BRAHMS: 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.
What changed
BRAHMS
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€723,579
2024 · €713,864+€9,715
Equity
€2.2m
2024 · €1.5m+€723,579
Cash
€127,701
2024 · €133,637-€5,936
Balance sheet total
€3.4m
2024 · €3.2m+€166,674
Largest movements
Assets
- Receivables within one year +€192,667
up €192,667 (+4446.4%), from €4,333 to €197,000
Equity and liabilities
- Reserves +€723,579
up €723,579 (+49.4%), from €1.5m to €2.2m
- Short-term financial debts -€217,632
down €217,632 (-44.8%), from €486,048 to €268,416
- Other debts -€180,000
down €180,000 (-45.0%), from €400,000 to €220,000
- Debts after one year -€94,547
down €94,547 (-17.8%), from €531,867 to €437,321
- Tax, wage and social debts -€59,355
down €59,355 (-30.1%), from €197,322 to €137,967
Income statement
- Financial charges -€20,278
down €20,278 (-42.9%), from €47,232 to €26,953
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.
Result 2024
€713,864
Gross operating margin
-€3,324
Depreciation
-€8,063
Other operating charges
+€3,422
Financial income
-€8,179
Financial charges
+€20,278
Taxes
+€5,581
Result 2025
€723,579
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.
From operations
+€456,602
Investment
-€144,865
Financing
-€317,673
Cash 2024
€133,637
From operations (derived)
+€456,602
Net result for the year
+€723,579
Depreciation
+€164,949
Receivables within one year
-€192,667
Smaller working-capital items
+€97
Tax, wage and social debts
-€59,355
Other debts
-€180,000
Investment (derived)
-€144,865
Investment in fixed assets (net)
-€144,865
Financing
-€317,673
Debts after one year
-€94,547
Current portion of long-term debt
-€5,495
Short-term financial debts
-€217,632
Cash 2025
€127,701
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,200,333 | €3,367,008 | +€166,674 | +5.2% |
| Fixed assets | 21/28 | €3,059,171 | €3,039,087 | -€20,084 | -0.7% |
| Tangible fixed assets | 22/27 | €3,059,171 | €3,039,087 | -€20,084 | -0.7% |
| Land and buildings | 22 | €2,707,630 | €2,572,527 | -€135,103 | -5.0% |
| Plant, machinery and equipment | 23 | €351,542 | €466,560 | +€115,019 | +32.7% |
| Current assets | 29/58 | €141,162 | €327,921 | +€186,759 | +132.3% |
| Amounts receivable within one year | 40/41 | €4,333 | €197,000 | +€192,667 | +4446.4% |
| Other amounts receivable | 41 | €4,333 | €197,000 | +€192,667 | +4446.4% |
| Cash at bank and in hand | 54/58 | €133,637 | €127,701 | -€5,936 | -4.4% |
| Deferred charges and accrued income | 490/1 | €3,192 | €3,219 | +€27 | +0.9% |
| Total equity and liabilities | 10/49 | €3,200,333 | €3,367,008 | +€166,674 | +5.2% |
| Equity | 10/15 | €1,484,453 | €2,208,032 | +€723,579 | +48.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,465,853 | €2,189,432 | +€723,579 | +49.4% |
| Distributable reserves | 133 | €1,465,853 | €2,189,432 | +€723,579 | +49.4% |
| Amounts payable | 17/49 | €1,715,881 | €1,158,976 | -€556,905 | -32.5% |
| Amounts payable after more than one year | 17 | €531,867 | €437,321 | -€94,547 | -17.8% |
| Financial debts | 170/4 | €531,867 | €437,321 | -€94,547 | -17.8% |
| Amounts payable within one year | 42/48 | €1,184,013 | €721,655 | -€462,358 | -39.1% |
| Current portion of amounts payable after more than one year | 42 | €100,041 | €94,547 | -€5,495 | -5.5% |
| Financial debts | 43 | €486,048 | €268,416 | -€217,632 | -44.8% |
| Credit institutions | 430/8 | €486,048 | €268,416 | -€217,632 | -44.8% |
| Trade debts | 44 | €601 | €726 | +€124 | +20.6% |
| Suppliers | 440/4 | €601 | €726 | +€124 | +20.6% |
| Taxes, remuneration and social security | 45 | €197,322 | €137,967 | -€59,355 | -30.1% |
| Taxes | 450/3 | €197,322 | €137,967 | -€59,355 | -30.1% |
| Other amounts payable | 47/48 | €400,000 | €220,000 | -€180,000 | -45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,886 | €164,949 | +€8,063 | +5.1% |
| Other operating charges | 640/8 | €33,531 | €30,108 | -€3,422 | -10.2% |
| Gross operating margin | 9900 | €1,187,501 | €1,184,177 | -€3,324 | -0.3% |
| Operating profit (loss) | 9901 | €997,085 | €989,119 | -€7,965 | -0.8% |
| Financial income | 75/76B | €10,785 | €2,606 | -€8,179 | -75.8% |
| Recurring financial income | 75 | €10,785 | €2,606 | -€8,179 | -75.8% |
| Financial charges | 65/66B | €47,232 | €26,953 | -€20,278 | -42.9% |
| Recurring financial charges | 65 | €47,232 | €26,953 | -€20,278 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €960,638 | €964,772 | +€4,134 | +0.4% |
| Income taxes | 67/77 | €246,774 | €241,193 | -€5,581 | -2.3% |
| Profit (loss) for the period | 9904 | €713,864 | €723,579 | +€9,715 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €713,864 | €723,579 | +€9,715 | +1.4% |
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 5 October 2026 via checked.be.