The Brewer's Daughter: 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.
The Brewer's Daughter
Largest movements
- Stocks and contracts +€7.9m
up €7.9m (+397%), from €2.0m to €9.8m
- Receivables within one year +€302,439
up €302,439 (+156%), from €194,053 to €496,492
of which Trade receivables: +€305,686
- Cash +€159,284
up €159,284 (+193%), from €82,616 to €241,900
mainly Advances received (+€6.1m) and Trade debts (+€1.4m)
- Advances received +€6.1m
up €6.1m (+4,477%), from €135,212 to €6.2m
- Trade debts +€1.4m
up €1.4m (+346%), from €398,532 to €1.8m
- Reserves +€378,900
up €378,900 (+785%), from €48,250 to €427,150
of which Tax-exempt reserves: +€378,900
- Profit (loss) carried forward +€296,820
up €296,820 (+99.6%), from €298,034 to €594,855
- Other debts +€149,634
up €149,634 (+12.7%), from €1.2m to €1.3m
- Gross operating margin +€924,914
up €924,914 (+314%), from €294,977 to €1.2m
- Other operating charges +€299,331
up €299,331 (+1,741%), from €17,190 to €316,521
- Taxes +€162,446
up €162,446 (+253%), from €64,110 to €226,556
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 | €2,255,411 | €10,580,058 | +€8.3m | +369% |
| Current assets | 29/58 | €2,255,411 | €10,580,058 | +€8.3m | +369% |
| Stocks and contracts in progress | 3 | €1,977,801 | €9,831,745 | +€7.9m | +397% |
| Contracts in progress | 37 | €1,977,801 | €9,831,745 | +€7.9m | +397% |
| Amounts receivable within one year | 40/41 | €194,053 | €496,492 | +€302,439 | +156% |
| Trade receivables | 40 | €183,254 | €488,940 | +€305,686 | +167% |
| Other amounts receivable | 41 | €10,800 | €7,553 | -€3,247 | -30.1% |
| Cash at bank and in hand | 54/58 | €82,616 | €241,900 | +€159,284 | +193% |
| Deferred charges and accrued income | 490/1 | €941 | €9,921 | +€8,980 | +955% |
| Total equity and liabilities | 10/49 | €2,255,411 | €10,580,058 | +€8.3m | +369% |
| Equity | 10/15 | €407,784 | €1,083,505 | +€675,720 | +166% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €48,250 | €427,150 | +€378,900 | +785% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,100 | €421,000 | +€378,900 | +900% |
| Profit (loss) carried forward | 14 | €298,034 | €594,855 | +€296,820 | +99.6% |
| Amounts payable | 17/49 | €1,847,626 | €9,496,554 | +€7.6m | +414% |
| Amounts payable within one year | 42/48 | €1,758,193 | €9,406,702 | +€7.6m | +435% |
| Trade debts | 44 | €398,532 | €1,778,985 | +€1.4m | +346% |
| Suppliers | 440/4 | €398,532 | €1,778,985 | +€1.4m | +346% |
| Advances received on contracts in progress | 46 | €135,212 | €6,187,992 | +€6.1m | +4,477% |
| Taxes, remuneration and social security | 45 | €45,828 | €111,470 | +€65,643 | +143% |
| Taxes | 450/3 | €45,828 | €111,470 | +€65,643 | +143% |
| Other amounts payable | 47/48 | €1,178,621 | €1,328,255 | +€149,634 | +12.7% |
| Accrued charges and deferred income | 492/3 | €89,434 | €89,852 | +€418 | +0.5% |
| Other operating charges | 640/8 | €17,190 | €316,521 | +€299,331 | +1,741% |
| Gross operating margin | 9900 | €294,977 | €1,219,892 | +€924,914 | +314% |
| Operating profit (loss) | 9901 | €277,788 | €903,371 | +€625,583 | +225% |
| Financial income | 75/76B | €1,009 | €1 | -€1,008 | -99.9% |
| Recurring financial income | 75 | €1,009 | €1 | -€1,008 | -99.9% |
| Financial charges | 65/66B | €265 | €1,096 | +€831 | +314% |
| Recurring financial charges | 65 | €265 | €1,096 | +€831 | +314% |
| Profit (loss) for the period before taxes | 9903 | €278,532 | €902,277 | +€623,744 | +224% |
| Income taxes | 67/77 | €64,110 | €226,556 | +€162,446 | +253% |
| Profit (loss) for the period | 9904 | €214,422 | €675,720 | +€461,298 | +215% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €378,900 | +€336,800 | +800% |
| Profit (loss) for the period to be appropriated | 9905 | €172,322 | €296,820 | +€124,498 | +72.2% |
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 19 October 2026 via checked.be.