THEBRO: 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.
THEBRO
Largest movements
- Tangible fixed assets +€99,805
up €99,805 (+56.9%), from €175,410 to €275,215
of which Furniture and vehicles: +€110,263
- Cash -€46,538
down €46,538 (-53.0%), from €87,852 to €41,314
mainly Investment in fixed assets (net) (-€125,410) and Receivables within one year (-€32,765)
- Receivables within one year +€32,765
up €32,765 (+38.5%), from €85,053 to €117,818
of which Trade receivables: +€18,155
- Reserves +€61,617
up €61,617 (+42.6%), from €144,759 to €206,376
- Current portion of long-term debt +€10,068
up €10,068 (+65.4%), from €15,390 to €25,458
- Tax, wage and social debts +€7,459
up €7,459 (+100.0%), from €7,460 to €14,920
of which Remuneration and social security: +€5,557
- Trade debts +€6,123
up €6,123 (+22.6%), from €27,065 to €33,188
- Gross operating margin +€46,611
up €46,611 (+39.8%), from €117,158 to €163,770
- Depreciation +€11,518
up €11,518 (+81.8%), from €14,086 to €25,604
- Taxes +€7,791
up €7,791 (+56.3%), from €13,846 to €21,637
- Staff costs +€3,030
up €3,030 (+7.6%), from €40,048 to €43,077
- Financial charges -€2,266
down €2,266 (-27.5%), from €8,241 to €5,975
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 | €356,124 | €440,847 | +€84,723 | +23.8% |
| Fixed assets | 21/28 | €175,410 | €275,215 | +€99,805 | +56.9% |
| Tangible fixed assets | 22/27 | €175,410 | €275,215 | +€99,805 | +56.9% |
| Land and buildings | 22 | €167,890 | €156,044 | -€11,846 | -7.1% |
| Plant, machinery and equipment | 23 | €1,570 | €1,150 | -€420 | -26.8% |
| Furniture and vehicles | 24 | €5,950 | €116,213 | +€110,263 | +1,853% |
| Other tangible fixed assets | 26 | €0 | €1,808 | +€1,808 | |
| Current assets | 29/58 | €180,714 | €165,632 | -€15,082 | -8.3% |
| Stocks and contracts in progress | 3 | €6,500 | €6,500 | = | 0.0% |
| Stocks | 30/36 | €6,500 | €6,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €85,053 | €117,818 | +€32,765 | +38.5% |
| Trade receivables | 40 | €78,763 | €96,918 | +€18,155 | +23.1% |
| Other amounts receivable | 41 | €6,290 | €20,900 | +€14,610 | +232% |
| Cash at bank and in hand | 54/58 | €87,852 | €41,314 | -€46,538 | -53.0% |
| Deferred charges and accrued income | 490/1 | €1,309 | €0 | -€1,309 | -100% |
| Total equity and liabilities | 10/49 | €356,124 | €440,847 | +€84,723 | +23.8% |
| Equity | 10/15 | €163,359 | €224,976 | +€61,617 | +37.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,759 | €206,376 | +€61,617 | +42.6% |
| Distributable reserves | 133 | €144,759 | €206,376 | +€61,617 | +42.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €192,765 | €215,871 | +€23,106 | +12.0% |
| Amounts payable after more than one year | 17 | €139,849 | €138,555 | -€1,294 | -0.9% |
| Financial debts | 170/4 | €127,943 | €138,555 | +€10,611 | +8.3% |
| Other amounts payable | 178/9 | €11,905 | €0 | -€11,905 | -100% |
| Amounts payable within one year | 42/48 | €52,916 | €77,316 | +€24,400 | +46.1% |
| Current portion of amounts payable after more than one year | 42 | €15,390 | €25,458 | +€10,068 | +65.4% |
| Trade debts | 44 | €27,065 | €33,188 | +€6,123 | +22.6% |
| Suppliers | 440/4 | €27,065 | €33,188 | +€6,123 | +22.6% |
| Taxes, remuneration and social security | 45 | €7,460 | €14,920 | +€7,459 | +100.0% |
| Taxes | 450/3 | €5,687 | €7,590 | +€1,903 | +33.5% |
| Remuneration and social security | 454/9 | €1,773 | €7,329 | +€5,557 | +313% |
| Other amounts payable | 47/48 | €3,000 | €3,750 | +€750 | +25.0% |
| Non-recurring operating income | 76A | €35,489 | €11,240 | -€24,249 | -68.3% |
| Remuneration, social security and pensions | 62 | €40,048 | €43,077 | +€3,030 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,086 | €25,604 | +€11,518 | +81.8% |
| Other operating charges | 640/8 | €4,492 | €4,576 | +€84 | +1.9% |
| Gross operating margin | 9900 | €117,158 | €163,770 | +€46,611 | +39.8% |
| Operating profit (loss) | 9901 | €58,532 | €90,512 | +€31,980 | +54.6% |
| Financial income | 75/76B | €141 | €217 | +€76 | +53.9% |
| Recurring financial income | 75 | €141 | €217 | +€76 | +53.9% |
| Financial charges | 65/66B | €8,241 | €5,975 | -€2,266 | -27.5% |
| Recurring financial charges | 65 | €8,241 | €5,975 | -€2,266 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €50,433 | €84,754 | +€34,322 | +68.1% |
| Income taxes | 67/77 | €13,846 | €21,637 | +€7,791 | +56.3% |
| Profit (loss) for the period | 9904 | €36,586 | €63,117 | +€26,531 | +72.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,586 | €63,117 | +€26,531 | +72.5% |
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 25 October 2026 via checked.be.