JOEL BREHMEN: 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
JOEL BREHMEN
NACE 69.203, Activities of company auditors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€409,949
2024 · €431,609-€21,659
Equity
€2.9m
2024 · €2.7m+€260,629
Cash
€414,727
2024 · €393,969+€20,758
Balance sheet total
€5.4m
2024 · €5.1m+€281,682
Largest movements
Assets
- Receivables after one year +€158,000
up €158,000 (+12.8%), from €1.2m to €1.4m
Equity and liabilities
- Reserves +€260,629
up €260,629 (+16.3%), from €1.6m to €1.9m
of which Distributable reserves: +€260,629
- Other debts -€237,125
down €237,125 (-50.8%), from €467,076 to €229,951
- Short-term financial debts +€108,760
up €108,760 (+12.7%), from €858,296 to €967,056
of which Other loans: +€193,574
Income statement
- Gross operating margin +€85,155
up €85,155 (+9.8%), from €870,187 to €955,341
- Taxes +€68,682
up €68,682 (+38.4%), from €178,849 to €247,531
- Depreciation +€41,939
up €41,939 (+22.9%), from €182,886 to €224,825
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
€431,609
Gross operating margin
+€85,155
Depreciation
-€41,939
Other operating charges
+€1,056
Financial income
+€5,416
Financial charges
-€2,666
Taxes
-€68,682
Result 2025
€409,949
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
+€310,632
Investment
-€312,310
Financing
+€22,437
Cash 2024
€393,969
From operations (derived)
+€310,632
Net result for the year
+€409,949
Depreciation
+€224,825
Receivables after one year
-€158,000
Receivables within one year
-€10,272
Deferred charges and accrued income
-€5,166
Trade debts
+€46,135
Tax, wage and social debts
+€50,317
Other debts
-€237,125
Accrued charges and deferred income
-€10,031
Investment (derived)
-€312,310
Investment in fixed assets (net)
-€269,401
Current investments
-€42,909
Financing
+€22,437
Debts after one year
+€17,512
Current portion of long-term debt
+€45,484
Short-term financial debts
+€108,760
Contributions, distributions and other
-€149,320
Cash 2025
€414,727
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,149,314 | €5,430,996 | +€281,682 | +5.5% |
| Fixed assets | 21/28 | €3,154,022 | €3,198,599 | +€44,576 | +1.4% |
| Tangible fixed assets | 22/27 | €3,154,022 | €3,198,599 | +€44,576 | +1.4% |
| Land and buildings | 22 | €2,923,384 | €2,841,485 | -€81,899 | -2.8% |
| Plant, machinery and equipment | 23 | €20,897 | €15,227 | -€5,670 | -27.1% |
| Furniture and vehicles | 24 | €120,724 | €264,179 | +€143,455 | +119% |
| Other tangible fixed assets | 26 | €89,017 | €77,708 | -€11,310 | -12.7% |
| Current assets | 29/58 | €1,995,292 | €2,232,398 | +€237,106 | +11.9% |
| Amounts receivable after more than one year | 29 | €1,232,245 | €1,390,245 | +€158,000 | +12.8% |
| Trade receivables | 290 | €1,232,245 | €1,390,245 | +€158,000 | +12.8% |
| Amounts receivable within one year | 40/41 | €246,296 | €256,569 | +€10,272 | +4.2% |
| Trade receivables | 40 | €41,570 | €0 | -€41,570 | -100% |
| Other amounts receivable | 41 | €204,726 | €256,569 | +€51,843 | +25.3% |
| Current investments | 50/53 | €85,893 | €128,802 | +€42,909 | +50.0% |
| Cash at bank and in hand | 54/58 | €393,969 | €414,727 | +€20,758 | +5.3% |
| Deferred charges and accrued income | 490/1 | €36,889 | €42,055 | +€5,166 | +14.0% |
| Total equity and liabilities | 10/49 | €5,149,314 | €5,430,996 | +€281,682 | +5.5% |
| Equity | 10/15 | €2,656,346 | €2,916,975 | +€260,629 | +9.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,597,798 | €1,858,427 | +€260,629 | +16.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €1,587,798 | €1,848,427 | +€260,629 | +16.4% |
| Profit (loss) carried forward | 14 | €958,548 | €958,548 | +€0 | 0.0% |
| Amounts payable | 17/49 | €2,492,968 | €2,514,021 | +€21,053 | +0.8% |
| Amounts payable after more than one year | 17 | €1,006,436 | €1,023,948 | +€17,512 | +1.7% |
| Financial debts | 170/4 | €1,006,436 | €1,023,948 | +€17,512 | +1.7% |
| Amounts payable within one year | 42/48 | €1,431,002 | €1,444,574 | +€13,572 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €46,889 | €92,374 | +€45,484 | +97.0% |
| Financial debts | 43 | €858,296 | €967,056 | +€108,760 | +12.7% |
| Credit institutions | 430/8 | €88,296 | €3,482 | -€84,814 | -96.1% |
| Other loans | 439 | €770,000 | €963,574 | +€193,574 | +25.1% |
| Trade debts | 44 | €26,527 | €72,662 | +€46,135 | +174% |
| Suppliers | 440/4 | €26,527 | €72,662 | +€46,135 | +174% |
| Taxes, remuneration and social security | 45 | €32,214 | €82,531 | +€50,317 | +156% |
| Taxes | 450/3 | €32,214 | €82,531 | +€50,317 | +156% |
| Other amounts payable | 47/48 | €467,076 | €229,951 | -€237,125 | -50.8% |
| Accrued charges and deferred income | 492/3 | €55,531 | €45,500 | -€10,031 | -18.1% |
| Non-recurring operating income | 76A | - | €10,771 | +€10,771 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,886 | €224,825 | +€41,939 | +22.9% |
| Other operating charges | 640/8 | €18,266 | €17,210 | -€1,056 | -5.8% |
| Gross operating margin | 9900 | €870,187 | €955,341 | +€85,155 | +9.8% |
| Operating profit (loss) | 9901 | €669,034 | €713,306 | +€44,272 | +6.6% |
| Financial income | 75/76B | €28,159 | €33,575 | +€5,416 | +19.2% |
| Recurring financial income | 75 | €28,159 | €33,575 | +€5,416 | +19.2% |
| Financial charges | 65/66B | €86,735 | €89,401 | +€2,666 | +3.1% |
| Recurring financial charges | 65 | €86,735 | €89,401 | +€2,666 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €610,458 | €657,480 | +€47,022 | +7.7% |
| Income taxes | 67/77 | €178,849 | €247,531 | +€68,682 | +38.4% |
| Profit (loss) for the period | 9904 | €431,609 | €409,949 | -€21,659 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €431,609 | €409,949 | -€21,659 | -5.0% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.