MARTIN BRUYNS: 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.
MARTIN BRUYNS
Largest movements
- Intangible fixed assets -€18,149
down €18,149 (-34.3%), from €52,937 to €34,788
- Cash +€10,396
up €10,396 (+24.7%), from €42,081 to €52,477
mainly Net result for the year (+€68,910) and Depreciation (+€24,008)
- Tangible fixed assets +€4,851
up €4,851 (+12.5%), from €38,891 to €43,742
of which Other tangible fixed assets: +€2,839
- Receivables within one year +€3,659
up €3,659 (+96.6%), from €3,788 to €7,447
of which Other amounts receivable: +€4,132
- Profit (loss) carried forward +€48,910
up €48,910 (+10,845%), from €451 to €49,361
- Other debts -€33,000
down €33,000 (-62.3%), from €53,000 to €20,000
- Current portion of long-term debt -€13,662
down €13,662 (-57.7%), from €23,662 to €10,000
- Tax, wage and social debts -€6,860
down €6,860 (-17.7%), from €38,768 to €31,908
- Trade debts +€5,369
up €5,369 (+158%), from €3,401 to €8,770
- Gross operating margin +€19,191
up €19,191 (+19.9%), from €96,666 to €115,857
- Other operating charges -€2,286
no longer reported in 2025 (was €2,286)
- Taxes +€1,999
up €1,999 (+10.9%), from €18,400 to €20,399
- Write-downs +€1,620
new in 2025: €1,620
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 | €137,882 | €138,639 | +€757 | +0.5% |
| Fixed assets | 21/28 | €92,013 | €78,715 | -€13,298 | -14.5% |
| Intangible fixed assets | 21 | €52,937 | €34,788 | -€18,149 | -34.3% |
| Tangible fixed assets | 22/27 | €38,891 | €43,742 | +€4,851 | +12.5% |
| Furniture and vehicles | 24 | €10,257 | €12,269 | +€2,012 | +19.6% |
| Other tangible fixed assets | 26 | €28,634 | €31,473 | +€2,839 | +9.9% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €45,869 | €59,924 | +€14,055 | +30.6% |
| Amounts receivable within one year | 40/41 | €3,788 | €7,447 | +€3,659 | +96.6% |
| Trade receivables | 40 | €798 | €325 | -€473 | -59.3% |
| Other amounts receivable | 41 | €2,990 | €7,122 | +€4,132 | +138% |
| Cash at bank and in hand | 54/58 | €42,081 | €52,477 | +€10,396 | +24.7% |
| Total equity and liabilities | 10/49 | €137,882 | €138,639 | +€757 | +0.5% |
| Equity | 10/15 | €19,051 | €67,961 | +€48,910 | +257% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €451 | €49,361 | +€48,910 | +10,845% |
| Amounts payable | 17/49 | €118,831 | €70,678 | -€48,153 | -40.5% |
| Amounts payable within one year | 42/48 | €118,831 | €70,678 | -€48,153 | -40.5% |
| Current portion of amounts payable after more than one year | 42 | €23,662 | €10,000 | -€13,662 | -57.7% |
| Trade debts | 44 | €3,401 | €8,770 | +€5,369 | +158% |
| Suppliers | 440/4 | €3,401 | €8,770 | +€5,369 | +158% |
| Taxes, remuneration and social security | 45 | €38,768 | €31,908 | -€6,860 | -17.7% |
| Taxes | 450/3 | €38,768 | €31,908 | -€6,860 | -17.7% |
| Other amounts payable | 47/48 | €53,000 | €20,000 | -€33,000 | -62.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,471 | €24,008 | +€537 | +2.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,620 | +€1,620 | |
| Other operating charges | 640/8 | €2,286 | - | -€2,286 | |
| Gross operating margin | 9900 | €96,666 | €115,857 | +€19,191 | +19.9% |
| Operating profit (loss) | 9901 | €70,909 | €90,229 | +€19,320 | +27.2% |
| Financial income | 75/76B | €137 | €283 | +€146 | +107% |
| Recurring financial income | 75 | €137 | €283 | +€146 | +107% |
| Financial charges | 65/66B | €1,700 | €1,203 | -€497 | -29.2% |
| Recurring financial charges | 65 | €1,700 | €1,203 | -€497 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €69,346 | €89,309 | +€19,963 | +28.8% |
| Income taxes | 67/77 | €18,400 | €20,399 | +€1,999 | +10.9% |
| Profit (loss) for the period | 9904 | €50,946 | €68,910 | +€17,964 | +35.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,946 | €68,910 | +€17,964 | +35.3% |
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 1 November 2026 via checked.be.