BRAVO: 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.
BRAVO
Largest movements
- Tangible fixed assets +€270,228
up €270,228 (+31.1%), from €869,169 to €1.1m
of which Land and buildings: +€298,873
- Receivables within one year -€50,704
down €50,704 (-37.0%), from €137,072 to €86,368
of which Trade receivables: -€80,319
- Current investments -€18,881
down €18,881 (-46.6%), from €40,513 to €21,632
- Stocks and contracts -€17,000
down €17,000 (-4.1%), from €412,920 to €395,920
- Profit (loss) carried forward -€312,343
down €312,343, from €238,471 to -€73,872
- Reserves +€238,471
up €238,471 (+57.8%), from €412,791 to €651,262
of which Distributable reserves: +€238,471
- Debts after one year +€154,444
up €154,444 (+187.8%), from €82,257 to €236,701
- Trade debts +€117,713
up €117,713 (+170.9%), from €68,895 to €186,607
- Gross operating margin -€370,176
down €370,176 (-91.5%), from €404,459 to €34,283
- Taxes -€80,902
down €80,902 (-99.8%), from €81,056 to €154
- Depreciation +€29,260
up €29,260 (+59.0%), from €49,560 to €78,820
- Other operating charges -€4,510
down €4,510 (-44.0%), from €10,243 to €5,733
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 | €1,478,616 | €1,649,907 | +€171,291 | +11.6% |
| Fixed assets | 21/28 | €870,676 | €1,140,905 | +€270,228 | +31.0% |
| Tangible fixed assets | 22/27 | €869,169 | €1,139,398 | +€270,228 | +31.1% |
| Land and buildings | 22 | €775,156 | €1,074,030 | +€298,873 | +38.6% |
| Plant, machinery and equipment | 23 | €30,027 | €15,307 | -€14,720 | -49.0% |
| Furniture and vehicles | 24 | €16,120 | €12,120 | -€4,000 | -24.8% |
| Other tangible fixed assets | 26 | €47,866 | €37,941 | -€9,925 | -20.7% |
| Financial fixed assets | 28 | €1,507 | €1,507 | = | 0.0% |
| Current assets | 29/58 | €607,940 | €509,002 | -€98,938 | -16.3% |
| Stocks and contracts in progress | 3 | €412,920 | €395,920 | -€17,000 | -4.1% |
| Stocks | 30/36 | €412,920 | €395,920 | -€17,000 | -4.1% |
| Amounts receivable within one year | 40/41 | €137,072 | €86,368 | -€50,704 | -37.0% |
| Trade receivables | 40 | €109,756 | €29,437 | -€80,319 | -73.2% |
| Other amounts receivable | 41 | €27,316 | €56,931 | +€29,615 | +108.4% |
| Current investments | 50/53 | €40,513 | €21,632 | -€18,881 | -46.6% |
| Cash at bank and in hand | 54/58 | €14,210 | €1,281 | -€12,929 | -91.0% |
| Deferred charges and accrued income | 490/1 | €3,224 | €3,800 | +€576 | +17.9% |
| Total equity and liabilities | 10/49 | €1,478,616 | €1,649,907 | +€171,291 | +11.6% |
| Equity | 10/15 | €873,792 | €799,920 | -€73,872 | -8.5% |
| Contributions | 10/11 | €222,530 | €222,530 | = | 0.0% |
| Reserves | 13 | €412,791 | €651,262 | +€238,471 | +57.8% |
| Tax-exempt reserves | 132 | €16,068 | €16,068 | = | 0.0% |
| Distributable reserves | 133 | €396,723 | €635,194 | +€238,471 | +60.1% |
| Profit (loss) carried forward | 14 | €238,471 | -€73,872 | -€312,343 | |
| Amounts payable | 17/49 | €604,824 | €849,986 | +€245,163 | +40.5% |
| Amounts payable after more than one year | 17 | €82,257 | €236,701 | +€154,444 | +187.8% |
| Financial debts | 170/4 | €82,257 | €236,701 | +€154,444 | +187.8% |
| Amounts payable within one year | 42/48 | €519,413 | €610,636 | +€91,222 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €48,287 | €42,223 | -€6,064 | -12.6% |
| Financial debts | 43 | €295,000 | €295,000 | = | 0.0% |
| Credit institutions | 430/8 | €295,000 | €295,000 | = | 0.0% |
| Trade debts | 44 | €68,895 | €186,607 | +€117,713 | +170.9% |
| Suppliers | 440/4 | €68,895 | €186,607 | +€117,713 | +170.9% |
| Taxes, remuneration and social security | 45 | €46,434 | €41,476 | -€4,958 | -10.7% |
| Taxes | 450/3 | €46,334 | €41,476 | -€4,858 | -10.5% |
| Remuneration and social security | 454/9 | €100 | - | -€100 | |
| Other amounts payable | 47/48 | €60,798 | €45,330 | -€15,468 | -25.4% |
| Accrued charges and deferred income | 492/3 | €3,153 | €2,649 | -€504 | -16.0% |
| Remuneration, social security and pensions | 62 | €2,472 | €316 | -€2,157 | -87.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,560 | €78,820 | +€29,260 | +59.0% |
| Other operating charges | 640/8 | €10,243 | €5,733 | -€4,510 | -44.0% |
| Gross operating margin | 9900 | €404,459 | €34,283 | -€370,176 | -91.5% |
| Operating profit (loss) | 9901 | €342,184 | -€50,585 | -€392,769 | |
| Financial income | 75/76B | €1,695 | €877 | -€818 | -48.3% |
| Recurring financial income | 75 | €1,695 | €877 | -€818 | -48.3% |
| Financial charges | 65/66B | €24,351 | €24,009 | -€342 | -1.4% |
| Recurring financial charges | 65 | €24,351 | €24,009 | -€342 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €319,527 | -€73,718 | -€393,245 | |
| Income taxes | 67/77 | €81,056 | €154 | -€80,902 | -99.8% |
| Profit (loss) for the period | 9904 | €238,471 | -€73,872 | -€312,343 | |
| Profit (loss) for the period to be appropriated | 9905 | €238,471 | -€73,872 | -€312,343 |
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 6 October 2026 via checked.be.