Ch. Bragard: 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.
Ch. Bragard
Largest movements
- Tangible fixed assets +€97,240
up €97,240 (+46.0%), from €211,192 to €308,432
of which Leasing and similar rights: +€143,858
- Cash +€34,003
up €34,003 (+58.3%), from €58,355 to €92,359
mainly Depreciation (+€73,980) and Debts after one year (+€70,981)
- Receivables within one year +€16,915
up €16,915 (+26.2%), from €64,676 to €81,591
of which Other amounts receivable: +€12,782
- Debts after one year +€70,981
up €70,981 (+88.4%), from €80,323 to €151,304
- Reserves +€61,000
up €61,000 (+75.3%), from €81,000 to €142,000
- Current portion of long-term debt +€25,908
up €25,908 (+81.1%), from €31,964 to €57,872
- Other debts -€8,673
down €8,673 (-10.4%), from €83,231 to €74,558
- Tax, wage and social debts -€7,160
down €7,160 (-29.9%), from €23,970 to €16,810
of which Taxes: -€10,245
- Gross operating margin +€107,503
up €107,503 (+94.7%), from €113,476 to €220,979
- Staff costs +€48,737
up €48,737 (+646%), from €7,550 to €56,287
- Depreciation +€11,690
up €11,690 (+18.8%), from €62,290 to €73,980
- Taxes +€10,310
up €10,310 (+120%), from €8,562 to €18,872
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 | €339,477 | €485,400 | +€145,923 | +43.0% |
| Fixed assets | 21/28 | €213,463 | €309,702 | +€96,240 | +45.1% |
| Intangible fixed assets | 21 | €2,066 | €1,066 | -€1,000 | -48.4% |
| Tangible fixed assets | 22/27 | €211,192 | €308,432 | +€97,240 | +46.0% |
| Plant, machinery and equipment | 23 | €112,085 | €75,634 | -€36,451 | -32.5% |
| Furniture and vehicles | 24 | €41,468 | €31,410 | -€10,058 | -24.3% |
| Leasing and similar rights | 25 | €56,818 | €200,676 | +€143,858 | +253% |
| Other tangible fixed assets | 26 | €821 | €712 | -€110 | -13.3% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €126,014 | €175,698 | +€49,684 | +39.4% |
| Stocks and contracts in progress | 3 | €2,925 | €1,683 | -€1,241 | -42.4% |
| Stocks | 30/36 | €2,925 | €1,683 | -€1,241 | -42.4% |
| Amounts receivable within one year | 40/41 | €64,676 | €81,591 | +€16,915 | +26.2% |
| Trade receivables | 40 | €63,009 | €67,142 | +€4,133 | +6.6% |
| Other amounts receivable | 41 | €1,667 | €14,449 | +€12,782 | +767% |
| Cash at bank and in hand | 54/58 | €58,355 | €92,359 | +€34,003 | +58.3% |
| Deferred charges and accrued income | 490/1 | €58 | €65 | +€7 | +12.0% |
| Total equity and liabilities | 10/49 | €339,477 | €485,400 | +€145,923 | +43.0% |
| Equity | 10/15 | €89,447 | €150,752 | +€61,305 | +68.5% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €81,000 | €142,000 | +€61,000 | +75.3% |
| Distributable reserves | 133 | €81,000 | €142,000 | +€61,000 | +75.3% |
| Profit (loss) carried forward | 14 | €1,447 | €1,752 | +€305 | +21.1% |
| Amounts payable | 17/49 | €250,030 | €334,648 | +€84,618 | +33.8% |
| Amounts payable after more than one year | 17 | €80,323 | €151,304 | +€70,981 | +88.4% |
| Financial debts | 170/4 | €80,323 | €151,304 | +€70,981 | +88.4% |
| Amounts payable within one year | 42/48 | €169,198 | €183,002 | +€13,804 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €31,964 | €57,872 | +€25,908 | +81.1% |
| Trade debts | 44 | €30,033 | €33,763 | +€3,729 | +12.4% |
| Suppliers | 440/4 | €30,033 | €33,763 | +€3,729 | +12.4% |
| Taxes, remuneration and social security | 45 | €23,970 | €16,810 | -€7,160 | -29.9% |
| Taxes | 450/3 | €23,970 | €13,725 | -€10,245 | -42.7% |
| Remuneration and social security | 454/9 | - | €3,086 | +€3,086 | |
| Other amounts payable | 47/48 | €83,231 | €74,558 | -€8,673 | -10.4% |
| Accrued charges and deferred income | 492/3 | €509 | €341 | -€168 | -32.9% |
| Non-recurring operating income | 76A | €3,767 | - | -€3,767 | |
| Remuneration, social security and pensions | 62 | €7,550 | €56,287 | +€48,737 | +646% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,290 | €73,980 | +€11,690 | +18.8% |
| Other operating charges | 640/8 | €610 | €738 | +€128 | +21.0% |
| Gross operating margin | 9900 | €113,476 | €220,979 | +€107,503 | +94.7% |
| Operating profit (loss) | 9901 | €43,026 | €89,974 | +€46,947 | +109% |
| Financial income | 75/76B | €58 | €0 | -€58 | -99.6% |
| Recurring financial income | 75 | €58 | €0 | -€58 | -99.6% |
| Financial charges | 65/66B | €8,853 | €9,797 | +€944 | +10.7% |
| Recurring financial charges | 65 | €8,853 | €9,797 | +€944 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €34,231 | €80,177 | +€45,946 | +134% |
| Income taxes | 67/77 | €8,562 | €18,872 | +€10,310 | +120% |
| Profit (loss) for the period | 9904 | €25,669 | €61,305 | +€35,636 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €25,669 | €61,305 | +€35,636 | +139% |
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.