Michèle BRASSINNE: 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.
Michèle BRASSINNE
Largest movements
- Cash -€240,785
down €240,785 (-89.6%), from €268,855 to €28,070
mainly Net result for the year (-€135,062) and Tax, wage and social debts (-€60,575)
- Tangible fixed assets -€47,003
down €47,003 (-12.4%), from €377,905 to €330,902
of which Leasing and similar rights: -€29,942
- Receivables within one year -€32,936
down €32,936 (-30.2%), from €109,214 to €76,278
of which Other amounts receivable: -€27,732
- Current investments +€27,511
up €27,511 (+5.6%), from €494,379 to €521,890
- Reserves -€103,513
down €103,513 (-21.3%), from €485,486 to €381,973
- Tax, wage and social debts -€60,575
down €60,575 (-98.2%), from €61,665 to €1,090
of which Remuneration and social security: -€61,665
- Trade debts -€50,132
down €50,132 (-96.5%), from €51,926 to €1,794
- Other debts -€39,766
down €39,766 (-15.3%), from €259,628 to €219,862
- Profit (loss) carried forward -€31,549
new in 2025: -€31,549
- Gross operating margin -€320,538
down €320,538 (-99.1%), from €323,535 to €2,996
- Staff costs -€206,660
down €206,660 (-81.6%), from €253,300 to €46,640
- Financial charges -€16,307
down €16,307 (-41.1%), from €39,645 to €23,338
of which Financial charges: -€28,181
- Financial income +€14,007
up €14,007 (+618.3%), from €2,266 to €16,272
of which Financial income: +€14,257
- Depreciation -€11,025
down €11,025 (-42.4%), from €25,995 to €14,970
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.
Cash bridge derived
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 | €1,358,833 | €1,057,524 | -€301,309 | -22.2% |
| Fixed assets | 21/28 | €378,123 | €330,902 | -€47,220 | -12.5% |
| Intangible fixed assets | 21 | €218 | - | -€218 | |
| Tangible fixed assets | 22/27 | €377,905 | €330,902 | -€47,003 | -12.4% |
| Land and buildings | 22 | €337,232 | €325,343 | -€11,890 | -3.5% |
| Plant, machinery and equipment | 23 | €3,803 | €2,630 | -€1,173 | -30.8% |
| Furniture and vehicles | 24 | €6,928 | €2,256 | -€4,672 | -67.4% |
| Leasing and similar rights | 25 | €29,942 | - | -€29,942 | |
| Other tangible fixed assets | 26 | - | €674 | +€674 | |
| Current assets | 29/58 | €980,711 | €726,622 | -€254,089 | -25.9% |
| Amounts receivable after more than one year | 29 | €98,661 | €99,982 | +€1,321 | +1.3% |
| Other amounts receivable | 291 | €98,661 | €99,982 | +€1,321 | +1.3% |
| Amounts receivable within one year | 40/41 | €109,214 | €76,278 | -€32,936 | -30.2% |
| Trade receivables | 40 | €51,182 | €45,978 | -€5,204 | -10.2% |
| Other amounts receivable | 41 | €58,032 | €30,300 | -€27,732 | -47.8% |
| Current investments | 50/53 | €494,379 | €521,890 | +€27,511 | +5.6% |
| Cash at bank and in hand | 54/58 | €268,855 | €28,070 | -€240,785 | -89.6% |
| Deferred charges and accrued income | 490/1 | €9,602 | €402 | -€9,201 | -95.8% |
| Total equity and liabilities | 10/49 | €1,358,833 | €1,057,524 | -€301,309 | -22.2% |
| Equity | 10/15 | €969,751 | €834,689 | -€135,062 | -13.9% |
| Contributions | 10/11 | €484,265 | €484,265 | = | 0.0% |
| Reserves | 13 | €485,486 | €381,973 | -€103,513 | -21.3% |
| Distributable reserves | 133 | €485,486 | €381,973 | -€103,513 | -21.3% |
| Profit (loss) carried forward | 14 | - | -€31,549 | -€31,549 | |
| Amounts payable | 17/49 | €389,082 | €222,835 | -€166,247 | -42.7% |
| Amounts payable after more than one year | 17 | €9,973 | - | -€9,973 | |
| Financial debts | 170/4 | €9,973 | - | -€9,973 | |
| Amounts payable within one year | 42/48 | €378,973 | €222,745 | -€156,227 | -41.2% |
| Current portion of amounts payable after more than one year | 42 | €5,754 | - | -€5,754 | |
| Trade debts | 44 | €51,926 | €1,794 | -€50,132 | -96.5% |
| Suppliers | 440/4 | €51,926 | €1,794 | -€50,132 | -96.5% |
| Taxes, remuneration and social security | 45 | €61,665 | €1,090 | -€60,575 | -98.2% |
| Taxes | 450/3 | - | €1,090 | +€1,090 | |
| Remuneration and social security | 454/9 | €61,665 | - | -€61,665 | |
| Other amounts payable | 47/48 | €259,628 | €219,862 | -€39,766 | -15.3% |
| Accrued charges and deferred income | 492/3 | €137 | €89 | -€47 | -34.6% |
| Non-recurring operating income | 76A | - | €38,742 | +€38,742 | |
| Remuneration, social security and pensions | 62 | €253,300 | €46,640 | -€206,660 | -81.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,995 | €14,970 | -€11,025 | -42.4% |
| Other operating charges | 640/8 | €8,036 | €7,681 | -€354 | -4.4% |
| Non-recurring operating charges | 66A | - | €61,416 | +€61,416 | |
| Gross operating margin | 9900 | €323,535 | €2,996 | -€320,538 | -99.1% |
| Operating profit (loss) | 9901 | €36,204 | -€127,711 | -€163,915 | |
| Financial income | 75/76B | €2,266 | €16,272 | +€14,007 | +618.3% |
| Recurring financial income | 75 | €2,016 | €16,272 | +€14,257 | +707.3% |
| Non-recurring financial income | 76B | €250 | - | -€250 | |
| Financial charges | 65/66B | €39,645 | €23,338 | -€16,307 | -41.1% |
| Recurring financial charges | 65 | €39,645 | €11,464 | -€28,181 | -71.1% |
| Non-recurring financial charges | 66B | - | €11,874 | +€11,874 | |
| Profit (loss) for the period before taxes | 9903 | -€1,175 | -€134,777 | -€133,601 | -11366.9% |
| Income taxes | 67/77 | €430 | €286 | -€145 | -33.6% |
| Profit (loss) for the period | 9904 | -€1,605 | -€135,062 | -€133,457 | -8312.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,605 | -€135,062 | -€133,457 | -8312.7% |
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 9 October 2026 via checked.be.