NELE BRUSSELMAN: 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.
NELE BRUSSELMAN
Largest movements
- Tangible fixed assets +€31,632
up €31,632 (+8.3%), from €383,353 to €414,984
of which Furniture and vehicles: +€54,494
- Intangible fixed assets -€16,000
no longer reported in 2025 (was €16,000)
- Cash +€12,675
up €12,675 (+18.5%), from €68,681 to €81,356
mainly Depreciation (+€51,734) and Net result for the year (+€47,666)
- Debts after one year +€13,525
up €13,525 (+5.9%), from €229,127 to €242,652
- Reserves +€8,736
up €8,736 (+3.9%), from €223,131 to €231,868
of which Distributable reserves: +€8,736
- Tax, wage and social debts +€7,120
up €7,120 (+183%), from €3,900 to €11,020
- Gross operating margin +€28,317
up €28,317 (+27.0%), from €104,890 to €133,207
- Financial charges -€14,286
down €14,286 (-64.3%), from €22,230 to €7,944
of which Non-recurring financial charges: -€13,325
- Taxes +€11,323
up €11,323 (+105%), from €10,791 to €22,115
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 | €504,291 | €538,373 | +€34,082 | +6.8% |
| Fixed assets | 21/28 | €399,353 | €414,984 | +€15,632 | +3.9% |
| Intangible fixed assets | 21 | €16,000 | - | -€16,000 | |
| Tangible fixed assets | 22/27 | €383,353 | €414,984 | +€31,632 | +8.3% |
| Land and buildings | 22 | €1,541 | €1,501 | -€40 | -2.6% |
| Plant, machinery and equipment | 23 | €89 | - | -€89 | |
| Furniture and vehicles | 24 | €63,326 | €117,820 | +€54,494 | +86.1% |
| Leasing and similar rights | 25 | €301,217 | €282,751 | -€18,466 | -6.1% |
| Other tangible fixed assets | 26 | €17,180 | €12,912 | -€4,268 | -24.8% |
| Current assets | 29/58 | €104,939 | €123,389 | +€18,450 | +17.6% |
| Amounts receivable within one year | 40/41 | €4,209 | €6,341 | +€2,132 | +50.7% |
| Trade receivables | 40 | - | €988 | +€988 | |
| Other amounts receivable | 41 | €4,209 | €5,353 | +€1,144 | +27.2% |
| Current investments | 50/53 | €29,703 | €29,703 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €68,681 | €81,356 | +€12,675 | +18.5% |
| Deferred charges and accrued income | 490/1 | €2,346 | €5,989 | +€3,643 | +155% |
| Total equity and liabilities | 10/49 | €504,291 | €538,373 | +€34,082 | +6.8% |
| Equity | 10/15 | €229,331 | €238,068 | +€8,736 | +3.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €223,131 | €231,868 | +€8,736 | +3.9% |
| Tax-exempt reserves | 132 | €219 | €219 | = | 0.0% |
| Distributable reserves | 133 | €222,912 | €231,648 | +€8,736 | +3.9% |
| Amounts payable | 17/49 | €274,960 | €300,306 | +€25,346 | +9.2% |
| Amounts payable after more than one year | 17 | €229,127 | €242,652 | +€13,525 | +5.9% |
| Financial debts | 170/4 | €229,127 | €242,652 | +€13,525 | +5.9% |
| Amounts payable within one year | 42/48 | €42,933 | €50,152 | +€7,219 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €32,420 | €35,490 | +€3,070 | +9.5% |
| Financial debts | 43 | €1,281 | €1,235 | -€46 | -3.6% |
| Credit institutions | 430/8 | €1,281 | €1,235 | -€46 | -3.6% |
| Trade debts | 44 | €4,937 | €740 | -€4,197 | -85.0% |
| Suppliers | 440/4 | €4,937 | €740 | -€4,197 | -85.0% |
| Taxes, remuneration and social security | 45 | €3,900 | €11,020 | +€7,120 | +183% |
| Taxes | 450/3 | €3,900 | €11,020 | +€7,120 | +183% |
| Other amounts payable | 47/48 | €395 | €1,666 | +€1,271 | +322% |
| Accrued charges and deferred income | 492/3 | €2,900 | €7,502 | +€4,602 | +159% |
| Non-recurring operating income | 76A | - | €4,500 | +€4,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,390 | €51,734 | +€344 | +0.7% |
| Other operating charges | 640/8 | €2,682 | €3,886 | +€1,204 | +44.9% |
| Gross operating margin | 9900 | €104,890 | €133,207 | +€28,317 | +27.0% |
| Operating profit (loss) | 9901 | €50,818 | €77,586 | +€26,768 | +52.7% |
| Financial income | 75/76B | €1 | €138 | +€138 | +26,978% |
| Recurring financial income | 75 | €1 | €138 | +€138 | +26,978% |
| Financial charges | 65/66B | €22,230 | €7,944 | -€14,286 | -64.3% |
| Recurring financial charges | 65 | €8,905 | €7,944 | -€960 | -10.8% |
| Non-recurring financial charges | 66B | €13,325 | - | -€13,325 | |
| Profit (loss) for the period before taxes | 9903 | €28,588 | €69,780 | +€41,192 | +144% |
| Income taxes | 67/77 | €10,791 | €22,115 | +€11,323 | +105% |
| Profit (loss) for the period | 9904 | €17,797 | €47,666 | +€29,868 | +168% |
| Profit (loss) for the period to be appropriated | 9905 | €17,797 | €47,666 | +€29,868 | +168% |
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 29 October 2026 via checked.be.