BRUD: 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.
BRUD
Largest movements
- Receivables within one year +€8,002
up €8,002 (+20.9%), from €38,252 to €46,254
of which Trade receivables: +€7,550
- Cash -€7,369
down €7,369 (-14.9%), from €49,469 to €42,100
mainly Receivables within one year (-€8,002) and Investment in fixed assets (net) (-€4,850)
- Tangible fixed assets +€3,136
up €3,136 (+227%), from €1,382 to €4,518
of which Other tangible fixed assets: +€4,518
- Reserves +€8,652
up €8,652 (+27.5%), from €31,511 to €40,162
- Other debts -€3,198
down €3,198 (-9.4%), from €33,879 to €30,681
- Current portion of long-term debt -€2,992
no longer reported in 2025 (was €2,992)
- Gross operating margin -€15,239
down €15,239 (-50.3%), from €30,284 to €15,045
- Taxes -€4,307
down €4,307 (-60.5%), from €7,121 to €2,814
- Depreciation -€584
down €584 (-25.4%), from €2,298 to €1,714
- Financial income +€500
new in 2025: €500
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 | €89,102 | €92,872 | +€3,770 | +4.2% |
| Fixed assets | 21/28 | €1,382 | €4,518 | +€3,136 | +227% |
| Tangible fixed assets | 22/27 | €1,382 | €4,518 | +€3,136 | +227% |
| Furniture and vehicles | 24 | €1,382 | - | -€1,382 | |
| Other tangible fixed assets | 26 | - | €4,518 | +€4,518 | |
| Current assets | 29/58 | €87,721 | €88,354 | +€634 | +0.7% |
| Amounts receivable within one year | 40/41 | €38,252 | €46,254 | +€8,002 | +20.9% |
| Trade receivables | 40 | €17,855 | €25,405 | +€7,550 | +42.3% |
| Other amounts receivable | 41 | €20,397 | €20,849 | +€452 | +2.2% |
| Cash at bank and in hand | 54/58 | €49,469 | €42,100 | -€7,369 | -14.9% |
| Total equity and liabilities | 10/49 | €89,102 | €92,872 | +€3,770 | +4.2% |
| Equity | 10/15 | €50,111 | €58,762 | +€8,652 | +17.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €31,511 | €40,162 | +€8,652 | +27.5% |
| Distributable reserves | 133 | €31,511 | €40,162 | +€8,652 | +27.5% |
| Amounts payable | 17/49 | €38,992 | €34,110 | -€4,882 | -12.5% |
| Amounts payable within one year | 42/48 | €38,992 | €34,110 | -€4,882 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €2,992 | - | -€2,992 | |
| Trade debts | 44 | - | €615 | +€615 | |
| Suppliers | 440/4 | - | €615 | +€615 | |
| Taxes, remuneration and social security | 45 | €2,121 | €2,814 | +€693 | +32.7% |
| Taxes | 450/3 | €2,121 | €2,814 | +€693 | +32.7% |
| Other amounts payable | 47/48 | €33,879 | €30,681 | -€3,198 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,298 | €1,714 | -€584 | -25.4% |
| Other operating charges | 640/8 | €688 | €706 | +€18 | +2.6% |
| Gross operating margin | 9900 | €30,284 | €15,045 | -€15,239 | -50.3% |
| Operating profit (loss) | 9901 | €27,298 | €12,625 | -€14,673 | -53.8% |
| Financial income | 75/76B | - | €500 | +€500 | |
| Recurring financial income | 75 | - | €500 | +€500 | |
| Financial charges | 65/66B | €184 | €59 | -€124 | -67.8% |
| Recurring financial charges | 65 | €184 | €59 | -€124 | -67.8% |
| Profit (loss) for the period before taxes | 9903 | €27,114 | €13,066 | -€14,049 | -51.8% |
| Income taxes | 67/77 | €7,121 | €2,814 | -€4,307 | -60.5% |
| Profit (loss) for the period | 9904 | €19,994 | €10,252 | -€9,742 | -48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,994 | €10,252 | -€9,742 | -48.7% |
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 30 October 2026 via checked.be.