B.R.A.T.: what changed
B.R.A.T.
Largest movements
- Receivables within one year +€218,856
up €218,856 (+1,065%), from €20,551 to €239,407
of which Trade receivables: +€218,856
- Cash -€103,888
down €103,888 (-14.8%), from €699,985 to €596,098
mainly Receivables within one year (-€218,856) and Other debts (-€94,315)
- Financial fixed assets -€42,845
down €42,845 (-33.1%), from €129,246 to €86,401
- Deferred charges and accrued income -€20,343
down €20,343 (-86.0%), from €23,660 to €3,318
- Reserves +€97,700
up €97,700 (+15.8%), from €617,778 to €715,478
of which Distributable reserves: +€64,020
- Other debts -€94,315
down €94,315 (-48.3%), from €195,228 to €100,912
- Tax, wage and social debts +€24,706
up €24,706 (+137%), from €18,052 to €42,758
of which Taxes: +€23,605
- Trade debts +€22,508
up €22,508 (+185%), from €12,159 to €34,667
- Gross operating margin -€48,240
down €48,240 (-19.2%), from €250,796 to €202,556
- Staff costs -€20,987
down €20,987 (-25.6%), from €81,943 to €60,956
- Taxes -€7,643
down €7,643 (-15.5%), from €49,203 to €41,560
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 | €890,261 | €939,307 | +€49,046 | +5.5% |
| Fixed assets | 21/28 | €146,065 | €100,485 | -€45,580 | -31.2% |
| Tangible fixed assets | 22/27 | €16,819 | €14,084 | -€2,735 | -16.3% |
| Furniture and vehicles | 24 | €5,285 | €3,836 | -€1,449 | -27.4% |
| Other tangible fixed assets | 26 | €11,534 | €10,248 | -€1,286 | -11.1% |
| Financial fixed assets | 28 | €129,246 | €86,401 | -€42,845 | -33.1% |
| Current assets | 29/58 | €744,196 | €838,822 | +€94,626 | +12.7% |
| Amounts receivable within one year | 40/41 | €20,551 | €239,407 | +€218,856 | +1,065% |
| Trade receivables | 40 | €1,739 | €220,596 | +€218,856 | +12,582% |
| Other amounts receivable | 41 | €18,811 | €18,811 | +€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €699,985 | €596,098 | -€103,888 | -14.8% |
| Deferred charges and accrued income | 490/1 | €23,660 | €3,318 | -€20,343 | -86.0% |
| Total equity and liabilities | 10/49 | €890,261 | €939,307 | +€49,046 | +5.5% |
| Equity | 10/15 | €658,112 | €755,812 | +€97,700 | +14.8% |
| Contributions | 10/11 | €40,334 | €40,334 | = | 0.0% |
| Reserves | 13 | €617,778 | €715,478 | +€97,700 | +15.8% |
| Tax-exempt reserves | 132 | €33,680 | €67,360 | +€33,680 | +100% |
| Distributable reserves | 133 | €584,098 | €648,118 | +€64,020 | +11.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €232,150 | €183,495 | -€48,654 | -21.0% |
| Amounts payable within one year | 42/48 | €225,439 | €178,338 | -€47,101 | -20.9% |
| Trade debts | 44 | €12,159 | €34,667 | +€22,508 | +185% |
| Suppliers | 440/4 | €12,159 | €34,667 | +€22,508 | +185% |
| Taxes, remuneration and social security | 45 | €18,052 | €42,758 | +€24,706 | +137% |
| Taxes | 450/3 | €18,052 | €41,658 | +€23,605 | +131% |
| Remuneration and social security | 454/9 | €0 | €1,101 | +€1,101 | |
| Other amounts payable | 47/48 | €195,228 | €100,912 | -€94,315 | -48.3% |
| Accrued charges and deferred income | 492/3 | €6,711 | €5,158 | -€1,553 | -23.1% |
| Remuneration, social security and pensions | 62 | €81,943 | €60,956 | -€20,987 | -25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,972 | €2,735 | -€1,237 | -31.1% |
| Other operating charges | 640/8 | €366 | €998 | +€632 | +173% |
| Gross operating margin | 9900 | €250,796 | €202,556 | -€48,240 | -19.2% |
| Operating profit (loss) | 9901 | €164,514 | €137,866 | -€26,649 | -16.2% |
| Financial income | 75/76B | €738 | €1,840 | +€1,102 | +149% |
| Recurring financial income | 75 | €738 | €1,840 | +€1,102 | +149% |
| Financial charges | 65/66B | €302 | €446 | +€144 | +47.5% |
| Recurring financial charges | 65 | €302 | €446 | +€144 | +47.5% |
| Profit (loss) for the period before taxes | 9903 | €164,950 | €139,260 | -€25,690 | -15.6% |
| Income taxes | 67/77 | €49,203 | €41,560 | -€7,643 | -15.5% |
| Profit (loss) for the period | 9904 | €115,747 | €97,700 | -€18,047 | -15.6% |
| Transfer to tax-exempt reserves | 689 | €33,680 | €33,680 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €82,067 | €64,020 | -€18,047 | -22.0% |
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.