NICOLAS BRAEM: 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.
What changed
NICOLAS BRAEM
NACE 23.630, Manufacture of other non-metallic mineral products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€93,510
2024 · €3,937+€89,574
Equity
€604,459
2024 · €510,949+€93,510
Cash
€19,467
2024 · €6,230+€13,237
Balance sheet total
€1.6m
2024 · €1.7m-€97,830
Largest movements
Assets
- Receivables within one year -€89,672
down €89,672 (-37.8%), from €237,099 to €147,426
of which Trade receivables: -€72,237
- Tangible fixed assets -€34,689
down €34,689 (-2.5%), from €1.4m to €1.4m
of which Other tangible fixed assets: -€23,741
Equity and liabilities
- Debts after one year -€291,425
down €291,425 (-51.1%), from €570,413 to €278,988
- Short-term financial debts +€125,000
new in 2025: €125,000
- Current portion of long-term debt -€94,344
down €94,344 (-33.5%), from €281,768 to €187,425
- Reserves +€93,510
up €93,510 (+40.1%), from €233,097 to €326,607
of which Distributable reserves: +€93,510
- Other debts +€30,691
up €30,691 (+22.6%), from €135,735 to €166,426
Income statement
- Staff costs -€54,957
down €54,957 (-17.1%), from €320,960 to €266,003
- Depreciation -€50,876
down €50,876 (-55.7%), from €91,325 to €40,449
- Taxes +€35,684
up €35,684 (+290%), from €12,295 to €47,978
- Gross operating margin +€14,566
up €14,566 (+3.2%), from €457,221 to €471,787
- Financial charges -€13,666
down €13,666 (-36.9%), from €36,992 to €23,326
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.
Result 2024
€3,937
Gross operating margin
+€14,566
Staff costs
+€54,957
Depreciation
+€50,876
Other operating charges
-€416
Financial income
-€1,047
Financial charges
+€13,666
Taxes
-€35,684
Deferred taxes and other
-€7,344
Result 2025
€93,510
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€287,313
Investment
-€13,308
Financing
-€260,768
Cash 2024
€6,230
From operations (derived)
+€287,313
Net result for the year
+€93,510
Depreciation
+€40,449
Receivables within one year
+€89,672
Deferred charges and accrued income
-€5,746
Trade debts
+€15,633
Tax, wage and social debts
+€28,039
Advances received
-€560
Other debts
+€30,691
Accrued charges and deferred income
-€4,374
Investment (derived)
-€13,308
Investment in fixed assets (net)
-€8,310
Current investments
-€4,998
Financing
-€260,768
Debts after one year
-€291,425
Current portion of long-term debt
-€94,344
Short-term financial debts
+€125,000
Cash 2025
€19,467
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,664,132 | €1,566,302 | -€97,830 | -5.9% |
| Fixed assets | 21/28 | €1,408,416 | €1,376,277 | -€32,139 | -2.3% |
| Tangible fixed assets | 22/27 | €1,395,666 | €1,360,977 | -€34,689 | -2.5% |
| Land and buildings | 22 | €1,353,950 | €1,353,950 | = | 0.0% |
| Plant, machinery and equipment | 23 | €5,435 | - | -€5,435 | |
| Furniture and vehicles | 24 | €10,953 | €5,440 | -€5,512 | -50.3% |
| Other tangible fixed assets | 26 | €25,328 | €1,587 | -€23,741 | -93.7% |
| Financial fixed assets | 28 | €12,750 | €15,300 | +€2,550 | +20.0% |
| Current assets | 29/58 | €255,716 | €190,025 | -€65,691 | -25.7% |
| Stocks and contracts in progress | 3 | €8,144 | €8,144 | = | 0.0% |
| Stocks | 30/36 | €8,144 | €8,144 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €237,099 | €147,426 | -€89,672 | -37.8% |
| Trade receivables | 40 | €139,397 | €67,160 | -€72,237 | -51.8% |
| Other amounts receivable | 41 | €97,701 | €80,266 | -€17,435 | -17.8% |
| Current investments | 50/53 | €4 | €5,002 | +€4,998 | +111,562% |
| Cash at bank and in hand | 54/58 | €6,230 | €19,467 | +€13,237 | +212% |
| Deferred charges and accrued income | 490/1 | €4,239 | €9,986 | +€5,746 | +136% |
| Total equity and liabilities | 10/49 | €1,664,132 | €1,566,302 | -€97,830 | -5.9% |
| Equity | 10/15 | €510,949 | €604,459 | +€93,510 | +18.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €233,097 | €326,607 | +€93,510 | +40.1% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €223,097 | €316,607 | +€93,510 | +41.9% |
| Profit (loss) carried forward | 14 | €177,853 | €177,853 | = | 0.0% |
| Amounts payable | 17/49 | €1,153,182 | €961,843 | -€191,340 | -16.6% |
| Amounts payable after more than one year | 17 | €570,413 | €278,988 | -€291,425 | -51.1% |
| Financial debts | 170/4 | €570,413 | €278,988 | -€291,425 | -51.1% |
| Amounts payable within one year | 42/48 | €569,208 | €673,667 | +€104,459 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €281,768 | €187,425 | -€94,344 | -33.5% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €98,977 | €114,610 | +€15,633 | +15.8% |
| Suppliers | 440/4 | €98,977 | €114,610 | +€15,633 | +15.8% |
| Advances received on contracts in progress | 46 | €560 | - | -€560 | |
| Taxes, remuneration and social security | 45 | €52,168 | €80,207 | +€28,039 | +53.7% |
| Taxes | 450/3 | €29,710 | €58,111 | +€28,401 | +95.6% |
| Remuneration and social security | 454/9 | €22,459 | €22,096 | -€363 | -1.6% |
| Other amounts payable | 47/48 | €135,735 | €166,426 | +€30,691 | +22.6% |
| Accrued charges and deferred income | 492/3 | €13,561 | €9,187 | -€4,374 | -32.3% |
| Non-recurring operating income | 76A | - | €1,640 | +€1,640 | |
| Remuneration, social security and pensions | 62 | €320,960 | €266,003 | -€54,957 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,325 | €40,449 | -€50,876 | -55.7% |
| Other operating charges | 640/8 | €841 | €1,258 | +€416 | +49.5% |
| Gross operating margin | 9900 | €457,221 | €471,787 | +€14,566 | +3.2% |
| Operating profit (loss) | 9901 | €44,094 | €164,077 | +€119,983 | +272% |
| Financial income | 75/76B | €1,785 | €738 | -€1,047 | -58.7% |
| Recurring financial income | 75 | €1,785 | €738 | -€1,047 | -58.7% |
| Financial charges | 65/66B | €36,992 | €23,326 | -€13,666 | -36.9% |
| Recurring financial charges | 65 | €36,992 | €23,326 | -€13,666 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | €8,887 | €141,489 | +€132,601 | +1,492% |
| Transfer from deferred taxes | 780 | €7,344 | - | -€7,344 | |
| Income taxes | 67/77 | €12,295 | €47,978 | +€35,684 | +290% |
| Profit (loss) for the period | 9904 | €3,937 | €93,510 | +€89,574 | +2,275% |
| Transfer from tax-exempt reserves | 789 | €28,656 | - | -€28,656 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,593 | €93,510 | +€60,918 | +187% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.