Bekaert Management Services: 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.
Bekaert Management Services
Largest movements
- Cash -€747,424
down €747,424 (-99.4%), from €751,687 to €4,263
mainly Current investments (-€633,887) and Investment in fixed assets (net) (-€313,536)
- Current investments +€633,887
up €633,887 (+379%), from €167,241 to €801,128
- Tangible fixed assets +€293,857
up €293,857 (+18.5%), from €1.6m to €1.9m
of which Other tangible fixed assets: +€312,360
- Reserves +€137,373
up €137,373 (+10.3%), from €1.3m to €1.5m
- Depreciation -€49,635
down €49,635 (-71.6%), from €69,315 to €19,680
- Taxes +€27,313
up €27,313 (+66.6%), from €41,031 to €68,344
- Financial income +€16,926
up €16,926 (+3,740%), from €453 to €17,378
- Gross operating margin +€3,844
up €3,844 (+1.8%), from €208,501 to €212,345
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 | €2,562,822 | €2,714,051 | +€151,229 | +5.9% |
| Fixed assets | 21/28 | €1,591,872 | €1,885,728 | +€293,857 | +18.5% |
| Tangible fixed assets | 22/27 | €1,591,872 | €1,885,728 | +€293,857 | +18.5% |
| Land and buildings | 22 | €337,919 | €330,064 | -€7,855 | -2.3% |
| Plant, machinery and equipment | 23 | €2,100 | €1,462 | -€638 | -30.4% |
| Furniture and vehicles | 24 | €13,199 | €3,189 | -€10,010 | -75.8% |
| Other tangible fixed assets | 26 | €1,238,653 | €1,551,013 | +€312,360 | +25.2% |
| Current assets | 29/58 | €970,950 | €828,322 | -€142,628 | -14.7% |
| Amounts receivable within one year | 40/41 | €47,925 | €20,837 | -€27,087 | -56.5% |
| Trade receivables | 40 | €25,836 | €20,837 | -€4,998 | -19.3% |
| Other amounts receivable | 41 | €22,089 | €0 | -€22,089 | -100% |
| Current investments | 50/53 | €167,241 | €801,128 | +€633,887 | +379% |
| Cash at bank and in hand | 54/58 | €751,687 | €4,263 | -€747,424 | -99.4% |
| Deferred charges and accrued income | 490/1 | €4,097 | €2,094 | -€2,004 | -48.9% |
| Total equity and liabilities | 10/49 | €2,562,822 | €2,714,051 | +€151,229 | +5.9% |
| Equity | 10/15 | €2,502,700 | €2,640,074 | +€137,373 | +5.5% |
| Contributions | 10/11 | €1,163,968 | €1,163,968 | = | 0.0% |
| Reserves | 13 | €1,338,732 | €1,476,106 | +€137,373 | +10.3% |
| Distributable reserves | 133 | €1,338,732 | €1,476,106 | +€137,373 | +10.3% |
| Amounts payable | 17/49 | €60,121 | €73,977 | +€13,856 | +23.0% |
| Amounts payable within one year | 42/48 | €60,121 | €73,977 | +€13,856 | +23.0% |
| Trade debts | 44 | €13,755 | €8,138 | -€5,617 | -40.8% |
| Suppliers | 440/4 | €13,755 | €8,138 | -€5,617 | -40.8% |
| Taxes, remuneration and social security | 45 | €37,291 | €54,955 | +€17,664 | +47.4% |
| Taxes | 450/3 | €37,291 | €54,955 | +€17,664 | +47.4% |
| Other amounts payable | 47/48 | €9,075 | €10,884 | +€1,809 | +19.9% |
| Non-recurring operating income | 76A | €905 | €0 | -€905 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,315 | €19,680 | -€49,635 | -71.6% |
| Other operating charges | 640/8 | €4,655 | €4,222 | -€433 | -9.3% |
| Non-recurring operating charges | 66A | €14,000 | €0 | -€14,000 | -100% |
| Gross operating margin | 9900 | €208,501 | €212,345 | +€3,844 | +1.8% |
| Operating profit (loss) | 9901 | €120,532 | €188,444 | +€67,913 | +56.3% |
| Financial income | 75/76B | €453 | €17,378 | +€16,926 | +3,740% |
| Recurring financial income | 75 | €453 | €17,378 | +€16,926 | +3,740% |
| Financial charges | 65/66B | €112 | €105 | -€7 | -6.2% |
| Recurring financial charges | 65 | €112 | €105 | -€7 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €120,872 | €205,717 | +€84,845 | +70.2% |
| Income taxes | 67/77 | €41,031 | €68,344 | +€27,313 | +66.6% |
| Profit (loss) for the period | 9904 | €79,841 | €137,373 | +€57,532 | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €79,841 | €137,373 | +€57,532 | +72.1% |
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 28 October 2026 via checked.be.