RE-BRAND: 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.
RE-BRAND
Largest movements
- Deferred charges and accrued income -€115,948
down €115,948 (-99.1%), from €117,033 to €1,085
- Tangible fixed assets -€31,035
down €31,035 (-6.5%), from €476,176 to €445,141
of which Land and buildings: -€34,069
- Receivables within one year +€24,090
up €24,090 (+32.2%), from €74,868 to €98,958
of which Trade receivables: +€47,575
- Cash -€9,568
down €9,568 (-96.9%), from €9,870 to €302
mainly Advances received (-€87,100) and Debts after one year (-€33,421)
- Advances received -€87,100
no longer reported in 2025 (was €87,100)
- Debts after one year -€33,421
down €33,421 (-11.2%), from €298,979 to €265,558
- Profit (loss) carried forward -€19,103
down €19,103 (-146%), from -€13,085 to -€32,188
- Accrued charges and deferred income -€9,613
down €9,613 (-32.4%), from €29,663 to €20,050
- Trade debts +€7,888
up €7,888 (+48.4%), from €16,307 to €24,195
- Gross operating margin +€23,834
up €23,834 (+68.6%), from €34,745 to €58,578
- Depreciation +€9,287
up €9,287 (+27.8%), from €33,465 to €42,752
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 | €677,947 | €545,486 | -€132,461 | -19.5% |
| Fixed assets | 21/28 | €476,176 | €445,141 | -€31,035 | -6.5% |
| Tangible fixed assets | 22/27 | €476,176 | €445,141 | -€31,035 | -6.5% |
| Land and buildings | 22 | €401,374 | €367,304 | -€34,069 | -8.5% |
| Plant, machinery and equipment | 23 | €74,803 | €77,837 | +€3,034 | +4.1% |
| Current assets | 29/58 | €201,770 | €100,345 | -€101,426 | -50.3% |
| Amounts receivable within one year | 40/41 | €74,868 | €98,958 | +€24,090 | +32.2% |
| Trade receivables | 40 | €35,166 | €82,742 | +€47,575 | +135% |
| Other amounts receivable | 41 | €39,701 | €16,216 | -€23,485 | -59.2% |
| Cash at bank and in hand | 54/58 | €9,870 | €302 | -€9,568 | -96.9% |
| Deferred charges and accrued income | 490/1 | €117,033 | €1,085 | -€115,948 | -99.1% |
| Total equity and liabilities | 10/49 | €677,947 | €545,486 | -€132,461 | -19.5% |
| Equity | 10/15 | €54,659 | €35,556 | -€19,103 | -35.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,144 | €49,144 | = | 0.0% |
| Distributable reserves | 133 | €49,144 | €49,144 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,085 | -€32,188 | -€19,103 | -146% |
| Amounts payable | 17/49 | €623,287 | €509,930 | -€113,357 | -18.2% |
| Amounts payable after more than one year | 17 | €298,979 | €265,558 | -€33,421 | -11.2% |
| Financial debts | 170/4 | €298,979 | €265,558 | -€33,421 | -11.2% |
| Amounts payable within one year | 42/48 | €294,645 | €224,321 | -€70,324 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €34,960 | €33,918 | -€1,042 | -3.0% |
| Trade debts | 44 | €16,307 | €24,195 | +€7,888 | +48.4% |
| Suppliers | 440/4 | €16,307 | €24,195 | +€7,888 | +48.4% |
| Advances received on contracts in progress | 46 | €87,100 | - | -€87,100 | |
| Taxes, remuneration and social security | 45 | - | €3,280 | +€3,280 | |
| Taxes | 450/3 | - | €3,280 | +€3,280 | |
| Other amounts payable | 47/48 | €156,278 | €162,928 | +€6,650 | +4.3% |
| Accrued charges and deferred income | 492/3 | €29,663 | €20,050 | -€9,613 | -32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,465 | €42,752 | +€9,287 | +27.8% |
| Gross operating margin | 9900 | €34,745 | €58,578 | +€23,834 | +68.6% |
| Operating profit (loss) | 9901 | €1,280 | €15,826 | +€14,547 | +1,137% |
| Financial income | 75/76B | €149 | €1 | -€149 | -99.4% |
| Recurring financial income | 75 | €149 | €1 | -€149 | -99.4% |
| Financial charges | 65/66B | €14,514 | €14,099 | -€415 | -2.9% |
| Recurring financial charges | 65 | €14,514 | €14,099 | -€415 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | -€13,085 | €1,728 | +€14,813 | |
| Profit (loss) for the period | 9904 | -€13,085 | €1,728 | +€14,813 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,085 | €1,728 | +€14,813 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.