J. VAN BRUSSEL: 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.
J. VAN BRUSSEL
Largest movements
- Cash -€289,001
down €289,001 (-97.7%), from €295,924 to €6,923
mainly Current investments (-€190,262) and Debts after one year (-€42,973)
- Current investments +€190,262
up €190,262 (+150%), from €126,445 to €316,706
- Tangible fixed assets -€34,006
down €34,006 (-41.5%), from €81,917 to €47,911
of which Leasing and similar rights: -€22,330
- Reserves -€55,133
down €55,133 (-15.6%), from €354,184 to €299,051
of which Distributable reserves: -€55,133
- Debts after one year -€42,973
down €42,973 (-61.3%), from €70,116 to €27,143
- Other debts -€27,794
down €27,794 (-60.8%), from €45,711 to €17,917
- Trade debts +€11,792
up €11,792 (+1,147%), from €1,028 to €12,820
- Tax, wage and social debts -€10,418
down €10,418 (-75.9%), from €13,734 to €3,316
of which Remuneration and social security: -€11,494
- Gross operating margin -€351,153
down €351,153 (-96.2%), from €365,161 to €14,008
- Staff costs -€178,292
down €178,292 (-99.8%), from €178,637 to €345
- Taxes -€15,922
down €15,922 (-97.1%), from €16,395 to €472
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 | €598,644 | €464,497 | -€134,147 | -22.4% |
| Fixed assets | 21/28 | €84,624 | €50,619 | -€34,006 | -40.2% |
| Tangible fixed assets | 22/27 | €81,917 | €47,911 | -€34,006 | -41.5% |
| Plant, machinery and equipment | 23 | - | €1,638 | +€1,638 | |
| Furniture and vehicles | 24 | €18,475 | €5,162 | -€13,313 | -72.1% |
| Leasing and similar rights | 25 | €63,442 | €41,112 | -€22,330 | -35.2% |
| Financial fixed assets | 28 | €2,707 | €2,707 | = | 0.0% |
| Current assets | 29/58 | €514,019 | €413,878 | -€100,141 | -19.5% |
| Stocks and contracts in progress | 3 | €2,712 | €2,712 | = | 0.0% |
| Stocks | 30/36 | €2,712 | €2,712 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €87,302 | €85,145 | -€2,158 | -2.5% |
| Trade receivables | 40 | €74,941 | €58,234 | -€16,708 | -22.3% |
| Other amounts receivable | 41 | €12,361 | €26,911 | +€14,550 | +118% |
| Current investments | 50/53 | €126,445 | €316,706 | +€190,262 | +150% |
| Cash at bank and in hand | 54/58 | €295,924 | €6,923 | -€289,001 | -97.7% |
| Deferred charges and accrued income | 490/1 | €1,637 | €2,393 | +€756 | +46.2% |
| Total equity and liabilities | 10/49 | €598,644 | €464,497 | -€134,147 | -22.4% |
| Equity | 10/15 | €417,184 | €362,051 | -€55,133 | -13.2% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €354,184 | €299,051 | -€55,133 | -15.6% |
| Tax-exempt reserves | 132 | €27,268 | €27,268 | = | 0.0% |
| Distributable reserves | 133 | €326,916 | €271,783 | -€55,133 | -16.9% |
| Amounts payable | 17/49 | €181,460 | €102,446 | -€79,014 | -43.5% |
| Amounts payable after more than one year | 17 | €70,116 | €27,143 | -€42,973 | -61.3% |
| Financial debts | 170/4 | €70,116 | €27,143 | -€42,973 | -61.3% |
| Amounts payable within one year | 42/48 | €111,344 | €75,303 | -€36,041 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | €43,701 | €41,250 | -€2,451 | -5.6% |
| Financial debts | 43 | €7,169 | - | -€7,169 | |
| Credit institutions | 430/8 | €7,169 | - | -€7,169 | |
| Trade debts | 44 | €1,028 | €12,820 | +€11,792 | +1,147% |
| Suppliers | 440/4 | €1,028 | €12,820 | +€11,792 | +1,147% |
| Taxes, remuneration and social security | 45 | €13,734 | €3,316 | -€10,418 | -75.9% |
| Taxes | 450/3 | €2,240 | €3,316 | +€1,076 | +48.0% |
| Remuneration and social security | 454/9 | €11,494 | - | -€11,494 | |
| Other amounts payable | 47/48 | €45,711 | €17,917 | -€27,794 | -60.8% |
| Non-recurring operating income | 76A | €4,280 | - | -€4,280 | |
| Remuneration, social security and pensions | 62 | €178,637 | €345 | -€178,292 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,006 | €35,836 | -€3,170 | -8.1% |
| Other operating charges | 640/8 | €5,073 | €8,710 | +€3,637 | +71.7% |
| Non-recurring operating charges | 66A | €81,681 | - | -€81,681 | |
| Gross operating margin | 9900 | €365,161 | €14,008 | -€351,153 | -96.2% |
| Operating profit (loss) | 9901 | €60,765 | -€30,883 | -€91,648 | |
| Financial income | 75/76B | €864 | €1,490 | +€626 | +72.5% |
| Recurring financial income | 75 | €864 | €1,490 | +€626 | +72.5% |
| Financial charges | 65/66B | €5,209 | €7,351 | +€2,142 | +41.1% |
| Recurring financial charges | 65 | €5,209 | €7,351 | +€2,142 | +41.1% |
| Profit (loss) for the period before taxes | 9903 | €56,419 | -€36,744 | -€93,163 | |
| Income taxes | 67/77 | €16,395 | €472 | -€15,922 | -97.1% |
| Profit (loss) for the period | 9904 | €40,025 | -€37,216 | -€77,241 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,025 | -€37,216 | -€77,241 |
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 20 October 2026 via checked.be.