ALEXANDRE BEINE: what changed
Two fiscal 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.
ALEXANDRE BEINE
Largest movements
- Tangible fixed assets -€42,582
down €42,582 (-19.7%), from €215,734 to €173,152
of which Land and buildings: -€33,260
- Cash +€34,367
up €34,367 (+22.5%), from €152,508 to €186,875
mainly Net result for the year (+€127,541) and Depreciation (+€42,582)
- Current investments +€21,459
up €21,459 (+6.0%), from €358,829 to €380,288
- Reserves +€51,800
up €51,800 (+8.1%), from €641,990 to €693,790
of which Distributable reserves: +€51,800
- Debts after one year -€36,221
no longer reported in 2025 (was €36,221)
- Gross operating margin +€6,544
up €6,544 (+3.0%), from €218,702 to €225,246
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.
Cash bridge derived
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 | €751,147 | €765,104 | +€13,957 | +1.9% |
| Fixed assets | 21/28 | €215,734 | €173,152 | -€42,582 | -19.7% |
| Tangible fixed assets | 22/27 | €215,734 | €173,152 | -€42,582 | -19.7% |
| Land and buildings | 22 | €198,121 | €164,861 | -€33,260 | -16.8% |
| Plant, machinery and equipment | 23 | €1,510 | €944 | -€566 | -37.5% |
| Furniture and vehicles | 24 | €16,103 | €7,347 | -€8,756 | -54.4% |
| Current assets | 29/58 | €535,413 | €591,952 | +€56,539 | +10.6% |
| Amounts receivable within one year | 40/41 | €3,760 | €4,208 | +€448 | +11.9% |
| Trade receivables | 40 | €3,760 | €250 | -€3,510 | -93.4% |
| Other amounts receivable | 41 | - | €3,958 | +€3,958 | |
| Current investments | 50/53 | €358,829 | €380,288 | +€21,459 | +6.0% |
| Cash at bank and in hand | 54/58 | €152,508 | €186,875 | +€34,367 | +22.5% |
| Deferred charges and accrued income | 490/1 | €20,316 | €20,581 | +€265 | +1.3% |
| Total equity and liabilities | 10/49 | €751,147 | €765,104 | +€13,957 | +1.9% |
| Equity | 10/15 | €660,624 | €712,465 | +€51,841 | +7.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €641,990 | €693,790 | +€51,800 | +8.1% |
| 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 | €640,130 | €691,930 | +€51,800 | +8.1% |
| Profit (loss) carried forward | 14 | €6,234 | €6,275 | +€41 | +0.7% |
| Amounts payable | 17/49 | €90,523 | €52,639 | -€37,884 | -41.8% |
| Amounts payable after more than one year | 17 | €36,221 | - | -€36,221 | |
| Financial debts | 170/4 | €36,221 | - | -€36,221 | |
| Amounts payable within one year | 42/48 | €54,302 | €52,639 | -€1,663 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €42,173 | €36,221 | -€5,952 | -14.1% |
| Trade debts | 44 | €1,821 | €2,667 | +€846 | +46.5% |
| Suppliers | 440/4 | €1,821 | €2,667 | +€846 | +46.5% |
| Taxes, remuneration and social security | 45 | €7,325 | €13,751 | +€6,427 | +87.7% |
| Taxes | 450/3 | €7,325 | €13,751 | +€6,427 | +87.7% |
| Other amounts payable | 47/48 | €2,984 | - | -€2,984 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,086 | €42,582 | +€496 | +1.2% |
| Other operating charges | 640/8 | €976 | €661 | -€315 | -32.2% |
| Gross operating margin | 9900 | €218,702 | €225,246 | +€6,544 | +3.0% |
| Operating profit (loss) | 9901 | €175,641 | €182,002 | +€6,362 | +3.6% |
| Financial income | 75/76B | €3,050 | €2,358 | -€692 | -22.7% |
| Recurring financial income | 75 | €3,050 | €2,358 | -€692 | -22.7% |
| Financial charges | 65/66B | €3,730 | €2,389 | -€1,341 | -36.0% |
| Recurring financial charges | 65 | €3,730 | €2,389 | -€1,341 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €174,961 | €181,972 | +€7,011 | +4.0% |
| Income taxes | 67/77 | €52,316 | €54,431 | +€2,116 | +4.0% |
| Profit (loss) for the period | 9904 | €122,645 | €127,541 | +€4,896 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €122,645 | €127,541 | +€4,896 | +4.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.