Stephan Brouwers: 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.
Stephan Brouwers
Largest movements
- Receivables within one year -€265,884
down €265,884 (-95.5%), from €278,428 to €12,545
of which Trade receivables: -€249,535
- Cash +€81,055
up €81,055 (+144%), from €56,250 to €137,305
mainly Receivables within one year (+€265,884) and Net result for the year (+€108,351)
- Tangible fixed assets -€17,638
down €17,638 (-4.6%), from €383,243 to €365,605
of which Land and buildings: -€9,889
- Receivables after one year -€7,500
no longer reported in 2025 (was €7,500)
- Reserves -€195,350
down €195,350 (-54.4%), from €359,160 to €163,810
- Other debts +€26,503
up €26,503 (+1,566%), from €1,692 to €28,196
- Trade debts -€24,727
down €24,727 (-71.0%), from €34,814 to €10,087
- Debts after one year -€16,726
down €16,726 (-5.7%), from €292,407 to €275,681
- Other operating charges -€51,876
down €51,876 (-98.4%), from €52,699 to €823
- Taxes +€13,878
up €13,878 (+73.2%), from €18,964 to €32,842
- Gross operating margin +€11,601
up €11,601 (+7.3%), from €159,841 to €171,441
- Depreciation +€6,819
up €6,819 (+63.0%), from €10,819 to €17,638
- Financial charges +€4,087
up €4,087 (+52.9%), from €7,725 to €11,812
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 | €725,422 | €515,455 | -€209,967 | -28.9% |
| Fixed assets | 21/28 | €383,243 | €365,605 | -€17,638 | -4.6% |
| Tangible fixed assets | 22/27 | €383,243 | €365,605 | -€17,638 | -4.6% |
| Land and buildings | 22 | €353,195 | €343,306 | -€9,889 | -2.8% |
| Plant, machinery and equipment | 23 | €4,087 | €2,723 | -€1,364 | -33.4% |
| Furniture and vehicles | 24 | €12,382 | €8,818 | -€3,564 | -28.8% |
| Other tangible fixed assets | 26 | €13,578 | €10,758 | -€2,821 | -20.8% |
| Current assets | 29/58 | €342,179 | €149,850 | -€192,329 | -56.2% |
| Amounts receivable after more than one year | 29 | €7,500 | - | -€7,500 | |
| Other amounts receivable | 291 | €7,500 | - | -€7,500 | |
| Amounts receivable within one year | 40/41 | €278,428 | €12,545 | -€265,884 | -95.5% |
| Trade receivables | 40 | €261,845 | €12,310 | -€249,535 | -95.3% |
| Other amounts receivable | 41 | €16,583 | €235 | -€16,349 | -98.6% |
| Cash at bank and in hand | 54/58 | €56,250 | €137,305 | +€81,055 | +144% |
| Total equity and liabilities | 10/49 | €725,422 | €515,455 | -€209,967 | -28.9% |
| Equity | 10/15 | €374,170 | €178,821 | -€195,349 | -52.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Contributions outside capital | 11 | €15,000 | €15,000 | = | 0.0% |
| Other | 1109/19 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €359,160 | €163,810 | -€195,350 | -54.4% |
| Distributable reserves | 133 | €359,160 | €163,810 | -€195,350 | -54.4% |
| Profit (loss) carried forward | 14 | €10 | €11 | +€1 | +9.0% |
| Amounts payable | 17/49 | €351,252 | €336,634 | -€14,618 | -4.2% |
| Amounts payable after more than one year | 17 | €292,407 | €275,681 | -€16,726 | -5.7% |
| Financial debts | 170/4 | €292,407 | €275,681 | -€16,726 | -5.7% |
| Amounts payable within one year | 42/48 | €58,845 | €60,953 | +€2,108 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €16,096 | €16,726 | +€630 | +3.9% |
| Trade debts | 44 | €34,814 | €10,087 | -€24,727 | -71.0% |
| Suppliers | 440/4 | €34,814 | €10,087 | -€24,727 | -71.0% |
| Taxes, remuneration and social security | 45 | €6,242 | €5,944 | -€298 | -4.8% |
| Taxes | 450/3 | €6,242 | €5,944 | -€298 | -4.8% |
| Other amounts payable | 47/48 | €1,692 | €28,196 | +€26,503 | +1,566% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,819 | €17,638 | +€6,819 | +63.0% |
| Other operating charges | 640/8 | €52,699 | €823 | -€51,876 | -98.4% |
| Gross operating margin | 9900 | €159,841 | €171,441 | +€11,601 | +7.3% |
| Operating profit (loss) | 9901 | €96,322 | €152,980 | +€56,658 | +58.8% |
| Financial income | 75/76B | €121 | €25 | -€96 | -79.7% |
| Recurring financial income | 75 | €121 | €25 | -€96 | -79.7% |
| Financial charges | 65/66B | €7,725 | €11,812 | +€4,087 | +52.9% |
| Recurring financial charges | 65 | €7,725 | €11,812 | +€4,087 | +52.9% |
| Profit (loss) for the period before taxes | 9903 | €88,718 | €141,193 | +€52,475 | +59.1% |
| Income taxes | 67/77 | €18,964 | €32,842 | +€13,878 | +73.2% |
| Profit (loss) for the period | 9904 | €69,754 | €108,351 | +€38,597 | +55.3% |
| Profit (loss) for the period to be appropriated | 9905 | €69,754 | €108,351 | +€38,597 | +55.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.