Valentijn De Brabander: 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.
Valentijn De Brabander
Largest movements
- Cash -€48,194
down €48,194 (-44.1%), from €109,178 to €60,984
mainly Current investments (-€36,846) and Investment in fixed assets (net) (-€15,358)
- Current investments +€36,846
up €36,846 (+18.5%), from €199,271 to €236,117
- Tangible fixed assets +€7,441
up €7,441 (+41.0%), from €18,168 to €25,610
of which Furniture and vehicles: +€10,159
- Deferred charges and accrued income -€3,606
down €3,606 (-35.0%), from €10,305 to €6,700
- Tax, wage and social debts -€14,242
down €14,242 (-81.9%), from €17,380 to €3,139
of which Taxes: -€14,242
- Other debts +€8,623
up €8,623 (+174%), from €4,944 to €13,567
- Gross operating margin -€24,316
down €24,316 (-76.9%), from €31,626 to €7,310
- Taxes -€7,508
down €7,508 (-96.0%), from €7,825 to €317
- Depreciation +€2,368
up €2,368 (+42.7%), from €5,549 to €7,917
- Other operating charges -€1,935
down €1,935 (-31.1%), from €6,212 to €4,277
- Financial income +€1,494
up €1,494 (+212%), from €706 to €2,200
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 | €349,965 | €341,843 | -€8,123 | -2.3% |
| Fixed assets | 21/28 | €18,168 | €25,610 | +€7,441 | +41.0% |
| Tangible fixed assets | 22/27 | €18,168 | €25,610 | +€7,441 | +41.0% |
| Land and buildings | 22 | €741 | €556 | -€185 | -25.0% |
| Plant, machinery and equipment | 23 | €3,351 | €1,833 | -€1,518 | -45.3% |
| Furniture and vehicles | 24 | €2,809 | €12,968 | +€10,159 | +362% |
| Other tangible fixed assets | 26 | €11,268 | €10,253 | -€1,015 | -9.0% |
| Current assets | 29/58 | €331,797 | €316,233 | -€15,564 | -4.7% |
| Amounts receivable within one year | 40/41 | €13,043 | €12,432 | -€610 | -4.7% |
| Trade receivables | 40 | €3,894 | €4,603 | +€709 | +18.2% |
| Other amounts receivable | 41 | €9,149 | €7,830 | -€1,319 | -14.4% |
| Current investments | 50/53 | €199,271 | €236,117 | +€36,846 | +18.5% |
| Cash at bank and in hand | 54/58 | €109,178 | €60,984 | -€48,194 | -44.1% |
| Deferred charges and accrued income | 490/1 | €10,305 | €6,700 | -€3,606 | -35.0% |
| Total equity and liabilities | 10/49 | €349,965 | €341,843 | -€8,123 | -2.3% |
| Equity | 10/15 | €307,626 | €304,191 | -€3,436 | -1.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €295,226 | €291,791 | -€3,436 | -1.2% |
| Distributable reserves | 133 | €295,226 | €291,791 | -€3,436 | -1.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,339 | €37,652 | -€4,687 | -11.1% |
| Amounts payable within one year | 42/48 | €42,089 | €37,202 | -€4,887 | -11.6% |
| Trade debts | 44 | €19,765 | €20,496 | +€731 | +3.7% |
| Suppliers | 440/4 | €19,765 | €20,496 | +€731 | +3.7% |
| Taxes, remuneration and social security | 45 | €17,380 | €3,139 | -€14,242 | -81.9% |
| Taxes | 450/3 | €15,574 | €1,332 | -€14,242 | -91.4% |
| Remuneration and social security | 454/9 | €1,807 | €1,807 | = | 0.0% |
| Other amounts payable | 47/48 | €4,944 | €13,567 | +€8,623 | +174% |
| Accrued charges and deferred income | 492/3 | €250 | €450 | +€200 | +80.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,549 | €7,917 | +€2,368 | +42.7% |
| Other operating charges | 640/8 | €6,212 | €4,277 | -€1,935 | -31.1% |
| Gross operating margin | 9900 | €31,626 | €7,310 | -€24,316 | -76.9% |
| Operating profit (loss) | 9901 | €19,865 | -€4,884 | -€24,749 | |
| Financial income | 75/76B | €706 | €2,200 | +€1,494 | +212% |
| Recurring financial income | 75 | €706 | €2,200 | +€1,494 | +212% |
| Financial charges | 65/66B | €1,048 | €435 | -€614 | -58.6% |
| Recurring financial charges | 65 | €1,048 | €435 | -€614 | -58.6% |
| Profit (loss) for the period before taxes | 9903 | €19,522 | -€3,119 | -€22,641 | |
| Income taxes | 67/77 | €7,825 | €317 | -€7,508 | -96.0% |
| Profit (loss) for the period | 9904 | €11,698 | -€3,436 | -€15,133 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,698 | -€3,436 | -€15,133 |
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 29 October 2026 via checked.be.