BRAGO: 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.
BRAGO
Largest movements
- Cash -€48,888
down €48,888 (-42.7%), from €114,582 to €65,694
- Deferred charges and accrued income -€10,753
no longer reported in 2025 (was €10,753)
- Tangible fixed assets -€5,913
down €5,913 (-60.9%), from €9,708 to €3,795
- Receivables within one year -€3,599
down €3,599 (-24.4%), from €14,731 to €11,132
of which Other amounts receivable: -€9,260
- Debts after one year -€56,490
down €56,490 (-90.9%), from €62,152 to €5,662
- Trade debts -€21,621
down €21,621 (-64.9%), from €33,298 to €11,677
- Profit (loss) carried forward +€19,036
up €19,036 (+15.5%), from -€123,037 to -€104,001
- Accrued charges and deferred income -€12,076
no longer reported in 2025 (was €12,076)
- Tax, wage and social debts +€1,999
up €1,999 (+69.8%), from €2,863 to €4,862
- Depreciation -€16,234
down €16,234 (-62.6%), from €25,942 to €9,708
- Gross operating margin +€7,999
up €7,999 (+35.3%), from €22,652 to €30,651
- Financial income +€393
up €393 (+303%), from €130 to €523
- Other operating charges +€320
up €320 (+19.5%), from €1,646 to €1,966
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €149,804 | €80,651 | -€69,153 | -46.2% |
| Fixed assets | 21/28 | €9,738 | €3,825 | -€5,913 | -60.7% |
| Tangible fixed assets | 22/27 | €9,708 | €3,795 | -€5,913 | -60.9% |
| Furniture and vehicles | 24 | €9,708 | €3,795 | -€5,913 | -60.9% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €140,066 | €76,826 | -€63,240 | -45.1% |
| Amounts receivable within one year | 40/41 | €14,731 | €11,132 | -€3,599 | -24.4% |
| Trade receivables | 40 | €5,472 | €11,132 | +€5,660 | +103% |
| Other amounts receivable | 41 | €9,260 | - | -€9,260 | |
| Cash at bank and in hand | 54/58 | €114,582 | €65,694 | -€48,888 | -42.7% |
| Deferred charges and accrued income | 490/1 | €10,753 | - | -€10,753 | |
| Total equity and liabilities | 10/49 | €149,804 | €80,651 | -€69,153 | -46.2% |
| Equity | 10/15 | €39,414 | €58,450 | +€19,036 | +48.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | - | -€18,592 | |
| Issued capital | 100 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €143,859 | €143,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Legal reserve | 130 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | €142,000 | €143,859 | +€1,859 | +1.3% |
| Profit (loss) carried forward | 14 | -€123,037 | -€104,001 | +€19,036 | +15.5% |
| Amounts payable | 17/49 | €110,390 | €22,201 | -€88,189 | -79.9% |
| Amounts payable after more than one year | 17 | €62,152 | €5,662 | -€56,490 | -90.9% |
| Other amounts payable | 178/9 | €62,152 | €5,662 | -€56,490 | -90.9% |
| Amounts payable within one year | 42/48 | €36,162 | €16,539 | -€19,622 | -54.3% |
| Trade debts | 44 | €33,298 | €11,677 | -€21,621 | -64.9% |
| Suppliers | 440/4 | €33,298 | €11,677 | -€21,621 | -64.9% |
| Taxes, remuneration and social security | 45 | €2,863 | €4,862 | +€1,999 | +69.8% |
| Taxes | 450/3 | €2,863 | €4,862 | +€1,999 | +69.8% |
| Accrued charges and deferred income | 492/3 | €12,076 | - | -€12,076 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,942 | €9,708 | -€16,234 | -62.6% |
| Other operating charges | 640/8 | €1,646 | €1,966 | +€320 | +19.5% |
| Gross operating margin | 9900 | €22,652 | €30,651 | +€7,999 | +35.3% |
| Operating profit (loss) | 9901 | -€4,935 | €18,977 | +€23,912 | |
| Financial income | 75/76B | €130 | €523 | +€393 | +303% |
| Recurring financial income | 75 | €130 | €523 | +€393 | +303% |
| Financial charges | 65/66B | €452 | €463 | +€11 | +2.5% |
| Recurring financial charges | 65 | €452 | €463 | +€11 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,257 | €19,036 | +€24,294 | |
| Income taxes | 67/77 | €39 | - | -€39 | |
| Profit (loss) for the period | 9904 | -€5,296 | €19,036 | +€24,332 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,296 | €19,036 | +€24,332 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.