SERGEANT-VAN BRUWAENE: 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.
SERGEANT-VAN BRUWAENE
Largest movements
- Cash -€374,302
down €374,302 (-69.6%), from €538,129 to €163,828
mainly Other debts (-€335,774) and Contributions, distributions and other (-€53,746)
- Tangible fixed assets -€33,228
down €33,228 (-28.8%), from €115,338 to €82,109
of which Furniture and vehicles: -€25,684
- Current investments +€17,500
up €17,500, from €0 to €17,500
- Receivables within one year -€15,195
down €15,195 (-24.9%), from €61,003 to €45,808
of which Trade receivables: -€20,933
- Other debts -€335,774
down €335,774 (-58.9%), from €570,292 to €234,519
- Trade debts -€23,457
down €23,457 (-96.4%), from €24,340 to €884
- Debts after one year -€15,259
down €15,259 (-62.9%), from €24,246 to €8,987
- Tax, wage and social debts -€15,180
down €15,180 (-57.5%), from €26,393 to €11,213
of which Taxes: -€14,224
- Reserves -€13,028
down €13,028 (-24.2%), from €53,746 to €40,718
- Gross operating margin -€120,121
down €120,121 (-58.9%), from €204,093 to €83,972
- Taxes -€25,903
down €25,903 (-70.3%), from €36,832 to €10,929
- Staff costs -€13,111
down €13,111 (-100%), from €13,111 to €0
- Financial income -€6,251
down €6,251 (-61.6%), from €10,143 to €3,892
- Depreciation +€2,534
up €2,534 (+7.9%), from €32,181 to €34,715
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 | €719,092 | €315,715 | -€403,378 | -56.1% |
| Fixed assets | 21/28 | €119,338 | €86,109 | -€33,228 | -27.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €115,338 | €82,109 | -€33,228 | -28.8% |
| Plant, machinery and equipment | 23 | €10,811 | €9,156 | -€1,655 | -15.3% |
| Furniture and vehicles | 24 | €66,517 | €40,833 | -€25,684 | -38.6% |
| Other tangible fixed assets | 26 | €38,010 | €32,120 | -€5,890 | -15.5% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €599,755 | €229,606 | -€370,149 | -61.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €61,003 | €45,808 | -€15,195 | -24.9% |
| Trade receivables | 40 | €43,893 | €22,960 | -€20,933 | -47.7% |
| Other amounts receivable | 41 | €17,110 | €22,848 | +€5,738 | +33.5% |
| Current investments | 50/53 | €0 | €17,500 | +€17,500 | |
| Cash at bank and in hand | 54/58 | €538,129 | €163,828 | -€374,302 | -69.6% |
| Deferred charges and accrued income | 490/1 | €623 | €2,470 | +€1,848 | +297% |
| Total equity and liabilities | 10/49 | €719,092 | €315,715 | -€403,378 | -56.1% |
| Equity | 10/15 | €58,746 | €45,718 | -€13,028 | -22.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €53,746 | €40,718 | -€13,028 | -24.2% |
| Distributable reserves | 133 | €53,746 | €40,718 | -€13,028 | -24.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €660,346 | €269,997 | -€390,350 | -59.1% |
| Amounts payable after more than one year | 17 | €24,246 | €8,987 | -€15,259 | -62.9% |
| Financial debts | 170/4 | €24,246 | €8,987 | -€15,259 | -62.9% |
| Amounts payable within one year | 42/48 | €636,100 | €260,610 | -€375,490 | -59.0% |
| Current portion of amounts payable after more than one year | 42 | €15,074 | €13,995 | -€1,080 | -7.2% |
| Trade debts | 44 | €24,340 | €884 | -€23,457 | -96.4% |
| Suppliers | 440/4 | €24,340 | €884 | -€23,457 | -96.4% |
| Taxes, remuneration and social security | 45 | €26,393 | €11,213 | -€15,180 | -57.5% |
| Taxes | 450/3 | €25,437 | €11,213 | -€14,224 | -55.9% |
| Remuneration and social security | 454/9 | €956 | €0 | -€956 | -100% |
| Other amounts payable | 47/48 | €570,292 | €234,519 | -€335,774 | -58.9% |
| Accrued charges and deferred income | 492/3 | €0 | €400 | +€400 | |
| Non-recurring operating income | 76A | €77,004 | €0 | -€77,004 | -100% |
| Remuneration, social security and pensions | 62 | €13,111 | €0 | -€13,111 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,181 | €34,715 | +€2,534 | +7.9% |
| Other operating charges | 640/8 | €1,527 | €852 | -€675 | -44.2% |
| Gross operating margin | 9900 | €204,093 | €83,972 | -€120,121 | -58.9% |
| Operating profit (loss) | 9901 | €157,275 | €48,405 | -€108,870 | -69.2% |
| Financial income | 75/76B | €10,143 | €3,892 | -€6,251 | -61.6% |
| Recurring financial income | 75 | €10,143 | €3,892 | -€6,251 | -61.6% |
| Financial charges | 65/66B | €1,845 | €650 | -€1,195 | -64.8% |
| Recurring financial charges | 65 | €1,845 | €650 | -€1,195 | -64.8% |
| Profit (loss) for the period before taxes | 9903 | €165,573 | €51,647 | -€113,925 | -68.8% |
| Income taxes | 67/77 | €36,832 | €10,929 | -€25,903 | -70.3% |
| Profit (loss) for the period | 9904 | €128,740 | €40,718 | -€88,022 | -68.4% |
| Profit (loss) for the period to be appropriated | 9905 | €128,740 | €40,718 | -€88,022 | -68.4% |
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 28 October 2026 via checked.be.