Brave 2020: 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.
Brave 2020
Largest movements
- Tangible fixed assets +€801,100
up €801,100 (+295%), from €271,680 to €1.1m
of which Land and buildings: +€787,288
- Cash +€89,896
up €89,896 (+80.8%), from €111,295 to €201,191
mainly Debts after one year (+€744,319) and Other debts (+€140,230)
- Current investments -€88,932
down €88,932 (-71.3%), from €124,721 to €35,788
- Receivables within one year +€20,334
up €20,334 (+21.4%), from €95,125 to €115,459
of which Trade receivables: +€24,683
- Debts after one year +€744,319
up €744,319 (+338%), from €220,202 to €964,521
- Other debts +€140,230
up €140,230 (+234%), from €60,000 to €200,230
- Profit (loss) carried forward -€138,573
down €138,573 (-54.0%), from €256,618 to €118,045
- Current portion of long-term debt +€46,039
up €46,039 (+409%), from €11,259 to €57,298
- Tax, wage and social debts +€29,332
up €29,332 (+61.2%), from €47,892 to €77,224
- Other operating charges +€99,799
up €99,799 (+2,278%), from €4,380 to €104,179
- Taxes -€38,211
down €38,211 (-56.3%), from €67,907 to €29,697
- Gross operating margin -€20,989
down €20,989 (-6.8%), from €308,219 to €287,231
- Financial charges +€16,858
up €16,858 (+369%), from €4,566 to €21,424
- Depreciation +€13,666
up €13,666 (+59.9%), from €22,799 to €36,465
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.
Derived cash bridge
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 | €605,519 | €1,428,626 | +€823,107 | +136% |
| Fixed assets | 21/28 | €271,680 | €1,072,780 | +€801,100 | +295% |
| Tangible fixed assets | 22/27 | €271,680 | €1,072,780 | +€801,100 | +295% |
| Land and buildings | 22 | €235,839 | €1,023,127 | +€787,288 | +334% |
| Plant, machinery and equipment | 23 | €3,373 | €2,166 | -€1,207 | -35.8% |
| Furniture and vehicles | 24 | €32,468 | €47,487 | +€15,019 | +46.3% |
| Current assets | 29/58 | €333,839 | €355,846 | +€22,007 | +6.6% |
| Amounts receivable within one year | 40/41 | €95,125 | €115,459 | +€20,334 | +21.4% |
| Trade receivables | 40 | €90,776 | €115,459 | +€24,683 | +27.2% |
| Other amounts receivable | 41 | €4,350 | €0 | -€4,350 | -100% |
| Current investments | 50/53 | €124,721 | €35,788 | -€88,932 | -71.3% |
| Cash at bank and in hand | 54/58 | €111,295 | €201,191 | +€89,896 | +80.8% |
| Deferred charges and accrued income | 490/1 | €2,699 | €3,408 | +€710 | +26.3% |
| Total equity and liabilities | 10/49 | €605,519 | €1,428,626 | +€823,107 | +136% |
| Equity | 10/15 | €261,618 | €123,045 | -€138,573 | -53.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €256,618 | €118,045 | -€138,573 | -54.0% |
| Amounts payable | 17/49 | €343,901 | €1,305,581 | +€961,680 | +280% |
| Amounts payable after more than one year | 17 | €220,202 | €964,521 | +€744,319 | +338% |
| Financial debts | 170/4 | €220,202 | €964,521 | +€744,319 | +338% |
| Amounts payable within one year | 42/48 | €123,337 | €341,060 | +€217,723 | +177% |
| Current portion of amounts payable after more than one year | 42 | €11,259 | €57,298 | +€46,039 | +409% |
| Trade debts | 44 | €4,186 | €6,308 | +€2,122 | +50.7% |
| Suppliers | 440/4 | €4,186 | €6,308 | +€2,122 | +50.7% |
| Taxes, remuneration and social security | 45 | €47,892 | €77,224 | +€29,332 | +61.2% |
| Taxes | 450/3 | €47,892 | €77,224 | +€29,332 | +61.2% |
| Other amounts payable | 47/48 | €60,000 | €200,230 | +€140,230 | +234% |
| Accrued charges and deferred income | 492/3 | €362 | €0 | -€362 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,799 | €36,465 | +€13,666 | +59.9% |
| Other operating charges | 640/8 | €4,380 | €104,179 | +€99,799 | +2,278% |
| Gross operating margin | 9900 | €308,219 | €287,231 | -€20,989 | -6.8% |
| Operating profit (loss) | 9901 | €281,040 | €146,587 | -€134,453 | -47.8% |
| Financial income | 75/76B | €2,000 | €1,255 | -€745 | -37.2% |
| Recurring financial income | 75 | €2,000 | €1,255 | -€745 | -37.2% |
| Financial charges | 65/66B | €4,566 | €21,424 | +€16,858 | +369% |
| Recurring financial charges | 65 | €4,566 | €21,424 | +€16,858 | +369% |
| Profit (loss) for the period before taxes | 9903 | €278,473 | €126,418 | -€152,056 | -54.6% |
| Income taxes | 67/77 | €67,907 | €29,697 | -€38,211 | -56.3% |
| Profit (loss) for the period | 9904 | €210,566 | €96,721 | -€113,845 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €210,566 | €96,721 | -€113,845 | -54.1% |
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 19 October 2026 via checked.be.