Be Brave: 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.
Be Brave
Largest movements
- Receivables within one year +€11,326
up €11,326 (+19.7%), from €57,502 to €68,828
of which Other amounts receivable: +€36,416
- Cash -€9,185
down €9,185 (-10.5%), from €87,467 to €78,281
mainly Receivables within one year (-€11,326) and Trade debts (-€2,470)
- Reserves +€4,400
up €4,400 (+4.4%), from €100,521 to €104,921
- Trade debts -€2,470
down €2,470 (-28.4%), from €8,690 to €6,219
- Gross operating margin -€110,287
down €110,287 (-85.2%), from €129,387 to €19,101
- Taxes -€20,717
down €20,717 (-73.6%), from €28,159 to €7,442
- Other operating charges +€7,272
up €7,272 (+1222.8%), from €595 to €7,866
- Financial income +€1,466
new in 2025: €1,466
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.
Cash bridge derived
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 | €146,005 | €148,917 | +€2,912 | +2.0% |
| Fixed assets | 21/28 | €1,036 | €1,807 | +€772 | +74.5% |
| Tangible fixed assets | 22/27 | €1,036 | €1,807 | +€772 | +74.5% |
| Plant, machinery and equipment | 23 | €1,036 | €1,807 | +€772 | +74.5% |
| Current assets | 29/58 | €144,969 | €147,110 | +€2,140 | +1.5% |
| Amounts receivable within one year | 40/41 | €57,502 | €68,828 | +€11,326 | +19.7% |
| Trade receivables | 40 | €48,659 | €23,570 | -€25,090 | -51.6% |
| Other amounts receivable | 41 | €8,843 | €45,258 | +€36,416 | +411.8% |
| Cash at bank and in hand | 54/58 | €87,467 | €78,281 | -€9,185 | -10.5% |
| Total equity and liabilities | 10/49 | €146,005 | €148,917 | +€2,912 | +2.0% |
| Equity | 10/15 | €101,521 | €105,921 | +€4,400 | +4.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €100,521 | €104,921 | +€4,400 | +4.4% |
| Distributable reserves | 133 | €100,521 | €104,921 | +€4,400 | +4.4% |
| Amounts payable | 17/49 | €44,484 | €42,996 | -€1,488 | -3.3% |
| Amounts payable within one year | 42/48 | €44,484 | €42,996 | -€1,488 | -3.3% |
| Trade debts | 44 | €8,690 | €6,219 | -€2,470 | -28.4% |
| Suppliers | 440/4 | €8,690 | €6,219 | -€2,470 | -28.4% |
| Taxes, remuneration and social security | 45 | €34,436 | €35,417 | +€982 | +2.9% |
| Taxes | 450/3 | €34,436 | €35,417 | +€982 | +2.9% |
| Other amounts payable | 47/48 | €1,359 | €1,359 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87 | €790 | +€702 | +802.9% |
| Other operating charges | 640/8 | €595 | €7,866 | +€7,272 | +1222.8% |
| Gross operating margin | 9900 | €129,387 | €19,101 | -€110,287 | -85.2% |
| Operating profit (loss) | 9901 | €128,705 | €10,445 | -€118,260 | -91.9% |
| Financial income | 75/76B | - | €1,466 | +€1,466 | |
| Recurring financial income | 75 | - | €1,466 | +€1,466 | |
| Financial charges | 65/66B | €26 | €68 | +€43 | +168.3% |
| Recurring financial charges | 65 | €26 | €68 | +€43 | +168.3% |
| Profit (loss) for the period before taxes | 9903 | €128,680 | €11,842 | -€116,837 | -90.8% |
| Income taxes | 67/77 | €28,159 | €7,442 | -€20,717 | -73.6% |
| Profit (loss) for the period | 9904 | €100,521 | €4,400 | -€96,120 | -95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €100,521 | €4,400 | -€96,120 | -95.6% |
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 11 October 2026 via checked.be.