VANMULLEM BRECHT: what changed
VANMULLEM BRECHT
Largest movements
- Tangible fixed assets +€155,488
up €155,488 (+26.8%), from €579,166 to €734,654
of which Land and buildings: +€154,411
- Receivables within one year +€62,164
up €62,164 (+99.9%), from €62,208 to €124,371
of which Trade receivables: +€62,642
- Financial fixed assets +€35,722
up €35,722 (+74.7%), from €47,827 to €83,549
- Cash -€12,004
down €12,004 (-53.6%), from €22,395 to €10,392
mainly Investment in fixed assets (net) (-€227,418) and Receivables within one year (-€62,164)
- Other debts +€191,860
up €191,860 (+198%), from €96,820 to €288,679
- Reserves +€51,532
up €51,532 (+26.5%), from €194,482 to €246,014
- Debts after one year -€29,600
down €29,600 (-7.8%), from €377,867 to €348,267
- Trade debts +€21,960
up €21,960 (+616%), from €3,566 to €25,526
- Gross operating margin +€44,702
up €44,702 (+60.5%), from €73,883 to €118,585
- Taxes +€9,891
up €9,891 (+120%), from €8,270 to €18,161
- Financial charges +€9,466
up €9,466 (+444%), from €2,134 to €11,600
- Depreciation +€7,741
up €7,741 (+27.2%), from €28,467 to €36,208
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 | €712,335 | €954,768 | +€242,434 | +34.0% |
| Fixed assets | 21/28 | €626,993 | €818,203 | +€191,210 | +30.5% |
| Tangible fixed assets | 22/27 | €579,166 | €734,654 | +€155,488 | +26.8% |
| Land and buildings | 22 | €552,059 | €706,470 | +€154,411 | +28.0% |
| Plant, machinery and equipment | 23 | €13,674 | €12,359 | -€1,315 | -9.6% |
| Furniture and vehicles | 24 | €13,433 | €15,825 | +€2,393 | +17.8% |
| Financial fixed assets | 28 | €47,827 | €83,549 | +€35,722 | +74.7% |
| Current assets | 29/58 | €85,342 | €136,565 | +€51,223 | +60.0% |
| Amounts receivable within one year | 40/41 | €62,208 | €124,371 | +€62,164 | +99.9% |
| Trade receivables | 40 | €57,499 | €120,141 | +€62,642 | +109% |
| Other amounts receivable | 41 | €4,709 | €4,230 | -€478 | -10.2% |
| Cash at bank and in hand | 54/58 | €22,395 | €10,392 | -€12,004 | -53.6% |
| Deferred charges and accrued income | 490/1 | €739 | €1,802 | +€1,063 | +144% |
| Total equity and liabilities | 10/49 | €712,335 | €954,768 | +€242,434 | +34.0% |
| Equity | 10/15 | €204,482 | €256,014 | +€51,532 | +25.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €194,482 | €246,014 | +€51,532 | +26.5% |
| Distributable reserves | 133 | €194,482 | €246,014 | +€51,532 | +26.5% |
| Amounts payable | 17/49 | €507,853 | €698,754 | +€190,902 | +37.6% |
| Amounts payable after more than one year | 17 | €377,867 | €348,267 | -€29,600 | -7.8% |
| Financial debts | 170/4 | €377,867 | €348,267 | -€29,600 | -7.8% |
| Amounts payable within one year | 42/48 | €129,986 | €350,488 | +€220,502 | +170% |
| Current portion of amounts payable after more than one year | 42 | €29,600 | €29,600 | = | 0.0% |
| Trade debts | 44 | €3,566 | €25,526 | +€21,960 | +616% |
| Suppliers | 440/4 | €3,566 | €25,526 | +€21,960 | +616% |
| Taxes, remuneration and social security | 45 | €0 | €6,682 | +€6,682 | |
| Taxes | 450/3 | €0 | €6,682 | +€6,682 | |
| Other amounts payable | 47/48 | €96,820 | €288,679 | +€191,860 | +198% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,467 | €36,208 | +€7,741 | +27.2% |
| Other operating charges | 640/8 | €2,363 | €1,424 | -€939 | -39.7% |
| Gross operating margin | 9900 | €73,883 | €118,585 | +€44,702 | +60.5% |
| Operating profit (loss) | 9901 | €43,053 | €80,953 | +€37,900 | +88.0% |
| Financial income | 75/76B | €1 | €340 | +€339 | +40,902% |
| Recurring financial income | 75 | €1 | €340 | +€339 | +40,902% |
| Financial charges | 65/66B | €2,134 | €11,600 | +€9,466 | +444% |
| Recurring financial charges | 65 | €2,134 | €11,600 | +€9,466 | +444% |
| Profit (loss) for the period before taxes | 9903 | €40,920 | €69,693 | +€28,773 | +70.3% |
| Income taxes | 67/77 | €8,270 | €18,161 | +€9,891 | +120% |
| Profit (loss) for the period | 9904 | €32,650 | €51,532 | +€18,882 | +57.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,650 | €51,532 | +€18,882 | +57.8% |
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 7 November 2026 via checked.be.