BRANJO: 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.
BRANJO
Largest movements
- Stocks and contracts +€2.6m
up €2.6m (+842.8%), from €304,944 to €2.9m
- Tangible fixed assets +€515,573
up €515,573 (+30.0%), from €1.7m to €2.2m
of which Furniture and vehicles: +€586,494
- Receivables within one year -€273,654
down €273,654 (-27.0%), from €1.0m to €740,183
of which Other amounts receivable: -€560,107
- Cash +€190,719
up €190,719 (+4229.0%), from €4,510 to €195,228
mainly Other debts (+€3.8m) and Trade debts (+€462,724)
- Other debts +€3.8m
up €3.8m (+3913.0%), from €97,620 to €3.9m
- Debts after one year -€636,405
down €636,405 (-100.0%), from €636,405 to €0
- Trade debts +€462,724
up €462,724 (+294.8%), from €156,982 to €619,706
- Tax, wage and social debts -€357,883
down €357,883 (-96.0%), from €372,706 to €14,824
of which Taxes: -€351,447
- Reserves -€175,563
down €175,563 (-13.8%), from €1.3m to €1.1m
of which Distributable reserves: -€140,239
- Gross operating margin -€140,057
down €140,057, from €131,549 to -€8,508
- Financial charges +€18,190
up €18,190 (+51.4%), from €35,410 to €53,600
- Other operating charges +€16,016
up €16,016 (+109.5%), from €14,621 to €30,637
- Staff costs +€6,146
up €6,146 (+28.0%), from €21,953 to €28,099
- Taxes -€3,469
down €3,469 (-28.8%), from €12,026 to €8,557
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,085,114 | €6,050,951 | +€3.0m | +96.1% |
| Fixed assets | 21/28 | €1,717,632 | €2,233,204 | +€515,573 | +30.0% |
| Tangible fixed assets | 22/27 | €1,717,632 | €2,233,204 | +€515,573 | +30.0% |
| Land and buildings | 22 | €1,696,095 | €1,628,785 | -€67,310 | -4.0% |
| Plant, machinery and equipment | 23 | €5,589 | €15,188 | +€9,599 | +171.7% |
| Furniture and vehicles | 24 | €2,737 | €589,231 | +€586,494 | +21424.9% |
| Leasing and similar rights | 25 | €13,210 | €0 | -€13,210 | -100.0% |
| Current assets | 29/58 | €1,367,482 | €3,817,747 | +€2.5m | +179.2% |
| Stocks and contracts in progress | 3 | €304,944 | €2,875,000 | +€2.6m | +842.8% |
| Stocks | 30/36 | €304,944 | €2,875,000 | +€2.6m | +842.8% |
| Amounts receivable within one year | 40/41 | €1,013,837 | €740,183 | -€273,654 | -27.0% |
| Trade receivables | 40 | €30,288 | €316,741 | +€286,453 | +945.8% |
| Other amounts receivable | 41 | €983,549 | €423,443 | -€560,107 | -56.9% |
| Cash at bank and in hand | 54/58 | €4,510 | €195,228 | +€190,719 | +4229.0% |
| Deferred charges and accrued income | 490/1 | €44,192 | €7,335 | -€36,857 | -83.4% |
| Total equity and liabilities | 10/49 | €3,085,114 | €6,050,951 | +€3.0m | +96.1% |
| Equity | 10/15 | €1,473,014 | €1,297,451 | -€175,563 | -11.9% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,273,014 | €1,097,451 | -€175,563 | -13.8% |
| Non-distributable reserves | 130/1 | €5,212 | €0 | -€5,212 | -100.0% |
| Reserves not available under the articles | 1311 | €5,212 | €0 | -€5,212 | -100.0% |
| Tax-exempt reserves | 132 | €631,695 | €601,583 | -€30,112 | -4.8% |
| Distributable reserves | 133 | €636,107 | €495,868 | -€140,239 | -22.0% |
| Provisions and deferred taxes | 16 | €210,565 | €200,528 | -€10,037 | -4.8% |
| Deferred taxes | 168 | €210,565 | €200,528 | -€10,037 | -4.8% |
| Amounts payable | 17/49 | €1,401,535 | €4,552,973 | +€3.2m | +224.9% |
| Amounts payable after more than one year | 17 | €636,405 | €0 | -€636,405 | -100.0% |
| Financial debts | 170/4 | €636,405 | €0 | -€636,405 | -100.0% |
| Amounts payable within one year | 42/48 | €761,766 | €4,551,973 | +€3.8m | +497.6% |
| Current portion of amounts payable after more than one year | 42 | €124,273 | €0 | -€124,273 | -100.0% |
| Financial debts | 43 | €10,185 | €0 | -€10,185 | -100.0% |
| Credit institutions | 430/8 | €10,185 | €0 | -€10,185 | -100.0% |
| Trade debts | 44 | €156,982 | €619,706 | +€462,724 | +294.8% |
| Suppliers | 440/4 | €156,982 | €619,706 | +€462,724 | +294.8% |
| Taxes, remuneration and social security | 45 | €372,706 | €14,824 | -€357,883 | -96.0% |
| Taxes | 450/3 | €364,478 | €13,031 | -€351,447 | -96.4% |
| Remuneration and social security | 454/9 | €8,229 | €1,793 | -€6,436 | -78.2% |
| Other amounts payable | 47/48 | €97,620 | €3,917,443 | +€3.8m | +3913.0% |
| Accrued charges and deferred income | 492/3 | €3,364 | €1,000 | -€2,364 | -70.3% |
| Non-recurring operating income | 76A | €0 | €7,594 | +€7,594 | |
| Remuneration, social security and pensions | 62 | €21,953 | €28,099 | +€6,146 | +28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,479 | €84,945 | +€1,466 | +1.8% |
| Other operating charges | 640/8 | €14,621 | €30,637 | +€16,016 | +109.5% |
| Gross operating margin | 9900 | €131,549 | -€8,508 | -€140,057 | |
| Operating profit (loss) | 9901 | €11,497 | -€152,189 | -€163,685 | |
| Financial income | 75/76B | €30,022 | €28,746 | -€1,276 | -4.3% |
| Recurring financial income | 75 | €30,022 | €28,746 | -€1,276 | -4.3% |
| Financial charges | 65/66B | €35,410 | €53,600 | +€18,190 | +51.4% |
| Recurring financial charges | 65 | €35,410 | €53,600 | +€18,190 | +51.4% |
| Profit (loss) for the period before taxes | 9903 | €6,108 | -€177,043 | -€183,152 | |
| Transfer from deferred taxes | 780 | €10,037 | €10,037 | = | 0.0% |
| Income taxes | 67/77 | €12,026 | €8,557 | -€3,469 | -28.8% |
| Profit (loss) for the period | 9904 | €4,119 | -€175,563 | -€179,682 | |
| Transfer from tax-exempt reserves | 789 | €30,112 | €30,112 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,231 | -€145,451 | -€179,682 |
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 30 September 2026 via checked.be.