LA BRACE: 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.
LA BRACE
Largest movements
- Tangible fixed assets -€19,846
down €19,846 (-38.3%), from €51,885 to €32,039
of which Plant, machinery and equipment: -€11,278
- Cash +€15,572
up €15,572 (+9.5%), from €163,464 to €179,036
mainly Depreciation (+€19,846) and Tax, wage and social debts (+€3,040)
- Receivables within one year -€2,760
down €2,760 (-34.7%), from €7,951 to €5,191
of which Trade receivables: -€1,426
- Trade debts -€4,270
down €4,270 (-26.5%), from €16,096 to €11,826
- Tax, wage and social debts +€3,040
up €3,040 (+263%), from €1,154 to €4,193
- Other debts -€2,958
down €2,958 (-48.3%), from €6,127 to €3,169
- Profit (loss) carried forward -€2,628
down €2,628 (-7.3%), from €35,975 to €33,347
- Staff costs +€12,869
up €12,869 (+8.1%), from €158,171 to €171,040
- Gross operating margin +€7,451
up €7,451 (+4.0%), from €187,979 to €195,431
- Depreciation -€3,788
down €3,788 (-16.0%), from €23,634 to €19,846
- Financial income -€2,211
down €2,211 (-70.2%), from €3,148 to €937
of which Non-recurring financial income: -€2,231
- Other operating charges +€1,979
up €1,979 (+96.3%), from €2,055 to €4,034
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 | €234,486 | €226,336 | -€8,150 | -3.5% |
| Fixed assets | 21/28 | €51,941 | €32,094 | -€19,846 | -38.2% |
| Tangible fixed assets | 22/27 | €51,885 | €32,039 | -€19,846 | -38.3% |
| Plant, machinery and equipment | 23 | €43,317 | €32,039 | -€11,278 | -26.0% |
| Furniture and vehicles | 24 | €8,568 | - | -€8,568 | |
| Financial fixed assets | 28 | €56 | €56 | = | 0.0% |
| Current assets | 29/58 | €182,545 | €194,241 | +€11,697 | +6.4% |
| Stocks and contracts in progress | 3 | €10,499 | €9,420 | -€1,079 | -10.3% |
| Stocks | 30/36 | €10,499 | €9,420 | -€1,079 | -10.3% |
| Amounts receivable within one year | 40/41 | €7,951 | €5,191 | -€2,760 | -34.7% |
| Trade receivables | 40 | €1,426 | - | -€1,426 | |
| Other amounts receivable | 41 | €6,525 | €5,191 | -€1,334 | -20.4% |
| Cash at bank and in hand | 54/58 | €163,464 | €179,036 | +€15,572 | +9.5% |
| Deferred charges and accrued income | 490/1 | €631 | €594 | -€37 | -5.8% |
| Total equity and liabilities | 10/49 | €234,486 | €226,336 | -€8,150 | -3.5% |
| Equity | 10/15 | €210,793 | €206,897 | -€3,895 | -1.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €156,217 | €154,950 | -€1,267 | -0.8% |
| Tax-exempt reserves | 132 | €1,267 | - | -€1,267 | |
| Distributable reserves | 133 | €154,950 | €154,950 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,975 | €33,347 | -€2,628 | -7.3% |
| Provisions and deferred taxes | 16 | €317 | - | -€317 | |
| Deferred taxes | 168 | €317 | - | -€317 | |
| Amounts payable | 17/49 | €23,376 | €19,439 | -€3,938 | -16.8% |
| Amounts payable within one year | 42/48 | €23,376 | €19,439 | -€3,938 | -16.8% |
| Trade debts | 44 | €16,096 | €11,826 | -€4,270 | -26.5% |
| Suppliers | 440/4 | €16,096 | €11,826 | -€4,270 | -26.5% |
| Advances received on contracts in progress | 46 | - | €250 | +€250 | |
| Taxes, remuneration and social security | 45 | €1,154 | €4,193 | +€3,040 | +263% |
| Taxes | 450/3 | €1,154 | €4,193 | +€3,040 | +263% |
| Other amounts payable | 47/48 | €6,127 | €3,169 | -€2,958 | -48.3% |
| Remuneration, social security and pensions | 62 | €158,171 | €171,040 | +€12,869 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,634 | €19,846 | -€3,788 | -16.0% |
| Other operating charges | 640/8 | €2,055 | €4,034 | +€1,979 | +96.3% |
| Non-recurring operating charges | 66A | - | €245 | +€245 | |
| Gross operating margin | 9900 | €187,979 | €195,431 | +€7,451 | +4.0% |
| Operating profit (loss) | 9901 | €4,120 | €266 | -€3,853 | -93.5% |
| Financial income | 75/76B | €3,148 | €937 | -€2,211 | -70.2% |
| Recurring financial income | 75 | €917 | €937 | +€20 | +2.2% |
| Non-recurring financial income | 76B | €2,231 | - | -€2,231 | |
| Financial charges | 65/66B | €1,656 | €1,512 | -€144 | -8.7% |
| Recurring financial charges | 65 | €1,656 | €1,512 | -€144 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €5,612 | -€308 | -€5,920 | |
| Transfer from deferred taxes | 780 | €529 | €317 | -€213 | -40.2% |
| Income taxes | 67/77 | €4,864 | €3,904 | -€960 | -19.7% |
| Profit (loss) for the period | 9904 | €1,277 | -€3,895 | -€5,173 | |
| Transfer from tax-exempt reserves | 789 | €2,118 | €1,267 | -€851 | -40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,395 | -€2,628 | -€6,023 |
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 26 October 2026 via checked.be.