Bekaert-Maertens: what changed
Bekaert-Maertens
Largest movements
- Receivables within one year +€39,996
up €39,996 (+7.0%), from €567,700 to €607,696
of which Trade receivables: +€35,087
- Tangible fixed assets -€14,350
down €14,350 (-7.6%), from €188,400 to €174,050
of which Land and buildings: -€10,962
- Cash +€9,522
up €9,522 (+32.7%), from €29,115 to €38,637
mainly Trade debts (+€139,150) and Net result for the year (+€95,821)
- Trade debts +€139,150
up €139,150 (+229%), from €60,750 to €199,900
- Profit (loss) carried forward +€95,821
up €95,821 (+55.5%), from €172,542 to €268,363
- Other debts -€85,005
down €85,005 (-49.9%), from €170,296 to €85,291
- Current portion of long-term debt -€63,338
down €63,338 (-50.4%), from €125,676 to €62,338
- Tax, wage and social debts -€51,853
down €51,853 (-69.2%), from €74,927 to €23,074
of which Taxes: -€53,930
- Gross operating margin -€151,203
down €151,203 (-31.3%), from €482,455 to €331,252
- Staff costs -€35,565
down €35,565 (-19.6%), from €181,287 to €145,721
- Taxes -€26,653
down €26,653 (-44.0%), from €60,641 to €33,988
- Depreciation +€6,818
up €6,818 (+55.3%), from €12,335 to €19,153
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €785,888 | €821,056 | +€35,168 | +4.5% |
| Fixed assets | 21/28 | €189,074 | €174,724 | -€14,350 | -7.6% |
| Tangible fixed assets | 22/27 | €188,400 | €174,050 | -€14,350 | -7.6% |
| Land and buildings | 22 | €167,014 | €156,051 | -€10,962 | -6.6% |
| Plant, machinery and equipment | 23 | - | €4,787 | +€4,787 | |
| Furniture and vehicles | 24 | €21,387 | €13,212 | -€8,174 | -38.2% |
| Financial fixed assets | 28 | €674 | €674 | = | 0.0% |
| Current assets | 29/58 | €596,814 | €646,332 | +€49,518 | +8.3% |
| Amounts receivable within one year | 40/41 | €567,700 | €607,696 | +€39,996 | +7.0% |
| Trade receivables | 40 | €411,837 | €446,923 | +€35,087 | +8.5% |
| Other amounts receivable | 41 | €155,863 | €160,772 | +€4,909 | +3.1% |
| Cash at bank and in hand | 54/58 | €29,115 | €38,637 | +€9,522 | +32.7% |
| Total equity and liabilities | 10/49 | €785,888 | €821,056 | +€35,168 | +4.5% |
| Equity | 10/15 | €228,254 | €324,075 | +€95,821 | +42.0% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €15,712 | €15,712 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,518 | €0 | -€1,518 | -100% |
| Reserves not available under the articles | 1311 | €1,518 | €0 | -€1,518 | -100% |
| Tax-exempt reserves | 132 | €14,194 | €14,194 | = | 0.0% |
| Distributable reserves | 133 | - | €1,518 | +€1,518 | |
| Profit (loss) carried forward | 14 | €172,542 | €268,363 | +€95,821 | +55.5% |
| Amounts payable | 17/49 | €557,634 | €496,981 | -€60,653 | -10.9% |
| Amounts payable after more than one year | 17 | €125,986 | €111,463 | -€14,523 | -11.5% |
| Financial debts | 170/4 | €125,986 | €111,463 | -€14,523 | -11.5% |
| Amounts payable within one year | 42/48 | €431,648 | €371,603 | -€60,045 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | €125,676 | €62,338 | -€63,338 | -50.4% |
| Trade debts | 44 | €60,750 | €199,900 | +€139,150 | +229% |
| Suppliers | 440/4 | €60,750 | €199,900 | +€139,150 | +229% |
| Advances received on contracts in progress | 46 | - | €1,000 | +€1,000 | |
| Taxes, remuneration and social security | 45 | €74,927 | €23,074 | -€51,853 | -69.2% |
| Taxes | 450/3 | €66,558 | €12,628 | -€53,930 | -81.0% |
| Remuneration and social security | 454/9 | €8,369 | €10,446 | +€2,077 | +24.8% |
| Other amounts payable | 47/48 | €170,296 | €85,291 | -€85,005 | -49.9% |
| Accrued charges and deferred income | 492/3 | €0 | €13,915 | +€13,915 | |
| Remuneration, social security and pensions | 62 | €181,287 | €145,721 | -€35,565 | -19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,335 | €19,153 | +€6,818 | +55.3% |
| Other operating charges | 640/8 | €27,336 | €25,900 | -€1,435 | -5.3% |
| Gross operating margin | 9900 | €482,455 | €331,252 | -€151,203 | -31.3% |
| Operating profit (loss) | 9901 | €261,498 | €140,478 | -€121,020 | -46.3% |
| Financial income | 75/76B | €112 | €52 | -€60 | -53.7% |
| Recurring financial income | 75 | €112 | €52 | -€60 | -53.7% |
| Financial charges | 65/66B | €12,508 | €10,721 | -€1,787 | -14.3% |
| Recurring financial charges | 65 | €12,508 | €10,721 | -€1,787 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €249,103 | €129,809 | -€119,294 | -47.9% |
| Income taxes | 67/77 | €60,641 | €33,988 | -€26,653 | -44.0% |
| Profit (loss) for the period | 9904 | €188,462 | €95,821 | -€92,640 | -49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €188,462 | €95,821 | -€92,640 | -49.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.