Kurt Bruyneel: 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 Bruyneel
Largest movements
- Current investments +€132,305
up €132,305 (+21.3%), from €622,524 to €754,828
- Tangible fixed assets +€72,661
up €72,661 (+750%), from €9,686 to €82,347
of which Furniture and vehicles: +€73,897
- Cash -€27,017
down €27,017 (-37.1%), from €72,822 to €45,804
mainly Current investments (-€132,305) and Investment in fixed assets (net) (-€91,599)
- Receivables within one year +€18,082
up €18,082 (+43.7%), from €41,336 to €59,418
of which Trade receivables: +€13,332
- Financial fixed assets +€9,990
new in 2025: €9,990
- Reserves +€169,030
up €169,030 (+34.9%), from €484,887 to €653,917
of which Distributable reserves: +€169,030
- Tax, wage and social debts +€27,973
up €27,973 (+64.4%), from €43,458 to €71,430
- Gross operating margin +€126,005
up €126,005 (+417%), from €30,229 to €156,234
- Financial income +€56,882
up €56,882 (+114%), from €49,690 to €106,571
- Taxes +€44,558
up €44,558 (+230%), from €19,401 to €63,958
- Financial charges -€16,128
down €16,128 (-46.1%), from €35,007 to €18,879
- Depreciation +€6,753
up €6,753 (+308%), from €2,195 to €8,948
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 | €746,602 | €953,508 | +€206,907 | +27.7% |
| Fixed assets | 21/28 | €9,686 | €92,337 | +€82,651 | +853% |
| Tangible fixed assets | 22/27 | €9,686 | €82,347 | +€72,661 | +750% |
| Furniture and vehicles | 24 | €2,955 | €76,852 | +€73,897 | +2,501% |
| Other tangible fixed assets | 26 | €6,731 | €5,495 | -€1,237 | -18.4% |
| Financial fixed assets | 28 | - | €9,990 | +€9,990 | |
| Current assets | 29/58 | €736,915 | €861,171 | +€124,256 | +16.9% |
| Amounts receivable within one year | 40/41 | €41,336 | €59,418 | +€18,082 | +43.7% |
| Trade receivables | 40 | €41,336 | €54,668 | +€13,332 | +32.3% |
| Other amounts receivable | 41 | €0 | €4,750 | +€4,750 | |
| Current investments | 50/53 | €622,524 | €754,828 | +€132,305 | +21.3% |
| Cash at bank and in hand | 54/58 | €72,822 | €45,804 | -€27,017 | -37.1% |
| Deferred charges and accrued income | 490/1 | €234 | €1,121 | +€887 | +380% |
| Total equity and liabilities | 10/49 | €746,602 | €953,508 | +€206,907 | +27.7% |
| Equity | 10/15 | €497,287 | €666,317 | +€169,030 | +34.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €484,887 | €653,917 | +€169,030 | +34.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €483,027 | €652,057 | +€169,030 | +35.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €249,315 | €287,191 | +€37,877 | +15.2% |
| Amounts payable within one year | 42/48 | €249,315 | €287,191 | +€37,877 | +15.2% |
| Trade debts | 44 | €4,401 | €6,328 | +€1,926 | +43.8% |
| Suppliers | 440/4 | €4,401 | €6,328 | +€1,926 | +43.8% |
| Taxes, remuneration and social security | 45 | €43,458 | €71,430 | +€27,973 | +64.4% |
| Taxes | 450/3 | €43,458 | €71,430 | +€27,973 | +64.4% |
| Other amounts payable | 47/48 | €201,456 | €209,433 | +€7,978 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,195 | €8,948 | +€6,753 | +308% |
| Other operating charges | 640/8 | €5,241 | €1,990 | -€3,251 | -62.0% |
| Gross operating margin | 9900 | €30,229 | €156,234 | +€126,005 | +417% |
| Operating profit (loss) | 9901 | €22,793 | €145,296 | +€122,503 | +537% |
| Financial income | 75/76B | €49,690 | €106,571 | +€56,882 | +114% |
| Recurring financial income | 75 | €49,690 | €106,571 | +€56,882 | +114% |
| Financial charges | 65/66B | €35,007 | €18,879 | -€16,128 | -46.1% |
| Recurring financial charges | 65 | €35,007 | €18,879 | -€16,128 | -46.1% |
| Profit (loss) for the period before taxes | 9903 | €37,475 | €232,988 | +€195,513 | +522% |
| Income taxes | 67/77 | €19,401 | €63,958 | +€44,558 | +230% |
| Profit (loss) for the period | 9904 | €18,075 | €169,030 | +€150,955 | +835% |
| Profit (loss) for the period to be appropriated | 9905 | €18,075 | €169,030 | +€150,955 | +835% |
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 30 October 2026 via checked.be.