NEIL BRAECKEVELT: 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.
NEIL BRAECKEVELT
Largest movements
- Receivables within one year -€117,154
down €117,154 (-61.6%), from €190,133 to €72,979
of which Trade receivables: -€113,660
- Cash +€94,441
up €94,441 (+97.2%), from €97,145 to €191,586
mainly Receivables within one year (+€117,154) and Net result for the year (+€8,804)
- Reserves -€21,200
down €21,200 (-5.0%), from €427,000 to €405,800
- Gross operating margin -€162,047
down €162,047 (-94.9%), from €170,784 to €8,736
- Taxes -€35,322
down €35,322 (-88.2%), from €40,035 to €4,713
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 | €449,131 | €425,565 | -€23,565 | -5.2% |
| Fixed assets | 21/28 | €6,875 | €4,925 | -€1,950 | -28.4% |
| Tangible fixed assets | 22/27 | €6,875 | €4,925 | -€1,950 | -28.4% |
| Plant, machinery and equipment | 23 | €2,648 | €1,996 | -€652 | -24.6% |
| Furniture and vehicles | 24 | €4,227 | €2,929 | -€1,297 | -30.7% |
| Current assets | 29/58 | €442,256 | €420,640 | -€21,616 | -4.9% |
| Amounts receivable after more than one year | 29 | €147,500 | €147,500 | = | 0.0% |
| Other amounts receivable | 291 | €147,500 | €147,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €190,133 | €72,979 | -€117,154 | -61.6% |
| Trade receivables | 40 | €179,000 | €65,340 | -€113,660 | -63.5% |
| Other amounts receivable | 41 | €11,133 | €7,639 | -€3,494 | -31.4% |
| Cash at bank and in hand | 54/58 | €97,145 | €191,586 | +€94,441 | +97.2% |
| Deferred charges and accrued income | 490/1 | €7,478 | €8,575 | +€1,097 | +14.7% |
| Total equity and liabilities | 10/49 | €449,131 | €425,565 | -€23,565 | -5.2% |
| Equity | 10/15 | €432,682 | €411,486 | -€21,196 | -4.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €427,000 | €405,800 | -€21,200 | -5.0% |
| Distributable reserves | 133 | €427,000 | €405,800 | -€21,200 | -5.0% |
| Profit (loss) carried forward | 14 | €682 | €686 | +€4 | +0.5% |
| Amounts payable | 17/49 | €16,448 | €14,079 | -€2,369 | -14.4% |
| Amounts payable within one year | 42/48 | €16,322 | €13,951 | -€2,371 | -14.5% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €16,322 | €13,951 | -€2,371 | -14.5% |
| Taxes | 450/3 | €16,322 | €11,201 | -€5,121 | -31.4% |
| Remuneration and social security | 454/9 | €0 | €2,750 | +€2,750 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €126 | €128 | +€2 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,389 | €1,950 | +€561 | +40.4% |
| Other operating charges | 640/8 | €756 | €779 | +€23 | +3.0% |
| Gross operating margin | 9900 | €170,784 | €8,736 | -€162,047 | -94.9% |
| Operating profit (loss) | 9901 | €168,638 | €6,008 | -€162,631 | -96.4% |
| Financial income | 75/76B | €6,178 | €7,679 | +€1,501 | +24.3% |
| Recurring financial income | 75 | €6,178 | €7,679 | +€1,501 | +24.3% |
| Financial charges | 65/66B | €196 | €170 | -€26 | -13.1% |
| Recurring financial charges | 65 | €196 | €170 | -€26 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €174,620 | €13,517 | -€161,104 | -92.3% |
| Income taxes | 67/77 | €40,035 | €4,713 | -€35,322 | -88.2% |
| Profit (loss) for the period | 9904 | €134,585 | €8,804 | -€125,782 | -93.5% |
| Profit (loss) for the period to be appropriated | 9905 | €134,585 | €8,804 | -€125,782 | -93.5% |
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.