BRASVAR: 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.
BRASVAR
Largest movements
- Stocks and contracts +€425,646
new in 2025: €425,646
- Cash +€141,448
up €141,448 (+232.1%), from €60,938 to €202,387
mainly Other debts (+€324,020) and Net result for the year (+€231,606)
- Receivables within one year -€41,468
down €41,468 (-5.8%), from €714,426 to €672,958
of which Trade receivables: -€58,117
- Tangible fixed assets -€32,633
down €32,633 (-2.5%), from €1.3m to €1.3m
of which Land and buildings: -€25,589
- Other debts +€324,020
up €324,020 (+179.8%), from €180,197 to €504,217
- Debts after one year +€100,000
up €100,000 (+14.4%), from €695,000 to €795,000
- Trade debts +€45,456
up €45,456 (+9.3%), from €490,264 to €535,720
- Reserves +€31,606
up €31,606 (+6.0%), from €528,572 to €560,178
- Gross operating margin -€64,531
down €64,531 (-15.0%), from €429,251 to €364,720
- Taxes -€17,984
down €17,984 (-18.2%), from €98,983 to €80,999
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 | €2,103,812 | €2,599,924 | +€496,112 | +23.6% |
| Fixed assets | 21/28 | €1,311,041 | €1,278,408 | -€32,633 | -2.5% |
| Tangible fixed assets | 22/27 | €1,311,041 | €1,278,408 | -€32,633 | -2.5% |
| Land and buildings | 22 | €1,275,918 | €1,250,329 | -€25,589 | -2.0% |
| Plant, machinery and equipment | 23 | €5,446 | €4,344 | -€1,101 | -20.2% |
| Furniture and vehicles | 24 | €29,677 | €23,735 | -€5,942 | -20.0% |
| Current assets | 29/58 | €792,771 | €1,321,515 | +€528,745 | +66.7% |
| Stocks and contracts in progress | 3 | - | €425,646 | +€425,646 | |
| Stocks | 30/36 | - | €425,646 | +€425,646 | |
| Amounts receivable within one year | 40/41 | €714,426 | €672,958 | -€41,468 | -5.8% |
| Trade receivables | 40 | €713,991 | €655,874 | -€58,117 | -8.1% |
| Other amounts receivable | 41 | €435 | €17,084 | +€16,649 | +3825.1% |
| Cash at bank and in hand | 54/58 | €60,938 | €202,387 | +€141,448 | +232.1% |
| Deferred charges and accrued income | 490/1 | €17,406 | €20,525 | +€3,119 | +17.9% |
| Total equity and liabilities | 10/49 | €2,103,812 | €2,599,924 | +€496,112 | +23.6% |
| Equity | 10/15 | €603,572 | €635,178 | +€31,606 | +5.2% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €528,572 | €560,178 | +€31,606 | +6.0% |
| Distributable reserves | 133 | €528,572 | €560,178 | +€31,606 | +6.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,500,239 | €1,964,745 | +€464,506 | +31.0% |
| Amounts payable after more than one year | 17 | €695,000 | €795,000 | +€100,000 | +14.4% |
| Financial debts | 170/4 | €695,000 | €795,000 | +€100,000 | +14.4% |
| Amounts payable within one year | 42/48 | €798,489 | €1,166,759 | +€368,270 | +46.1% |
| Current portion of amounts payable after more than one year | 42 | €120,000 | €120,000 | = | 0.0% |
| Trade debts | 44 | €490,264 | €535,720 | +€45,456 | +9.3% |
| Suppliers | 440/4 | €490,264 | €535,720 | +€45,456 | +9.3% |
| Taxes, remuneration and social security | 45 | €8,028 | €6,822 | -€1,206 | -15.0% |
| Taxes | 450/3 | €8,028 | €6,822 | -€1,206 | -15.0% |
| Other amounts payable | 47/48 | €180,197 | €504,217 | +€324,020 | +179.8% |
| Accrued charges and deferred income | 492/3 | €6,750 | €2,986 | -€3,764 | -55.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,278 | €32,633 | +€355 | +1.1% |
| Other operating charges | 640/8 | €4,470 | €7,300 | +€2,831 | +63.3% |
| Gross operating margin | 9900 | €429,251 | €364,720 | -€64,531 | -15.0% |
| Operating profit (loss) | 9901 | €392,504 | €324,787 | -€67,717 | -17.3% |
| Financial income | 75/76B | €756 | €2,573 | +€1,818 | +240.5% |
| Recurring financial income | 75 | €756 | €2,573 | +€1,818 | +240.5% |
| Financial charges | 65/66B | €12,020 | €14,755 | +€2,735 | +22.8% |
| Recurring financial charges | 65 | €12,020 | €14,755 | +€2,735 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €381,240 | €312,605 | -€68,635 | -18.0% |
| Income taxes | 67/77 | €98,983 | €80,999 | -€17,984 | -18.2% |
| Profit (loss) for the period | 9904 | €282,257 | €231,606 | -€50,651 | -17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €282,257 | €231,606 | -€50,651 | -17.9% |
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 11 October 2026 via checked.be.