BRAGARD ETS: 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.
BRAGARD ETS
Largest movements
- Current investments -€399,900
down €399,900 (-100.0%), from €400,000 to €100
- Cash +€376,530
up €376,530 (+81.8%), from €460,134 to €836,664
mainly Current investments (+€399,900) and Other debts (+€289,349)
- Tangible fixed assets -€93,984
down €93,984 (-22.0%), from €428,056 to €334,072
of which Furniture and vehicles: -€75,902
- Receivables within one year +€47,249
up €47,249 (+11.9%), from €396,893 to €444,142
of which Trade receivables: +€129,818
- Deferred charges and accrued income -€19,319
down €19,319 (-99.0%), from €19,511 to €192
- Reserves -€390,585
down €390,585 (-24.5%), from €1.6m to €1.2m
of which Distributable reserves: -€390,585
- Other debts +€289,349
new in 2025: €289,349
- Tax, wage and social debts +€35,505
up €35,505 (+86.4%), from €41,091 to €76,596
of which Taxes: +€38,073
- Trade debts -€35,018
down €35,018 (-46.4%), from €75,422 to €40,404
of which Suppliers: -€29,233
- Gross operating margin +€32,338
up €32,338 (+7.3%), from €440,353 to €472,691
- Depreciation +€28,024
up €28,024 (+36.8%), from €76,117 to €104,142
- Financial income -€9,225
down €9,225 (-65.3%), from €14,122 to €4,896
- Write-downs -€6,377
no longer reported in 2025 (was €6,377)
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 | €1,844,595 | €1,739,990 | -€104,605 | -5.7% |
| Fixed assets | 21/28 | €428,056 | €334,072 | -€93,984 | -22.0% |
| Tangible fixed assets | 22/27 | €428,056 | €334,072 | -€93,984 | -22.0% |
| Land and buildings | 22 | €107,626 | €103,723 | -€3,903 | -3.6% |
| Plant, machinery and equipment | 23 | €67,112 | €52,932 | -€14,179 | -21.1% |
| Furniture and vehicles | 24 | €253,318 | €177,417 | -€75,902 | -30.0% |
| Current assets | 29/58 | €1,416,539 | €1,405,918 | -€10,620 | -0.7% |
| Stocks and contracts in progress | 3 | €140,000 | €124,819 | -€15,181 | -10.8% |
| Stocks | 30/36 | €140,000 | €124,819 | -€15,181 | -10.8% |
| Amounts receivable within one year | 40/41 | €396,893 | €444,142 | +€47,249 | +11.9% |
| Trade receivables | 40 | €311,161 | €440,980 | +€129,818 | +41.7% |
| Other amounts receivable | 41 | €85,732 | €3,163 | -€82,569 | -96.3% |
| Current investments | 50/53 | €400,000 | €100 | -€399,900 | -100.0% |
| Cash at bank and in hand | 54/58 | €460,134 | €836,664 | +€376,530 | +81.8% |
| Deferred charges and accrued income | 490/1 | €19,511 | €192 | -€19,319 | -99.0% |
| Total equity and liabilities | 10/49 | €1,844,595 | €1,739,990 | -€104,605 | -5.7% |
| Equity | 10/15 | €1,724,226 | €1,333,641 | -€390,585 | -22.7% |
| Contributions | 10/11 | €84,000 | €84,000 | = | 0.0% |
| Reserves | 13 | €1,595,650 | €1,205,065 | -€390,585 | -24.5% |
| Tax-exempt reserves | 132 | €43,769 | €43,769 | = | 0.0% |
| Distributable reserves | 133 | €1,551,881 | €1,161,296 | -€390,585 | -25.2% |
| Profit (loss) carried forward | 14 | €44,576 | €44,576 | = | 0.0% |
| Amounts payable | 17/49 | €120,368 | €406,349 | +€285,980 | +237.6% |
| Amounts payable within one year | 42/48 | €116,513 | €406,349 | +€289,836 | +248.8% |
| Trade debts | 44 | €75,422 | €40,404 | -€35,018 | -46.4% |
| Suppliers | 440/4 | €69,637 | €40,404 | -€29,233 | -42.0% |
| Bills of exchange payable | 441 | €5,785 | - | -€5,785 | |
| Taxes, remuneration and social security | 45 | €41,091 | €76,596 | +€35,505 | +86.4% |
| Taxes | 450/3 | €38,523 | €76,596 | +€38,073 | +98.8% |
| Remuneration and social security | 454/9 | €2,568 | - | -€2,568 | |
| Other amounts payable | 47/48 | - | €289,349 | +€289,349 | |
| Accrued charges and deferred income | 492/3 | €3,855 | - | -€3,855 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,117 | €104,142 | +€28,024 | +36.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,377 | - | -€6,377 | |
| Other operating charges | 640/8 | €4,028 | €3,181 | -€847 | -21.0% |
| Non-recurring operating charges | 66A | - | €6,477 | +€6,477 | |
| Gross operating margin | 9900 | €440,353 | €472,691 | +€32,338 | +7.3% |
| Operating profit (loss) | 9901 | €353,831 | €358,891 | +€5,061 | +1.4% |
| Financial income | 75/76B | €14,122 | €4,896 | -€9,225 | -65.3% |
| Recurring financial income | 75 | €14,122 | €4,896 | -€9,225 | -65.3% |
| Financial charges | 65/66B | €159 | €2,469 | +€2,310 | +1455.8% |
| Recurring financial charges | 65 | €159 | €2,469 | +€2,310 | +1455.8% |
| Profit (loss) for the period before taxes | 9903 | €367,794 | €361,319 | -€6,475 | -1.8% |
| Income taxes | 67/77 | €115,143 | €112,706 | -€2,437 | -2.1% |
| Profit (loss) for the period | 9904 | €252,651 | €248,613 | -€4,037 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €252,651 | €248,613 | -€4,037 | -1.6% |
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 4 October 2026 via checked.be.