | 3 | €15,000 | €33,000 | +€18,000 | +120% |
| Stocks | 30/36 | €15,000 | €33,000 | +€18,000 | +120% |
| Amounts receivable within one year | 40/41 | €72,761 | €26,007 | -€46,754 | -64.3% |
| Trade receivables | 40 | €72,761 | €26,007 | -€46,754 | -64.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €130,100 | €66,343 | -€63,757 | -49.0% |
| Deferred charges and accrued income | 490/1 | €1,935 | €5,910 | +€3,974 | +205% |
| Total equity and liabilities | 10/49 | €460,373 | €555,477 | +€95,104 | +20.7% |
| Equity | 10/15 | €159,929 | €123,818 | -€36,112 | -22.6% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €49,929 | €49,929 | = | 0.0% |
| Distributable reserves | 133 | €49,929 | €49,929 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€36,112 | -€36,112 | |
| Amounts payable | 17/49 | €300,444 | €431,659 | +€131,215 | +43.7% |
| Amounts payable after more than one year | 17 | €121,802 | €188,983 | +€67,181 | +55.2% |
| Financial debts | 170/4 | €121,802 | €188,983 | +€67,181 | +55.2% |
| Amounts payable within one year | 42/48 | €178,642 | €242,676 | +€64,035 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €47,548 | €81,475 | +€33,927 | +71.4% |
| Trade debts | 44 | €16,411 | €58,422 | +€42,011 | +256% |
| Suppliers | 440/4 | €16,411 | €58,422 | +€42,011 | +256% |
| Advances received on contracts in progress | 46 | €75,502 | - | -€75,502 | |
| Taxes, remuneration and social security | 45 | €39,181 | €78,485 | +€39,303 | +100% |
| Taxes | 450/3 | €29,748 | €32,058 | +€2,310 | +7.8% |
| Remuneration and social security | 454/9 | €9,433 | €46,427 | +€36,993 | +392% |
| Other amounts payable | 47/48 | €0 | €24,295 | +€24,295 | |
| Non-recurring operating income | 76A | €970 | - | -€970 | |
| Remuneration, social security and pensions | 62 | €129,471 | €213,826 | +€84,355 | +65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,413 | €42,372 | -€41 | -0.1% |
| Other operating charges | 640/8 | €1,992 | €6,842 | +€4,850 | +243% |
| Non-recurring operating charges | 66A | €20,915 | - | -€20,915 | |
| Gross operating margin | 9900 | €227,058 | €243,393 | +€16,336 | +7.2% |
| Operating profit (loss) | 9901 | €32,267 | -€19,647 | -€51,914 | |
| Financial income | 75/76B | €10 | €92 | +€82 | +850% |
| Recurring financial income | 75 | €10 | €92 | +€82 | +850% |
| Financial charges | 65/66B | €9,026 | €15,379 | +€6,354 | +70.4% |
| Recurring financial charges | 65 | €9,026 | €15,379 | +€6,354 | +70.4% |
| Profit (loss) for the period before taxes | 9903 | €23,251 | -€34,935 | -€58,186 | |
| Income taxes | 67/77 | €8,208 | €1,177 | -€7,031 | -85.7% |
| Profit (loss) for the period | 9904 | €15,043 | -€36,112 | -€51,155 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,043 | -€36,112 | -€51,155 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.