BRUGAVESE: 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.
BRUGAVESE
Largest movements
- Receivables within one year -€39,618
down €39,618 (-57.9%), from €68,391 to €28,773
of which Trade receivables: -€40,734
- Cash -€18,377
down €18,377 (-33.5%), from €54,882 to €36,505
mainly Other debts (-€63,963) and Contributions, distributions and other (-€15,000)
- Other debts -€63,963
down €63,963 (-86.2%), from €74,177 to €10,213
- Trade debts +€8,397
up €8,397 (+94.8%), from €8,858 to €17,255
- Accrued charges and deferred income -€5,657
no longer reported in 2025 (was €5,657)
- Tax, wage and social debts +€4,460
up €4,460 (+115%), from €3,876 to €8,336
of which Remuneration and social security: +€3,765
- Gross operating margin -€34,785
down €34,785 (-56.1%), from €62,017 to €27,232
- Depreciation -€14,459
down €14,459 (-73.7%), from €19,628 to €5,169
- Financial charges -€5,668
down €5,668 (-88.1%), from €6,437 to €769
- Taxes -€3,789
down €3,789 (-39.6%), from €9,580 to €5,790
- Other operating charges -€1,246
down €1,246 (-64.4%), from €1,935 to €690
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 | €154,083 | €98,192 | -€55,891 | -36.3% |
| Fixed assets | 21/28 | €27,166 | €28,638 | +€1,472 | +5.4% |
| Tangible fixed assets | 22/27 | €27,166 | €28,638 | +€1,472 | +5.4% |
| Land and buildings | 22 | €6,978 | €5,205 | -€1,773 | -25.4% |
| Plant, machinery and equipment | 23 | €861 | €4,407 | +€3,546 | +412% |
| Furniture and vehicles | 24 | - | €1,038 | +€1,038 | |
| Other tangible fixed assets | 26 | €19,326 | €17,988 | -€1,338 | -6.9% |
| Current assets | 29/58 | €126,917 | €69,555 | -€57,363 | -45.2% |
| Amounts receivable within one year | 40/41 | €68,391 | €28,773 | -€39,618 | -57.9% |
| Trade receivables | 40 | €65,287 | €24,553 | -€40,734 | -62.4% |
| Other amounts receivable | 41 | €3,104 | €4,220 | +€1,116 | +36.0% |
| Cash at bank and in hand | 54/58 | €54,882 | €36,505 | -€18,377 | -33.5% |
| Deferred charges and accrued income | 490/1 | €3,644 | €4,277 | +€632 | +17.3% |
| Total equity and liabilities | 10/49 | €154,083 | €98,192 | -€55,891 | -36.3% |
| Equity | 10/15 | €61,516 | €61,699 | +€183 | +0.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €56,516 | €56,699 | +€183 | +0.3% |
| Distributable reserves | 133 | €56,516 | €56,699 | +€183 | +0.3% |
| Amounts payable | 17/49 | €92,567 | €36,494 | -€56,074 | -60.6% |
| Amounts payable within one year | 42/48 | €86,911 | €36,494 | -€50,417 | -58.0% |
| Trade debts | 44 | €8,858 | €17,255 | +€8,397 | +94.8% |
| Suppliers | 440/4 | €8,858 | €17,255 | +€8,397 | +94.8% |
| Advances received on contracts in progress | 46 | - | €690 | +€690 | |
| Taxes, remuneration and social security | 45 | €3,876 | €8,336 | +€4,460 | +115% |
| Taxes | 450/3 | €3,876 | €4,570 | +€694 | +17.9% |
| Remuneration and social security | 454/9 | - | €3,765 | +€3,765 | |
| Other amounts payable | 47/48 | €74,177 | €10,213 | -€63,963 | -86.2% |
| Accrued charges and deferred income | 492/3 | €5,657 | - | -€5,657 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,628 | €5,169 | -€14,459 | -73.7% |
| Other operating charges | 640/8 | €1,935 | €690 | -€1,246 | -64.4% |
| Gross operating margin | 9900 | €62,017 | €27,232 | -€34,785 | -56.1% |
| Operating profit (loss) | 9901 | €40,453 | €21,373 | -€19,080 | -47.2% |
| Financial income | 75/76B | €618 | €369 | -€249 | -40.3% |
| Recurring financial income | 75 | €618 | €369 | -€249 | -40.3% |
| Financial charges | 65/66B | €6,437 | €769 | -€5,668 | -88.1% |
| Recurring financial charges | 65 | €6,437 | €769 | -€5,668 | -88.1% |
| Profit (loss) for the period before taxes | 9903 | €34,635 | €20,974 | -€13,661 | -39.4% |
| Income taxes | 67/77 | €9,580 | €5,790 | -€3,789 | -39.6% |
| Profit (loss) for the period | 9904 | €25,055 | €15,183 | -€9,872 | -39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,055 | €15,183 | -€9,872 | -39.4% |
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 19 October 2026 via checked.be.