BRAVOURE: 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.
BRAVOURE
Largest movements
- Tangible fixed assets +€18,707
up €18,707 (+64.3%), from €29,075 to €47,782
of which Plant, machinery and equipment: +€13,431
- Cash -€9,256
down €9,256 (-13.5%), from €68,479 to €59,223
mainly Investment in fixed assets (net) (-€27,534) and Other debts (-€3,196)
- Receivables within one year -€3,319
down €3,319 (-89.4%), from €3,714 to €395
of which Trade receivables: -€3,308
- Deferred charges and accrued income +€1,654
up €1,654 (+138%), from €1,201 to €2,855
- Trade debts +€6,832
up €6,832 (+130%), from €5,272 to €12,103
- Profit (loss) carried forward +€4,843
up €4,843, from -€3,409 to €1,434
- Reserves -€3,311
down €3,311 (-4.7%), from €70,010 to €66,699
of which Distributable reserves: -€3,311
- Other debts -€3,196
down €3,196 (-14.4%), from €22,237 to €19,041
- Tax, wage and social debts +€2,618
up €2,618 (+121%), from €2,159 to €4,777
of which Remuneration and social security: +€1,842
- Gross operating margin +€22,405
up €22,405 (+1,206%), from €1,859 to €24,263
- Staff costs +€10,891
up €10,891 (+5,501%), from €198 to €11,089
- Financial income -€4,823
down €4,823 (-91.3%), from €5,284 to €462
of which Non-recurring financial income: -€3,745
- Depreciation +€2,470
up €2,470 (+38.9%), from €6,357 to €8,827
- Taxes -€873
down €873 (-32.8%), from €2,659 to €1,786
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 | €102,469 | €110,255 | +€7,786 | +7.6% |
| Fixed assets | 21/28 | €29,075 | €47,782 | +€18,707 | +64.3% |
| Tangible fixed assets | 22/27 | €29,075 | €47,782 | +€18,707 | +64.3% |
| Land and buildings | 22 | €21,617 | €15,767 | -€5,850 | -27.1% |
| Plant, machinery and equipment | 23 | €7,457 | €20,888 | +€13,431 | +180% |
| Furniture and vehicles | 24 | - | €11,126 | +€11,126 | |
| Current assets | 29/58 | €73,394 | €62,473 | -€10,921 | -14.9% |
| Amounts receivable within one year | 40/41 | €3,714 | €395 | -€3,319 | -89.4% |
| Trade receivables | 40 | €3,703 | €395 | -€3,308 | -89.3% |
| Other amounts receivable | 41 | €12 | - | -€12 | |
| Cash at bank and in hand | 54/58 | €68,479 | €59,223 | -€9,256 | -13.5% |
| Deferred charges and accrued income | 490/1 | €1,201 | €2,855 | +€1,654 | +138% |
| Total equity and liabilities | 10/49 | €102,469 | €110,255 | +€7,786 | +7.6% |
| Equity | 10/15 | €72,801 | €74,333 | +€1,532 | +2.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €70,010 | €66,699 | -€3,311 | -4.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €68,150 | €64,839 | -€3,311 | -4.9% |
| Profit (loss) carried forward | 14 | -€3,409 | €1,434 | +€4,843 | |
| Amounts payable | 17/49 | €29,668 | €35,922 | +€6,254 | +21.1% |
| Amounts payable within one year | 42/48 | €29,668 | €35,922 | +€6,254 | +21.1% |
| Trade debts | 44 | €5,272 | €12,103 | +€6,832 | +130% |
| Suppliers | 440/4 | €5,272 | €12,103 | +€6,832 | +130% |
| Taxes, remuneration and social security | 45 | €2,159 | €4,777 | +€2,618 | +121% |
| Taxes | 450/3 | €2,159 | €2,936 | +€776 | +36.0% |
| Remuneration and social security | 454/9 | - | €1,842 | +€1,842 | |
| Other amounts payable | 47/48 | €22,237 | €19,041 | -€3,196 | -14.4% |
| Remuneration, social security and pensions | 62 | €198 | €11,089 | +€10,891 | +5,501% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,357 | €8,827 | +€2,470 | +38.9% |
| Other operating charges | 640/8 | €1,041 | €1,284 | +€243 | +23.3% |
| Gross operating margin | 9900 | €1,859 | €24,263 | +€22,405 | +1,206% |
| Operating profit (loss) | 9901 | -€5,738 | €3,063 | +€8,800 | |
| Financial income | 75/76B | €5,284 | €462 | -€4,823 | -91.3% |
| Recurring financial income | 75 | €1,539 | €462 | -€1,077 | -70.0% |
| Non-recurring financial income | 76B | €3,745 | - | -€3,745 | |
| Financial charges | 65/66B | €427 | €207 | -€220 | -51.6% |
| Recurring financial charges | 65 | €427 | €207 | -€220 | -51.6% |
| Profit (loss) for the period before taxes | 9903 | -€880 | €3,318 | +€4,198 | |
| Income taxes | 67/77 | €2,659 | €1,786 | -€873 | -32.8% |
| Profit (loss) for the period | 9904 | -€3,539 | €1,532 | +€5,071 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,539 | €1,532 | +€5,071 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.