NIELS BRUNO: 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.
NIELS BRUNO
Largest movements
- Cash +€38,998
up €38,998 (+23.1%), from €168,597 to €207,595
mainly Net result for the year (+€118,947) and Depreciation (+€67,953)
- Tangible fixed assets -€26,862
down €26,862 (-11.2%), from €240,482 to €213,619
of which Furniture and vehicles: -€21,298
- Receivables within one year -€7,546
down €7,546 (-8.7%), from €86,943 to €79,397
of which Trade receivables: -€19,746
- Debts after one year -€60,465
down €60,465 (-24.5%), from €247,041 to €186,577
- Trade debts +€50,215
up €50,215 (+156%), from €32,106 to €82,321
- Reserves +€37,824
up €37,824 (+32.2%), from €117,498 to €155,322
- Current portion of long-term debt -€13,621
down €13,621 (-31.5%), from €43,236 to €29,615
- Other debts -€12,180
down €12,180 (-54.5%), from €22,329 to €10,149
- Gross operating margin +€77,180
up €77,180 (+18.4%), from €418,418 to €495,598
- Staff costs -€46,684
down €46,684 (-16.6%), from €281,276 to €234,592
- Taxes +€40,013
up €40,013 (+357%), from €11,193 to €51,206
- Depreciation -€10,522
down €10,522 (-13.4%), from €78,474 to €67,953
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 | €504,904 | €509,507 | +€4,602 | +0.9% |
| Fixed assets | 21/28 | €241,252 | €214,389 | -€26,862 | -11.1% |
| Tangible fixed assets | 22/27 | €240,482 | €213,619 | -€26,862 | -11.2% |
| Land and buildings | 22 | €118,989 | €108,194 | -€10,796 | -9.1% |
| Plant, machinery and equipment | 23 | €34,796 | €40,027 | +€5,231 | +15.0% |
| Furniture and vehicles | 24 | €86,696 | €65,398 | -€21,298 | -24.6% |
| Financial fixed assets | 28 | €770 | €770 | = | 0.0% |
| Current assets | 29/58 | €263,653 | €295,117 | +€31,464 | +11.9% |
| Amounts receivable within one year | 40/41 | €86,943 | €79,397 | -€7,546 | -8.7% |
| Trade receivables | 40 | €86,859 | €67,112 | -€19,746 | -22.7% |
| Other amounts receivable | 41 | €84 | €12,285 | +€12,200 | +14,466% |
| Cash at bank and in hand | 54/58 | €168,597 | €207,595 | +€38,998 | +23.1% |
| Deferred charges and accrued income | 490/1 | €8,113 | €8,125 | +€12 | +0.1% |
| Total equity and liabilities | 10/49 | €504,904 | €509,507 | +€4,602 | +0.9% |
| Equity | 10/15 | €123,698 | €161,522 | +€37,824 | +30.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €117,498 | €155,322 | +€37,824 | +32.2% |
| Distributable reserves | 133 | €117,498 | €155,322 | +€37,824 | +32.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €381,206 | €347,984 | -€33,222 | -8.7% |
| Amounts payable after more than one year | 17 | €247,041 | €186,577 | -€60,465 | -24.5% |
| Financial debts | 170/4 | €247,041 | €186,577 | -€60,465 | -24.5% |
| Amounts payable within one year | 42/48 | €134,165 | €158,959 | +€24,794 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €43,236 | €29,615 | -€13,621 | -31.5% |
| Trade debts | 44 | €32,106 | €82,321 | +€50,215 | +156% |
| Suppliers | 440/4 | €32,106 | €82,321 | +€50,215 | +156% |
| Taxes, remuneration and social security | 45 | €36,494 | €36,874 | +€381 | +1.0% |
| Taxes | 450/3 | €13,947 | €13,763 | -€184 | -1.3% |
| Remuneration and social security | 454/9 | €22,546 | €23,111 | +€565 | +2.5% |
| Other amounts payable | 47/48 | €22,329 | €10,149 | -€12,180 | -54.5% |
| Accrued charges and deferred income | 492/3 | - | €2,448 | +€2,448 | |
| Non-recurring operating income | 76A | €8,500 | €44,966 | +€36,466 | +429% |
| Remuneration, social security and pensions | 62 | €281,276 | €234,592 | -€46,684 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,474 | €67,953 | -€10,522 | -13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,483 | +€1,483 | |
| Other operating charges | 640/8 | €9,999 | €11,117 | +€1,119 | +11.2% |
| Non-recurring operating charges | 66A | €1,788 | €0 | -€1,788 | -100% |
| Gross operating margin | 9900 | €418,418 | €495,598 | +€77,180 | +18.4% |
| Operating profit (loss) | 9901 | €46,882 | €180,454 | +€133,571 | +285% |
| Financial income | 75/76B | €7 | €20 | +€13 | +184% |
| Recurring financial income | 75 | €7 | €20 | +€13 | +184% |
| Financial charges | 65/66B | €12,188 | €10,320 | -€1,868 | -15.3% |
| Recurring financial charges | 65 | €12,188 | €10,320 | -€1,868 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €34,701 | €170,153 | +€135,452 | +390% |
| Income taxes | 67/77 | €11,193 | €51,206 | +€40,013 | +357% |
| Profit (loss) for the period | 9904 | €23,508 | €118,947 | +€95,438 | +406% |
| Profit (loss) for the period to be appropriated | 9905 | €23,508 | €118,947 | +€95,438 | +406% |
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 31 October 2026 via checked.be.