Michiel Brewee Advisory: what changed
Michiel Brewee Advisory
Largest movements
- Tangible fixed assets +€264,791
up €264,791 (+458%), from €57,872 to €322,663
of which Land and buildings: +€271,827
- Receivables within one year -€16,092
down €16,092 (-44.5%), from €36,190 to €20,098
of which Trade receivables: -€10,560
- Cash +€12,485
up €12,485 (+10.9%), from €114,717 to €127,202
mainly Debts after one year (+€188,217) and Net result for the year (+€56,796)
- Debts after one year +€188,217
up €188,217 (+554%), from €33,976 to €222,193
- Profit (loss) carried forward +€56,796
up €56,796 (+41.7%), from €136,238 to €193,034
- Current portion of long-term debt +€12,737
up €12,737 (+113%), from €11,297 to €24,034
- Gross operating margin +€59,057
up €59,057 (+78.9%), from €74,880 to €133,937
- Depreciation +€43,412
up €43,412 (+530%), from €8,190 to €51,602
- Taxes +€3,028
up €3,028 (+19.0%), from €15,955 to €18,983
- Financial charges +€2,367
up €2,367 (+86.4%), from €2,739 to €5,106
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €208,779 | €470,595 | +€261,816 | +125% |
| Fixed assets | 21/28 | €57,872 | €322,663 | +€264,791 | +458% |
| Tangible fixed assets | 22/27 | €57,872 | €322,663 | +€264,791 | +458% |
| Land and buildings | 22 | - | €271,827 | +€271,827 | |
| Furniture and vehicles | 24 | €57,872 | €50,837 | -€7,035 | -12.2% |
| Current assets | 29/58 | €150,907 | €147,931 | -€2,975 | -2.0% |
| Amounts receivable within one year | 40/41 | €36,190 | €20,098 | -€16,092 | -44.5% |
| Trade receivables | 40 | €27,287 | €16,727 | -€10,560 | -38.7% |
| Other amounts receivable | 41 | €8,903 | €3,371 | -€5,532 | -62.1% |
| Cash at bank and in hand | 54/58 | €114,717 | €127,202 | +€12,485 | +10.9% |
| Deferred charges and accrued income | 490/1 | - | €631 | +€631 | |
| Total equity and liabilities | 10/49 | €208,779 | €470,595 | +€261,816 | +125% |
| Equity | 10/15 | €139,238 | €196,034 | +€56,796 | +40.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €136,238 | €193,034 | +€56,796 | +41.7% |
| Amounts payable | 17/49 | €69,541 | €274,561 | +€205,020 | +295% |
| Amounts payable after more than one year | 17 | €33,976 | €222,193 | +€188,217 | +554% |
| Financial debts | 170/4 | €33,976 | €222,193 | +€188,217 | +554% |
| Amounts payable within one year | 42/48 | €35,565 | €50,962 | +€15,397 | +43.3% |
| Current portion of amounts payable after more than one year | 42 | €11,297 | €24,034 | +€12,737 | +113% |
| Trade debts | 44 | €2,470 | €2,746 | +€276 | +11.2% |
| Suppliers | 440/4 | €2,470 | €2,746 | +€276 | +11.2% |
| Taxes, remuneration and social security | 45 | €21,798 | €24,182 | +€2,384 | +10.9% |
| Taxes | 450/3 | €19,244 | €13,883 | -€5,361 | -27.9% |
| Remuneration and social security | 454/9 | €2,554 | €10,299 | +€7,745 | +303% |
| Accrued charges and deferred income | 492/3 | - | €1,405 | +€1,405 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,190 | €51,602 | +€43,412 | +530% |
| Other operating charges | 640/8 | €902 | €1,647 | +€745 | +82.6% |
| Gross operating margin | 9900 | €74,880 | €133,937 | +€59,057 | +78.9% |
| Operating profit (loss) | 9901 | €65,787 | €80,687 | +€14,900 | +22.6% |
| Financial income | 75/76B | €224 | €197 | -€27 | -12.1% |
| Recurring financial income | 75 | €224 | €197 | -€27 | -12.1% |
| Financial charges | 65/66B | €2,739 | €5,106 | +€2,367 | +86.4% |
| Recurring financial charges | 65 | €2,739 | €5,106 | +€2,367 | +86.4% |
| Profit (loss) for the period before taxes | 9903 | €63,273 | €75,779 | +€12,506 | +19.8% |
| Income taxes | 67/77 | €15,955 | €18,983 | +€3,028 | +19.0% |
| Profit (loss) for the period | 9904 | €47,318 | €56,796 | +€9,478 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,318 | €56,796 | +€9,478 | +20.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.