BAZELMANS M.: 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.
BAZELMANS M.
Largest movements
- Cash +€235,310
up €235,310 (+43.4%), from €542,598 to €777,909
mainly Net result for the year (+€215,204) and Depreciation (+€154,023)
- Tangible fixed assets -€98,184
down €98,184 (-15.6%), from €631,022 to €532,838
of which Furniture and vehicles: -€65,231
- Receivables within one year +€74,616
up €74,616 (+34.3%), from €217,625 to €292,241
of which Trade receivables: +€73,652
- Other debts +€147,250
up €147,250 (+217.9%), from €67,569 to €214,820
- Reserves +€67,625
up €67,625 (+8.3%), from €814,705 to €882,330
- Trade debts +€53,691
up €53,691 (+160.9%), from €33,378 to €87,069
- Tax, wage and social debts -€23,820
down €23,820 (-49.7%), from €47,948 to €24,127
of which Taxes: -€25,803
- Gross operating margin +€113,585
up €113,585 (+21.3%), from €533,816 to €647,400
- Staff costs +€71,695
up €71,695 (+65.6%), from €109,294 to €180,988
- Taxes +€9,518
up €9,518 (+11.2%), from €84,949 to €94,468
- Financial income -€7,073
down €7,073 (-58.4%), from €12,116 to €5,043
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 | €1,400,913 | €1,610,956 | +€210,043 | +15.0% |
| Fixed assets | 21/28 | €631,562 | €533,378 | -€98,184 | -15.5% |
| Tangible fixed assets | 22/27 | €631,022 | €532,838 | -€98,184 | -15.6% |
| Land and buildings | 22 | €303,717 | €270,739 | -€32,978 | -10.9% |
| Plant, machinery and equipment | 23 | €121,297 | €121,323 | +€25 | 0.0% |
| Furniture and vehicles | 24 | €206,007 | €140,776 | -€65,231 | -31.7% |
| Financial fixed assets | 28 | €540 | €540 | = | 0.0% |
| Current assets | 29/58 | €769,351 | €1,077,578 | +€308,227 | +40.1% |
| Amounts receivable within one year | 40/41 | €217,625 | €292,241 | +€74,616 | +34.3% |
| Trade receivables | 40 | €151,338 | €224,989 | +€73,652 | +48.7% |
| Other amounts receivable | 41 | €66,287 | €67,252 | +€964 | +1.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €542,598 | €777,909 | +€235,310 | +43.4% |
| Deferred charges and accrued income | 490/1 | €9,128 | €7,428 | -€1,699 | -18.6% |
| Total equity and liabilities | 10/49 | €1,400,913 | €1,610,956 | +€210,043 | +15.0% |
| Equity | 10/15 | €1,200,643 | €1,268,268 | +€67,625 | +5.6% |
| Contributions | 10/11 | €68,205 | €68,205 | = | 0.0% |
| Reserves | 13 | €814,705 | €882,330 | +€67,625 | +8.3% |
| Distributable reserves | 133 | €814,705 | €882,330 | +€67,625 | +8.3% |
| Profit (loss) carried forward | 14 | €317,733 | €317,733 | = | 0.0% |
| Amounts payable | 17/49 | €200,270 | €342,688 | +€142,418 | +71.1% |
| Amounts payable after more than one year | 17 | €15,009 | €0 | -€15,009 | -100.0% |
| Financial debts | 170/4 | €15,009 | €0 | -€15,009 | -100.0% |
| Amounts payable within one year | 42/48 | €179,686 | €341,024 | +€161,338 | +89.8% |
| Current portion of amounts payable after more than one year | 42 | €30,792 | €15,009 | -€15,783 | -51.3% |
| Trade debts | 44 | €33,378 | €87,069 | +€53,691 | +160.9% |
| Suppliers | 440/4 | €33,378 | €87,069 | +€53,691 | +160.9% |
| Taxes, remuneration and social security | 45 | €47,948 | €24,127 | -€23,820 | -49.7% |
| Taxes | 450/3 | €31,707 | €5,905 | -€25,803 | -81.4% |
| Remuneration and social security | 454/9 | €16,240 | €18,223 | +€1,983 | +12.2% |
| Other amounts payable | 47/48 | €67,569 | €214,820 | +€147,250 | +217.9% |
| Accrued charges and deferred income | 492/3 | €5,575 | €1,663 | -€3,912 | -70.2% |
| Non-recurring operating income | 76A | €0 | €44,546 | +€44,546 | |
| Remuneration, social security and pensions | 62 | €109,294 | €180,988 | +€71,695 | +65.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,229 | €154,023 | +€794 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,954 | €5,802 | -€1,153 | -16.6% |
| Gross operating margin | 9900 | €533,816 | €647,400 | +€113,585 | +21.3% |
| Operating profit (loss) | 9901 | €264,339 | €306,588 | +€42,249 | +16.0% |
| Financial income | 75/76B | €12,116 | €5,043 | -€7,073 | -58.4% |
| Recurring financial income | 75 | €12,116 | €5,043 | -€7,073 | -58.4% |
| Financial charges | 65/66B | €2,766 | €1,959 | -€807 | -29.2% |
| Recurring financial charges | 65 | €2,766 | €1,959 | -€807 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €273,689 | €309,671 | +€35,982 | +13.1% |
| Income taxes | 67/77 | €84,949 | €94,468 | +€9,518 | +11.2% |
| Profit (loss) for the period | 9904 | €188,740 | €215,204 | +€26,464 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €188,740 | €215,204 | +€26,464 | +14.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.