B.M. & D.: 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.
B.M. & D.
Largest movements
- Receivables within one year +€67,367
up €67,367 (+135.1%), from €49,857 to €117,224
of which Trade receivables: +€71,000
- Cash -€26,685
down €26,685 (-70.4%), from €37,926 to €11,241
mainly Receivables within one year (-€67,367) and Stocks and contracts (-€21,392)
- Tangible fixed assets -€22,473
down €22,473 (-67.7%), from €33,208 to €10,735
of which Furniture and vehicles: -€18,534
- Stocks and contracts +€21,392
up €21,392 (+5.2%), from €411,166 to €432,558
of which Stocks: +€15,272
- Trade debts +€56,227
up €56,227 (+46.2%), from €121,621 to €177,848
- Current portion of long-term debt -€12,073
down €12,073 (-62.3%), from €19,384 to €7,312
- Debts after one year -€7,066
down €7,066 (-3.1%), from €229,548 to €222,482
of which Financial debts: -€7,066
- Gross operating margin -€37,975
down €37,975 (-9.0%), from €423,448 to €385,473
- Financial charges -€20,866
down €20,866 (-93.5%), from €22,320 to €1,454
- Staff costs -€16,974
down €16,974 (-4.6%), from €371,994 to €355,020
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 | €562,959 | €602,115 | +€39,157 | +7.0% |
| Fixed assets | 21/28 | €47,742 | €23,627 | -€24,114 | -50.5% |
| Tangible fixed assets | 22/27 | €33,208 | €10,735 | -€22,473 | -67.7% |
| Plant, machinery and equipment | 23 | €7,018 | €3,079 | -€3,939 | -56.1% |
| Furniture and vehicles | 24 | €26,190 | €7,656 | -€18,534 | -70.8% |
| Financial fixed assets | 28 | €14,533 | €12,892 | -€1,641 | -11.3% |
| Current assets | 29/58 | €515,217 | €578,488 | +€63,271 | +12.3% |
| Stocks and contracts in progress | 3 | €411,166 | €432,558 | +€21,392 | +5.2% |
| Stocks | 30/36 | €35,726 | €50,998 | +€15,272 | +42.7% |
| Contracts in progress | 37 | €375,440 | €381,560 | +€6,120 | +1.6% |
| Amounts receivable within one year | 40/41 | €49,857 | €117,224 | +€67,367 | +135.1% |
| Trade receivables | 40 | €34,409 | €105,408 | +€71,000 | +206.3% |
| Other amounts receivable | 41 | €15,448 | €11,815 | -€3,633 | -23.5% |
| Cash at bank and in hand | 54/58 | €37,926 | €11,241 | -€26,685 | -70.4% |
| Deferred charges and accrued income | 490/1 | €16,268 | €17,465 | +€1,197 | +7.4% |
| Total equity and liabilities | 10/49 | €562,959 | €602,115 | +€39,157 | +7.0% |
| Equity | 10/15 | €104,226 | €104,940 | +€714 | +0.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €84,226 | €84,940 | +€714 | +0.8% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,627 | €7,627 | = | 0.0% |
| Distributable reserves | 133 | €74,600 | €75,314 | +€714 | +1.0% |
| Amounts payable | 17/49 | €458,732 | €497,175 | +€38,443 | +8.4% |
| Amounts payable after more than one year | 17 | €229,548 | €222,482 | -€7,066 | -3.1% |
| Financial debts | 170/4 | €209,858 | €202,792 | -€7,066 | -3.4% |
| Trade debts | 175 | €9,621 | €9,621 | = | 0.0% |
| Other amounts payable | 178/9 | €10,069 | €10,069 | = | 0.0% |
| Amounts payable within one year | 42/48 | €229,184 | €274,693 | +€45,509 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €19,384 | €7,312 | -€12,073 | -62.3% |
| Trade debts | 44 | €121,621 | €177,848 | +€56,227 | +46.2% |
| Suppliers | 440/4 | €121,621 | €177,848 | +€56,227 | +46.2% |
| Taxes, remuneration and social security | 45 | €10,661 | €13,141 | +€2,479 | +23.3% |
| Remuneration and social security | 454/9 | €10,661 | €13,141 | +€2,479 | +23.3% |
| Other amounts payable | 47/48 | €77,517 | €76,393 | -€1,125 | -1.5% |
| Remuneration, social security and pensions | 62 | €371,994 | €355,020 | -€16,974 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,058 | €25,132 | -€926 | -3.6% |
| Other operating charges | 640/8 | €286 | €290 | +€4 | +1.4% |
| Gross operating margin | 9900 | €423,448 | €385,473 | -€37,975 | -9.0% |
| Operating profit (loss) | 9901 | €25,110 | €5,031 | -€20,079 | -80.0% |
| Financial income | 75/76B | €145 | €93 | -€52 | -36.0% |
| Recurring financial income | 75 | €145 | €93 | -€52 | -36.0% |
| Financial charges | 65/66B | €22,320 | €1,454 | -€20,866 | -93.5% |
| Recurring financial charges | 65 | €22,320 | €1,454 | -€20,866 | -93.5% |
| Profit (loss) for the period before taxes | 9903 | €2,936 | €3,669 | +€734 | +25.0% |
| Income taxes | 67/77 | €1,417 | €2,649 | +€1,233 | +87.0% |
| Profit (loss) for the period | 9904 | €1,519 | €1,020 | -€499 | -32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,519 | €1,020 | -€499 | -32.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.