BRAGARD VINCENT: 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.
BRAGARD VINCENT
Largest movements
- Cash +€45,279
up €45,279 (+10.0%), from €451,094 to €496,373
mainly Net result for the year (+€82,473) and Tax, wage and social debts (+€13,446)
- Tangible fixed assets -€8,981
down €8,981 (-58.9%), from €15,251 to €6,270
of which Furniture and vehicles: -€8,505
- Receivables within one year -€6,221
down €6,221 (-25.7%), from €24,205 to €17,984
of which Trade receivables: -€6,916
- Reserves +€65,807
up €65,807 (+21.2%), from €310,083 to €375,890
of which Distributable reserves: +€34,232
- Advances received -€35,627
down €35,627 (-92.1%), from €38,688 to €3,061
- Tax, wage and social debts +€13,446
up €13,446 (+63.3%), from €21,249 to €34,695
of which Taxes: +€13,274
- Debts after one year -€6,322
no longer reported in 2025 (was €6,322)
- Trade debts -€5,965
down €5,965 (-33.7%), from €17,685 to €11,719
- Gross operating margin +€24,525
up €24,525 (+22.8%), from €107,667 to €132,192
- Taxes +€4,517
up €4,517 (+17.1%), from €26,477 to €30,995
- Staff costs +€2,447
new in 2025: €2,447
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 | €494,493 | €524,713 | +€30,220 | +6.1% |
| Fixed assets | 21/28 | €15,251 | €6,270 | -€8,981 | -58.9% |
| Tangible fixed assets | 22/27 | €15,251 | €6,270 | -€8,981 | -58.9% |
| Plant, machinery and equipment | 23 | €386 | - | -€386 | |
| Furniture and vehicles | 24 | €14,341 | €5,835 | -€8,505 | -59.3% |
| Other tangible fixed assets | 26 | €524 | €434 | -€90 | -17.2% |
| Current assets | 29/58 | €479,242 | €518,443 | +€39,201 | +8.2% |
| Amounts receivable within one year | 40/41 | €24,205 | €17,984 | -€6,221 | -25.7% |
| Trade receivables | 40 | €21,437 | €14,521 | -€6,916 | -32.3% |
| Other amounts receivable | 41 | €2,768 | €3,463 | +€695 | +25.1% |
| Cash at bank and in hand | 54/58 | €451,094 | €496,373 | +€45,279 | +10.0% |
| Deferred charges and accrued income | 490/1 | €3,943 | €4,086 | +€143 | +3.6% |
| Total equity and liabilities | 10/49 | €494,493 | €524,713 | +€30,220 | +6.1% |
| Equity | 10/15 | €316,283 | €382,090 | +€65,807 | +20.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €310,083 | €375,890 | +€65,807 | +21.2% |
| Tax-exempt reserves | 132 | - | €31,575 | +€31,575 | |
| Distributable reserves | 133 | €310,083 | €344,315 | +€34,232 | +11.0% |
| Amounts payable | 17/49 | €178,210 | €142,623 | -€35,587 | -20.0% |
| Amounts payable after more than one year | 17 | €6,322 | - | -€6,322 | |
| Financial debts | 170/4 | €6,322 | - | -€6,322 | |
| Amounts payable within one year | 42/48 | €166,708 | €137,808 | -€28,900 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €6,445 | €6,322 | -€123 | -1.9% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Other loans | 439 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €17,685 | €11,719 | -€5,965 | -33.7% |
| Suppliers | 440/4 | €17,685 | €11,719 | -€5,965 | -33.7% |
| Advances received on contracts in progress | 46 | €38,688 | €3,061 | -€35,627 | -92.1% |
| Taxes, remuneration and social security | 45 | €21,249 | €34,695 | +€13,446 | +63.3% |
| Taxes | 450/3 | €21,249 | €34,522 | +€13,274 | +62.5% |
| Remuneration and social security | 454/9 | - | €172 | +€172 | |
| Other amounts payable | 47/48 | €32,642 | €32,011 | -€631 | -1.9% |
| Accrued charges and deferred income | 492/3 | €5,180 | €4,815 | -€365 | -7.0% |
| Remuneration, social security and pensions | 62 | - | €2,447 | +€2,447 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,345 | €8,981 | -€364 | -3.9% |
| Other operating charges | 640/8 | €2,854 | €2,937 | +€83 | +2.9% |
| Gross operating margin | 9900 | €107,667 | €132,192 | +€24,525 | +22.8% |
| Operating profit (loss) | 9901 | €95,469 | €117,827 | +€22,358 | +23.4% |
| Financial income | 75/76B | €1 | €103 | +€102 | +15,452% |
| Recurring financial income | 75 | €1 | €103 | +€102 | +15,452% |
| Financial charges | 65/66B | €5,717 | €4,463 | -€1,255 | -21.9% |
| Recurring financial charges | 65 | €5,717 | €4,463 | -€1,255 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €89,753 | €113,468 | +€23,715 | +26.4% |
| Income taxes | 67/77 | €26,477 | €30,995 | +€4,517 | +17.1% |
| Profit (loss) for the period | 9904 | €63,275 | €82,473 | +€19,198 | +30.3% |
| Transfer to tax-exempt reserves | 689 | - | €31,575 | +€31,575 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,275 | €50,898 | -€12,377 | -19.6% |
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 29 October 2026 via checked.be.