BEKAERT MAX: 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.
BEKAERT MAX
Largest movements
- Cash +€73,848
up €73,848 (+101.3%), from €72,927 to €146,775
mainly Stocks and contracts (+€58,042) and Depreciation (+€45,594)
- Stocks and contracts -€58,042
down €58,042 (-44.4%), from €130,753 to €72,712
- Tangible fixed assets -€36,958
down €36,958 (-13.6%), from €271,611 to €234,653
of which Furniture and vehicles: -€28,336
- Receivables within one year -€6,358
down €6,358 (-13.0%), from €48,955 to €42,597
- Debts after one year -€24,286
down €24,286 (-21.8%), from €111,429 to €87,143
- Trade debts +€21,476
up €21,476 (+271.4%), from €7,912 to €29,388
- Profit (loss) carried forward -€17,349
down €17,349 (-9.4%), from €184,454 to €167,104
- Reserves -€7,500
down €7,500 (-7.5%), from €99,407 to €91,907
of which Tax-exempt reserves: -€7,500
- Tax, wage and social debts +€6,506
up €6,506 (+50.8%), from €12,798 to €19,304
of which Remuneration and social security: +€5,883
- Gross operating margin -€105,082
down €105,082 (-63.5%), from €165,408 to €60,325
- Staff costs +€11,487
up €11,487 (+56.0%), from €20,521 to €32,009
- Taxes -€10,716
down €10,716 (-75.2%), from €14,242 to €3,526
- Depreciation -€3,801
down €3,801 (-7.7%), from €49,395 to €45,594
- Financial charges +€3,216
up €3,216 (+282.3%), from €1,139 to €4,356
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 | €542,087 | €515,609 | -€26,477 | -4.9% |
| Fixed assets | 21/28 | €282,038 | €245,080 | -€36,958 | -13.1% |
| Tangible fixed assets | 22/27 | €271,611 | €234,653 | -€36,958 | -13.6% |
| Plant, machinery and equipment | 23 | €64,923 | €56,301 | -€8,622 | -13.3% |
| Furniture and vehicles | 24 | €206,688 | €178,352 | -€28,336 | -13.7% |
| Financial fixed assets | 28 | €10,427 | €10,427 | = | 0.0% |
| Current assets | 29/58 | €260,048 | €270,529 | +€10,481 | +4.0% |
| Stocks and contracts in progress | 3 | €130,753 | €72,712 | -€58,042 | -44.4% |
| Stocks | 30/36 | €130,753 | €72,712 | -€58,042 | -44.4% |
| Amounts receivable within one year | 40/41 | €48,955 | €42,597 | -€6,358 | -13.0% |
| Trade receivables | 40 | €48,955 | €42,597 | -€6,358 | -13.0% |
| Cash at bank and in hand | 54/58 | €72,927 | €146,775 | +€73,848 | +101.3% |
| Deferred charges and accrued income | 490/1 | €7,412 | €8,445 | +€1,033 | +13.9% |
| Total equity and liabilities | 10/49 | €542,087 | €515,609 | -€26,477 | -4.9% |
| Equity | 10/15 | €349,553 | €324,703 | -€24,849 | -7.1% |
| Contributions | 10/11 | €65,692 | €65,692 | = | 0.0% |
| Reserves | 13 | €99,407 | €91,907 | -€7,500 | -7.5% |
| Tax-exempt reserves | 132 | €76,525 | €69,025 | -€7,500 | -9.8% |
| Distributable reserves | 133 | €22,882 | €22,882 | = | 0.0% |
| Profit (loss) carried forward | 14 | €184,454 | €167,104 | -€17,349 | -9.4% |
| Provisions and deferred taxes | 16 | €18,075 | €15,475 | -€2,600 | -14.4% |
| Deferred taxes | 168 | €18,075 | €15,475 | -€2,600 | -14.4% |
| Amounts payable | 17/49 | €174,459 | €175,431 | +€972 | +0.6% |
| Amounts payable after more than one year | 17 | €111,429 | €87,143 | -€24,286 | -21.8% |
| Financial debts | 170/4 | €111,429 | €87,143 | -€24,286 | -21.8% |
| Amounts payable within one year | 42/48 | €47,831 | €72,978 | +€25,147 | +52.6% |
| Current portion of amounts payable after more than one year | 42 | €24,286 | €24,286 | +€0 | 0.0% |
| Trade debts | 44 | €7,912 | €29,388 | +€21,476 | +271.4% |
| Suppliers | 440/4 | €7,912 | €29,388 | +€21,476 | +271.4% |
| Taxes, remuneration and social security | 45 | €12,798 | €19,304 | +€6,506 | +50.8% |
| Taxes | 450/3 | €10,780 | €11,403 | +€623 | +5.8% |
| Remuneration and social security | 454/9 | €2,018 | €7,901 | +€5,883 | +291.6% |
| Other amounts payable | 47/48 | €2,835 | - | -€2,835 | |
| Accrued charges and deferred income | 492/3 | €15,200 | €15,310 | +€111 | +0.7% |
| Remuneration, social security and pensions | 62 | €20,521 | €32,009 | +€11,487 | +56.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,395 | €45,594 | -€3,801 | -7.7% |
| Other operating charges | 640/8 | €1,078 | €2,366 | +€1,288 | +119.4% |
| Gross operating margin | 9900 | €165,408 | €60,325 | -€105,082 | -63.5% |
| Operating profit (loss) | 9901 | €94,413 | -€19,644 | -€114,056 | |
| Financial income | 75/76B | €177 | €76 | -€101 | -57.1% |
| Recurring financial income | 75 | €177 | €76 | -€101 | -57.1% |
| Financial charges | 65/66B | €1,139 | €4,356 | +€3,216 | +282.3% |
| Recurring financial charges | 65 | €1,139 | €4,356 | +€3,216 | +282.3% |
| Profit (loss) for the period before taxes | 9903 | €93,450 | -€23,923 | -€117,374 | |
| Transfer from deferred taxes | 780 | €2,600 | €2,600 | = | 0.0% |
| Transfer to deferred taxes | 680 | €11,250 | - | -€11,250 | |
| Income taxes | 67/77 | €14,242 | €3,526 | -€10,716 | -75.2% |
| Profit (loss) for the period | 9904 | €70,558 | -€24,849 | -€95,407 | |
| Transfer from tax-exempt reserves | 789 | €7,500 | €7,500 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €33,750 | - | -€33,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,308 | -€17,349 | -€61,657 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.