BRAVALO: 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.
BRAVALO
Largest movements
- Tangible fixed assets -€13,154
down €13,154 (-71.8%), from €18,333 to €5,178
of which Furniture and vehicles: -€12,067
- Receivables within one year -€2,137
down €2,137 (-22.2%), from €9,636 to €7,499
of which Trade receivables: -€3,905
- Stocks and contracts +€1,673
up €1,673 (+8.0%), from €21,045 to €22,719
- Profit (loss) carried forward -€24,134
down €24,134 (-101.4%), from -€23,810 to -€47,944
- Trade debts +€20,166
up €20,166 (+197.2%), from €10,226 to €30,392
- Debts after one year -€7,550
down €7,550 (-53.8%), from €14,031 to €6,480
- Other debts -€811
down €811 (-2.8%), from €28,669 to €27,857
- Tax, wage and social debts -€663
down €663 (-100.0%), from €663 to €0
of which Taxes: -€663
- Gross operating margin -€40,486
down €40,486 (-27.7%), from €145,941 to €105,456
- Staff costs -€26,382
down €26,382 (-19.2%), from €137,206 to €110,824
- Depreciation -€1,624
down €1,624 (-10.2%), from €15,864 to €14,239
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 | €60,452 | €47,398 | -€13,054 | -21.6% |
| Fixed assets | 21/28 | €19,533 | €6,378 | -€13,154 | -67.3% |
| Tangible fixed assets | 22/27 | €18,333 | €5,178 | -€13,154 | -71.8% |
| Plant, machinery and equipment | 23 | €2,555 | €1,468 | -€1,087 | -42.5% |
| Furniture and vehicles | 24 | €15,777 | €3,710 | -€12,067 | -76.5% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €40,919 | €41,019 | +€100 | +0.2% |
| Stocks and contracts in progress | 3 | €21,045 | €22,719 | +€1,673 | +8.0% |
| Stocks | 30/36 | €21,045 | €22,719 | +€1,673 | +8.0% |
| Amounts receivable within one year | 40/41 | €9,636 | €7,499 | -€2,137 | -22.2% |
| Trade receivables | 40 | €9,376 | €5,471 | -€3,905 | -41.7% |
| Other amounts receivable | 41 | €260 | €2,028 | +€1,768 | +680.1% |
| Cash at bank and in hand | 54/58 | €4,371 | €4,771 | +€400 | +9.1% |
| Deferred charges and accrued income | 490/1 | €5,867 | €6,031 | +€164 | +2.8% |
| Total equity and liabilities | 10/49 | €60,452 | €47,398 | -€13,054 | -21.6% |
| Equity | 10/15 | -€749 | -€24,883 | -€24,134 | -3224.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,462 | €4,462 | = | 0.0% |
| Distributable reserves | 133 | €4,462 | €4,462 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,810 | -€47,944 | -€24,134 | -101.4% |
| Amounts payable | 17/49 | €61,200 | €72,280 | +€11,080 | +18.1% |
| Amounts payable after more than one year | 17 | €14,031 | €6,480 | -€7,550 | -53.8% |
| Financial debts | 170/4 | €14,031 | €6,480 | -€7,550 | -53.8% |
| Amounts payable within one year | 42/48 | €47,170 | €65,800 | +€18,630 | +39.5% |
| Current portion of amounts payable after more than one year | 42 | €7,612 | €7,550 | -€62 | -0.8% |
| Trade debts | 44 | €10,226 | €30,392 | +€20,166 | +197.2% |
| Suppliers | 440/4 | €10,226 | €30,392 | +€20,166 | +197.2% |
| Taxes, remuneration and social security | 45 | €663 | €0 | -€663 | -100.0% |
| Taxes | 450/3 | €663 | €0 | -€663 | -100.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €28,669 | €27,857 | -€811 | -2.8% |
| Remuneration, social security and pensions | 62 | €137,206 | €110,824 | -€26,382 | -19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,864 | €14,239 | -€1,624 | -10.2% |
| Other operating charges | 640/8 | €2,072 | €3,315 | +€1,244 | +60.0% |
| Gross operating margin | 9900 | €145,941 | €105,456 | -€40,486 | -27.7% |
| Operating profit (loss) | 9901 | -€9,200 | -€22,924 | -€13,724 | -149.2% |
| Financial income | 75/76B | €117 | €83 | -€34 | -29.3% |
| Recurring financial income | 75 | €117 | €83 | -€34 | -29.3% |
| Financial charges | 65/66B | €938 | €1,013 | +€75 | +8.0% |
| Recurring financial charges | 65 | €938 | €1,013 | +€75 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | -€10,021 | -€23,854 | -€13,833 | -138.0% |
| Income taxes | 67/77 | €283 | €280 | -€3 | -0.9% |
| Profit (loss) for the period | 9904 | -€10,303 | -€24,134 | -€13,831 | -134.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,303 | -€24,134 | -€13,831 | -134.2% |
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 7 October 2026 via checked.be.