Braza: 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.
Braza
Largest movements
- Receivables within one year +€71,046
up €71,046 (+217.4%), from €32,676 to €103,722
of which Trade receivables: +€75,794
- Cash +€21,455
up €21,455 (+199.8%), from €10,738 to €32,193
mainly Advances received (+€77,682) and Net result for the year (+€37,286)
- Intangible fixed assets -€15,700
down €15,700 (-13.4%), from €117,116 to €101,416
- Tangible fixed assets +€4,396
up €4,396 (+44.4%), from €9,913 to €14,310
of which Plant, machinery and equipment: +€3,708
- Advances received +€77,682
new in 2025: €77,682
- Reserves +€29,651
up €29,651 (+121.2%), from €24,459 to €54,109
- Debts after one year -€25,277
down €25,277 (-30.5%), from €82,855 to €57,578
- Profit (loss) carried forward +€7,635
no longer reported in 2025 (was -€7,635)
- Trade debts -€6,343
down €6,343 (-31.2%), from €20,322 to €13,979
- Gross operating margin +€54,017
up €54,017 (+86.9%), from €62,190 to €116,207
- Taxes +€12,056
new in 2025: €12,056
- Staff costs -€2,335
down €2,335 (-5.2%), from €45,097 to €42,762
- Financial charges -€1,452
down €1,452 (-35.3%), from €4,108 to €2,657
- Depreciation +€1,325
up €1,325 (+7.7%), from €17,163 to €18,488
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 | €187,127 | €271,019 | +€83,892 | +44.8% |
| Fixed assets | 21/28 | €129,679 | €118,376 | -€11,304 | -8.7% |
| Intangible fixed assets | 21 | €117,116 | €101,416 | -€15,700 | -13.4% |
| Tangible fixed assets | 22/27 | €9,913 | €14,310 | +€4,396 | +44.4% |
| Plant, machinery and equipment | 23 | €5,261 | €8,969 | +€3,708 | +70.5% |
| Furniture and vehicles | 24 | €4,652 | €5,341 | +€689 | +14.8% |
| Financial fixed assets | 28 | €2,650 | €2,650 | = | 0.0% |
| Current assets | 29/58 | €57,447 | €152,643 | +€95,196 | +165.7% |
| Stocks and contracts in progress | 3 | €11,324 | €11,641 | +€317 | +2.8% |
| Stocks | 30/36 | €11,324 | €11,641 | +€317 | +2.8% |
| Amounts receivable within one year | 40/41 | €32,676 | €103,722 | +€71,046 | +217.4% |
| Trade receivables | 40 | €24,986 | €100,779 | +€75,794 | +303.3% |
| Other amounts receivable | 41 | €7,690 | €2,942 | -€4,748 | -61.7% |
| Cash at bank and in hand | 54/58 | €10,738 | €32,193 | +€21,455 | +199.8% |
| Deferred charges and accrued income | 490/1 | €2,709 | €5,087 | +€2,378 | +87.8% |
| Total equity and liabilities | 10/49 | €187,127 | €271,019 | +€83,892 | +44.8% |
| Equity | 10/15 | €31,823 | €69,109 | +€37,286 | +117.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €24,459 | €54,109 | +€29,651 | +121.2% |
| Distributable reserves | 133 | €24,459 | €54,109 | +€29,651 | +121.2% |
| Profit (loss) carried forward | 14 | -€7,635 | - | +€7,635 | |
| Amounts payable | 17/49 | €155,303 | €201,910 | +€46,606 | +30.0% |
| Amounts payable after more than one year | 17 | €82,855 | €57,578 | -€25,277 | -30.5% |
| Financial debts | 170/4 | €82,855 | €57,578 | -€25,277 | -30.5% |
| Amounts payable within one year | 42/48 | €72,448 | €144,332 | +€71,884 | +99.2% |
| Current portion of amounts payable after more than one year | 42 | €24,619 | €25,277 | +€658 | +2.7% |
| Trade debts | 44 | €20,322 | €13,979 | -€6,343 | -31.2% |
| Suppliers | 440/4 | €20,322 | €13,979 | -€6,343 | -31.2% |
| Advances received on contracts in progress | 46 | - | €77,682 | +€77,682 | |
| Taxes, remuneration and social security | 45 | €27,507 | €27,393 | -€113 | -0.4% |
| Taxes | 450/3 | €19,415 | €21,067 | +€1,652 | +8.5% |
| Remuneration and social security | 454/9 | €8,092 | €6,327 | -€1,765 | -21.8% |
| Remuneration, social security and pensions | 62 | €45,097 | €42,762 | -€2,335 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,163 | €18,488 | +€1,325 | +7.7% |
| Other operating charges | 640/8 | €3,751 | €3,261 | -€490 | -13.1% |
| Gross operating margin | 9900 | €62,190 | €116,207 | +€54,017 | +86.9% |
| Operating profit (loss) | 9901 | -€3,822 | €51,696 | +€55,517 | |
| Financial income | 75/76B | €295 | €303 | +€8 | +2.8% |
| Recurring financial income | 75 | €295 | €303 | +€8 | +2.8% |
| Financial charges | 65/66B | €4,108 | €2,657 | -€1,452 | -35.3% |
| Recurring financial charges | 65 | €4,108 | €2,657 | -€1,452 | -35.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,635 | €49,342 | +€56,978 | |
| Income taxes | 67/77 | - | €12,056 | +€12,056 | |
| Profit (loss) for the period | 9904 | -€7,635 | €37,286 | +€44,921 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,635 | €37,286 | +€44,921 |
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.