BRAFOS: 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.
BRAFOS
Largest movements
- Tangible fixed assets +€960,299
up €960,299 (+397.6%), from €241,548 to €1.2m
- Cash -€180,791
down €180,791 (-94.6%), from €191,107 to €10,316
mainly Investment in fixed assets (net) (-€990,592) and Net result for the year (-€44,548)
- Debts after one year +€797,932
up €797,932 (+451.4%), from €176,786 to €974,718
- Profit (loss) carried forward -€44,548
down €44,548 (-90.0%), from -€49,489 to -€94,036
- Current portion of long-term debt +€33,475
up €33,475 (+1041.4%), from €3,214 to €36,689
- Gross operating margin +€52,485
up €52,485, from -€39,884 to €12,601
- Financial charges +€25,989
up €25,989 (+2996.6%), from €867 to €26,856
- Depreciation +€21,686
up €21,686 (+252.0%), from €8,607 to €30,293
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 | €435,843 | €1,213,366 | +€777,523 | +178.4% |
| Fixed assets | 21/28 | €241,548 | €1,201,847 | +€960,299 | +397.6% |
| Tangible fixed assets | 22/27 | €241,548 | €1,201,847 | +€960,299 | +397.6% |
| Land and buildings | 22 | €241,548 | €1,201,847 | +€960,299 | +397.6% |
| Current assets | 29/58 | €194,295 | €11,519 | -€182,776 | -94.1% |
| Amounts receivable within one year | 40/41 | €3,188 | €1,203 | -€1,985 | -62.3% |
| Other amounts receivable | 41 | €3,188 | €1,203 | -€1,985 | -62.3% |
| Cash at bank and in hand | 54/58 | €191,107 | €10,316 | -€180,791 | -94.6% |
| Total equity and liabilities | 10/49 | €435,843 | €1,213,366 | +€777,523 | +178.4% |
| Equity | 10/15 | €240,511 | €195,964 | -€44,548 | -18.5% |
| Contributions | 10/11 | €290,000 | €290,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,489 | -€94,036 | -€44,548 | -90.0% |
| Amounts payable | 17/49 | €195,331 | €1,017,403 | +€822,071 | +420.9% |
| Amounts payable after more than one year | 17 | €176,786 | €974,718 | +€797,932 | +451.4% |
| Financial debts | 170/4 | €176,786 | €974,718 | +€797,932 | +451.4% |
| Amounts payable within one year | 42/48 | €18,545 | €42,684 | +€24,139 | +130.2% |
| Current portion of amounts payable after more than one year | 42 | €3,214 | €36,689 | +€33,475 | +1041.4% |
| Trade debts | 44 | €15,331 | €5,995 | -€9,336 | -60.9% |
| Suppliers | 440/4 | €15,331 | €5,995 | -€9,336 | -60.9% |
| Non-recurring operating income | 76A | - | €14,861 | +€14,861 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,607 | €30,293 | +€21,686 | +252.0% |
| Other operating charges | 640/8 | €130 | - | -€130 | |
| Gross operating margin | 9900 | -€39,884 | €12,601 | +€52,485 | |
| Operating profit (loss) | 9901 | -€48,621 | -€17,692 | +€30,929 | +63.6% |
| Financial charges | 65/66B | €867 | €26,856 | +€25,989 | +2996.6% |
| Recurring financial charges | 65 | €867 | €26,856 | +€25,989 | +2996.6% |
| Profit (loss) for the period before taxes | 9903 | -€49,489 | -€44,548 | +€4,941 | +10.0% |
| Profit (loss) for the period | 9904 | -€49,489 | -€44,548 | +€4,941 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,489 | -€44,548 | +€4,941 | +10.0% |
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 30 September 2026 via checked.be.