BRAVAGO: 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.
BRAVAGO
Largest movements
- Receivables within one year -€16,509
down €16,509 (-46.4%), from €35,585 to €19,076
of which Other amounts receivable: -€10,459
- Tangible fixed assets -€4,006
down €4,006 (-35.7%), from €11,223 to €7,217
of which Furniture and vehicles: -€2,444
- Cash +€1,622
up €1,622 (+307.2%), from €528 to €2,151
mainly Other debts (+€50,520) and Receivables within one year (+€16,509)
- Deferred charges and accrued income -€550
down €550 (-55.6%), from €988 to €438
- Profit (loss) carried forward -€66,159
down €66,159 (-103.9%), from -€63,661 to -€129,819
- Other debts +€50,520
up €50,520 (+75.5%), from €66,894 to €117,414
- Trade debts -€5,690
down €5,690 (-88.2%), from €6,449 to €760
- Tax, wage and social debts +€2,782
up €2,782 (+90.9%), from €3,059 to €5,841
of which Remuneration and social security: +€3,000
- Accrued charges and deferred income -€897
down €897 (-100.0%), from €897 to €0
- Gross operating margin -€51,810
down €51,810 (-770.8%), from -€6,722 to -€58,532
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 | €48,424 | €28,981 | -€19,443 | -40.2% |
| Fixed assets | 21/28 | €11,322 | €7,316 | -€4,006 | -35.4% |
| Tangible fixed assets | 22/27 | €11,223 | €7,217 | -€4,006 | -35.7% |
| Furniture and vehicles | 24 | €8,400 | €5,955 | -€2,444 | -29.1% |
| Other tangible fixed assets | 26 | €2,823 | €1,261 | -€1,562 | -55.3% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €37,102 | €21,665 | -€15,437 | -41.6% |
| Amounts receivable within one year | 40/41 | €35,585 | €19,076 | -€16,509 | -46.4% |
| Trade receivables | 40 | €16,335 | €10,285 | -€6,050 | -37.0% |
| Other amounts receivable | 41 | €19,250 | €8,791 | -€10,459 | -54.3% |
| Cash at bank and in hand | 54/58 | €528 | €2,151 | +€1,622 | +307.2% |
| Deferred charges and accrued income | 490/1 | €988 | €438 | -€550 | -55.6% |
| Total equity and liabilities | 10/49 | €48,424 | €28,981 | -€19,443 | -40.2% |
| Equity | 10/15 | -€34,375 | -€100,534 | -€66,159 | -192.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €10,286 | €10,286 | = | 0.0% |
| Distributable reserves | 133 | €10,286 | €10,286 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€63,661 | -€129,819 | -€66,159 | -103.9% |
| Amounts payable | 17/49 | €82,799 | €129,514 | +€46,716 | +56.4% |
| Amounts payable after more than one year | 17 | €5,500 | €5,500 | = | 0.0% |
| Financial debts | 170/4 | €5,500 | €5,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €76,402 | €124,014 | +€47,612 | +62.3% |
| Trade debts | 44 | €6,449 | €760 | -€5,690 | -88.2% |
| Suppliers | 440/4 | €6,449 | €760 | -€5,690 | -88.2% |
| Taxes, remuneration and social security | 45 | €3,059 | €5,841 | +€2,782 | +90.9% |
| Taxes | 450/3 | €1,559 | €1,341 | -€218 | -14.0% |
| Remuneration and social security | 454/9 | €1,500 | €4,500 | +€3,000 | +200.0% |
| Other amounts payable | 47/48 | €66,894 | €117,414 | +€50,520 | +75.5% |
| Accrued charges and deferred income | 492/3 | €897 | €0 | -€897 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,455 | €4,684 | +€229 | +5.1% |
| Other operating charges | 640/8 | €1,763 | €2,306 | +€543 | +30.8% |
| Gross operating margin | 9900 | -€6,722 | -€58,532 | -€51,810 | -770.8% |
| Operating profit (loss) | 9901 | -€12,940 | -€65,522 | -€52,582 | -406.4% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €102 | €63 | -€40 | -38.6% |
| Recurring financial charges | 65 | €102 | €63 | -€40 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | -€13,042 | -€65,584 | -€52,542 | -402.9% |
| Income taxes | 67/77 | €540 | €574 | +€35 | +6.4% |
| Profit (loss) for the period | 9904 | -€13,582 | -€66,159 | -€52,577 | -387.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,582 | -€66,159 | -€52,577 | -387.1% |
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 6 October 2026 via checked.be.