BEMAGEX: 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.
BEMAGEX
Largest movements
- Stocks and contracts -€223,853
no longer reported in 2025 (was €223,853)
- Receivables within one year -€158,928
down €158,928 (-21.2%), from €748,380 to €589,452
of which Trade receivables: -€447,263
- Tangible fixed assets +€35,648
up €35,648 (+27.0%), from €131,966 to €167,614
of which Furniture and vehicles: +€69,252
- Cash +€11,492
up €11,492 (+75.5%), from €15,230 to €26,722
mainly Stocks and contracts (+€223,853) and Receivables within one year (+€158,928)
- Trade debts -€359,985
down €359,985 (-64.8%), from €555,483 to €195,498
- Current portion of long-term debt +€100,880
up €100,880 (+78.1%), from €129,106 to €229,986
- Other debts -€99,257
down €99,257 (-43.4%), from €228,665 to €129,408
- Short-term financial debts +€40,724
up €40,724 (+68.8%), from €59,160 to €99,884
- Debts after one year -€20,304
down €20,304 (-26.7%), from €76,061 to €55,757
- Write-downs +€65,000
new in 2025: €65,000
- Gross operating margin +€62,297
up €62,297 (+41.5%), from €150,086 to €212,383
- Staff costs +€23,346
up €23,346 (+28.9%), from €80,666 to €104,012
- Depreciation +€16,659
up €16,659 (+70.3%), from €23,701 to €40,360
- Other operating charges -€15,004
down €15,004 (-95.3%), from €15,742 to €738
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 | €1,119,429 | €783,940 | -€335,489 | -30.0% |
| Fixed assets | 21/28 | €131,966 | €167,614 | +€35,648 | +27.0% |
| Tangible fixed assets | 22/27 | €131,966 | €167,614 | +€35,648 | +27.0% |
| Plant, machinery and equipment | 23 | €129,369 | €95,765 | -€33,604 | -26.0% |
| Furniture and vehicles | 24 | €2,597 | €71,849 | +€69,252 | +2666.6% |
| Current assets | 29/58 | €987,463 | €616,326 | -€371,137 | -37.6% |
| Stocks and contracts in progress | 3 | €223,853 | - | -€223,853 | |
| Stocks | 30/36 | €223,853 | - | -€223,853 | |
| Amounts receivable within one year | 40/41 | €748,380 | €589,452 | -€158,928 | -21.2% |
| Trade receivables | 40 | €706,729 | €259,466 | -€447,263 | -63.3% |
| Other amounts receivable | 41 | €41,651 | €329,986 | +€288,335 | +692.3% |
| Cash at bank and in hand | 54/58 | €15,230 | €26,722 | +€11,492 | +75.5% |
| Deferred charges and accrued income | 490/1 | - | €152 | +€152 | |
| Total equity and liabilities | 10/49 | €1,119,429 | €783,940 | -€335,489 | -30.0% |
| Equity | 10/15 | €42,745 | €26,872 | -€15,873 | -37.1% |
| Contributions | 10/11 | €30,100 | €30,100 | = | 0.0% |
| Capital | 10 | €30,100 | - | -€30,100 | |
| Issued capital | 100 | €30,100 | - | -€30,100 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €10,785 | -€5,088 | -€15,873 | |
| Amounts payable | 17/49 | €1,076,684 | €757,068 | -€319,616 | -29.7% |
| Amounts payable after more than one year | 17 | €76,061 | €55,757 | -€20,304 | -26.7% |
| Financial debts | 170/4 | €76,061 | €55,757 | -€20,304 | -26.7% |
| Amounts payable within one year | 42/48 | €1,000,623 | €701,311 | -€299,312 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €129,106 | €229,986 | +€100,880 | +78.1% |
| Financial debts | 43 | €59,160 | €99,884 | +€40,724 | +68.8% |
| Credit institutions | 430/8 | €59,160 | €99,884 | +€40,724 | +68.8% |
| Trade debts | 44 | €555,483 | €195,498 | -€359,985 | -64.8% |
| Suppliers | 440/4 | €555,483 | €195,498 | -€359,985 | -64.8% |
| Taxes, remuneration and social security | 45 | €28,209 | €46,535 | +€18,326 | +65.0% |
| Taxes | 450/3 | €12,520 | €13,496 | +€976 | +7.8% |
| Remuneration and social security | 454/9 | €15,689 | €33,039 | +€17,350 | +110.6% |
| Other amounts payable | 47/48 | €228,665 | €129,408 | -€99,257 | -43.4% |
| Remuneration, social security and pensions | 62 | €80,666 | €104,012 | +€23,346 | +28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,701 | €40,360 | +€16,659 | +70.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €65,000 | +€65,000 | |
| Other operating charges | 640/8 | €15,742 | €738 | -€15,004 | -95.3% |
| Non-recurring operating charges | 66A | €6,243 | - | -€6,243 | |
| Gross operating margin | 9900 | €150,086 | €212,383 | +€62,297 | +41.5% |
| Operating profit (loss) | 9901 | €23,734 | €2,273 | -€21,461 | -90.4% |
| Financial income | 75/76B | - | €147 | +€147 | |
| Recurring financial income | 75 | - | €147 | +€147 | |
| Financial charges | 65/66B | €12,428 | €18,293 | +€5,865 | +47.2% |
| Recurring financial charges | 65 | €12,428 | €18,293 | +€5,865 | +47.2% |
| Profit (loss) for the period before taxes | 9903 | €11,306 | -€15,873 | -€27,179 | |
| Income taxes | 67/77 | €11,684 | - | -€11,684 | |
| Profit (loss) for the period | 9904 | -€378 | -€15,873 | -€15,495 | -4099.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€378 | -€15,873 | -€15,495 | -4099.2% |
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 6 October 2026 via checked.be.