BRA - BEL: what changed
Two fiscal 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.
BRA - BEL
Largest movements
- Deferred charges and accrued income +€255,000
new in 2025: €255,000
- Cash -€191,254
down €191,254 (-69.2%), from €276,244 to €84,990
mainly Deferred charges and accrued income (-€255,000) and Tax, wage and social debts (-€31,964)
- Receivables within one year -€41,365
down €41,365 (-94.6%), from €43,742 to €2,377
of which Trade receivables: -€39,238
- Tangible fixed assets -€6,791
down €6,791 (-66.7%), from €10,181 to €3,390
- Other debts +€55,000
new in 2025: €55,000
- Tax, wage and social debts -€31,964
down €31,964 (-46.3%), from €68,975 to €37,011
- Trade debts -€26,957
down €26,957 (-68.3%), from €39,473 to €12,516
- Profit (loss) carried forward +€19,511
up €19,511 (+9.0%), from €216,464 to €235,975
- Gross operating margin -€78,356
down €78,356 (-23.2%), from €338,283 to €259,927
- Taxes -€16,392
down €16,392 (-66.4%), from €24,682 to €8,290
- Staff costs -€10,610
down €10,610 (-4.6%), from €231,710 to €221,100
- Depreciation -€8,780
down €8,780 (-56.4%), from €15,571 to €6,791
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 | €345,363 | €360,953 | +€15,590 | +4.5% |
| Fixed assets | 21/28 | €24,281 | €17,490 | -€6,791 | -28.0% |
| Tangible fixed assets | 22/27 | €10,181 | €3,390 | -€6,791 | -66.7% |
| Plant, machinery and equipment | 23 | €10,181 | €3,390 | -€6,791 | -66.7% |
| Financial fixed assets | 28 | €14,100 | €14,100 | = | 0.0% |
| Current assets | 29/58 | €321,082 | €343,463 | +€22,381 | +7.0% |
| Stocks and contracts in progress | 3 | €1,096 | €1,096 | = | 0.0% |
| Stocks | 30/36 | €1,096 | €1,096 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €43,742 | €2,377 | -€41,365 | -94.6% |
| Trade receivables | 40 | €39,238 | - | -€39,238 | |
| Other amounts receivable | 41 | €4,504 | €2,377 | -€2,127 | -47.2% |
| Cash at bank and in hand | 54/58 | €276,244 | €84,990 | -€191,254 | -69.2% |
| Deferred charges and accrued income | 490/1 | - | €255,000 | +€255,000 | |
| Total equity and liabilities | 10/49 | €345,363 | €360,953 | +€15,590 | +4.5% |
| Equity | 10/15 | €236,915 | €256,426 | +€19,511 | +8.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €216,464 | €235,975 | +€19,511 | +9.0% |
| Amounts payable | 17/49 | €108,448 | €104,527 | -€3,921 | -3.6% |
| Amounts payable within one year | 42/48 | €108,448 | €104,527 | -€3,921 | -3.6% |
| Trade debts | 44 | €39,473 | €12,516 | -€26,957 | -68.3% |
| Suppliers | 440/4 | €39,473 | €12,516 | -€26,957 | -68.3% |
| Taxes, remuneration and social security | 45 | €68,975 | €37,011 | -€31,964 | -46.3% |
| Taxes | 450/3 | €68,975 | €37,011 | -€31,964 | -46.3% |
| Other amounts payable | 47/48 | - | €55,000 | +€55,000 | |
| Remuneration, social security and pensions | 62 | €231,710 | €221,100 | -€10,610 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,571 | €6,791 | -€8,780 | -56.4% |
| Other operating charges | 640/8 | €500 | €573 | +€73 | +14.6% |
| Gross operating margin | 9900 | €338,283 | €259,927 | -€78,356 | -23.2% |
| Operating profit (loss) | 9901 | €90,502 | €31,463 | -€59,039 | -65.2% |
| Financial charges | 65/66B | €2,196 | €3,662 | +€1,466 | +66.8% |
| Recurring financial charges | 65 | €2,196 | €604 | -€1,592 | -72.5% |
| Non-recurring financial charges | 66B | - | €3,058 | +€3,058 | |
| Profit (loss) for the period before taxes | 9903 | €88,306 | €27,801 | -€60,505 | -68.5% |
| Income taxes | 67/77 | €24,682 | €8,290 | -€16,392 | -66.4% |
| Profit (loss) for the period | 9904 | €63,624 | €19,511 | -€44,113 | -69.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,624 | €19,511 | -€44,113 | -69.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.