The Brown Fox: 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 Brown Fox
Largest movements
- Cash +€24,888
up €24,888 (+41.6%), from €59,863 to €84,750
mainly Net result for the year (+€48,915) and Depreciation (+€15,960)
- Receivables within one year +€17,909
up €17,909 (+152%), from €11,780 to €29,690
of which Trade receivables: +€18,508
- Tangible fixed assets -€13,160
down €13,160 (-21.0%), from €62,667 to €49,507
of which Furniture and vehicles: -€12,900
- Current investments +€11,008
up €11,008 (+14.6%), from €75,267 to €86,275
- Reserves +€28,970
up €28,970 (+23.4%), from €123,805 to €152,775
- Tax, wage and social debts +€10,956
up €10,956 (+123%), from €8,872 to €19,829
- Financial income +€5,642
up €5,642 (+2,889%), from €195 to €5,838
- Gross operating margin +€5,433
up €5,433 (+7.5%), from €72,173 to €77,606
- Depreciation +€2,187
up €2,187 (+15.9%), from €13,773 to €15,960
- Taxes +€1,483
up €1,483 (+9.2%), from €16,111 to €17,594
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 | €209,969 | €250,620 | +€40,652 | +19.4% |
| Fixed assets | 21/28 | €62,667 | €49,507 | -€13,160 | -21.0% |
| Tangible fixed assets | 22/27 | €62,667 | €49,507 | -€13,160 | -21.0% |
| Plant, machinery and equipment | 23 | €2,206 | €1,946 | -€260 | -11.8% |
| Furniture and vehicles | 24 | €60,460 | €47,561 | -€12,900 | -21.3% |
| Current assets | 29/58 | €147,302 | €201,113 | +€53,811 | +36.5% |
| Amounts receivable within one year | 40/41 | €11,780 | €29,690 | +€17,909 | +152% |
| Trade receivables | 40 | €10,800 | €29,308 | +€18,508 | +171% |
| Other amounts receivable | 41 | €980 | €382 | -€598 | -61.0% |
| Current investments | 50/53 | €75,267 | €86,275 | +€11,008 | +14.6% |
| Cash at bank and in hand | 54/58 | €59,863 | €84,750 | +€24,888 | +41.6% |
| Deferred charges and accrued income | 490/1 | €393 | €399 | +€6 | +1.5% |
| Total equity and liabilities | 10/49 | €209,969 | €250,620 | +€40,652 | +19.4% |
| Equity | 10/15 | €195,406 | €223,548 | +€28,142 | +14.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Capital | 10 | €2,000 | €2,000 | = | 0.0% |
| Issued capital | 100 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €123,805 | €152,775 | +€28,970 | +23.4% |
| Distributable reserves | 133 | €123,805 | €152,775 | +€28,970 | +23.4% |
| Profit (loss) carried forward | 14 | €69,601 | €68,773 | -€828 | -1.2% |
| Amounts payable | 17/49 | €14,562 | €27,072 | +€12,510 | +85.9% |
| Amounts payable within one year | 42/48 | €13,562 | €25,384 | +€11,822 | +87.2% |
| Trade debts | 44 | €666 | €185 | -€482 | -72.3% |
| Suppliers | 440/4 | €666 | €185 | -€482 | -72.3% |
| Taxes, remuneration and social security | 45 | €8,872 | €19,829 | +€10,956 | +123% |
| Taxes | 450/3 | €8,872 | €19,829 | +€10,956 | +123% |
| Other amounts payable | 47/48 | €4,023 | €5,371 | +€1,348 | +33.5% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,688 | +€688 | +68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,773 | €15,960 | +€2,187 | +15.9% |
| Other operating charges | 640/8 | €441 | €564 | +€123 | +27.8% |
| Gross operating margin | 9900 | €72,173 | €77,606 | +€5,433 | +7.5% |
| Operating profit (loss) | 9901 | €57,959 | €61,083 | +€3,124 | +5.4% |
| Financial income | 75/76B | €195 | €5,838 | +€5,642 | +2,889% |
| Recurring financial income | 75 | €195 | €5,838 | +€5,642 | +2,889% |
| Financial charges | 65/66B | €84 | €412 | +€327 | +388% |
| Recurring financial charges | 65 | €84 | €412 | +€327 | +388% |
| Profit (loss) for the period before taxes | 9903 | €58,070 | €66,509 | +€8,439 | +14.5% |
| Income taxes | 67/77 | €16,111 | €17,594 | +€1,483 | +9.2% |
| Profit (loss) for the period | 9904 | €41,959 | €48,915 | +€6,956 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,959 | €48,915 | +€6,956 | +16.6% |
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 16 October 2026 via checked.be.