B en N: 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.
B en N
Largest movements
- Cash +€57,181
up €57,181 (+54.9%), from €104,095 to €161,277
mainly Net result for the year (+€65,702) and Depreciation (+€36,142)
- Receivables within one year +€48,100
up €48,100 (+73.6%), from €65,385 to €113,485
of which Trade receivables: +€44,050
- Stocks and contracts -€33,347
down €33,347 (-15.4%), from €217,003 to €183,656
- Tangible fixed assets -€27,447
down €27,447 (-7.8%), from €352,783 to €325,337
of which Land and buildings: -€17,349
- Reserves +€58,593
up €58,593 (+20.7%), from €283,163 to €341,755
of which Distributable reserves: +€58,593
- Debts after one year -€29,528
down €29,528 (-16.4%), from €179,700 to €150,172
- Trade debts +€14,156
up €14,156 (+45.2%), from €31,318 to €45,474
- Gross operating margin +€76,560
up €76,560 (+46.1%), from €166,199 to €242,760
- Staff costs +€34,655
up €34,655 (+59.1%), from €58,628 to €93,283
- Taxes +€14,181
up €14,181 (+77.3%), from €18,343 to €32,524
- Other operating charges -€3,829
down €3,829 (-23.5%), from €16,311 to €12,483
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 | €750,723 | €796,903 | +€46,180 | +6.2% |
| Fixed assets | 21/28 | €352,783 | €325,337 | -€27,447 | -7.8% |
| Tangible fixed assets | 22/27 | €352,783 | €325,337 | -€27,447 | -7.8% |
| Land and buildings | 22 | €321,254 | €303,905 | -€17,349 | -5.4% |
| Plant, machinery and equipment | 23 | €23,248 | €15,685 | -€7,563 | -32.5% |
| Furniture and vehicles | 24 | €8,281 | €5,747 | -€2,535 | -30.6% |
| Current assets | 29/58 | €397,940 | €471,566 | +€73,626 | +18.5% |
| Stocks and contracts in progress | 3 | €217,003 | €183,656 | -€33,347 | -15.4% |
| Stocks | 30/36 | €217,003 | €183,656 | -€33,347 | -15.4% |
| Amounts receivable within one year | 40/41 | €65,385 | €113,485 | +€48,100 | +73.6% |
| Trade receivables | 40 | €65,385 | €109,435 | +€44,050 | +67.4% |
| Other amounts receivable | 41 | - | €4,050 | +€4,050 | |
| Cash at bank and in hand | 54/58 | €104,095 | €161,277 | +€57,181 | +54.9% |
| Deferred charges and accrued income | 490/1 | €11,456 | €13,148 | +€1,692 | +14.8% |
| Total equity and liabilities | 10/49 | €750,723 | €796,903 | +€46,180 | +6.2% |
| Equity | 10/15 | €483,163 | €541,755 | +€58,593 | +12.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €283,163 | €341,755 | +€58,593 | +20.7% |
| Non-distributable reserves | 130/1 | €29,747 | €29,747 | = | 0.0% |
| Legal reserve | 130 | €29,747 | €29,747 | = | 0.0% |
| Distributable reserves | 133 | €253,415 | €312,008 | +€58,593 | +23.1% |
| Amounts payable | 17/49 | €267,560 | €255,147 | -€12,413 | -4.6% |
| Amounts payable after more than one year | 17 | €179,700 | €150,172 | -€29,528 | -16.4% |
| Financial debts | 170/4 | €179,700 | €150,172 | -€29,528 | -16.4% |
| Amounts payable within one year | 42/48 | €87,251 | €102,820 | +€15,569 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €29,287 | €29,528 | +€241 | +0.8% |
| Trade debts | 44 | €31,318 | €45,474 | +€14,156 | +45.2% |
| Suppliers | 440/4 | €31,318 | €45,474 | +€14,156 | +45.2% |
| Advances received on contracts in progress | 46 | €578 | - | -€578 | |
| Taxes, remuneration and social security | 45 | €24,624 | €26,418 | +€1,794 | +7.3% |
| Taxes | 450/3 | €15,709 | €19,374 | +€3,665 | +23.3% |
| Remuneration and social security | 454/9 | €8,915 | €7,045 | -€1,870 | -21.0% |
| Other amounts payable | 47/48 | €1,444 | €1,400 | -€44 | -3.0% |
| Accrued charges and deferred income | 492/3 | €609 | €2,155 | +€1,546 | +253.8% |
| Remuneration, social security and pensions | 62 | €58,628 | €93,283 | +€34,655 | +59.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,161 | €36,142 | +€1,980 | +5.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €665 | -€1,131 | -€1,796 | |
| Other operating charges | 640/8 | €16,311 | €12,483 | -€3,829 | -23.5% |
| Gross operating margin | 9900 | €166,199 | €242,760 | +€76,560 | +46.1% |
| Operating profit (loss) | 9901 | €56,434 | €101,984 | +€45,550 | +80.7% |
| Financial income | 75/76B | €77 | €832 | +€755 | +979.3% |
| Recurring financial income | 75 | €77 | €832 | +€755 | +979.3% |
| Financial charges | 65/66B | €5,890 | €4,590 | -€1,300 | -22.1% |
| Recurring financial charges | 65 | €5,890 | €4,590 | -€1,300 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €50,621 | €98,226 | +€47,604 | +94.0% |
| Income taxes | 67/77 | €18,343 | €32,524 | +€14,181 | +77.3% |
| Profit (loss) for the period | 9904 | €32,278 | €65,702 | +€33,424 | +103.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,278 | €65,702 | +€33,424 | +103.5% |
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 11 October 2026 via checked.be.