Brera MH: 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.
Brera MH
Largest movements
- Tangible fixed assets +€656,613
up €656,613 (+734%), from €89,488 to €746,101
of which Land and buildings: +€664,265
- Current investments -€215,008
no longer reported in 2025 (was €215,008)
- Cash +€209,129
new in 2025: €209,129
mainly Debts after one year (+€558,589) and Current investments (+€215,008)
- Stocks and contracts +€30,190
up €30,190 (+10.5%), from €288,548 to €318,738
- Receivables within one year -€17,602
down €17,602 (-22.8%), from €77,351 to €59,749
of which Other amounts receivable: -€8,923
- Debts after one year +€558,589
up €558,589 (+1,117%), from €50,000 to €608,589
- Other debts +€190,695
new in 2025: €190,695
- Reserves -€124,976
down €124,976 (-26.4%), from €473,716 to €348,740
- Current portion of long-term debt +€32,997
new in 2025: €32,997
- Depreciation +€98,638
up €98,638 (+371%), from €26,581 to €125,219
- Write-downs -€37,411
down €37,411 (-67.3%), from €55,571 to €18,161
- Taxes -€20,568
down €20,568 (-38.0%), from €54,148 to €33,580
- Financial charges +€19,110
up €19,110 (+2,310%), from €827 to €19,937
- Gross operating margin +€7,698
up €7,698 (+2.0%), from €391,349 to €399,047
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 | €680,574 | €1,335,063 | +€654,489 | +96.2% |
| Fixed assets | 21/28 | €98,288 | €746,101 | +€647,813 | +659% |
| Tangible fixed assets | 22/27 | €89,488 | €746,101 | +€656,613 | +734% |
| Land and buildings | 22 | €14,717 | €678,982 | +€664,265 | +4,513% |
| Plant, machinery and equipment | 23 | €15,206 | €7,957 | -€7,249 | -47.7% |
| Furniture and vehicles | 24 | €59,565 | €59,161 | -€404 | -0.7% |
| Financial fixed assets | 28 | €8,800 | - | -€8,800 | |
| Current assets | 29/58 | €582,286 | €588,962 | +€6,676 | +1.1% |
| Stocks and contracts in progress | 3 | €288,548 | €318,738 | +€30,190 | +10.5% |
| Stocks | 30/36 | €288,548 | €318,738 | +€30,190 | +10.5% |
| Amounts receivable within one year | 40/41 | €77,351 | €59,749 | -€17,602 | -22.8% |
| Trade receivables | 40 | €68,428 | €59,749 | -€8,679 | -12.7% |
| Other amounts receivable | 41 | €8,924 | €0 | -€8,923 | -100.0% |
| Current investments | 50/53 | €215,008 | - | -€215,008 | |
| Cash at bank and in hand | 54/58 | - | €209,129 | +€209,129 | |
| Deferred charges and accrued income | 490/1 | €1,379 | €1,346 | -€33 | -2.4% |
| Total equity and liabilities | 10/49 | €680,574 | €1,335,063 | +€654,489 | +96.2% |
| Equity | 10/15 | €478,716 | €353,740 | -€124,976 | -26.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €473,716 | €348,740 | -€124,976 | -26.4% |
| Distributable reserves | 133 | €473,716 | €348,740 | -€124,976 | -26.4% |
| Amounts payable | 17/49 | €201,858 | €981,323 | +€779,465 | +386% |
| Amounts payable after more than one year | 17 | €50,000 | €608,589 | +€558,589 | +1,117% |
| Financial debts | 170/4 | €50,000 | €608,589 | +€558,589 | +1,117% |
| Amounts payable within one year | 42/48 | €151,858 | €372,734 | +€220,876 | +145% |
| Current portion of amounts payable after more than one year | 42 | - | €32,997 | +€32,997 | |
| Trade debts | 44 | €110,546 | €97,650 | -€12,896 | -11.7% |
| Suppliers | 440/4 | €110,546 | €97,650 | -€12,896 | -11.7% |
| Taxes, remuneration and social security | 45 | €41,312 | €51,392 | +€10,080 | +24.4% |
| Taxes | 450/3 | €32,834 | €42,368 | +€9,534 | +29.0% |
| Remuneration and social security | 454/9 | €8,478 | €9,024 | +€546 | +6.4% |
| Other amounts payable | 47/48 | - | €190,695 | +€190,695 | |
| Remuneration, social security and pensions | 62 | €86,758 | €91,151 | +€4,393 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,581 | €125,219 | +€98,638 | +371% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €55,571 | €18,161 | -€37,411 | -67.3% |
| Other operating charges | 640/8 | €1,856 | €1,748 | -€108 | -5.8% |
| Gross operating margin | 9900 | €391,349 | €399,047 | +€7,698 | +2.0% |
| Operating profit (loss) | 9901 | €220,582 | €162,767 | -€57,815 | -26.2% |
| Financial income | 75/76B | €1,068 | €1,069 | +€0 | 0.0% |
| Recurring financial income | 75 | €1,068 | €1,069 | +€0 | 0.0% |
| Financial charges | 65/66B | €827 | €19,937 | +€19,110 | +2,310% |
| Recurring financial charges | 65 | €827 | €19,937 | +€19,110 | +2,310% |
| Profit (loss) for the period before taxes | 9903 | €220,824 | €143,899 | -€76,925 | -34.8% |
| Income taxes | 67/77 | €54,148 | €33,580 | -€20,568 | -38.0% |
| Profit (loss) for the period | 9904 | €166,675 | €110,318 | -€56,357 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €166,675 | €110,318 | -€56,357 | -33.8% |
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 23 October 2026 via checked.be.