BRAED: 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.
BRAED
Largest movements
- Receivables within one year +€37,339
up €37,339 (+29.3%), from €127,345 to €164,684
of which Trade receivables: +€23,435
- Tangible fixed assets +€31,306
up €31,306 (+982.7%), from €3,186 to €34,491
- Cash -€28,147
down €28,147 (-70.7%), from €39,808 to €11,661
mainly Receivables within one year (-€37,339) and Investment in fixed assets (net) (-€32,390)
- Profit (loss) carried forward +€21,344
up €21,344 (+16.3%), from €131,006 to €152,350
- Trade debts +€11,652
up €11,652 (+782.6%), from €1,489 to €13,141
- Accrued charges and deferred income +€4,365
up €4,365 (+869.7%), from €502 to €4,867
- Tax, wage and social debts +€3,136
up €3,136 (+9.7%), from €32,342 to €35,478
of which Remuneration and social security: +€3,009
- Gross operating margin -€35,314
down €35,314 (-58.7%), from €60,117 to €24,804
- Taxes -€7,821
down €7,821 (-55.8%), from €14,019 to €6,198
- Other operating charges +€1,149
up €1,149 (+296.6%), from €387 to €1,536
- Depreciation +€900
up €900 (+489.2%), from €184 to €1,085
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 | €170,339 | €210,836 | +€40,497 | +23.8% |
| Fixed assets | 21/28 | €3,186 | €34,491 | +€31,306 | +982.7% |
| Tangible fixed assets | 22/27 | €3,186 | €34,491 | +€31,306 | +982.7% |
| Furniture and vehicles | 24 | €3,186 | €34,491 | +€31,306 | +982.7% |
| Current assets | 29/58 | €167,153 | €176,345 | +€9,192 | +5.5% |
| Amounts receivable within one year | 40/41 | €127,345 | €164,684 | +€37,339 | +29.3% |
| Trade receivables | 40 | €22,387 | €45,823 | +€23,435 | +104.7% |
| Other amounts receivable | 41 | €104,958 | €118,861 | +€13,903 | +13.2% |
| Cash at bank and in hand | 54/58 | €39,808 | €11,661 | -€28,147 | -70.7% |
| Total equity and liabilities | 10/49 | €170,339 | €210,836 | +€40,497 | +23.8% |
| Equity | 10/15 | €136,006 | €157,350 | +€21,344 | +15.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,006 | €152,350 | +€21,344 | +16.3% |
| Amounts payable | 17/49 | €34,333 | €53,486 | +€19,153 | +55.8% |
| Amounts payable within one year | 42/48 | €33,831 | €48,619 | +€14,788 | +43.7% |
| Trade debts | 44 | €1,489 | €13,141 | +€11,652 | +782.6% |
| Suppliers | 440/4 | €1,489 | €13,141 | +€11,652 | +782.6% |
| Taxes, remuneration and social security | 45 | €32,342 | €35,478 | +€3,136 | +9.7% |
| Taxes | 450/3 | €32,342 | €32,469 | +€127 | +0.4% |
| Remuneration and social security | 454/9 | - | €3,009 | +€3,009 | |
| Accrued charges and deferred income | 492/3 | €502 | €4,867 | +€4,365 | +869.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184 | €1,085 | +€900 | +489.2% |
| Other operating charges | 640/8 | €387 | €1,536 | +€1,149 | +296.6% |
| Gross operating margin | 9900 | €60,117 | €24,804 | -€35,314 | -58.7% |
| Operating profit (loss) | 9901 | €59,546 | €22,183 | -€37,363 | -62.7% |
| Financial income | 75/76B | €6,304 | €6,024 | -€280 | -4.4% |
| Recurring financial income | 75 | €6,304 | €6,024 | -€280 | -4.4% |
| Financial charges | 65/66B | €239 | €664 | +€425 | +178.0% |
| Recurring financial charges | 65 | €239 | €664 | +€425 | +178.0% |
| Profit (loss) for the period before taxes | 9903 | €65,611 | €27,543 | -€38,068 | -58.0% |
| Income taxes | 67/77 | €14,019 | €6,198 | -€7,821 | -55.8% |
| Profit (loss) for the period | 9904 | €51,592 | €21,344 | -€30,248 | -58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,592 | €21,344 | -€30,248 | -58.6% |
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 10 October 2026 via checked.be.