BEJAMAD: 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.
BEJAMAD
Largest movements
- Tangible fixed assets -€160,673
down €160,673 (-13.5%), from €1.2m to €1.0m
of which Land and buildings: -€154,991
- Receivables within one year +€142,021
up €142,021 (+294%), from €48,380 to €190,401
of which Trade receivables: +€162,604
- Cash -€99,376
down €99,376 (-66.3%), from €149,980 to €50,603
mainly Receivables within one year (-€142,021) and Debts after one year (-€61,412)
- Current investments -€38,893
down €38,893 (-7.8%), from €500,327 to €461,434
- Debts after one year -€61,412
down €61,412 (-38.1%), from €161,053 to €99,641
of which Financial debts: -€59,012
- Tax, wage and social debts -€28,055
down €28,055 (-95.0%), from €29,534 to €1,479
of which Taxes: -€25,639
- Other debts -€26,256
down €26,256 (-8.0%), from €326,938 to €300,682
- Profit (loss) carried forward -€24,119
new in 2025: -€24,119
- Gross operating margin -€132,418
down €132,418 (-68.9%), from €192,235 to €59,817
- Taxes -€23,338
down €23,338 (-94.0%), from €24,839 to €1,500
- Write-downs -€18,997
down €18,997 (-100%), from €18,997 to €0
- Depreciation -€8,014
down €8,014 (-11.6%), from €69,323 to €61,309
- Financial income +€4,292
up €4,292 (+62.1%), from €6,910 to €11,202
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 | €1,887,529 | €1,730,772 | -€156,757 | -8.3% |
| Fixed assets | 21/28 | €1,185,864 | €1,025,134 | -€160,730 | -13.6% |
| Tangible fixed assets | 22/27 | €1,185,807 | €1,025,134 | -€160,673 | -13.5% |
| Land and buildings | 22 | €1,169,448 | €1,014,457 | -€154,991 | -13.3% |
| Furniture and vehicles | 24 | €12,284 | €8,877 | -€3,407 | -27.7% |
| Other tangible fixed assets | 26 | €4,075 | €1,800 | -€2,275 | -55.8% |
| Financial fixed assets | 28 | €57 | €0 | -€57 | -100% |
| Current assets | 29/58 | €701,665 | €705,638 | +€3,973 | +0.6% |
| Amounts receivable within one year | 40/41 | €48,380 | €190,401 | +€142,021 | +294% |
| Trade receivables | 40 | €25,096 | €187,700 | +€162,604 | +648% |
| Other amounts receivable | 41 | €23,284 | €2,701 | -€20,582 | -88.4% |
| Current investments | 50/53 | €500,327 | €461,434 | -€38,893 | -7.8% |
| Cash at bank and in hand | 54/58 | €149,980 | €50,603 | -€99,376 | -66.3% |
| Deferred charges and accrued income | 490/1 | €2,978 | €3,200 | +€221 | +7.4% |
| Total equity and liabilities | 10/49 | €1,887,529 | €1,730,772 | -€156,757 | -8.3% |
| Equity | 10/15 | €1,270,624 | €1,242,694 | -€27,930 | -2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,252,024 | €1,248,214 | -€3,810 | -0.3% |
| Tax-exempt reserves | 132 | €3,810 | €0 | -€3,810 | -100% |
| Distributable reserves | 133 | €1,248,214 | €1,248,214 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€24,119 | -€24,119 | |
| Provisions and deferred taxes | 16 | €2,421 | €0 | -€2,421 | -100% |
| Deferred taxes | 168 | €2,421 | €0 | -€2,421 | -100% |
| Amounts payable | 17/49 | €614,484 | €488,077 | -€126,407 | -20.6% |
| Amounts payable after more than one year | 17 | €161,053 | €99,641 | -€61,412 | -38.1% |
| Financial debts | 170/4 | €158,653 | €99,641 | -€59,012 | -37.2% |
| Other amounts payable | 178/9 | €2,400 | €0 | -€2,400 | -100% |
| Amounts payable within one year | 42/48 | €427,280 | €365,499 | -€61,780 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €58,308 | €59,012 | +€704 | +1.2% |
| Financial debts | 43 | €204 | €84 | -€120 | -58.8% |
| Credit institutions | 430/8 | €204 | €84 | -€120 | -58.8% |
| Trade debts | 44 | €12,296 | €4,242 | -€8,054 | -65.5% |
| Suppliers | 440/4 | €12,296 | €4,242 | -€8,054 | -65.5% |
| Taxes, remuneration and social security | 45 | €29,534 | €1,479 | -€28,055 | -95.0% |
| Taxes | 450/3 | €27,119 | €1,479 | -€25,639 | -94.5% |
| Remuneration and social security | 454/9 | €2,415 | €0 | -€2,415 | -100% |
| Other amounts payable | 47/48 | €326,938 | €300,682 | -€26,256 | -8.0% |
| Accrued charges and deferred income | 492/3 | €26,152 | €22,937 | -€3,215 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,323 | €61,309 | -€8,014 | -11.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,997 | €0 | -€18,997 | -100% |
| Other operating charges | 640/8 | €10,145 | €10,589 | +€444 | +4.4% |
| Non-recurring operating charges | 66A | - | €2,047 | +€2,047 | |
| Gross operating margin | 9900 | €192,235 | €59,817 | -€132,418 | -68.9% |
| Operating profit (loss) | 9901 | €93,771 | -€14,128 | -€107,899 | |
| Financial income | 75/76B | €6,910 | €11,202 | +€4,292 | +62.1% |
| Recurring financial income | 75 | €6,910 | €11,202 | +€4,292 | +62.1% |
| Financial charges | 65/66B | €30,136 | €25,924 | -€4,212 | -14.0% |
| Recurring financial charges | 65 | €30,136 | €25,924 | -€4,212 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €70,545 | -€28,850 | -€99,395 | |
| Transfer from deferred taxes | 780 | €1,234 | €2,421 | +€1,187 | +96.2% |
| Income taxes | 67/77 | €24,839 | €1,500 | -€23,338 | -94.0% |
| Profit (loss) for the period | 9904 | €46,940 | -€27,930 | -€74,870 | |
| Transfer from tax-exempt reserves | 789 | €0 | €3,810 | +€3,810 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,940 | -€24,119 | -€71,060 |
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 13 October 2026 via checked.be.