BRAXOS: 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.
BRAXOS
Largest movements
- Receivables within one year +€29,900
up €29,900 (+198%), from €15,100 to €45,000
of which Trade receivables: +€30,000
- Debts after one year -€227,903
down €227,903 (-19.8%), from €1.2m to €922,717
- Reserves +€197,893
up €197,893 (+164%), from €120,886 to €318,779
- Current portion of long-term debt +€75,805
up €75,805 (+34.1%), from €222,098 to €297,903
- Other debts -€28,031
down €28,031 (-14.9%), from €188,303 to €160,272
- Financial income +€165,000
new in 2025: €165,000
- Gross operating margin -€7,937
down €7,937 (-7.8%), from €102,096 to €94,160
- Taxes +€3,984
up €3,984 (+66.6%), from €5,982 to €9,966
- Financial charges +€2,165
up €2,165 (+4.6%), from €46,662 to €48,827
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 | €1,704,035 | €1,736,966 | +€32,931 | +1.9% |
| Formation expenses | 20 | €3,214 | €2,167 | -€1,046 | -32.6% |
| Fixed assets | 21/28 | €1,626,295 | €1,639,784 | +€13,490 | +0.8% |
| Tangible fixed assets | 22/27 | €1,295 | €14,784 | +€13,490 | +1,042% |
| Plant, machinery and equipment | 23 | €1,295 | €841 | -€454 | -35.1% |
| Furniture and vehicles | 24 | - | €13,944 | +€13,944 | |
| Financial fixed assets | 28 | €1,625,000 | €1,625,000 | = | 0.0% |
| Current assets | 29/58 | €74,526 | €95,014 | +€20,488 | +27.5% |
| Amounts receivable within one year | 40/41 | €15,100 | €45,000 | +€29,900 | +198% |
| Trade receivables | 40 | €15,000 | €45,000 | +€30,000 | +200% |
| Other amounts receivable | 41 | €100 | - | -€100 | |
| Cash at bank and in hand | 54/58 | €59,016 | €49,628 | -€9,388 | -15.9% |
| Deferred charges and accrued income | 490/1 | €410 | €386 | -€24 | -5.9% |
| Total equity and liabilities | 10/49 | €1,704,035 | €1,736,966 | +€32,931 | +1.9% |
| Equity | 10/15 | €125,886 | €323,779 | +€197,893 | +157% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €120,886 | €318,779 | +€197,893 | +164% |
| Distributable reserves | 133 | €120,886 | €318,779 | +€197,893 | +164% |
| Amounts payable | 17/49 | €1,578,149 | €1,413,187 | -€164,962 | -10.5% |
| Amounts payable after more than one year | 17 | €1,150,619 | €922,717 | -€227,903 | -19.8% |
| Financial debts | 170/4 | €1,150,619 | €922,717 | -€227,903 | -19.8% |
| Amounts payable within one year | 42/48 | €423,738 | €484,860 | +€61,122 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | €222,098 | €297,903 | +€75,805 | +34.1% |
| Trade debts | 44 | €2,330 | €2,312 | -€18 | -0.8% |
| Suppliers | 440/4 | €2,330 | €2,312 | -€18 | -0.8% |
| Taxes, remuneration and social security | 45 | €11,007 | €24,373 | +€13,367 | +121% |
| Taxes | 450/3 | €8,507 | €20,873 | +€12,367 | +145% |
| Remuneration and social security | 454/9 | €2,500 | €3,500 | +€1,000 | +40.0% |
| Other amounts payable | 47/48 | €188,303 | €160,272 | -€28,031 | -14.9% |
| Accrued charges and deferred income | 492/3 | €3,792 | €5,610 | +€1,818 | +48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,114 | €2,011 | +€897 | +80.6% |
| Other operating charges | 640/8 | €1,005 | €462 | -€544 | -54.1% |
| Gross operating margin | 9900 | €102,096 | €94,160 | -€7,937 | -7.8% |
| Operating profit (loss) | 9901 | €99,977 | €91,687 | -€8,290 | -8.3% |
| Financial income | 75/76B | - | €165,000 | +€165,000 | |
| Recurring financial income | 75 | - | €165,000 | +€165,000 | |
| Financial charges | 65/66B | €46,662 | €48,827 | +€2,165 | +4.6% |
| Recurring financial charges | 65 | €46,662 | €48,827 | +€2,165 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €53,315 | €207,860 | +€154,545 | +290% |
| Income taxes | 67/77 | €5,982 | €9,966 | +€3,984 | +66.6% |
| Profit (loss) for the period | 9904 | €47,333 | €197,893 | +€150,560 | +318% |
| Profit (loss) for the period to be appropriated | 9905 | €47,333 | €197,893 | +€150,560 | +318% |
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 20 October 2026 via checked.be.