JULIE BRAEM: what changed
JULIE BRAEM
Largest movements
- Receivables within one year +€94,035
up €94,035 (+76.8%), from €122,444 to €216,479
of which Trade receivables: +€97,824
- Tangible fixed assets -€18,360
down €18,360 (-38.1%), from €48,209 to €29,849
of which Leasing and similar rights: -€13,508
- Cash -€17,496
down €17,496 (-34.5%), from €50,744 to €33,248
mainly Receivables within one year (-€94,035) and Debts after one year (-€27,730)
- Intangible fixed assets -€8,500
down €8,500 (-15.5%), from €55,000 to €46,500
- Reserves +€43,291
up €43,291 (+53.1%), from €81,452 to €124,743
- Debts after one year -€27,730
down €27,730 (-73.9%), from €37,514 to €9,784
- Tax, wage and social debts +€21,918
up €21,918 (+58.2%), from €37,686 to €59,604
of which Taxes: +€15,267
- Accrued charges and deferred income +€5,305
up €5,305 (+98.1%), from €5,405 to €10,711
- Other debts +€4,709
up €4,709 (+6.5%), from €72,577 to €77,286
- Staff costs -€27,457
down €27,457 (-18.7%), from €146,827 to €119,370
- Gross operating margin +€19,728
up €19,728 (+9.1%), from €216,890 to €236,618
- Write-downs +€15,101
up €15,101 (+865%), from €1,745 to €16,846
- Taxes +€9,196
up €9,196 (+99.3%), from €9,256 to €18,452
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 | €286,458 | €333,738 | +€47,280 | +16.5% |
| Fixed assets | 21/28 | €103,209 | €76,349 | -€26,860 | -26.0% |
| Intangible fixed assets | 21 | €55,000 | €46,500 | -€8,500 | -15.5% |
| Tangible fixed assets | 22/27 | €48,209 | €29,849 | -€18,360 | -38.1% |
| Furniture and vehicles | 24 | €16,603 | €11,752 | -€4,851 | -29.2% |
| Leasing and similar rights | 25 | €31,606 | €18,097 | -€13,508 | -42.7% |
| Current assets | 29/58 | €183,250 | €257,389 | +€74,140 | +40.5% |
| Amounts receivable within one year | 40/41 | €122,444 | €216,479 | +€94,035 | +76.8% |
| Trade receivables | 40 | €101,407 | €199,231 | +€97,824 | +96.5% |
| Other amounts receivable | 41 | €21,037 | €17,248 | -€3,789 | -18.0% |
| Cash at bank and in hand | 54/58 | €50,744 | €33,248 | -€17,496 | -34.5% |
| Deferred charges and accrued income | 490/1 | €10,062 | €7,663 | -€2,399 | -23.8% |
| Total equity and liabilities | 10/49 | €286,458 | €333,738 | +€47,280 | +16.5% |
| Equity | 10/15 | €86,452 | €129,743 | +€43,291 | +50.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €81,452 | €124,743 | +€43,291 | +53.1% |
| Distributable reserves | 133 | €81,452 | €124,743 | +€43,291 | +53.1% |
| Amounts payable | 17/49 | €200,006 | €203,995 | +€3,989 | +2.0% |
| Amounts payable after more than one year | 17 | €37,514 | €9,784 | -€27,730 | -73.9% |
| Financial debts | 170/4 | €37,514 | €9,784 | -€27,730 | -73.9% |
| Amounts payable within one year | 42/48 | €157,087 | €183,500 | +€26,413 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €27,117 | €27,730 | +€613 | +2.3% |
| Trade debts | 44 | €19,707 | €18,880 | -€827 | -4.2% |
| Suppliers | 440/4 | €19,707 | €18,880 | -€827 | -4.2% |
| Taxes, remuneration and social security | 45 | €37,686 | €59,604 | +€21,918 | +58.2% |
| Taxes | 450/3 | €20,475 | €35,742 | +€15,267 | +74.6% |
| Remuneration and social security | 454/9 | €17,211 | €23,862 | +€6,652 | +38.6% |
| Other amounts payable | 47/48 | €72,577 | €77,286 | +€4,709 | +6.5% |
| Accrued charges and deferred income | 492/3 | €5,405 | €10,711 | +€5,305 | +98.1% |
| Remuneration, social security and pensions | 62 | €146,827 | €119,370 | -€27,457 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,879 | €29,577 | -€302 | -1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,745 | €16,846 | +€15,101 | +865% |
| Other operating charges | 640/8 | €1,003 | €1,186 | +€183 | +18.2% |
| Non-recurring operating charges | 66A | €373 | - | -€373 | |
| Gross operating margin | 9900 | €216,890 | €236,618 | +€19,728 | +9.1% |
| Operating profit (loss) | 9901 | €37,063 | €69,638 | +€32,575 | +87.9% |
| Financial income | 75/76B | €307 | €653 | +€347 | +113% |
| Recurring financial income | 75 | €307 | €653 | +€347 | +113% |
| Financial charges | 65/66B | €9,185 | €8,549 | -€637 | -6.9% |
| Recurring financial charges | 65 | €9,185 | €8,549 | -€637 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €28,185 | €61,743 | +€33,558 | +119% |
| Income taxes | 67/77 | €9,256 | €18,452 | +€9,196 | +99.3% |
| Profit (loss) for the period | 9904 | €18,929 | €43,291 | +€24,363 | +129% |
| Profit (loss) for the period to be appropriated | 9905 | €18,929 | €43,291 | +€24,363 | +129% |
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 7 November 2026 via checked.be.