BRAM: what changed
BRAM
Largest movements
- Stocks and contracts -€194,323
down €194,323 (-87.4%), from €222,236 to €27,912
of which Contracts in progress: -€176,802
- Cash +€99,086
up €99,086 (+97.2%), from €101,893 to €200,979
mainly Stocks and contracts (+€194,323) and Net result for the year (+€175,792)
- Receivables within one year +€62,007
up €62,007 (+17.6%), from €352,235 to €414,242
of which Trade receivables: +€65,640
- Tangible fixed assets +€56,581
up €56,581 (+14.3%), from €395,182 to €451,763
of which Plant, machinery and equipment: +€175,925
- Deferred charges and accrued income -€13,950
down €13,950 (-91.1%), from €15,314 to €1,365
- Debts after one year -€96,411
down €96,411 (-46.9%), from €205,578 to €109,167
- Other debts +€62,971
new in 2025: €62,971
- Profit (loss) carried forward +€58,292
up €58,292 (+556%), from €10,484 to €68,776
- Trade debts +€56,313
up €56,313 (+19.0%), from €296,805 to €353,117
- Reserves -€39,053
down €39,053 (-15.5%), from €251,288 to €212,235
of which Distributable reserves: -€39,053
- Gross operating margin +€161,276
up €161,276 (+19.7%), from €819,039 to €980,315
- Taxes +€48,085
up €48,085 (+444%), from €10,840 to €58,925
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,089,913 | €1,099,313 | +€9,400 | +0.9% |
| Fixed assets | 21/28 | €398,235 | €454,815 | +€56,581 | +14.2% |
| Tangible fixed assets | 22/27 | €395,182 | €451,763 | +€56,581 | +14.3% |
| Plant, machinery and equipment | 23 | €38,870 | €214,795 | +€175,925 | +453% |
| Furniture and vehicles | 24 | €79,578 | €47,208 | -€32,369 | -40.7% |
| Leasing and similar rights | 25 | €232,158 | €154,423 | -€77,735 | -33.5% |
| Other tangible fixed assets | 26 | €44,576 | €35,336 | -€9,240 | -20.7% |
| Financial fixed assets | 28 | €3,053 | €3,053 | = | 0.0% |
| Current assets | 29/58 | €691,678 | €644,498 | -€47,181 | -6.8% |
| Stocks and contracts in progress | 3 | €222,236 | €27,912 | -€194,323 | -87.4% |
| Stocks | 30/36 | €32,110 | €14,588 | -€17,521 | -54.6% |
| Contracts in progress | 37 | €190,126 | €13,324 | -€176,802 | -93.0% |
| Amounts receivable within one year | 40/41 | €352,235 | €414,242 | +€62,007 | +17.6% |
| Trade receivables | 40 | €270,723 | €336,363 | +€65,640 | +24.2% |
| Other amounts receivable | 41 | €81,512 | €77,879 | -€3,633 | -4.5% |
| Cash at bank and in hand | 54/58 | €101,893 | €200,979 | +€99,086 | +97.2% |
| Deferred charges and accrued income | 490/1 | €15,314 | €1,365 | -€13,950 | -91.1% |
| Total equity and liabilities | 10/49 | €1,089,913 | €1,099,313 | +€9,400 | +0.9% |
| Equity | 10/15 | €326,232 | €345,471 | +€19,239 | +5.9% |
| Contributions | 10/11 | €64,460 | €64,460 | = | 0.0% |
| Reserves | 13 | €251,288 | €212,235 | -€39,053 | -15.5% |
| Tax-exempt reserves | 132 | €12,904 | €12,904 | = | 0.0% |
| Distributable reserves | 133 | €238,384 | €199,331 | -€39,053 | -16.4% |
| Profit (loss) carried forward | 14 | €10,484 | €68,776 | +€58,292 | +556% |
| Amounts payable | 17/49 | €763,681 | €753,842 | -€9,839 | -1.3% |
| Amounts payable after more than one year | 17 | €205,578 | €109,167 | -€96,411 | -46.9% |
| Financial debts | 170/4 | €205,578 | €109,167 | -€96,411 | -46.9% |
| Amounts payable within one year | 42/48 | €558,103 | €644,675 | +€86,572 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €134,232 | €105,119 | -€29,113 | -21.7% |
| Financial debts | 43 | €55,000 | €50,502 | -€4,498 | -8.2% |
| Credit institutions | 430/8 | €55,000 | €50,502 | -€4,498 | -8.2% |
| Trade debts | 44 | €296,805 | €353,117 | +€56,313 | +19.0% |
| Suppliers | 440/4 | €296,805 | €353,117 | +€56,313 | +19.0% |
| Taxes, remuneration and social security | 45 | €72,066 | €72,966 | +€900 | +1.2% |
| Taxes | 450/3 | €5,555 | €10,322 | +€4,767 | +85.8% |
| Remuneration and social security | 454/9 | €66,511 | €62,644 | -€3,867 | -5.8% |
| Other amounts payable | 47/48 | - | €62,971 | +€62,971 | |
| Remuneration, social security and pensions | 62 | €591,013 | €589,246 | -€1,767 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,447 | €135,547 | +€100 | +0.1% |
| Other operating charges | 640/8 | €5,133 | €4,457 | -€676 | -13.2% |
| Gross operating margin | 9900 | €819,039 | €980,315 | +€161,276 | +19.7% |
| Operating profit (loss) | 9901 | €87,445 | €251,064 | +€163,619 | +187% |
| Financial income | 75/76B | €1,968 | €7,150 | +€5,182 | +263% |
| Recurring financial income | 75 | €1,968 | €7,150 | +€5,182 | +263% |
| Financial charges | 65/66B | €23,025 | €23,498 | +€473 | +2.1% |
| Recurring financial charges | 65 | €23,025 | €23,498 | +€473 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €66,389 | €234,717 | +€168,328 | +254% |
| Income taxes | 67/77 | €10,840 | €58,925 | +€48,085 | +444% |
| Profit (loss) for the period | 9904 | €55,549 | €175,792 | +€120,243 | +216% |
| Profit (loss) for the period to be appropriated | 9905 | €55,549 | €175,792 | +€120,243 | +216% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.