BRAREM: 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
BRAREM
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€272,380
2024 · €5.3m-€5.1m
Equity
€20.2m
2024 · €20.0m+€272,380
Cash
€332,941
2024 · €1.6m-€1.2m
Balance sheet total
€24.2m
2024 · €23.9m+€291,162
Largest movements
Assets
- Current investments +€1.5m
new in 2025: €1.5m
- Cash -€1.2m
down €1.2m (-78.8%), from €1.6m to €332,941
mainly Current investments (-€1.5m) and Deferred charges and accrued income (-€26,497)
Equity and liabilities
- Profit (loss) carried forward +€272,380
up €272,380 (+2.2%), from €12.4m to €12.7m
Income statement
- Financial income -€5.1m
down €5.1m (-99.4%), from €5.2m to €32,943
- Turnover +€90,000
up €90,000 (+18.8%), from €480,000 to €570,000
- Taxes +€32,227
up €32,227 (+54.2%), from €59,462 to €91,689
- Services and other goods -€13,020
down €13,020 (-6.2%), from €209,520 to €196,501
- Depreciation +€7,832
up €7,832 (+52.1%), from €15,025 to €22,858
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
€5.3m
Turnover
+€90,000
Other operating income
+€1,340
Services and other goods
+€13,020
Staff costs
-€1,292
Depreciation
-€7,832
Other operating charges
-€331
Financial income
-€5.1m
Financial charges
+€7
Taxes
-€32,227
Result 2025
€272,380
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
+€269,191
Investment
-€1.5m
Financing
€0
Cash 2024
€1.6m
From operations (derived)
+€269,191
Net result for the year
+€272,380
Depreciation
+€22,858
Receivables within one year
-€18,331
Deferred charges and accrued income
-€26,497
Smaller working-capital items
-€2,990
Tax, wage and social debts
+€16,869
Accrued charges and deferred income
+€4,902
Investment (derived)
-€1.5m
Current investments
-€1.5m
Cash 2025
€332,941
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,915,611 | €24,206,773 | +€291,162 | +1.2% |
| Fixed assets | 21/28 | €18,034,209 | €18,011,352 | -€22,858 | -0.1% |
| Tangible fixed assets | 22/27 | €96,865 | €74,008 | -€22,858 | -23.6% |
| Furniture and vehicles | 24 | €96,865 | €74,008 | -€22,858 | -23.6% |
| Financial fixed assets | 28 | €17,937,344 | €17,937,344 | = | 0.0% |
| Affiliated companies | 280/1 | €17,937,344 | €17,937,344 | = | 0.0% |
| Participating interests | 280 | €17,937,344 | €17,937,344 | = | 0.0% |
| Current assets | 29/58 | €5,881,402 | €6,195,421 | +€314,019 | +5.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €4,310,966 | €4,329,297 | +€18,331 | +0.4% |
| Trade receivables | 40 | €48,400 | €66,550 | +€18,150 | +37.5% |
| Other amounts receivable | 41 | €4,262,566 | €4,262,747 | +€181 | 0.0% |
| Current investments | 50/53 | - | €1,505,000 | +€1.5m | |
| Other investments | 51/53 | - | €1,505,000 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €1,568,749 | €332,941 | -€1.2m | -78.8% |
| Deferred charges and accrued income | 490/1 | €1,686 | €28,183 | +€26,497 | +1571.6% |
| Total equity and liabilities | 10/49 | €23,915,611 | €24,206,773 | +€291,162 | +1.2% |
| Equity | 10/15 | €19,959,543 | €20,231,923 | +€272,380 | +1.4% |
| Contributions | 10/11 | €6,863,767 | €6,863,767 | = | 0.0% |
| Reserves | 13 | €686,377 | €686,377 | = | 0.0% |
| Distributable reserves | 133 | €686,377 | €686,377 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,409,400 | €12,681,779 | +€272,380 | +2.2% |
| Amounts payable | 17/49 | €3,956,068 | €3,974,850 | +€18,782 | +0.5% |
| Amounts payable within one year | 42/48 | €3,951,396 | €3,965,275 | +€13,880 | +0.4% |
| Trade debts | 44 | €4,228 | €4,170 | -€58 | -1.4% |
| Suppliers | 440/4 | €4,228 | €4,170 | -€58 | -1.4% |
| Taxes, remuneration and social security | 45 | €45,769 | €62,639 | +€16,869 | +36.9% |
| Taxes | 450/3 | €34,599 | €51,292 | +€16,694 | +48.2% |
| Remuneration and social security | 454/9 | €11,171 | €11,347 | +€176 | +1.6% |
| Other amounts payable | 47/48 | €3,901,398 | €3,898,466 | -€2,932 | -0.1% |
| Accrued charges and deferred income | 492/3 | €4,672 | €9,575 | +€4,902 | +104.9% |
| Operating income | 70/76A | €481,970 | €573,310 | +€91,340 | +19.0% |
| Turnover | 70 | €480,000 | €570,000 | +€90,000 | +18.8% |
| Other operating income | 74 | €1,970 | €3,310 | +€1,340 | +68.0% |
| Operating charges | 60/66A | €244,101 | €240,538 | -€3,564 | -1.5% |
| Services and other goods | 61 | €209,520 | €196,501 | -€13,020 | -6.2% |
| Remuneration, social security and pensions | 62 | €17,966 | €19,259 | +€1,292 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,025 | €22,858 | +€7,832 | +52.1% |
| Other operating charges | 640/8 | €1,590 | €1,921 | +€331 | +20.8% |
| Operating profit (loss) | 9901 | €237,868 | €332,772 | +€94,904 | +39.9% |
| Financial income | 75/76B | €5,152,977 | €32,943 | -€5.1m | -99.4% |
| Recurring financial income | 75 | €5,152,977 | €32,943 | -€5.1m | -99.4% |
| Income from financial fixed assets | 750 | €5,152,832 | €0 | -€5.2m | -100.0% |
| Income from current assets | 751 | - | €32,943 | +€32,943 | |
| Other financial income | 752/9 | €145 | €0 | -€145 | -100.0% |
| Financial charges | 65/66B | €1,653 | €1,646 | -€7 | -0.4% |
| Recurring financial charges | 65 | €1,653 | €1,646 | -€7 | -0.4% |
| Debt charges | 650 | €1,503 | €1,385 | -€118 | -7.9% |
| Other financial charges | 652/9 | €150 | €261 | +€111 | +74.1% |
| Profit (loss) for the period before taxes | 9903 | €5,389,192 | €364,069 | -€5.0m | -93.2% |
| Income taxes | 67/77 | €59,462 | €91,689 | +€32,227 | +54.2% |
| Taxes | 670/3 | €59,462 | €91,689 | +€32,227 | +54.2% |
| Profit (loss) for the period | 9904 | €5,329,730 | €272,380 | -€5.1m | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,329,730 | €272,380 | -€5.1m | -94.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.