MARTINE BRIGODE: 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.
MARTINE BRIGODE
Largest movements
- Intangible fixed assets -€4,750
down €4,750 (-11.1%), from €42,737 to €37,987
- Tangible fixed assets +€4,151
up €4,151 (+254%), from €1,637 to €5,788
of which Furniture and vehicles: +€2,768
- Cash -€2,925
down €2,925 (-30.5%), from €9,606 to €6,681
mainly Debts after one year (-€6,864) and Investment in fixed assets (net) (-€6,339)
- Debts after one year -€6,864
down €6,864 (-18.3%), from €37,489 to €30,625
- Other debts +€1,593
up €1,593 (+136%), from €1,175 to €2,768
- Reserves +€1,329
up €1,329 (+78.1%), from €1,702 to €3,031
- Short-term financial debts +€677
new in 2025: €677
- Depreciation +€1,355
up €1,355 (+24.3%), from €5,583 to €6,938
- Other operating charges -€1,307
down €1,307 (-63.3%), from €2,065 to €758
- Gross operating margin -€827
down €827 (-5.5%), from €15,078 to €14,251
- Taxes +€160
up €160 (+8.9%), from €1,790 to €1,950
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 | €56,726 | €53,949 | -€2,777 | -4.9% |
| Fixed assets | 21/28 | €44,374 | €43,775 | -€599 | -1.3% |
| Intangible fixed assets | 21 | €42,737 | €37,987 | -€4,750 | -11.1% |
| Tangible fixed assets | 22/27 | €1,637 | €5,788 | +€4,151 | +254% |
| Plant, machinery and equipment | 23 | €1,637 | €3,020 | +€1,383 | +84.5% |
| Furniture and vehicles | 24 | - | €2,768 | +€2,768 | |
| Current assets | 29/58 | €12,352 | €10,174 | -€2,178 | -17.6% |
| Amounts receivable within one year | 40/41 | €2,644 | €3,130 | +€486 | +18.4% |
| Trade receivables | 40 | €434 | €80 | -€354 | -81.6% |
| Other amounts receivable | 41 | €2,210 | €3,050 | +€840 | +38.0% |
| Cash at bank and in hand | 54/58 | €9,606 | €6,681 | -€2,925 | -30.5% |
| Deferred charges and accrued income | 490/1 | €102 | €363 | +€261 | +256% |
| Total equity and liabilities | 10/49 | €56,726 | €53,949 | -€2,777 | -4.9% |
| Equity | 10/15 | €4,202 | €5,531 | +€1,329 | +31.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €1,702 | €3,031 | +€1,329 | +78.1% |
| Distributable reserves | 133 | €1,702 | €3,031 | +€1,329 | +78.1% |
| Amounts payable | 17/49 | €52,524 | €48,418 | -€4,106 | -7.8% |
| Amounts payable after more than one year | 17 | €37,489 | €30,625 | -€6,864 | -18.3% |
| Financial debts | 170/4 | €37,489 | €30,625 | -€6,864 | -18.3% |
| Amounts payable within one year | 42/48 | €15,035 | €17,793 | +€2,758 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €7,140 | €6,864 | -€276 | -3.9% |
| Financial debts | 43 | - | €677 | +€677 | |
| Credit institutions | 430/8 | - | €677 | +€677 | |
| Trade debts | 44 | €1,020 | €1,566 | +€545 | +53.5% |
| Suppliers | 440/4 | €1,020 | €1,566 | +€545 | +53.5% |
| Taxes, remuneration and social security | 45 | €5,699 | €5,918 | +€218 | +3.8% |
| Taxes | 450/3 | €3,376 | €3,307 | -€69 | -2.0% |
| Remuneration and social security | 454/9 | €2,323 | €2,610 | +€287 | +12.3% |
| Other amounts payable | 47/48 | €1,175 | €2,768 | +€1,593 | +136% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,583 | €6,938 | +€1,355 | +24.3% |
| Other operating charges | 640/8 | €2,065 | €758 | -€1,307 | -63.3% |
| Gross operating margin | 9900 | €15,078 | €14,251 | -€827 | -5.5% |
| Operating profit (loss) | 9901 | €7,430 | €6,554 | -€875 | -11.8% |
| Financial income | 75/76B | €46 | €75 | +€29 | +62.0% |
| Recurring financial income | 75 | €46 | €75 | +€29 | +62.0% |
| Financial charges | 65/66B | €2,531 | €2,491 | -€40 | -1.6% |
| Recurring financial charges | 65 | €2,531 | €2,491 | -€40 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €4,944 | €4,138 | -€806 | -16.3% |
| Income taxes | 67/77 | €1,790 | €1,950 | +€160 | +8.9% |
| Profit (loss) for the period | 9904 | €3,154 | €2,188 | -€966 | -30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,154 | €2,188 | -€966 | -30.6% |
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 22 October 2026 via checked.be.