BRAL PROJECTS: what changed
BRAL PROJECTS
Largest movements
- Tangible fixed assets +€40,696
up €40,696 (+7.7%), from €529,494 to €570,190
of which Land and buildings: +€49,612
- Cash -€23,377
down €23,377 (-34.8%), from €67,170 to €43,792
mainly Investment in fixed assets (net) (-€64,530) and Debts after one year (-€30,860)
- Reserves +€31,430
up €31,430 (+9.2%), from €342,056 to €373,487
of which Distributable reserves: +€31,430
- Debts after one year -€30,860
down €30,860 (-9.7%), from €318,161 to €287,301
- Trade debts +€15,345
up €15,345 (+221%), from €6,949 to €22,293
- Tax, wage and social debts +€13,666
up €13,666 (+635%), from €2,152 to €15,819
- Advances received -€9,293
no longer reported in 2025 (was €9,293)
- Depreciation -€34,035
down €34,035 (-58.8%), from €57,869 to €23,834
- Gross operating margin +€14,328
up €14,328 (+22.2%), from €64,531 to €78,859
- Taxes +€10,617
up €10,617 (+354%), from €3,001 to €13,618
- Financial charges +€9,266
up €9,266 (+377%), from €2,458 to €11,724
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €718,909 | €740,005 | +€21,096 | +2.9% |
| Fixed assets | 21/28 | €529,524 | €570,220 | +€40,696 | +7.7% |
| Tangible fixed assets | 22/27 | €529,494 | €570,190 | +€40,696 | +7.7% |
| Land and buildings | 22 | €468,297 | €517,910 | +€49,612 | +10.6% |
| Plant, machinery and equipment | 23 | €3,372 | €2,087 | -€1,285 | -38.1% |
| Furniture and vehicles | 24 | €4,373 | €3,060 | -€1,313 | -30.0% |
| Other tangible fixed assets | 26 | €53,451 | €47,133 | -€6,318 | -11.8% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €189,385 | €169,785 | -€19,600 | -10.3% |
| Amounts receivable within one year | 40/41 | €122,215 | €123,133 | +€918 | +0.8% |
| Trade receivables | 40 | €12,927 | €8,101 | -€4,826 | -37.3% |
| Other amounts receivable | 41 | €109,288 | €115,032 | +€5,744 | +5.3% |
| Cash at bank and in hand | 54/58 | €67,170 | €43,792 | -€23,377 | -34.8% |
| Deferred charges and accrued income | 490/1 | - | €2,859 | +€2,859 | |
| Total equity and liabilities | 10/49 | €718,909 | €740,005 | +€21,096 | +2.9% |
| Equity | 10/15 | €348,256 | €379,687 | +€31,430 | +9.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €342,056 | €373,487 | +€31,430 | +9.2% |
| 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 | €340,196 | €371,627 | +€31,430 | +9.2% |
| Amounts payable | 17/49 | €370,653 | €360,318 | -€10,335 | -2.8% |
| Amounts payable after more than one year | 17 | €318,161 | €287,301 | -€30,860 | -9.7% |
| Financial debts | 170/4 | €318,161 | €287,301 | -€30,860 | -9.7% |
| Amounts payable within one year | 42/48 | €52,492 | €73,017 | +€20,525 | +39.1% |
| Current portion of amounts payable after more than one year | 42 | €34,099 | €34,905 | +€807 | +2.4% |
| Trade debts | 44 | €6,949 | €22,293 | +€15,345 | +221% |
| Suppliers | 440/4 | €6,949 | €22,293 | +€15,345 | +221% |
| Advances received on contracts in progress | 46 | €9,293 | - | -€9,293 | |
| Taxes, remuneration and social security | 45 | €2,152 | €15,819 | +€13,666 | +635% |
| Taxes | 450/3 | €2,152 | €15,819 | +€13,666 | +635% |
| Non-recurring operating income | 76A | €12,601 | - | -€12,601 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,869 | €23,834 | -€34,035 | -58.8% |
| Other operating charges | 640/8 | €3,381 | €2,614 | -€767 | -22.7% |
| Gross operating margin | 9900 | €64,531 | €78,859 | +€14,328 | +22.2% |
| Operating profit (loss) | 9901 | €3,281 | €52,411 | +€49,130 | +1,497% |
| Financial income | 75/76B | €4,448 | €4,362 | -€86 | -1.9% |
| Recurring financial income | 75 | €4,448 | €4,362 | -€86 | -1.9% |
| Financial charges | 65/66B | €2,458 | €11,724 | +€9,266 | +377% |
| Recurring financial charges | 65 | €2,458 | €11,724 | +€9,266 | +377% |
| Profit (loss) for the period before taxes | 9903 | €5,271 | €45,048 | +€39,778 | +755% |
| Income taxes | 67/77 | €3,001 | €13,618 | +€10,617 | +354% |
| Profit (loss) for the period | 9904 | €2,270 | €31,430 | +€29,161 | +1,285% |
| Profit (loss) for the period to be appropriated | 9905 | €2,270 | €31,430 | +€29,161 | +1,285% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.