BY BRAVO: 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.
BY BRAVO
Largest movements
- Intangible fixed assets -€8,600
down €8,600 (-24.5%), from €35,081 to €26,481
- Cash +€4,171
up €4,171 (+80.8%), from €5,164 to €9,335
mainly Depreciation (+€9,686) and Other debts (+€1,957)
- Debts after one year -€8,981
down €8,981 (-26.7%), from €33,587 to €24,606
- Other debts +€1,957
up €1,957 (+308%), from €636 to €2,592
- Accrued charges and deferred income +€1,450
new in 2025: €1,450
- Gross operating margin +€5,436
up €5,436 (+46.8%), from €11,626 to €17,062
- Staff costs +€4,882
up €4,882 (+503%), from €971 to €5,853
- Depreciation +€973
up €973 (+11.2%), from €8,713 to €9,686
- Taxes -€540
down €540 (-98.0%), from €550 to €11
- Financial charges +€241
up €241 (+23.7%), from €1,016 to €1,257
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 | €57,475 | €52,877 | -€4,598 | -8.0% |
| Fixed assets | 21/28 | €41,236 | €32,260 | -€8,976 | -21.8% |
| Intangible fixed assets | 21 | €35,081 | €26,481 | -€8,600 | -24.5% |
| Tangible fixed assets | 22/27 | €3,254 | €2,871 | -€384 | -11.8% |
| Plant, machinery and equipment | 23 | €3,254 | €2,397 | -€858 | -26.4% |
| Furniture and vehicles | 24 | - | €474 | +€474 | |
| Financial fixed assets | 28 | €2,900 | €2,908 | +€8 | +0.3% |
| Current assets | 29/58 | €16,239 | €20,617 | +€4,378 | +27.0% |
| Stocks and contracts in progress | 3 | €2,938 | €3,409 | +€471 | +16.0% |
| Stocks | 30/36 | €2,938 | €3,409 | +€471 | +16.0% |
| Amounts receivable within one year | 40/41 | €7,852 | €7,324 | -€528 | -6.7% |
| Trade receivables | 40 | €7,849 | €7,312 | -€537 | -6.8% |
| Other amounts receivable | 41 | €3 | €12 | +€9 | +336% |
| Cash at bank and in hand | 54/58 | €5,164 | €9,335 | +€4,171 | +80.8% |
| Deferred charges and accrued income | 490/1 | €286 | €549 | +€264 | +92.3% |
| Total equity and liabilities | 10/49 | €57,475 | €52,877 | -€4,598 | -8.0% |
| Equity | 10/15 | €3,300 | €3,334 | +€34 | +1.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €300 | €334 | +€34 | +11.3% |
| Amounts payable | 17/49 | €54,175 | €49,543 | -€4,632 | -8.5% |
| Amounts payable after more than one year | 17 | €33,587 | €24,606 | -€8,981 | -26.7% |
| Financial debts | 170/4 | €33,587 | €24,606 | -€8,981 | -26.7% |
| Amounts payable within one year | 42/48 | €20,588 | €23,487 | +€2,899 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €8,981 | €8,981 | = | 0.0% |
| Trade debts | 44 | €8,345 | €8,741 | +€396 | +4.7% |
| Suppliers | 440/4 | €8,345 | €8,741 | +€396 | +4.7% |
| Taxes, remuneration and social security | 45 | €2,627 | €3,173 | +€547 | +20.8% |
| Taxes | 450/3 | €1,127 | €1,207 | +€81 | +7.2% |
| Remuneration and social security | 454/9 | €1,500 | €1,966 | +€466 | +31.0% |
| Other amounts payable | 47/48 | €636 | €2,592 | +€1,957 | +308% |
| Accrued charges and deferred income | 492/3 | - | €1,450 | +€1,450 | |
| Remuneration, social security and pensions | 62 | €971 | €5,853 | +€4,882 | +503% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,713 | €9,686 | +€973 | +11.2% |
| Other operating charges | 640/8 | €76 | €223 | +€147 | +193% |
| Gross operating margin | 9900 | €11,626 | €17,062 | +€5,436 | +46.8% |
| Operating profit (loss) | 9901 | €1,866 | €1,300 | -€566 | -30.3% |
| Financial income | 75/76B | €0 | €2 | +€2 | +363% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +363% |
| Financial charges | 65/66B | €1,016 | €1,257 | +€241 | +23.7% |
| Recurring financial charges | 65 | €1,016 | €1,257 | +€241 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | €850 | €45 | -€806 | -94.7% |
| Income taxes | 67/77 | €550 | €11 | -€540 | -98.0% |
| Profit (loss) for the period | 9904 | €300 | €34 | -€266 | -88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €300 | €34 | -€266 | -88.7% |
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 25 October 2026 via checked.be.