M. BREEMERSCH: 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.
M. BREEMERSCH
Largest movements
- Current investments +€434,802
up €434,802 (+178%), from €244,193 to €678,995
- Tangible fixed assets -€110,868
down €110,868 (-5.0%), from €2.2m to €2.1m
of which Land and buildings: -€137,461
- Cash +€83,625
up €83,625 (+18.5%), from €451,432 to €535,058
mainly Net result for the year (+€420,959) and Depreciation (+€189,285)
- Reserves +€420,959
up €420,959 (+14.9%), from €2.8m to €3.2m
of which Distributable reserves: +€420,959
- Current portion of long-term debt -€183,334
down €183,334 (-91.7%), from €200,000 to €16,666
- Tax, wage and social debts +€175,119
up €175,119 (+3,738%), from €4,684 to €179,804
of which Taxes: +€166,319
- Gross operating margin +€159,984
up €159,984 (+25.0%), from €639,127 to €799,111
- Taxes +€114,734
up €114,734 (+84.8%), from €135,346 to €250,081
- Financial income +€60,701
up €60,701 (+1,470%), from €4,129 to €64,830
- Financial charges -€16,361
down €16,361 (-96.4%), from €16,964 to €603
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 | €3,259,030 | €3,647,818 | +€388,788 | +11.9% |
| Fixed assets | 21/28 | €2,215,092 | €2,104,224 | -€110,868 | -5.0% |
| Tangible fixed assets | 22/27 | €2,215,092 | €2,104,224 | -€110,868 | -5.0% |
| Land and buildings | 22 | €1,874,226 | €1,736,764 | -€137,461 | -7.3% |
| Plant, machinery and equipment | 23 | €319,987 | €273,429 | -€46,558 | -14.5% |
| Furniture and vehicles | 24 | €5,779 | €78,930 | +€73,151 | +1,266% |
| Other tangible fixed assets | 26 | €15,100 | €15,100 | = | 0.0% |
| Current assets | 29/58 | €1,043,938 | €1,543,594 | +€499,656 | +47.9% |
| Amounts receivable within one year | 40/41 | €344,634 | €326,092 | -€18,542 | -5.4% |
| Trade receivables | 40 | €343,759 | €282,129 | -€61,630 | -17.9% |
| Other amounts receivable | 41 | €875 | €43,963 | +€43,088 | +4,922% |
| Current investments | 50/53 | €244,193 | €678,995 | +€434,802 | +178% |
| Cash at bank and in hand | 54/58 | €451,432 | €535,058 | +€83,625 | +18.5% |
| Deferred charges and accrued income | 490/1 | €3,679 | €3,449 | -€230 | -6.3% |
| Total equity and liabilities | 10/49 | €3,259,030 | €3,647,818 | +€388,788 | +11.9% |
| Equity | 10/15 | €2,839,629 | €3,260,588 | +€420,959 | +14.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,827,229 | €3,248,188 | +€420,959 | +14.9% |
| Tax-exempt reserves | 132 | €3,963 | €3,963 | = | 0.0% |
| Distributable reserves | 133 | €2,823,266 | €3,244,224 | +€420,959 | +14.9% |
| Provisions and deferred taxes | 16 | €177,185 | €177,185 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €177,185 | €177,185 | = | 0.0% |
| Pensions and similar obligations | 160 | €177,185 | €177,185 | = | 0.0% |
| Amounts payable | 17/49 | €242,216 | €210,045 | -€32,171 | -13.3% |
| Amounts payable after more than one year | 17 | €16,666 | - | -€16,666 | |
| Financial debts | 170/4 | €16,666 | - | -€16,666 | |
| Amounts payable within one year | 42/48 | €212,865 | €208,159 | -€4,706 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €16,666 | -€183,334 | -91.7% |
| Trade debts | 44 | €6,335 | €11,689 | +€5,354 | +84.5% |
| Suppliers | 440/4 | €6,335 | €11,689 | +€5,354 | +84.5% |
| Taxes, remuneration and social security | 45 | €4,684 | €179,804 | +€175,119 | +3,738% |
| Taxes | 450/3 | €4,684 | €171,004 | +€166,319 | +3,550% |
| Remuneration and social security | 454/9 | - | €8,800 | +€8,800 | |
| Other amounts payable | 47/48 | €1,845 | - | -€1,845 | |
| Accrued charges and deferred income | 492/3 | €12,685 | €1,886 | -€10,799 | -85.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,303 | €189,285 | -€18 | 0.0% |
| Other operating charges | 640/8 | €3,027 | €3,013 | -€13 | -0.4% |
| Gross operating margin | 9900 | €639,127 | €799,111 | +€159,984 | +25.0% |
| Operating profit (loss) | 9901 | €446,797 | €606,813 | +€160,015 | +35.8% |
| Financial income | 75/76B | €4,129 | €64,830 | +€60,701 | +1,470% |
| Recurring financial income | 75 | €4,129 | €64,830 | +€60,701 | +1,470% |
| Financial charges | 65/66B | €16,964 | €603 | -€16,361 | -96.4% |
| Recurring financial charges | 65 | €16,964 | €603 | -€16,361 | -96.4% |
| Profit (loss) for the period before taxes | 9903 | €433,962 | €671,039 | +€237,078 | +54.6% |
| Income taxes | 67/77 | €135,346 | €250,081 | +€114,734 | +84.8% |
| Profit (loss) for the period | 9904 | €298,616 | €420,959 | +€122,343 | +41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €298,616 | €420,959 | +€122,343 | +41.0% |
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 23 October 2026 via checked.be.