BRALING: 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.
What changed
BRALING
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€48,487
2024 · €2,088+€46,400
Equity
€1.6m
2024 · €1.6m+€48,487
Cash
€84,299
2024 · €10,331+€73,968
Balance sheet total
€4.5m
2024 · €4.9m-€450,302
Largest movements
Assets
- Financial fixed assets -€415,886
down €415,886 (-22.8%), from €1.8m to €1.4m
- Tangible fixed assets -€78,327
down €78,327 (-2.6%), from €3.1m to €3.0m
of which Land and buildings: -€81,562
- Cash +€73,968
up €73,968 (+716%), from €10,331 to €84,299
mainly Investment in fixed assets (net) (+€402,236) and Depreciation (+€91,977)
Equity and liabilities
- Other debts -€522,754
down €522,754 (-17.0%), from €3.1m to €2.5m
Income statement
- Staff costs -€50,877
down €50,877 (-43.7%), from €116,329 to €65,452
- Depreciation -€45,548
down €45,548 (-33.1%), from €137,525 to €91,977
- Gross operating margin -€43,529
down €43,529 (-16.3%), from €267,440 to €223,911
- Taxes +€4,245
up €4,245 (+402%), from €1,055 to €5,299
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
€2,088
Gross operating margin
-€43,529
Staff costs
+€50,877
Depreciation
+€45,548
Other operating charges
-€2,258
Financial income
-€1,051
Financial charges
+€1,057
Taxes
-€4,245
Result 2025
€48,487
raises the resultlowers the result
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.
From operations
-€303,467
Investment
+€402,236
Financing
-€24,801
Cash 2024
€10,331
From operations (derived)
-€303,467
Net result for the year
+€48,487
Depreciation
+€91,977
Receivables within one year
+€32,605
Deferred charges and accrued income
-€2,548
Provisions
-€2,988
Trade debts
+€15,694
Tax, wage and social debts
+€38,593
Other debts
-€522,754
Accrued charges and deferred income
-€2,534
Investment (derived)
+€402,236
Investment in fixed assets (net)
+€402,236
Financing
-€24,801
Debts after one year
-€26,169
Current portion of long-term debt
+€306
Short-term financial debts
+€1,063
Cash 2025
€84,299
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,939,587 | €4,489,285 | -€450,302 | -9.1% |
| Fixed assets | 21/28 | €4,872,043 | €4,377,831 | -€494,213 | -10.1% |
| Tangible fixed assets | 22/27 | €3,051,330 | €2,973,003 | -€78,327 | -2.6% |
| Land and buildings | 22 | €2,997,078 | €2,915,516 | -€81,562 | -2.7% |
| Plant, machinery and equipment | 23 | €25,976 | €27,589 | +€1,613 | +6.2% |
| Furniture and vehicles | 24 | €7,244 | €10,075 | +€2,832 | +39.1% |
| Other tangible fixed assets | 26 | €21,032 | €19,822 | -€1,210 | -5.8% |
| Financial fixed assets | 28 | €1,820,713 | €1,404,828 | -€415,886 | -22.8% |
| Current assets | 29/58 | €67,544 | €111,454 | +€43,910 | +65.0% |
| Amounts receivable within one year | 40/41 | €47,983 | €15,378 | -€32,605 | -68.0% |
| Trade receivables | 40 | €44,420 | €13,325 | -€31,095 | -70.0% |
| Other amounts receivable | 41 | €3,564 | €2,053 | -€1,510 | -42.4% |
| Cash at bank and in hand | 54/58 | €10,331 | €84,299 | +€73,968 | +716% |
| Deferred charges and accrued income | 490/1 | €9,230 | €11,778 | +€2,548 | +27.6% |
| Total equity and liabilities | 10/49 | €4,939,587 | €4,489,285 | -€450,302 | -9.1% |
| Equity | 10/15 | €1,551,588 | €1,600,076 | +€48,487 | +3.1% |
| Contributions | 10/11 | €991,574 | €991,574 | = | 0.0% |
| Capital | 10 | €991,574 | €991,574 | = | 0.0% |
| Issued capital | 100 | €991,574 | €991,574 | = | 0.0% |
| Reserves | 13 | €560,014 | €608,501 | +€48,487 | +8.7% |
| Non-distributable reserves | 130/1 | €46,201 | €50,201 | +€4,000 | +8.7% |
| Legal reserve | 130 | €46,201 | €50,201 | +€4,000 | +8.7% |
| Tax-exempt reserves | 132 | €84,078 | €76,965 | -€7,113 | -8.5% |
| Distributable reserves | 133 | €429,735 | €481,335 | +€51,601 | +12.0% |
| Provisions and deferred taxes | 16 | €35,317 | €32,329 | -€2,988 | -8.5% |
| Deferred taxes | 168 | €35,317 | €32,329 | -€2,988 | -8.5% |
| Amounts payable | 17/49 | €3,352,682 | €2,856,880 | -€495,802 | -14.8% |
| Amounts payable after more than one year | 17 | €227,761 | €201,592 | -€26,169 | -11.5% |
| Financial debts | 170/4 | €227,761 | €201,592 | -€26,169 | -11.5% |
| Amounts payable within one year | 42/48 | €3,114,894 | €2,647,795 | -€467,099 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €23,747 | €24,053 | +€306 | +1.3% |
| Financial debts | 43 | €311 | €1,374 | +€1,063 | +342% |
| Credit institutions | 430/8 | €292 | €1,374 | +€1,082 | +370% |
| Other loans | 439 | €19 | €0 | -€19 | -100% |
| Trade debts | 44 | €13,329 | €29,023 | +€15,694 | +118% |
| Suppliers | 440/4 | €13,329 | €29,023 | +€15,694 | +118% |
| Taxes, remuneration and social security | 45 | €10,369 | €48,962 | +€38,593 | +372% |
| Taxes | 450/3 | €1,055 | €43,229 | +€42,175 | +3,999% |
| Remuneration and social security | 454/9 | €9,314 | €5,733 | -€3,581 | -38.5% |
| Other amounts payable | 47/48 | €3,067,137 | €2,544,383 | -€522,754 | -17.0% |
| Accrued charges and deferred income | 492/3 | €10,028 | €7,494 | -€2,534 | -25.3% |
| Remuneration, social security and pensions | 62 | €116,329 | €65,452 | -€50,877 | -43.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,525 | €91,977 | -€45,548 | -33.1% |
| Other operating charges | 640/8 | €9,472 | €11,730 | +€2,258 | +23.8% |
| Gross operating margin | 9900 | €267,440 | €223,911 | -€43,529 | -16.3% |
| Operating profit (loss) | 9901 | €4,114 | €54,752 | +€50,638 | +1,231% |
| Financial income | 75/76B | €1,139 | €88 | -€1,051 | -92.2% |
| Recurring financial income | 75 | €1,139 | €88 | -€1,051 | -92.2% |
| Financial charges | 65/66B | €5,099 | €4,042 | -€1,057 | -20.7% |
| Recurring financial charges | 65 | €5,099 | €4,042 | -€1,057 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €154 | €50,799 | +€50,645 | +32,826% |
| Transfer from deferred taxes | 780 | €2,988 | €2,988 | = | 0.0% |
| Income taxes | 67/77 | €1,055 | €5,299 | +€4,245 | +402% |
| Profit (loss) for the period | 9904 | €2,088 | €48,487 | +€46,400 | +2,223% |
| Transfer from tax-exempt reserves | 789 | €7,113 | €7,113 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,201 | €55,601 | +€46,400 | +504% |
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 22 October 2026 via checked.be.