BRAFO: 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.
BRAFO
Largest movements
- Receivables within one year +€166,516
up €166,516 (+17.6%), from €948,448 to €1.1m
of which Other amounts receivable: +€174,929
- Cash -€87,837
down €87,837 (-77.1%), from €113,948 to €26,111
mainly Current portion of long-term debt (-€200,000) and Receivables within one year (-€166,516)
- Reserves +€365,603
up €365,603 (+25.4%), from €1.4m to €1.8m
- Current portion of long-term debt -€200,000
down €200,000 (-55.8%), from €358,267 to €158,267
- Debts after one year -€158,267
down €158,267 (-13.9%), from €1.1m to €979,733
- Tax, wage and social debts +€42,037
up €42,037 (+132.7%), from €31,682 to €73,718
of which Taxes: +€42,037
- Gross operating margin +€157,553
up €157,553 (+35.5%), from €444,366 to €601,919
- Taxes +€50,941
up €50,941 (+43.5%), from €117,047 to €167,988
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 | €3,428,846 | €3,490,247 | +€61,401 | +1.8% |
| Fixed assets | 21/28 | €2,353,103 | €2,336,690 | -€16,413 | -0.7% |
| Tangible fixed assets | 22/27 | €329,453 | €313,040 | -€16,413 | -5.0% |
| Land and buildings | 22 | €304,526 | €296,785 | -€7,741 | -2.5% |
| Furniture and vehicles | 24 | €24,927 | €16,255 | -€8,672 | -34.8% |
| Financial fixed assets | 28 | €2,023,650 | €2,023,650 | = | 0.0% |
| Current assets | 29/58 | €1,075,742 | €1,153,556 | +€77,814 | +7.2% |
| Amounts receivable within one year | 40/41 | €948,448 | €1,114,963 | +€166,516 | +17.6% |
| Trade receivables | 40 | €187,420 | €179,007 | -€8,413 | -4.5% |
| Other amounts receivable | 41 | €761,028 | €935,957 | +€174,929 | +23.0% |
| Cash at bank and in hand | 54/58 | €113,948 | €26,111 | -€87,837 | -77.1% |
| Deferred charges and accrued income | 490/1 | €13,346 | €12,482 | -€865 | -6.5% |
| Total equity and liabilities | 10/49 | €3,428,846 | €3,490,247 | +€61,401 | +1.8% |
| Equity | 10/15 | €1,459,924 | €1,825,527 | +€365,603 | +25.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,441,324 | €1,806,927 | +€365,603 | +25.4% |
| Distributable reserves | 133 | €1,441,324 | €1,806,927 | +€365,603 | +25.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,968,921 | €1,664,719 | -€304,202 | -15.5% |
| Amounts payable after more than one year | 17 | €1,137,999 | €979,733 | -€158,267 | -13.9% |
| Financial debts | 170/4 | €1,137,999 | €979,733 | -€158,267 | -13.9% |
| Amounts payable within one year | 42/48 | €795,198 | €647,702 | -€147,496 | -18.5% |
| Current portion of amounts payable after more than one year | 42 | €358,267 | €158,267 | -€200,000 | -55.8% |
| Trade debts | 44 | €10,246 | €20,768 | +€10,522 | +102.7% |
| Suppliers | 440/4 | €10,246 | €20,768 | +€10,522 | +102.7% |
| Taxes, remuneration and social security | 45 | €31,682 | €73,718 | +€42,037 | +132.7% |
| Taxes | 450/3 | €29,078 | €71,115 | +€42,037 | +144.6% |
| Remuneration and social security | 454/9 | €2,603 | €2,603 | = | 0.0% |
| Other amounts payable | 47/48 | €395,004 | €394,949 | -€55 | 0.0% |
| Accrued charges and deferred income | 492/3 | €35,724 | €37,285 | +€1,561 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,087 | €16,413 | +€326 | +2.0% |
| Other operating charges | 640/8 | €2,762 | €2,850 | +€88 | +3.2% |
| Non-recurring operating charges | 66A | €442 | €336 | -€106 | -24.0% |
| Gross operating margin | 9900 | €444,366 | €601,919 | +€157,553 | +35.5% |
| Operating profit (loss) | 9901 | €425,075 | €582,321 | +€157,245 | +37.0% |
| Financial income | 75/76B | €29,640 | €27,148 | -€2,492 | -8.4% |
| Recurring financial income | 75 | €29,640 | €27,148 | -€2,492 | -8.4% |
| Financial charges | 65/66B | €76,164 | €74,211 | -€1,953 | -2.6% |
| Recurring financial charges | 65 | €76,164 | €74,211 | -€1,953 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €378,552 | €535,257 | +€156,705 | +41.4% |
| Income taxes | 67/77 | €117,047 | €167,988 | +€50,941 | +43.5% |
| Profit (loss) for the period | 9904 | €261,505 | €367,269 | +€105,764 | +40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €261,505 | €367,269 | +€105,764 | +40.4% |
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 9 October 2026 via checked.be.