BRAEM: 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.
BRAEM
Largest movements
- Tangible fixed assets -€37,568
down €37,568 (-14.8%), from €254,224 to €216,656
of which Land and buildings: -€37,165
- Debts after one year -€53,429
down €53,429 (-32.0%), from €167,107 to €113,678
- Other debts +€47,637
up €47,637 (+573.2%), from €8,311 to €55,948
- Profit (loss) carried forward -€19,732
down €19,732 (-30.4%), from -€64,807 to -€84,539
- Current portion of long-term debt -€5,407
down €5,407 (-9.2%), from €58,836 to €53,429
- Trade debts -€3,930
down €3,930 (-45.5%), from €8,637 to €4,708
- Gross operating margin -€47,511
down €47,511 (-35.6%), from €133,598 to €86,087
- Staff costs -€20,886
down €20,886 (-56.3%), from €37,101 to €16,215
- Financial charges -€12,677
down €12,677 (-93.2%), from €13,595 to €919
- Other operating charges +€11,985
up €11,985 (+237.1%), from €5,055 to €17,040
- Depreciation -€5,446
down €5,446 (-7.1%), from €77,163 to €71,717
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 | €271,344 | €233,458 | -€37,886 | -14.0% |
| Fixed assets | 21/28 | €256,474 | €218,906 | -€37,568 | -14.6% |
| Tangible fixed assets | 22/27 | €254,224 | €216,656 | -€37,568 | -14.8% |
| Land and buildings | 22 | €185,893 | €148,728 | -€37,165 | -20.0% |
| Plant, machinery and equipment | 23 | €67,698 | €66,071 | -€1,627 | -2.4% |
| Furniture and vehicles | 24 | €633 | €1,857 | +€1,223 | +193.2% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €14,870 | €14,553 | -€317 | -2.1% |
| Stocks and contracts in progress | 3 | €3,505 | €5,792 | +€2,287 | +65.2% |
| Stocks | 30/36 | €3,505 | €5,792 | +€2,287 | +65.2% |
| Amounts receivable within one year | 40/41 | €2,659 | €1,028 | -€1,631 | -61.3% |
| Trade receivables | 40 | €806 | €862 | +€56 | +6.9% |
| Other amounts receivable | 41 | €1,853 | €166 | -€1,687 | -91.0% |
| Cash at bank and in hand | 54/58 | €8,706 | €7,733 | -€973 | -11.2% |
| Total equity and liabilities | 10/49 | €271,344 | €233,458 | -€37,886 | -14.0% |
| Equity | 10/15 | €20,193 | €461 | -€19,732 | -97.7% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,807 | -€84,539 | -€19,732 | -30.4% |
| Amounts payable | 17/49 | €251,151 | €232,997 | -€18,154 | -7.2% |
| Amounts payable after more than one year | 17 | €167,107 | €113,678 | -€53,429 | -32.0% |
| Financial debts | 170/4 | €167,107 | €113,678 | -€53,429 | -32.0% |
| Amounts payable within one year | 42/48 | €84,043 | €119,319 | +€35,276 | +42.0% |
| Current portion of amounts payable after more than one year | 42 | €58,836 | €53,429 | -€5,407 | -9.2% |
| Financial debts | 43 | €4,847 | €4,620 | -€226 | -4.7% |
| Credit institutions | 430/8 | €4,847 | €4,620 | -€226 | -4.7% |
| Trade debts | 44 | €8,637 | €4,708 | -€3,930 | -45.5% |
| Suppliers | 440/4 | €8,637 | €4,708 | -€3,930 | -45.5% |
| Taxes, remuneration and social security | 45 | €3,412 | €614 | -€2,798 | -82.0% |
| Taxes | 450/3 | €1,079 | €614 | -€464 | -43.1% |
| Remuneration and social security | 454/9 | €2,334 | - | -€2,334 | |
| Other amounts payable | 47/48 | €8,311 | €55,948 | +€47,637 | +573.2% |
| Remuneration, social security and pensions | 62 | €37,101 | €16,215 | -€20,886 | -56.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,163 | €71,717 | -€5,446 | -7.1% |
| Other operating charges | 640/8 | €5,055 | €17,040 | +€11,985 | +237.1% |
| Gross operating margin | 9900 | €133,598 | €86,087 | -€47,511 | -35.6% |
| Operating profit (loss) | 9901 | €14,279 | -€18,885 | -€33,164 | |
| Financial income | 75/76B | €15 | €73 | +€58 | +384.0% |
| Recurring financial income | 75 | €15 | €73 | +€58 | +384.0% |
| Financial charges | 65/66B | €13,595 | €919 | -€12,677 | -93.2% |
| Recurring financial charges | 65 | €13,595 | €919 | -€12,677 | -93.2% |
| Profit (loss) for the period before taxes | 9903 | €699 | -€19,730 | -€20,429 | |
| Income taxes | 67/77 | €3 | €2 | -€2 | -53.3% |
| Profit (loss) for the period | 9904 | €695 | -€19,732 | -€20,427 | |
| Profit (loss) for the period to be appropriated | 9905 | €695 | -€19,732 | -€20,427 |
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.