Dr BRAGA S: 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.
Dr BRAGA S
Largest movements
- Current investments -€325,000
no longer reported in 2025 (was €325,000)
- Cash +€168,027
up €168,027 (+199%), from €84,270 to €252,296
mainly Current investments (+€325,000) and Depreciation (+€23,225)
- Receivables within one year +€55,995
up €55,995 (+70.2%), from €79,751 to €135,746
of which Other amounts receivable: +€52,045
- Reserves -€57,822
down €57,822 (-12.8%), from €452,176 to €394,354
of which Distributable reserves: -€55,962
- Debts after one year -€34,511
down €34,511 (-72.3%), from €47,764 to €13,253
- Profit (loss) carried forward -€12,284
new in 2025: -€12,284
- Financial income -€155,656
down €155,656 (-94.7%), from €164,426 to €8,770
- Financial charges +€65,073
up €65,073 (+97.2%), from €66,947 to €132,020
- Taxes -€19,223
down €19,223 (-97.8%), from €19,653 to €430
- Depreciation +€1,845
up €1,845 (+8.6%), from €21,380 to €23,225
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 | €558,165 | €452,382 | -€105,783 | -19.0% |
| Fixed assets | 21/28 | €67,018 | €63,084 | -€3,934 | -5.9% |
| Tangible fixed assets | 22/27 | €55,918 | €51,984 | -€3,934 | -7.0% |
| Land and buildings | 22 | €31,779 | €36,215 | +€4,436 | +14.0% |
| Plant, machinery and equipment | 23 | - | €1,060 | +€1,060 | |
| Furniture and vehicles | 24 | €23,659 | €12,618 | -€11,041 | -46.7% |
| Other tangible fixed assets | 26 | €480 | €2,091 | +€1,611 | +336% |
| Financial fixed assets | 28 | €11,100 | €11,100 | = | 0.0% |
| Current assets | 29/58 | €491,146 | €389,298 | -€101,849 | -20.7% |
| Amounts receivable within one year | 40/41 | €79,751 | €135,746 | +€55,995 | +70.2% |
| Trade receivables | 40 | - | €3,950 | +€3,950 | |
| Other amounts receivable | 41 | €79,751 | €131,796 | +€52,045 | +65.3% |
| Current investments | 50/53 | €325,000 | - | -€325,000 | |
| Cash at bank and in hand | 54/58 | €84,270 | €252,296 | +€168,027 | +199% |
| Deferred charges and accrued income | 490/1 | €2,126 | €1,255 | -€871 | -41.0% |
| Total equity and liabilities | 10/49 | €558,165 | €452,382 | -€105,783 | -19.0% |
| Equity | 10/15 | €464,576 | €394,470 | -€70,106 | -15.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €452,176 | €394,354 | -€57,822 | -12.8% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €450,316 | €394,354 | -€55,962 | -12.4% |
| Profit (loss) carried forward | 14 | - | -€12,284 | -€12,284 | |
| Amounts payable | 17/49 | €93,589 | €57,912 | -€35,677 | -38.1% |
| Amounts payable after more than one year | 17 | €47,764 | €13,253 | -€34,511 | -72.3% |
| Financial debts | 170/4 | €47,764 | €13,253 | -€34,511 | -72.3% |
| Amounts payable within one year | 42/48 | €45,825 | €44,659 | -€1,166 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €40,003 | €34,511 | -€5,493 | -13.7% |
| Trade debts | 44 | €5,176 | €6,530 | +€1,354 | +26.2% |
| Suppliers | 440/4 | €5,176 | €6,530 | +€1,354 | +26.2% |
| Taxes, remuneration and social security | 45 | €646 | €3,619 | +€2,973 | +460% |
| Taxes | 450/3 | - | €2,891 | +€2,891 | |
| Remuneration and social security | 454/9 | €646 | €728 | +€82 | +12.6% |
| Remuneration, social security and pensions | 62 | €8,033 | €9,225 | +€1,192 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,380 | €23,225 | +€1,845 | +8.6% |
| Other operating charges | 640/8 | €707 | €787 | +€81 | +11.4% |
| Gross operating margin | 9900 | €143,826 | €144,634 | +€808 | +0.6% |
| Operating profit (loss) | 9901 | €113,707 | €111,397 | -€2,310 | -2.0% |
| Financial income | 75/76B | €164,426 | €8,770 | -€155,656 | -94.7% |
| Recurring financial income | 75 | €164,426 | €8,770 | -€155,656 | -94.7% |
| Financial charges | 65/66B | €66,947 | €132,020 | +€65,073 | +97.2% |
| Recurring financial charges | 65 | €66,947 | €132,020 | +€65,073 | +97.2% |
| Profit (loss) for the period before taxes | 9903 | €211,185 | -€11,854 | -€223,039 | |
| Income taxes | 67/77 | €19,653 | €430 | -€19,223 | -97.8% |
| Profit (loss) for the period | 9904 | €191,532 | -€12,284 | -€203,816 | |
| Profit (loss) for the period to be appropriated | 9905 | €191,532 | -€12,284 | -€203,816 |
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.