BRAVE: 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.
BRAVE
Largest movements
- Cash -€14,489
down €14,489 (-83.5%), from €17,350 to €2,861
mainly Net result for the year (-€38,104) and Debts after one year (-€10,451)
- Tangible fixed assets -€14,224
down €14,224 (-36.8%), from €38,696 to €24,472
of which Furniture and vehicles: -€13,404
- Receivables after one year -€11,660
no longer reported in 2025 (was €11,660)
- Receivables within one year -€10,087
down €10,087 (-36.5%), from €27,648 to €17,561
of which Trade receivables: -€9,880
- Deferred charges and accrued income +€2,298
up €2,298 (+2393.8%), from €96 to €2,394
- Profit (loss) carried forward -€38,104
down €38,104 (-104.3%), from -€36,544 to -€74,648
- Other debts +€12,199
up €12,199 (+101.7%), from €12,000 to €24,199
- Debts after one year -€10,451
down €10,451 (-59.3%), from €17,617 to €7,166
- Advances received -€9,880
no longer reported in 2025 (was €9,880)
- Trade debts -€1,509
down €1,509 (-30.0%), from €5,037 to €3,528
- Gross operating margin -€2,096
down €2,096 (-10.4%), from -€20,084 to -€22,180
- Other operating charges -€644
down €644 (-57.4%), from €1,121 to €477
- Financial charges -€314
down €314 (-24.4%), from €1,286 to €972
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 | €95,450 | €47,288 | -€48,162 | -50.5% |
| Fixed assets | 21/28 | €38,696 | €24,472 | -€14,224 | -36.8% |
| Tangible fixed assets | 22/27 | €38,696 | €24,472 | -€14,224 | -36.8% |
| Land and buildings | 22 | €5,332 | €4,512 | -€820 | -15.4% |
| Furniture and vehicles | 24 | €33,364 | €19,960 | -€13,404 | -40.2% |
| Current assets | 29/58 | €56,754 | €22,816 | -€33,938 | -59.8% |
| Amounts receivable after more than one year | 29 | €11,660 | - | -€11,660 | |
| Other amounts receivable | 291 | €11,660 | - | -€11,660 | |
| Amounts receivable within one year | 40/41 | €27,648 | €17,561 | -€10,087 | -36.5% |
| Trade receivables | 40 | €23,285 | €13,405 | -€9,880 | -42.4% |
| Other amounts receivable | 41 | €4,363 | €4,156 | -€207 | -4.7% |
| Cash at bank and in hand | 54/58 | €17,350 | €2,861 | -€14,489 | -83.5% |
| Deferred charges and accrued income | 490/1 | €96 | €2,394 | +€2,298 | +2393.8% |
| Total equity and liabilities | 10/49 | €95,450 | €47,288 | -€48,162 | -50.5% |
| Equity | 10/15 | €40,049 | €1,945 | -€38,104 | -95.1% |
| Reserves | 13 | €76,593 | €76,593 | = | 0.0% |
| Distributable reserves | 133 | €76,593 | €76,593 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,544 | -€74,648 | -€38,104 | -104.3% |
| Amounts payable | 17/49 | €55,401 | €45,343 | -€10,058 | -18.2% |
| Amounts payable after more than one year | 17 | €17,617 | €7,166 | -€10,451 | -59.3% |
| Financial debts | 170/4 | €17,617 | €7,166 | -€10,451 | -59.3% |
| Amounts payable within one year | 42/48 | €37,784 | €38,177 | +€393 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €10,102 | €10,450 | +€348 | +3.4% |
| Trade debts | 44 | €5,037 | €3,528 | -€1,509 | -30.0% |
| Suppliers | 440/4 | €5,037 | €3,528 | -€1,509 | -30.0% |
| Advances received on contracts in progress | 46 | €9,880 | - | -€9,880 | |
| Taxes, remuneration and social security | 45 | €765 | - | -€765 | |
| Taxes | 450/3 | €765 | - | -€765 | |
| Other amounts payable | 47/48 | €12,000 | €24,199 | +€12,199 | +101.7% |
| Remuneration, social security and pensions | 62 | - | €81 | +€81 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,225 | €14,224 | -€1 | 0.0% |
| Other operating charges | 640/8 | €1,121 | €477 | -€644 | -57.4% |
| Gross operating margin | 9900 | -€20,084 | -€22,180 | -€2,096 | -10.4% |
| Operating profit (loss) | 9901 | -€35,430 | -€36,962 | -€1,532 | -4.3% |
| Financial income | 75/76B | €172 | - | -€172 | |
| Recurring financial income | 75 | €172 | - | -€172 | |
| Financial charges | 65/66B | €1,286 | €972 | -€314 | -24.4% |
| Recurring financial charges | 65 | €1,286 | €972 | -€314 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | -€36,544 | -€37,934 | -€1,390 | -3.8% |
| Income taxes | 67/77 | - | €170 | +€170 | |
| Profit (loss) for the period | 9904 | -€36,544 | -€38,104 | -€1,560 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,544 | -€38,104 | -€1,560 | -4.3% |
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.