B-Mac: 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-Mac
Largest movements
- Receivables within one year +€206,488
up €206,488 (+33.2%), from €621,962 to €828,449
of which Trade receivables: +€153,852
- Cash +€185,619
up €185,619 (+280.7%), from €66,116 to €251,735
mainly Short-term financial debts (+€150,000) and Depreciation (+€122,619)
- Tangible fixed assets -€83,360
down €83,360 (-8.1%), from €1.0m to €946,046
of which Land and buildings: -€55,309
- Stocks and contracts -€29,096
down €29,096 (-3.9%), from €747,101 to €718,005
- Intangible fixed assets -€28,313
down €28,313 (-52.3%), from €54,093 to €25,780
- Short-term financial debts +€150,000
up €150,000 (+300.0%), from €50,000 to €200,000
- Reserves +€110,404
up €110,404 (+63.4%), from €174,128 to €284,532
of which Distributable reserves: +€110,404
- Trade debts -€85,708
down €85,708 (-25.0%), from €342,424 to €256,716
- Tax, wage and social debts +€70,114
up €70,114 (+59.1%), from €118,726 to €188,840
of which Taxes: +€52,299
- Gross operating margin +€225,072
up €225,072 (+47.1%), from €477,525 to €702,597
- Write-downs +€108,102
up €108,102 (+5696.5%), from €1,898 to €110,000
- Staff costs +€25,062
up €25,062 (+10.0%), from €249,396 to €274,458
- Taxes +€24,393
up €24,393 (+73.7%), from €33,100 to €57,492
- Other operating charges -€21,097
down €21,097 (-65.5%), from €32,189 to €11,092
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 | €2,544,763 | €2,782,348 | +€237,585 | +9.3% |
| Fixed assets | 21/28 | €1,083,643 | €971,970 | -€111,673 | -10.3% |
| Intangible fixed assets | 21 | €54,093 | €25,780 | -€28,313 | -52.3% |
| Tangible fixed assets | 22/27 | €1,029,406 | €946,046 | -€83,360 | -8.1% |
| Land and buildings | 22 | €930,068 | €874,759 | -€55,309 | -5.9% |
| Plant, machinery and equipment | 23 | €95,267 | €65,376 | -€29,891 | -31.4% |
| Furniture and vehicles | 24 | €4,071 | €5,911 | +€1,840 | +45.2% |
| Financial fixed assets | 28 | €144 | €144 | = | 0.0% |
| Current assets | 29/58 | €1,461,120 | €1,810,378 | +€349,257 | +23.9% |
| Stocks and contracts in progress | 3 | €747,101 | €718,005 | -€29,096 | -3.9% |
| Stocks | 30/36 | €747,101 | €718,005 | -€29,096 | -3.9% |
| Amounts receivable within one year | 40/41 | €621,962 | €828,449 | +€206,488 | +33.2% |
| Trade receivables | 40 | €426,255 | €580,107 | +€153,852 | +36.1% |
| Other amounts receivable | 41 | €195,707 | €248,342 | +€52,635 | +26.9% |
| Cash at bank and in hand | 54/58 | €66,116 | €251,735 | +€185,619 | +280.7% |
| Deferred charges and accrued income | 490/1 | €25,941 | €12,188 | -€13,753 | -53.0% |
| Total equity and liabilities | 10/49 | €2,544,763 | €2,782,348 | +€237,585 | +9.3% |
| Equity | 10/15 | €1,241,095 | €1,351,499 | +€110,404 | +8.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,004,967 | €1,004,967 | = | 0.0% |
| Reserves | 13 | €174,128 | €284,532 | +€110,404 | +63.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €149,178 | €259,582 | +€110,404 | +74.0% |
| Amounts payable | 17/49 | €1,303,668 | €1,430,849 | +€127,181 | +9.8% |
| Amounts payable after more than one year | 17 | €708,378 | €690,573 | -€17,805 | -2.5% |
| Financial debts | 170/4 | €708,378 | €690,573 | -€17,805 | -2.5% |
| Amounts payable within one year | 42/48 | €593,425 | €739,829 | +€146,404 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €65,165 | €76,190 | +€11,025 | +16.9% |
| Financial debts | 43 | €50,000 | €200,000 | +€150,000 | +300.0% |
| Credit institutions | 430/8 | €50,000 | €200,000 | +€150,000 | +300.0% |
| Trade debts | 44 | €342,424 | €256,716 | -€85,708 | -25.0% |
| Suppliers | 440/4 | €342,424 | €256,716 | -€85,708 | -25.0% |
| Taxes, remuneration and social security | 45 | €118,726 | €188,840 | +€70,114 | +59.1% |
| Taxes | 450/3 | €82,796 | €135,095 | +€52,299 | +63.2% |
| Remuneration and social security | 454/9 | €35,929 | €53,744 | +€17,815 | +49.6% |
| Other amounts payable | 47/48 | €17,110 | €18,083 | +€974 | +5.7% |
| Accrued charges and deferred income | 492/3 | €1,866 | €447 | -€1,419 | -76.1% |
| Non-recurring operating income | 76A | €9,651 | €3,643 | -€6,008 | -62.3% |
| Remuneration, social security and pensions | 62 | €249,396 | €274,458 | +€25,062 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,070 | €122,619 | +€18,549 | +17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,898 | €110,000 | +€108,102 | +5696.5% |
| Other operating charges | 640/8 | €32,189 | €11,092 | -€21,097 | -65.5% |
| Non-recurring operating charges | 66A | - | €3,068 | +€3,068 | |
| Gross operating margin | 9900 | €477,525 | €702,597 | +€225,072 | +47.1% |
| Operating profit (loss) | 9901 | €89,973 | €181,360 | +€91,387 | +101.6% |
| Financial income | 75/76B | €568 | €86 | -€482 | -84.8% |
| Recurring financial income | 75 | €568 | €86 | -€482 | -84.8% |
| Financial charges | 65/66B | €20,188 | €13,550 | -€6,638 | -32.9% |
| Recurring financial charges | 65 | €20,188 | €13,550 | -€6,638 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | €70,353 | €167,896 | +€97,543 | +138.6% |
| Income taxes | 67/77 | €33,100 | €57,492 | +€24,393 | +73.7% |
| Profit (loss) for the period | 9904 | €37,254 | €110,404 | +€73,150 | +196.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,254 | €110,404 | +€73,150 | +196.4% |
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.