BRANDRACER: 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.
BRANDRACER
Largest movements
- Current investments -€317,722
no longer reported in 2025 (was €317,722)
- Cash +€196,232
up €196,232 (+575%), from €34,099 to €230,331
mainly Net result for the year (+€491,448) and Current investments (+€317,722)
- Receivables after one year +€135,000
up €135,000 (+40.9%), from €330,000 to €465,000
- Deferred charges and accrued income +€32,839
up €32,839 (+84.0%), from €39,114 to €71,953
- Receivables within one year -€30,976
down €30,976 (-74.8%), from €41,409 to €10,433
of which Trade receivables: -€32,345
- Other debts -€209,553
down €209,553 (-61.8%), from €338,920 to €129,366
- Reserves +€191,448
up €191,448 (+47.7%), from €401,216 to €592,665
of which Distributable reserves: +€191,448
- Tax, wage and social debts +€31,262
up €31,262 (+207%), from €15,113 to €46,376
- Gross operating margin +€403,060
up €403,060 (+223%), from €180,744 to €583,804
- Taxes +€104,914
up €104,914 (+227%), from €46,212 to €151,125
- Financial charges -€50,321
down €50,321, from €26,545 to -€23,775
- Financial income +€17,271
up €17,271 (+87.7%), from €19,694 to €36,965
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 | €776,529 | €790,902 | +€14,373 | +1.9% |
| Fixed assets | 21/28 | €4,185 | €3,185 | -€1,001 | -23.9% |
| Tangible fixed assets | 22/27 | €4,185 | €3,185 | -€1,001 | -23.9% |
| Plant, machinery and equipment | 23 | €1,036 | €902 | -€133 | -12.9% |
| Furniture and vehicles | 24 | €3,150 | €2,282 | -€867 | -27.5% |
| Current assets | 29/58 | €772,344 | €787,717 | +€15,373 | +2.0% |
| Amounts receivable after more than one year | 29 | €330,000 | €465,000 | +€135,000 | +40.9% |
| Other amounts receivable | 291 | €330,000 | €465,000 | +€135,000 | +40.9% |
| Stocks and contracts in progress | 3 | €10,000 | €10,000 | = | 0.0% |
| Stocks | 30/36 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,409 | €10,433 | -€30,976 | -74.8% |
| Trade receivables | 40 | €32,345 | - | -€32,345 | |
| Other amounts receivable | 41 | €9,064 | €10,433 | +€1,370 | +15.1% |
| Current investments | 50/53 | €317,722 | - | -€317,722 | |
| Cash at bank and in hand | 54/58 | €34,099 | €230,331 | +€196,232 | +575% |
| Deferred charges and accrued income | 490/1 | €39,114 | €71,953 | +€32,839 | +84.0% |
| Total equity and liabilities | 10/49 | €776,529 | €790,902 | +€14,373 | +1.9% |
| Equity | 10/15 | €419,816 | €611,265 | +€191,448 | +45.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €401,216 | €592,665 | +€191,448 | +47.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €399,356 | €590,805 | +€191,448 | +47.9% |
| Amounts payable | 17/49 | €356,713 | €179,637 | -€177,076 | -49.6% |
| Amounts payable within one year | 42/48 | €356,713 | €179,637 | -€177,076 | -49.6% |
| Trade debts | 44 | €2,680 | €3,895 | +€1,215 | +45.3% |
| Suppliers | 440/4 | €2,680 | €3,895 | +€1,215 | +45.3% |
| Taxes, remuneration and social security | 45 | €15,113 | €46,376 | +€31,262 | +207% |
| Taxes | 450/3 | €15,113 | €46,376 | +€31,262 | +207% |
| Other amounts payable | 47/48 | €338,920 | €129,366 | -€209,553 | -61.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,429 | €1,675 | -€4,754 | -73.9% |
| Other operating charges | 640/8 | €1,144 | €296 | -€849 | -74.2% |
| Gross operating margin | 9900 | €180,744 | €583,804 | +€403,060 | +223% |
| Operating profit (loss) | 9901 | €173,171 | €581,834 | +€408,663 | +236% |
| Financial income | 75/76B | €19,694 | €36,965 | +€17,271 | +87.7% |
| Recurring financial income | 75 | €19,694 | €36,965 | +€17,271 | +87.7% |
| Financial charges | 65/66B | €26,545 | -€23,775 | -€50,321 | |
| Recurring financial charges | 65 | €26,545 | -€23,775 | -€50,321 | |
| Profit (loss) for the period before taxes | 9903 | €166,319 | €642,574 | +€476,255 | +286% |
| Income taxes | 67/77 | €46,212 | €151,125 | +€104,914 | +227% |
| Profit (loss) for the period | 9904 | €120,107 | €491,448 | +€371,341 | +309% |
| Profit (loss) for the period to be appropriated | 9905 | €120,107 | €491,448 | +€371,341 | +309% |
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 30 October 2026 via checked.be.