B.M.Z.: 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.M.Z.
Largest movements
- Receivables after one year +€714,253
up €714,253 (+79.0%), from €903,712 to €1.6m
- Cash -€527,699
down €527,699 (-90.1%), from €585,679 to €57,980
mainly Receivables after one year (-€714,253) and Trade debts (-€230,566)
- Receivables within one year -€206,756
down €206,756 (-32.3%), from €640,142 to €433,386
of which Other amounts receivable: -€179,699
- Tangible fixed assets -€28,887
down €28,887 (-24.1%), from €119,717 to €90,830
- Trade debts -€230,566
down €230,566 (-57.8%), from €398,734 to €168,168
- Profit (loss) carried forward +€178,547
up €178,547 (+11.5%), from €1.5m to €1.7m
- Gross operating margin +€39,457
up €39,457 (+2.5%), from €1.6m to €1.6m
- Taxes +€19,127
up €19,127 (+47.8%), from €39,993 to €59,120
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,328,582 | €2,275,200 | -€53,381 | -2.3% |
| Fixed assets | 21/28 | €174,347 | €145,460 | -€28,887 | -16.6% |
| Tangible fixed assets | 22/27 | €119,717 | €90,830 | -€28,887 | -24.1% |
| Plant, machinery and equipment | 23 | €26,862 | €19,450 | -€7,412 | -27.6% |
| Furniture and vehicles | 24 | €34,446 | €27,802 | -€6,644 | -19.3% |
| Leasing and similar rights | 25 | €3,156 | €440 | -€2,716 | -86.1% |
| Other tangible fixed assets | 26 | €55,253 | €43,137 | -€12,115 | -21.9% |
| Financial fixed assets | 28 | €54,630 | €54,630 | = | 0.0% |
| Current assets | 29/58 | €2,154,235 | €2,129,740 | -€24,494 | -1.1% |
| Amounts receivable after more than one year | 29 | €903,712 | €1,617,965 | +€714,253 | +79.0% |
| Other amounts receivable | 291 | €903,712 | €1,617,965 | +€714,253 | +79.0% |
| Stocks and contracts in progress | 3 | €24,701 | €20,408 | -€4,293 | -17.4% |
| Stocks | 30/36 | €24,701 | €20,408 | -€4,293 | -17.4% |
| Amounts receivable within one year | 40/41 | €640,142 | €433,386 | -€206,756 | -32.3% |
| Trade receivables | 40 | €41,460 | €14,404 | -€27,057 | -65.3% |
| Other amounts receivable | 41 | €598,682 | €418,983 | -€179,699 | -30.0% |
| Cash at bank and in hand | 54/58 | €585,679 | €57,980 | -€527,699 | -90.1% |
| Total equity and liabilities | 10/49 | €2,328,582 | €2,275,200 | -€53,381 | -2.3% |
| Equity | 10/15 | €1,567,096 | €1,745,644 | +€178,547 | +11.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,546,636 | €1,725,184 | +€178,547 | +11.5% |
| Amounts payable | 17/49 | €761,485 | €529,557 | -€231,929 | -30.5% |
| Amounts payable after more than one year | 17 | €524 | - | -€524 | |
| Financial debts | 170/4 | €524 | - | -€524 | |
| Amounts payable within one year | 42/48 | €760,961 | €529,557 | -€231,404 | -30.4% |
| Current portion of amounts payable after more than one year | 42 | €25,495 | €23,189 | -€2,305 | -9.0% |
| Trade debts | 44 | €398,734 | €168,168 | -€230,566 | -57.8% |
| Suppliers | 440/4 | €398,734 | €168,168 | -€230,566 | -57.8% |
| Taxes, remuneration and social security | 45 | €336,733 | €338,199 | +€1,467 | +0.4% |
| Taxes | 450/3 | €58,624 | €74,692 | +€16,068 | +27.4% |
| Remuneration and social security | 454/9 | €278,109 | €263,508 | -€14,601 | -5.3% |
| Non-recurring operating income | 76A | - | €80,000 | +€80,000 | |
| Remuneration, social security and pensions | 62 | €1,347,497 | €1,334,594 | -€12,903 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,114 | €40,359 | -€8,755 | -17.8% |
| Other operating charges | 640/8 | €2,815 | €7,085 | +€4,270 | +152% |
| Gross operating margin | 9900 | €1,582,430 | €1,621,886 | +€39,457 | +2.5% |
| Operating profit (loss) | 9901 | €183,004 | €239,848 | +€56,844 | +31.1% |
| Financial income | 75/76B | €10,702 | €14,189 | +€3,487 | +32.6% |
| Recurring financial income | 75 | €10,702 | €14,189 | +€3,487 | +32.6% |
| Financial charges | 65/66B | €19,774 | €16,369 | -€3,405 | -17.2% |
| Recurring financial charges | 65 | €19,774 | €16,369 | -€3,405 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €173,932 | €237,668 | +€63,736 | +36.6% |
| Income taxes | 67/77 | €39,993 | €59,120 | +€19,127 | +47.8% |
| Profit (loss) for the period | 9904 | €133,939 | €178,547 | +€44,609 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €133,939 | €178,547 | +€44,609 | +33.3% |
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 30 October 2026 via checked.be.