TIMOTHY BRUNEEL: 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.
TIMOTHY BRUNEEL
Largest movements
- Cash +€124,832
up €124,832 (+49.5%), from €252,317 to €377,149
mainly Net result for the year (+€194,701) and Short-term financial debts (+€41,600)
- Profit (loss) carried forward +€165,907
up €165,907 (+281%), from €59,093 to €225,000
- Other debts -€57,804
down €57,804 (-39.0%), from €148,240 to €90,435
- Debts after one year -€45,965
down €45,965 (-59.7%), from €77,023 to €31,058
- Short-term financial debts +€41,600
up €41,600 (+14.6%), from €285,433 to €327,033
- Tax, wage and social debts +€19,308
up €19,308 (+574%), from €3,366 to €22,674
- Gross operating margin +€38,678
up €38,678 (+16.6%), from €232,929 to €271,607
- Depreciation +€8,040
up €8,040 (+1,389%), from €579 to €8,618
- Taxes +€7,739
up €7,739 (+15.1%), from €51,138 to €58,878
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 | €651,265 | €778,424 | +€127,159 | +19.5% |
| Fixed assets | 21/28 | €368 | €7,853 | +€7,484 | +2,031% |
| Tangible fixed assets | 22/27 | €368 | €7,853 | +€7,484 | +2,031% |
| Plant, machinery and equipment | 23 | €368 | €0 | -€368 | -100% |
| Furniture and vehicles | 24 | - | €7,853 | +€7,853 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €650,896 | €770,571 | +€119,675 | +18.4% |
| Amounts receivable after more than one year | 29 | €374,000 | €374,000 | = | 0.0% |
| Other amounts receivable | 291 | €374,000 | €374,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,972 | €5,556 | -€7,416 | -57.2% |
| Trade receivables | 40 | €2,579 | €2,732 | +€153 | +5.9% |
| Other amounts receivable | 41 | €10,393 | €2,825 | -€7,569 | -72.8% |
| Cash at bank and in hand | 54/58 | €252,317 | €377,149 | +€124,832 | +49.5% |
| Deferred charges and accrued income | 490/1 | €11,607 | €13,866 | +€2,259 | +19.5% |
| Total equity and liabilities | 10/49 | €651,265 | €778,424 | +€127,159 | +19.5% |
| Equity | 10/15 | €74,093 | €240,000 | +€165,907 | +224% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,093 | €225,000 | +€165,907 | +281% |
| Amounts payable | 17/49 | €577,171 | €538,424 | -€38,747 | -6.7% |
| Amounts payable after more than one year | 17 | €77,023 | €31,058 | -€45,965 | -59.7% |
| Financial debts | 170/4 | €77,023 | €31,058 | -€45,965 | -59.7% |
| Amounts payable within one year | 42/48 | €485,456 | €491,454 | +€5,998 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €45,231 | €45,965 | +€735 | +1.6% |
| Financial debts | 43 | €285,433 | €327,033 | +€41,600 | +14.6% |
| Other loans | 439 | €285,433 | €327,033 | +€41,600 | +14.6% |
| Trade debts | 44 | €3,186 | €5,346 | +€2,160 | +67.8% |
| Suppliers | 440/4 | €3,186 | €5,346 | +€2,160 | +67.8% |
| Taxes, remuneration and social security | 45 | €3,366 | €22,674 | +€19,308 | +574% |
| Taxes | 450/3 | €3,366 | €22,674 | +€19,308 | +574% |
| Other amounts payable | 47/48 | €148,240 | €90,435 | -€57,804 | -39.0% |
| Accrued charges and deferred income | 492/3 | €14,693 | €15,913 | +€1,220 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €579 | €8,618 | +€8,040 | +1,389% |
| Other operating charges | 640/8 | €1,063 | €1,126 | +€63 | +5.9% |
| Gross operating margin | 9900 | €232,929 | €271,607 | +€38,678 | +16.6% |
| Operating profit (loss) | 9901 | €231,287 | €261,862 | +€30,576 | +13.2% |
| Financial income | 75/76B | €7,003 | €9,037 | +€2,035 | +29.1% |
| Recurring financial income | 75 | €7,003 | €9,037 | +€2,035 | +29.1% |
| Financial charges | 65/66B | €15,443 | €17,321 | +€1,878 | +12.2% |
| Recurring financial charges | 65 | €15,443 | €17,321 | +€1,878 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €222,847 | €253,579 | +€30,732 | +13.8% |
| Income taxes | 67/77 | €51,138 | €58,878 | +€7,739 | +15.1% |
| Profit (loss) for the period | 9904 | €171,708 | €194,701 | +€22,992 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €171,708 | €194,701 | +€22,992 | +13.4% |
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 14 October 2026 via checked.be.