BRAVAST: 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.
BRAVAST
Largest movements
- Tangible fixed assets -€670,240
down €670,240 (-12.8%), from €5.2m to €4.6m
- Receivables within one year +€565,121
up €565,121 (+38.8%), from €1.5m to €2.0m
of which Other amounts receivable: +€559,699
- Cash +€129,305
up €129,305 (+29.5%), from €438,166 to €567,472
mainly Depreciation (+€658,009) and Net result for the year (+€561,955)
- Debts after one year -€465,000
down €465,000 (-20.8%), from €2.2m to €1.8m
- Profit (loss) carried forward +€419,419
up €419,419, from -€269,863 to €149,557
- Reserves +€142,536
up €142,536 (+11.7%), from €1.2m to €1.4m
of which Tax-exempt reserves: +€142,536
- Gross operating margin +€199,644
up €199,644 (+16.9%), from €1.2m to €1.4m
- Taxes +€42,342
new in 2025: €42,342
- Depreciation -€24,178
down €24,178 (-3.5%), from €682,188 to €658,009
- Financial income +€22,796
up €22,796 (+37.8%), from €60,245 to €83,041
- Financial charges -€16,373
down €16,373 (-20.3%), from €80,541 to €64,168
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 | €7,149,564 | €7,177,440 | +€27,876 | +0.4% |
| Fixed assets | 21/28 | €5,241,367 | €4,571,127 | -€670,240 | -12.8% |
| Tangible fixed assets | 22/27 | €5,241,367 | €4,571,127 | -€670,240 | -12.8% |
| Land and buildings | 22 | €5,241,367 | €4,571,127 | -€670,240 | -12.8% |
| Current assets | 29/58 | €1,908,197 | €2,606,313 | +€698,117 | +36.6% |
| Amounts receivable within one year | 40/41 | €1,455,856 | €2,020,977 | +€565,121 | +38.8% |
| Trade receivables | 40 | - | €5,422 | +€5,422 | |
| Other amounts receivable | 41 | €1,455,856 | €2,015,555 | +€559,699 | +38.4% |
| Cash at bank and in hand | 54/58 | €438,166 | €567,472 | +€129,305 | +29.5% |
| Deferred charges and accrued income | 490/1 | €14,175 | €17,864 | +€3,690 | +26.0% |
| Total equity and liabilities | 10/49 | €7,149,564 | €7,177,440 | +€27,876 | +0.4% |
| Equity | 10/15 | €2,054,316 | €2,616,271 | +€561,955 | +27.4% |
| Contributions | 10/11 | €1,105,000 | €1,105,000 | = | 0.0% |
| Capital | 10 | €1,105,000 | €1,105,000 | = | 0.0% |
| Issued capital | 100 | €1,105,000 | €1,105,000 | = | 0.0% |
| Reserves | 13 | €1,219,178 | €1,361,714 | +€142,536 | +11.7% |
| Non-distributable reserves | 130/1 | €110,500 | €110,500 | = | 0.0% |
| Legal reserve | 130 | €110,500 | €110,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €400,678 | €543,214 | +€142,536 | +35.6% |
| Distributable reserves | 133 | €708,000 | €708,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€269,863 | €149,557 | +€419,419 | |
| Provisions and deferred taxes | 16 | €203,111 | €242,761 | +€39,651 | +19.5% |
| Deferred taxes | 168 | €203,111 | €242,761 | +€39,651 | +19.5% |
| Amounts payable | 17/49 | €4,892,138 | €4,318,408 | -€573,730 | -11.7% |
| Amounts payable after more than one year | 17 | €2,234,167 | €1,769,166 | -€465,000 | -20.8% |
| Financial debts | 170/4 | €2,234,167 | €1,769,166 | -€465,000 | -20.8% |
| Amounts payable within one year | 42/48 | €2,630,729 | €2,537,490 | -€93,239 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €482,500 | €465,000 | -€17,500 | -3.6% |
| Trade debts | 44 | €28,164 | €4,744 | -€23,420 | -83.2% |
| Suppliers | 440/4 | €28,164 | €4,744 | -€23,420 | -83.2% |
| Other amounts payable | 47/48 | €2,120,065 | €2,067,745 | -€52,320 | -2.5% |
| Accrued charges and deferred income | 492/3 | €27,242 | €11,752 | -€15,490 | -56.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €682,188 | €658,009 | -€24,178 | -3.5% |
| Other operating charges | 640/8 | €94,056 | €97,219 | +€3,163 | +3.4% |
| Gross operating margin | 9900 | €1,180,660 | €1,380,304 | +€199,644 | +16.9% |
| Operating profit (loss) | 9901 | €404,416 | €625,075 | +€220,659 | +54.6% |
| Financial income | 75/76B | €60,245 | €83,041 | +€22,796 | +37.8% |
| Recurring financial income | 75 | €60,245 | €83,041 | +€22,796 | +37.8% |
| Financial charges | 65/66B | €80,541 | €64,168 | -€16,373 | -20.3% |
| Recurring financial charges | 65 | €80,541 | €64,168 | -€16,373 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €384,119 | €643,948 | +€259,829 | +67.6% |
| Transfer from deferred taxes | 780 | €22,291 | €22,291 | +€0 | 0.0% |
| Transfer to deferred taxes | 680 | - | €61,942 | +€61,942 | |
| Income taxes | 67/77 | - | €42,342 | +€42,342 | |
| Profit (loss) for the period | 9904 | €406,411 | €561,955 | +€155,544 | +38.3% |
| Transfer from tax-exempt reserves | 789 | €43,291 | €43,291 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €185,827 | +€185,827 | |
| Profit (loss) for the period to be appropriated | 9905 | €449,702 | €419,419 | -€30,282 | -6.7% |
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 5 October 2026 via checked.be.