Braet: 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.
Braet
Largest movements
- Cash +€240,809
up €240,809 (+258%), from €93,452 to €334,260
mainly Current investments (+€125,000) and Net result for the year (+€117,324)
- Current investments -€125,000
down €125,000 (-71.4%), from €175,000 to €50,000
- Tangible fixed assets -€50,183
down €50,183 (-17.4%), from €288,899 to €238,716
- Reserves +€75,464
up €75,464 (+318%), from €23,768 to €99,232
of which Distributable reserves: +€75,464
- Debts after one year -€61,669
down €61,669 (-22.0%), from €280,401 to €218,732
- Profit (loss) carried forward +€41,860
up €41,860, from -€41,860 to €0
- Current portion of long-term debt -€22,025
down €22,025 (-100%), from €22,025 to €0
- Accrued charges and deferred income +€11,158
new in 2025: €11,158
- Gross operating margin +€39,617
up €39,617 (+27.9%), from €142,089 to €181,706
- Depreciation -€7,889
down €7,889 (-15.7%), from €50,372 to €42,483
- Taxes +€7,546
new in 2025: €7,546
- Other operating charges -€6,085
down €6,085 (-54.1%), from €11,240 to €5,156
- Financial charges +€2,038
up €2,038 (+21.5%), from €9,471 to €11,509
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.
Derived cash bridge
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 | €599,328 | €658,112 | +€58,784 | +9.8% |
| Fixed assets | 21/28 | €288,899 | €238,716 | -€50,183 | -17.4% |
| Tangible fixed assets | 22/27 | €288,899 | €238,716 | -€50,183 | -17.4% |
| Land and buildings | 22 | €241,879 | €224,488 | -€17,391 | -7.2% |
| Plant, machinery and equipment | 23 | €36,966 | €12,675 | -€24,291 | -65.7% |
| Furniture and vehicles | 24 | €10,054 | €1,553 | -€8,501 | -84.5% |
| Current assets | 29/58 | €310,429 | €419,396 | +€108,967 | +35.1% |
| Stocks and contracts in progress | 3 | €4,919 | €3,195 | -€1,724 | -35.0% |
| Stocks | 30/36 | €4,919 | €3,195 | -€1,724 | -35.0% |
| Amounts receivable within one year | 40/41 | €36,107 | €30,933 | -€5,174 | -14.3% |
| Trade receivables | 40 | €34,440 | €28,504 | -€5,936 | -17.2% |
| Other amounts receivable | 41 | €1,667 | €2,429 | +€762 | +45.7% |
| Current investments | 50/53 | €175,000 | €50,000 | -€125,000 | -71.4% |
| Cash at bank and in hand | 54/58 | €93,452 | €334,260 | +€240,809 | +258% |
| Deferred charges and accrued income | 490/1 | €952 | €1,008 | +€56 | +5.9% |
| Total equity and liabilities | 10/49 | €599,328 | €658,112 | +€58,784 | +9.8% |
| Equity | 10/15 | €295,688 | €413,012 | +€117,324 | +39.7% |
| Contributions | 10/11 | €121,805 | €121,805 | = | 0.0% |
| Revaluation surpluses | 12 | €191,974 | €191,974 | = | 0.0% |
| Reserves | 13 | €23,768 | €99,232 | +€75,464 | +318% |
| Tax-exempt reserves | 132 | €23,768 | €23,768 | = | 0.0% |
| Distributable reserves | 133 | - | €75,464 | +€75,464 | |
| Profit (loss) carried forward | 14 | -€41,860 | €0 | +€41,860 | |
| Amounts payable | 17/49 | €303,640 | €245,101 | -€58,540 | -19.3% |
| Amounts payable after more than one year | 17 | €280,401 | €218,732 | -€61,669 | -22.0% |
| Financial debts | 170/4 | €280,401 | €218,732 | -€61,669 | -22.0% |
| Amounts payable within one year | 42/48 | €23,240 | €15,211 | -€8,029 | -34.5% |
| Current portion of amounts payable after more than one year | 42 | €22,025 | €0 | -€22,025 | -100% |
| Trade debts | 44 | €1,215 | €2,626 | +€1,411 | +116% |
| Suppliers | 440/4 | €1,215 | €2,626 | +€1,411 | +116% |
| Taxes, remuneration and social security | 45 | €0 | €9,945 | +€9,945 | |
| Taxes | 450/3 | €0 | €9,945 | +€9,945 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €2,640 | +€2,640 | |
| Accrued charges and deferred income | 492/3 | - | €11,158 | +€11,158 | |
| Non-recurring operating income | 76A | €12,265 | €47,300 | +€35,035 | +286% |
| Remuneration, social security and pensions | 62 | €303 | €0 | -€303 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,372 | €42,483 | -€7,889 | -15.7% |
| Other operating charges | 640/8 | €11,240 | €5,156 | -€6,085 | -54.1% |
| Gross operating margin | 9900 | €142,089 | €181,706 | +€39,617 | +27.9% |
| Operating profit (loss) | 9901 | €80,174 | €134,067 | +€53,893 | +67.2% |
| Financial income | 75/76B | €4,039 | €2,312 | -€1,727 | -42.8% |
| Recurring financial income | 75 | €4,039 | €2,312 | -€1,727 | -42.8% |
| Financial charges | 65/66B | €9,471 | €11,509 | +€2,038 | +21.5% |
| Recurring financial charges | 65 | €9,471 | €11,509 | +€2,038 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €74,742 | €124,870 | +€50,128 | +67.1% |
| Income taxes | 67/77 | - | €7,546 | +€7,546 | |
| Profit (loss) for the period | 9904 | €74,742 | €117,324 | +€42,582 | +57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,742 | €117,324 | +€42,582 | +57.0% |
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 18 October 2026 via checked.be.