Bedankt & Merci: what changed
Bedankt & Merci
Largest movements
- Tangible fixed assets +€24,085
up €24,085 (+21.6%), from €111,743 to €135,828
of which Plant, machinery and equipment: +€22,814
- Receivables within one year -€14,416
down €14,416 (-31.0%), from €46,541 to €32,125
of which Trade receivables: -€15,576
- Cash +€7,040
up €7,040 (+197%), from €3,579 to €10,619
mainly Depreciation (+€50,670) and Receivables within one year (+€14,416)
- Intangible fixed assets -€6,500
down €6,500 (-11.8%), from €55,205 to €48,705
- Deferred charges and accrued income +€4,015
up €4,015 (+97.5%), from €4,120 to €8,135
- Reserves +€40,276
new in 2025: €40,276
- Profit (loss) carried forward -€30,297
no longer reported in 2025 (was €30,297)
- Debts after one year -€12,109
down €12,109 (-8.0%), from €151,000 to €138,891
- Current portion of long-term debt +€4,527
new in 2025: €4,527
- Other debts +€4,069
up €4,069 (+109%), from €3,747 to €7,816
- Depreciation +€13,453
up €13,453 (+36.1%), from €37,216 to €50,670
- Gross operating margin +€4,594
up €4,594 (+6.6%), from €70,047 to €74,641
- Taxes -€3,007
down €3,007 (-32.6%), from €9,234 to €6,226
- Other operating charges +€2,157
up €2,157 (+112%), from €1,922 to €4,080
- Financial charges +€1,620
up €1,620 (+58.6%), from €2,762 to €4,382
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €232,777 | €243,460 | +€10,684 | +4.6% |
| Fixed assets | 21/28 | €166,948 | €184,533 | +€17,585 | +10.5% |
| Intangible fixed assets | 21 | €55,205 | €48,705 | -€6,500 | -11.8% |
| Tangible fixed assets | 22/27 | €111,743 | €135,828 | +€24,085 | +21.6% |
| Plant, machinery and equipment | 23 | €18,832 | €41,646 | +€22,814 | +121% |
| Furniture and vehicles | 24 | €86,153 | €88,828 | +€2,675 | +3.1% |
| Other tangible fixed assets | 26 | €6,757 | €5,354 | -€1,404 | -20.8% |
| Current assets | 29/58 | €65,829 | €58,927 | -€6,901 | -10.5% |
| Stocks and contracts in progress | 3 | €11,589 | €8,049 | -€3,540 | -30.5% |
| Stocks | 30/36 | €11,589 | €8,049 | -€3,540 | -30.5% |
| Amounts receivable within one year | 40/41 | €46,541 | €32,125 | -€14,416 | -31.0% |
| Trade receivables | 40 | €46,228 | €30,652 | -€15,576 | -33.7% |
| Other amounts receivable | 41 | €313 | €1,473 | +€1,160 | +370% |
| Cash at bank and in hand | 54/58 | €3,579 | €10,619 | +€7,040 | +197% |
| Deferred charges and accrued income | 490/1 | €4,120 | €8,135 | +€4,015 | +97.5% |
| Total equity and liabilities | 10/49 | €232,777 | €243,460 | +€10,684 | +4.6% |
| Equity | 10/15 | €32,157 | €42,136 | +€9,979 | +31.0% |
| Contributions | 10/11 | €1,860 | €1,860 | = | 0.0% |
| Reserves | 13 | - | €40,276 | +€40,276 | |
| Distributable reserves | 133 | - | €40,276 | +€40,276 | |
| Profit (loss) carried forward | 14 | €30,297 | - | -€30,297 | |
| Amounts payable | 17/49 | €200,620 | €201,324 | +€704 | +0.4% |
| Amounts payable after more than one year | 17 | €151,000 | €138,891 | -€12,109 | -8.0% |
| Financial debts | 170/4 | €151,000 | €138,891 | -€12,109 | -8.0% |
| Amounts payable within one year | 42/48 | €49,620 | €62,434 | +€12,814 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | - | €4,527 | +€4,527 | |
| Trade debts | 44 | €37,476 | €40,928 | +€3,453 | +9.2% |
| Suppliers | 440/4 | €37,476 | €40,928 | +€3,453 | +9.2% |
| Taxes, remuneration and social security | 45 | €8,398 | €9,163 | +€765 | +9.1% |
| Taxes | 450/3 | €8,398 | €9,163 | +€765 | +9.1% |
| Other amounts payable | 47/48 | €3,747 | €7,816 | +€4,069 | +109% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,216 | €50,670 | +€13,453 | +36.1% |
| Other operating charges | 640/8 | €1,922 | €4,080 | +€2,157 | +112% |
| Gross operating margin | 9900 | €70,047 | €74,641 | +€4,594 | +6.6% |
| Operating profit (loss) | 9901 | €30,908 | €19,892 | -€11,017 | -35.6% |
| Financial income | 75/76B | €60 | €696 | +€636 | +1,062% |
| Recurring financial income | 75 | €60 | €696 | +€636 | +1,062% |
| Financial charges | 65/66B | €2,762 | €4,382 | +€1,620 | +58.6% |
| Recurring financial charges | 65 | €2,762 | €4,382 | +€1,620 | +58.6% |
| Profit (loss) for the period before taxes | 9903 | €28,206 | €16,206 | -€12,000 | -42.5% |
| Income taxes | 67/77 | €9,234 | €6,226 | -€3,007 | -32.6% |
| Profit (loss) for the period | 9904 | €18,972 | €9,979 | -€8,993 | -47.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,972 | €9,979 | -€8,993 | -47.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.