BRAGOVA: 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.
BRAGOVA
Largest movements
- Tangible fixed assets +€16,286
up €16,286 (+211%), from €7,707 to €23,993
of which Furniture and vehicles: +€20,114
- Cash -€13,492
down €13,492 (-25.8%), from €52,348 to €38,857
mainly Investment in fixed assets (net) (-€22,100) and Trade debts (-€4,419)
- Receivables within one year -€5,937
down €5,937 (-20.1%), from €29,530 to €23,593
of which Trade receivables: -€4,443
- Deferred charges and accrued income +€1,490
up €1,490 (+271%), from €550 to €2,040
- Reserves +€8,014
up €8,014 (+16.7%), from €47,919 to €55,933
- Trade debts -€4,419
down €4,419 (-39.8%), from €11,101 to €6,683
- Current portion of long-term debt -€2,929
down €2,929 (-100%), from €2,929 to €0
- Tax, wage and social debts -€2,051
down €2,051 (-52.5%), from €3,905 to €1,854
- Other debts -€1,009
down €1,009 (-5.6%), from €18,118 to €17,110
- Gross operating margin +€20,831
up €20,831, from -€2,884 to €17,947
- Depreciation +€1,985
up €1,985 (+51.8%), from €3,829 to €5,814
- Taxes +€1,854
up €1,854, from €0 to €1,854
- Other operating charges +€650
up €650 (+51.3%), from €1,267 to €1,917
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 | €94,141 | €91,747 | -€2,393 | -2.5% |
| Fixed assets | 21/28 | €7,707 | €23,993 | +€16,286 | +211% |
| Tangible fixed assets | 22/27 | €7,707 | €23,993 | +€16,286 | +211% |
| Land and buildings | 22 | €1,899 | €90 | -€1,809 | -95.3% |
| Plant, machinery and equipment | 23 | €5,808 | €3,789 | -€2,019 | -34.8% |
| Furniture and vehicles | 24 | - | €20,114 | +€20,114 | |
| Current assets | 29/58 | €86,434 | €67,754 | -€18,679 | -21.6% |
| Stocks and contracts in progress | 3 | €4,006 | €3,265 | -€741 | -18.5% |
| Stocks | 30/36 | €4,006 | €3,265 | -€741 | -18.5% |
| Amounts receivable within one year | 40/41 | €29,530 | €23,593 | -€5,937 | -20.1% |
| Trade receivables | 40 | €23,745 | €19,303 | -€4,443 | -18.7% |
| Other amounts receivable | 41 | €5,784 | €4,290 | -€1,494 | -25.8% |
| Cash at bank and in hand | 54/58 | €52,348 | €38,857 | -€13,492 | -25.8% |
| Deferred charges and accrued income | 490/1 | €550 | €2,040 | +€1,490 | +271% |
| Total equity and liabilities | 10/49 | €94,141 | €91,747 | -€2,393 | -2.5% |
| Equity | 10/15 | €58,087 | €66,101 | +€8,014 | +13.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,919 | €55,933 | +€8,014 | +16.7% |
| Distributable reserves | 133 | €47,919 | €55,933 | +€8,014 | +16.7% |
| Profit (loss) carried forward | 14 | -€8,432 | -€8,432 | = | 0.0% |
| Amounts payable | 17/49 | €36,054 | €25,646 | -€10,407 | -28.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €36,054 | €25,646 | -€10,407 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €2,929 | €0 | -€2,929 | -100% |
| Trade debts | 44 | €11,101 | €6,683 | -€4,419 | -39.8% |
| Suppliers | 440/4 | €11,101 | €6,683 | -€4,419 | -39.8% |
| Taxes, remuneration and social security | 45 | €3,905 | €1,854 | -€2,051 | -52.5% |
| Taxes | 450/3 | €3,905 | €1,854 | -€2,051 | -52.5% |
| Other amounts payable | 47/48 | €18,118 | €17,110 | -€1,009 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,829 | €5,814 | +€1,985 | +51.8% |
| Other operating charges | 640/8 | €1,267 | €1,917 | +€650 | +51.3% |
| Gross operating margin | 9900 | -€2,884 | €17,947 | +€20,831 | |
| Operating profit (loss) | 9901 | -€7,981 | €10,215 | +€18,196 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €451 | €348 | -€104 | -23.0% |
| Recurring financial charges | 65 | €451 | €348 | -€104 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,432 | €9,868 | +€18,300 | |
| Income taxes | 67/77 | €0 | €1,854 | +€1,854 | |
| Profit (loss) for the period | 9904 | -€8,432 | €8,014 | +€16,446 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,432 | €8,014 | +€16,446 |
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 20 October 2026 via checked.be.