Thierry BRASSEUR: what changed
Thierry BRASSEUR
Largest movements
- Cash +€89,555
up €89,555 (+105%), from €84,941 to €174,496
mainly Trade debts (+€86,830) and Net result for the year (+€50,219)
- Receivables within one year -€29,762
down €29,762 (-14.6%), from €204,255 to €174,493
of which Trade receivables: -€38,273
- Tangible fixed assets +€8,870
up €8,870 (+6.3%), from €141,418 to €150,288
of which Furniture and vehicles: +€32,045
- Stocks and contracts -€7,965
down €7,965 (-21.1%), from €37,752 to €29,786
- Trade debts +€86,830
up €86,830 (+46.6%), from €186,171 to €273,002
- Debts after one year -€23,817
down €23,817 (-80.6%), from €29,550 to €5,733
- Profit (loss) carried forward -€19,468
down €19,468 (-17.8%), from €109,644 to €90,176
- Tax, wage and social debts +€12,881
up €12,881 (+48.9%), from €26,354 to €39,235
of which Taxes: +€12,731
- Other debts +€9,519
new in 2025: €9,519
- Financial income -€65,021
down €65,021 (-99.9%), from €65,055 to €34
of which Non-recurring financial income: -€65,000
- Gross operating margin +€36,476
up €36,476 (+34.6%), from €105,277 to €141,752
- Depreciation -€14,332
down €14,332 (-32.9%), from €43,576 to €29,244
- Staff costs +€6,350
up €6,350 (+28.4%), from €22,341 to €28,691
- Financial charges -€1,549
down €1,549 (-21.1%), from €7,326 to €5,777
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €511,408 | €571,354 | +€59,945 | +11.7% |
| Fixed assets | 21/28 | €177,342 | €186,213 | +€8,870 | +5.0% |
| Tangible fixed assets | 22/27 | €141,418 | €150,288 | +€8,870 | +6.3% |
| Land and buildings | 22 | €110,176 | €90,001 | -€20,175 | -18.3% |
| Plant, machinery and equipment | 23 | €12,000 | €9,000 | -€3,000 | -25.0% |
| Furniture and vehicles | 24 | €19,242 | €51,287 | +€32,045 | +167% |
| Financial fixed assets | 28 | €35,925 | €35,925 | = | 0.0% |
| Current assets | 29/58 | €334,066 | €385,141 | +€51,075 | +15.3% |
| Stocks and contracts in progress | 3 | €37,752 | €29,786 | -€7,965 | -21.1% |
| Stocks | 30/36 | €37,752 | €29,786 | -€7,965 | -21.1% |
| Amounts receivable within one year | 40/41 | €204,255 | €174,493 | -€29,762 | -14.6% |
| Trade receivables | 40 | €201,268 | €162,995 | -€38,273 | -19.0% |
| Other amounts receivable | 41 | €2,987 | €11,498 | +€8,512 | +285% |
| Cash at bank and in hand | 54/58 | €84,941 | €174,496 | +€89,555 | +105% |
| Deferred charges and accrued income | 490/1 | €7,119 | €6,366 | -€753 | -10.6% |
| Total equity and liabilities | 10/49 | €511,408 | €571,354 | +€59,945 | +11.7% |
| Equity | 10/15 | €227,666 | €208,197 | -€19,468 | -8.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,422 | €99,422 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €97,562 | €97,562 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,644 | €90,176 | -€19,468 | -17.8% |
| Provisions and deferred taxes | 16 | €11,850 | €11,850 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €11,850 | €11,850 | = | 0.0% |
| Major repairs and maintenance | 162 | €11,850 | €11,850 | = | 0.0% |
| Amounts payable | 17/49 | €271,893 | €351,306 | +€79,413 | +29.2% |
| Amounts payable after more than one year | 17 | €29,550 | €5,733 | -€23,817 | -80.6% |
| Financial debts | 170/4 | €29,550 | €5,733 | -€23,817 | -80.6% |
| Amounts payable within one year | 42/48 | €242,343 | €345,574 | +€103,231 | +42.6% |
| Current portion of amounts payable after more than one year | 42 | €29,818 | €23,817 | -€6,000 | -20.1% |
| Trade debts | 44 | €186,171 | €273,002 | +€86,830 | +46.6% |
| Suppliers | 440/4 | €186,171 | €273,002 | +€86,830 | +46.6% |
| Taxes, remuneration and social security | 45 | €26,354 | €39,235 | +€12,881 | +48.9% |
| Taxes | 450/3 | €19,123 | €31,854 | +€12,731 | +66.6% |
| Remuneration and social security | 454/9 | €7,230 | €7,381 | +€150 | +2.1% |
| Other amounts payable | 47/48 | - | €9,519 | +€9,519 | |
| Remuneration, social security and pensions | 62 | €22,341 | €28,691 | +€6,350 | +28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,576 | €29,244 | -€14,332 | -32.9% |
| Other operating charges | 640/8 | €5,840 | €5,725 | -€115 | -2.0% |
| Gross operating margin | 9900 | €105,277 | €141,752 | +€36,476 | +34.6% |
| Operating profit (loss) | 9901 | €33,520 | €78,093 | +€44,573 | +133% |
| Financial income | 75/76B | €65,055 | €34 | -€65,021 | -99.9% |
| Recurring financial income | 75 | €55 | €34 | -€21 | -38.6% |
| Non-recurring financial income | 76B | €65,000 | - | -€65,000 | |
| Financial charges | 65/66B | €7,326 | €5,777 | -€1,549 | -21.1% |
| Recurring financial charges | 65 | €7,326 | €5,777 | -€1,549 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €91,249 | €72,349 | -€18,900 | -20.7% |
| Income taxes | 67/77 | €21,072 | €22,130 | +€1,058 | +5.0% |
| Profit (loss) for the period | 9904 | €70,177 | €50,219 | -€19,958 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €70,177 | €50,219 | -€19,958 | -28.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.