BRAAVE: 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.
BRAAVE
Largest movements
- Receivables within one year -€19,336
down €19,336 (-57.4%), from €33,678 to €14,342
of which Trade receivables: -€21,248
- Cash -€5,264
down €5,264 (-9.8%), from €53,725 to €48,461
mainly Other debts (-€37,072) and Investment in fixed assets (net) (-€7,758)
- Tangible fixed assets -€2,475
down €2,475 (-12.2%), from €20,250 to €17,775
of which Furniture and vehicles: -€2,322
- Other debts -€37,072
down €37,072 (-73.2%), from €50,615 to €13,543
- Trade debts +€5,320
up €5,320 (+147.4%), from €3,609 to €8,929
- Profit (loss) carried forward +€4,747
up €4,747 (+13.2%), from €35,973 to €40,719
- Staff costs +€9,867
up €9,867 (+24.0%), from €41,130 to €50,997
- Gross operating margin +€7,764
up €7,764 (+12.4%), from €62,559 to €70,323
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 | €116,375 | €89,085 | -€27,291 | -23.5% |
| Formation expenses | 20 | €216 | €0 | -€216 | -100.0% |
| Fixed assets | 21/28 | €23,250 | €20,775 | -€2,475 | -10.6% |
| Tangible fixed assets | 22/27 | €20,250 | €17,775 | -€2,475 | -12.2% |
| Plant, machinery and equipment | 23 | €11,057 | €11,705 | +€648 | +5.9% |
| Furniture and vehicles | 24 | €6,086 | €3,764 | -€2,322 | -38.2% |
| Other tangible fixed assets | 26 | €3,107 | €2,307 | -€800 | -25.7% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €92,909 | €68,310 | -€24,600 | -26.5% |
| Amounts receivable within one year | 40/41 | €33,678 | €14,342 | -€19,336 | -57.4% |
| Trade receivables | 40 | €31,407 | €10,159 | -€21,248 | -67.7% |
| Other amounts receivable | 41 | €2,271 | €4,183 | +€1,912 | +84.2% |
| Cash at bank and in hand | 54/58 | €53,725 | €48,461 | -€5,264 | -9.8% |
| Deferred charges and accrued income | 490/1 | €5,506 | €5,506 | = | 0.0% |
| Total equity and liabilities | 10/49 | €116,375 | €89,085 | -€27,291 | -23.5% |
| Equity | 10/15 | €38,973 | €43,719 | +€4,747 | +12.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,973 | €40,719 | +€4,747 | +13.2% |
| Amounts payable | 17/49 | €77,403 | €45,365 | -€32,037 | -41.4% |
| Amounts payable after more than one year | 17 | €524 | €524 | = | 0.0% |
| Financial debts | 170/4 | €524 | €524 | = | 0.0% |
| Amounts payable within one year | 42/48 | €76,878 | €44,841 | -€32,037 | -41.7% |
| Current portion of amounts payable after more than one year | 42 | €2,064 | €1,016 | -€1,049 | -50.8% |
| Trade debts | 44 | €3,609 | €8,929 | +€5,320 | +147.4% |
| Suppliers | 440/4 | €3,609 | €8,929 | +€5,320 | +147.4% |
| Taxes, remuneration and social security | 45 | €20,590 | €21,353 | +€763 | +3.7% |
| Taxes | 450/3 | €13,030 | €8,845 | -€4,185 | -32.1% |
| Remuneration and social security | 454/9 | €7,560 | €12,508 | +€4,948 | +65.4% |
| Other amounts payable | 47/48 | €50,615 | €13,543 | -€37,072 | -73.2% |
| Remuneration, social security and pensions | 62 | €41,130 | €50,997 | +€9,867 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,526 | €10,448 | -€78 | -0.7% |
| Other operating charges | 640/8 | €278 | - | -€278 | |
| Gross operating margin | 9900 | €62,559 | €70,323 | +€7,764 | +12.4% |
| Operating profit (loss) | 9901 | €10,626 | €8,878 | -€1,748 | -16.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,641 | €1,912 | +€270 | +16.5% |
| Recurring financial charges | 65 | €1,641 | €1,912 | +€270 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €8,984 | €6,966 | -€2,018 | -22.5% |
| Income taxes | 67/77 | €2,730 | €2,220 | -€511 | -18.7% |
| Profit (loss) for the period | 9904 | €6,254 | €4,747 | -€1,508 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,254 | €4,747 | -€1,508 | -24.1% |
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 5 October 2026 via checked.be.