Karen Bril: 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.
Karen Bril
Largest movements
- Stocks and contracts +€30,466
up €30,466 (+47.2%), from €64,542 to €95,008
- Cash +€22,845
up €22,845 (+41.8%), from €54,614 to €77,458
mainly Net result for the year (+€65,832) and Depreciation (+€26,501)
- Tangible fixed assets -€20,461
down €20,461 (-25.3%), from €80,869 to €60,408
of which Plant, machinery and equipment: -€13,978
- Deferred charges and accrued income -€10,162
down €10,162 (-78.5%), from €12,940 to €2,778
- Reserves +€65,832
up €65,832 (+134%), from €48,955 to €114,787
- Debts after one year -€21,282
down €21,282 (-40.0%), from €53,148 to €31,866
- Other debts -€19,516
down €19,516 (-36.0%), from €54,136 to €34,620
- Trade debts -€9,285
down €9,285 (-53.8%), from €17,272 to €7,988
- Tax, wage and social debts +€7,017
up €7,017 (+49.8%), from €14,095 to €21,112
- Gross operating margin +€51,787
up €51,787 (+77.6%), from €66,700 to €118,487
- Taxes +€14,382
up €14,382 (+123%), from €11,719 to €26,101
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 | €213,606 | €236,690 | +€23,084 | +10.8% |
| Fixed assets | 21/28 | €80,869 | €60,408 | -€20,461 | -25.3% |
| Tangible fixed assets | 22/27 | €80,869 | €60,408 | -€20,461 | -25.3% |
| Plant, machinery and equipment | 23 | €27,839 | €13,862 | -€13,978 | -50.2% |
| Furniture and vehicles | 24 | €19,239 | €12,664 | -€6,575 | -34.2% |
| Other tangible fixed assets | 26 | €33,790 | €33,882 | +€92 | +0.3% |
| Current assets | 29/58 | €132,737 | €176,282 | +€43,545 | +32.8% |
| Stocks and contracts in progress | 3 | €64,542 | €95,008 | +€30,466 | +47.2% |
| Stocks | 30/36 | €64,542 | €95,008 | +€30,466 | +47.2% |
| Amounts receivable within one year | 40/41 | €642 | €1,038 | +€396 | +61.7% |
| Trade receivables | 40 | €642 | €1,035 | +€393 | +61.3% |
| Other amounts receivable | 41 | - | €3 | +€3 | |
| Cash at bank and in hand | 54/58 | €54,614 | €77,458 | +€22,845 | +41.8% |
| Deferred charges and accrued income | 490/1 | €12,940 | €2,778 | -€10,162 | -78.5% |
| Total equity and liabilities | 10/49 | €213,606 | €236,690 | +€23,084 | +10.8% |
| Equity | 10/15 | €53,955 | €119,787 | +€65,832 | +122% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €48,955 | €114,787 | +€65,832 | +134% |
| Distributable reserves | 133 | €48,955 | €114,787 | +€65,832 | +134% |
| Amounts payable | 17/49 | €159,651 | €116,903 | -€42,748 | -26.8% |
| Amounts payable after more than one year | 17 | €53,148 | €31,866 | -€21,282 | -40.0% |
| Financial debts | 170/4 | €53,148 | €31,866 | -€21,282 | -40.0% |
| Amounts payable within one year | 42/48 | €106,468 | €85,002 | -€21,467 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €20,965 | €21,282 | +€317 | +1.5% |
| Trade debts | 44 | €17,272 | €7,988 | -€9,285 | -53.8% |
| Suppliers | 440/4 | €17,272 | €7,988 | -€9,285 | -53.8% |
| Taxes, remuneration and social security | 45 | €14,095 | €21,112 | +€7,017 | +49.8% |
| Taxes | 450/3 | €14,095 | €21,112 | +€7,017 | +49.8% |
| Other amounts payable | 47/48 | €54,136 | €34,620 | -€19,516 | -36.0% |
| Accrued charges and deferred income | 492/3 | €35 | €35 | +€1 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,113 | €26,501 | +€388 | +1.5% |
| Other operating charges | 640/8 | €897 | €866 | -€31 | -3.5% |
| Gross operating margin | 9900 | €66,700 | €118,487 | +€51,787 | +77.6% |
| Operating profit (loss) | 9901 | €39,689 | €91,120 | +€51,431 | +130% |
| Financial income | 75/76B | €1,029 | €1,862 | +€833 | +80.9% |
| Recurring financial income | 75 | €1,029 | €1,862 | +€833 | +80.9% |
| Financial charges | 65/66B | €1,430 | €1,049 | -€381 | -26.7% |
| Recurring financial charges | 65 | €1,430 | €1,049 | -€381 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €39,288 | €91,933 | +€52,645 | +134% |
| Income taxes | 67/77 | €11,719 | €26,101 | +€14,382 | +123% |
| Profit (loss) for the period | 9904 | €27,569 | €65,832 | +€38,263 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €27,569 | €65,832 | +€38,263 | +139% |
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 28 October 2026 via checked.be.