KURT BRUGGEMAN: 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.
KURT BRUGGEMAN
Largest movements
- Stocks and contracts +€7,756
up €7,756 (+122%), from €6,373 to €14,128
- Cash -€5,222
down €5,222 (-6.4%), from €81,570 to €76,348
mainly Stocks and contracts (-€7,756) and Other debts (-€4,347)
- Tangible fixed assets -€4,854
down €4,854 (-18.9%), from €25,687 to €20,833
of which Land and buildings: -€4,261
- Receivables within one year +€1,668
up €1,668 (+21.7%), from €7,697 to €9,365
- Reserves +€5,909
up €5,909 (+6.0%), from €98,574 to €104,483
- Other debts -€4,347
down €4,347 (-60.2%), from €7,216 to €2,869
- Gross operating margin +€6,282
up €6,282 (+60.1%), from €10,460 to €16,741
- Taxes +€2,149
up €2,149 (+143%), from €1,500 to €3,650
- Depreciation +€196
up €196 (+3.7%), from €5,372 to €5,568
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 | €123,991 | €123,802 | -€189 | -0.2% |
| Fixed assets | 21/28 | €25,887 | €21,033 | -€4,854 | -18.8% |
| Tangible fixed assets | 22/27 | €25,687 | €20,833 | -€4,854 | -18.9% |
| Land and buildings | 22 | €21,889 | €17,628 | -€4,261 | -19.5% |
| Plant, machinery and equipment | 23 | €3,798 | €3,205 | -€593 | -15.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €98,105 | €102,770 | +€4,665 | +4.8% |
| Stocks and contracts in progress | 3 | €6,373 | €14,128 | +€7,756 | +122% |
| Stocks | 30/36 | €6,373 | €14,128 | +€7,756 | +122% |
| Amounts receivable within one year | 40/41 | €7,697 | €9,365 | +€1,668 | +21.7% |
| Trade receivables | 40 | €7,697 | €9,365 | +€1,668 | +21.7% |
| Cash at bank and in hand | 54/58 | €81,570 | €76,348 | -€5,222 | -6.4% |
| Deferred charges and accrued income | 490/1 | €2,465 | €2,928 | +€463 | +18.8% |
| Total equity and liabilities | 10/49 | €123,991 | €123,802 | -€189 | -0.2% |
| Equity | 10/15 | €110,974 | €116,883 | +€5,909 | +5.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €98,574 | €104,483 | +€5,909 | +6.0% |
| Distributable reserves | 133 | €98,574 | €104,483 | +€5,909 | +6.0% |
| Amounts payable | 17/49 | €13,017 | €6,919 | -€6,098 | -46.8% |
| Amounts payable within one year | 42/48 | €13,017 | €6,919 | -€6,098 | -46.8% |
| Trade debts | 44 | €1,669 | €1,097 | -€572 | -34.3% |
| Suppliers | 440/4 | €1,669 | €1,097 | -€572 | -34.3% |
| Taxes, remuneration and social security | 45 | €4,132 | €2,953 | -€1,179 | -28.5% |
| Taxes | 450/3 | €4,132 | €2,953 | -€1,179 | -28.5% |
| Other amounts payable | 47/48 | €7,216 | €2,869 | -€4,347 | -60.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,372 | €5,568 | +€196 | +3.7% |
| Other operating charges | 640/8 | €1,170 | €1,091 | -€79 | -6.8% |
| Gross operating margin | 9900 | €10,460 | €16,741 | +€6,282 | +60.1% |
| Operating profit (loss) | 9901 | €3,917 | €10,082 | +€6,165 | +157% |
| Financial income | 75/76B | €78 | €78 | +€1 | +1.0% |
| Recurring financial income | 75 | €78 | €78 | +€1 | +1.0% |
| Financial charges | 65/66B | €567 | €602 | +€35 | +6.1% |
| Recurring financial charges | 65 | €567 | €602 | +€35 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €3,428 | €9,558 | +€6,131 | +179% |
| Income taxes | 67/77 | €1,500 | €3,650 | +€2,149 | +143% |
| Profit (loss) for the period | 9904 | €1,927 | €5,909 | +€3,981 | +207% |
| Profit (loss) for the period to be appropriated | 9905 | €1,927 | €5,909 | +€3,981 | +207% |
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 29 October 2026 via checked.be.