LO 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.
LO BRAVO
Largest movements
- Cash -€33,636
down €33,636 (-60.0%), from €56,028 to €22,392
mainly Contributions, distributions and other (-€55,960) and Stocks and contracts (-€26,002)
- Stocks and contracts +€26,002
up €26,002 (+36.1%), from €71,952 to €97,954
- Tangible fixed assets -€5,919
down €5,919 (-29.5%), from €20,062 to €14,143
- Reserves -€49,160
down €49,160 (-77.0%), from €63,820 to €14,660
of which Distributable reserves: -€49,160
- Other debts +€23,034
up €23,034 (+213%), from €10,804 to €33,837
- Trade debts +€19,381
new in 2025: €19,381
- Debts after one year -€6,402
down €6,402 (-70.0%), from €9,142 to €2,740
- Gross operating margin +€8,142
up €8,142 (+56.3%), from €14,457 to €22,599
- Other operating charges +€5,150
up €5,150 (+227%), from €2,267 to €7,418
- Financial charges +€2,425
up €2,425 (+225%), from €1,079 to €3,504
- Taxes +€2,123
up €2,123 (+84.8%), from €2,503 to €4,626
- Financial income -€606
down €606 (-9.6%), from €6,289 to €5,683
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 | €158,481 | €145,112 | -€13,369 | -8.4% |
| Fixed assets | 21/28 | €20,062 | €14,143 | -€5,919 | -29.5% |
| Tangible fixed assets | 22/27 | €20,062 | €14,143 | -€5,919 | -29.5% |
| Furniture and vehicles | 24 | €20,062 | €14,143 | -€5,919 | -29.5% |
| Current assets | 29/58 | €138,419 | €130,969 | -€7,450 | -5.4% |
| Stocks and contracts in progress | 3 | €71,952 | €97,954 | +€26,002 | +36.1% |
| Stocks | 30/36 | €71,952 | €97,954 | +€26,002 | +36.1% |
| Amounts receivable within one year | 40/41 | €10,439 | €10,622 | +€184 | +1.8% |
| Trade receivables | 40 | €420 | - | -€420 | |
| Other amounts receivable | 41 | €10,018 | €10,622 | +€604 | +6.0% |
| Cash at bank and in hand | 54/58 | €56,028 | €22,392 | -€33,636 | -60.0% |
| Total equity and liabilities | 10/49 | €158,481 | €145,112 | -€13,369 | -8.4% |
| Equity | 10/15 | €125,080 | €75,934 | -€49,146 | -39.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,820 | €14,660 | -€49,160 | -77.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €61,960 | €12,800 | -€49,160 | -79.3% |
| Profit (loss) carried forward | 14 | €42,660 | €42,674 | +€15 | 0.0% |
| Amounts payable | 17/49 | €33,401 | €69,178 | +€35,776 | +107% |
| Amounts payable after more than one year | 17 | €9,142 | €2,740 | -€6,402 | -70.0% |
| Financial debts | 170/4 | €9,142 | €2,740 | -€6,402 | -70.0% |
| Amounts payable within one year | 42/48 | €24,259 | €66,438 | +€42,179 | +174% |
| Current portion of amounts payable after more than one year | 42 | €6,164 | €6,402 | +€238 | +3.9% |
| Trade debts | 44 | - | €19,381 | +€19,381 | |
| Suppliers | 440/4 | - | €19,381 | +€19,381 | |
| Taxes, remuneration and social security | 45 | €7,292 | €6,817 | -€474 | -6.5% |
| Taxes | 450/3 | €7,292 | €6,817 | -€474 | -6.5% |
| Other amounts payable | 47/48 | €10,804 | €33,837 | +€23,034 | +213% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,919 | €5,919 | = | 0.0% |
| Other operating charges | 640/8 | €2,267 | €7,418 | +€5,150 | +227% |
| Gross operating margin | 9900 | €14,457 | €22,599 | +€8,142 | +56.3% |
| Operating profit (loss) | 9901 | €6,271 | €9,262 | +€2,992 | +47.7% |
| Financial income | 75/76B | €6,289 | €5,683 | -€606 | -9.6% |
| Recurring financial income | 75 | €6,289 | €5,683 | -€606 | -9.6% |
| Financial charges | 65/66B | €1,079 | €3,504 | +€2,425 | +225% |
| Recurring financial charges | 65 | €1,079 | €3,504 | +€2,425 | +225% |
| Profit (loss) for the period before taxes | 9903 | €11,480 | €11,441 | -€40 | -0.3% |
| Income taxes | 67/77 | €2,503 | €4,626 | +€2,123 | +84.8% |
| Profit (loss) for the period | 9904 | €8,978 | €6,815 | -€2,163 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,978 | €6,815 | -€2,163 | -24.1% |
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.