BEMALO: 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.
BEMALO
Largest movements
- Tangible fixed assets +€1.9m
up €1.9m (+101%), from €1.9m to €3.8m
of which Other tangible fixed assets: +€2.2m
- Stocks and contracts +€334,334
up €334,334 (+146%), from €228,384 to €562,718
- Receivables within one year -€198,382
down €198,382 (-87.4%), from €227,033 to €28,651
of which Other amounts receivable: -€197,089
- Cash -€133,240
down €133,240 (-53.0%), from €251,280 to €118,040
mainly Investment in fixed assets (net) (-€2.1m) and Stocks and contracts (-€334,334)
- Debts after one year +€2.1m
up €2.1m (+203%), from €1.0m to €3.1m
of which Financial debts: +€1.5m
- Profit (loss) carried forward -€284,483
down €284,483 (-54.0%), from -€526,380 to -€810,862
- Trade debts +€102,441
up €102,441 (+202%), from €50,744 to €153,185
- Other debts +€56,944
up €56,944 (+41.7%), from €136,509 to €193,453
- Gross operating margin -€276,177
down €276,177 (-79.8%), from €346,301 to €70,124
- Financial charges +€78,675
up €78,675 (+81.7%), from €96,353 to €175,028
of which Financial charges: +€78,495
- Depreciation +€39,864
up €39,864 (+49.7%), from €80,146 to €120,010
- Staff costs -€8,431
down €8,431 (-13.5%), from €62,320 to €53,889
- Other operating charges -€7,094
down €7,094 (-25.1%), from €28,267 to €21,174
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 | €2,617,830 | €4,560,763 | +€1.9m | +74.2% |
| Fixed assets | 21/28 | €1,907,331 | €3,839,455 | +€1.9m | +101% |
| Tangible fixed assets | 22/27 | €1,907,331 | €3,839,455 | +€1.9m | +101% |
| Land and buildings | 22 | €1,907,331 | €1,645,716 | -€261,615 | -13.7% |
| Other tangible fixed assets | 26 | - | €2,193,739 | +€2.2m | |
| Current assets | 29/58 | €710,499 | €721,308 | +€10,809 | +1.5% |
| Stocks and contracts in progress | 3 | €228,384 | €562,718 | +€334,334 | +146% |
| Stocks | 30/36 | €228,384 | €562,718 | +€334,334 | +146% |
| Amounts receivable within one year | 40/41 | €227,033 | €28,651 | -€198,382 | -87.4% |
| Trade receivables | 40 | €3,839 | €2,546 | -€1,293 | -33.7% |
| Other amounts receivable | 41 | €223,195 | €26,105 | -€197,089 | -88.3% |
| Current investments | 50/53 | €3,802 | €11,899 | +€8,097 | +213% |
| Cash at bank and in hand | 54/58 | €251,280 | €118,040 | -€133,240 | -53.0% |
| Total equity and liabilities | 10/49 | €2,617,830 | €4,560,763 | +€1.9m | +74.2% |
| Equity | 10/15 | €318,166 | €25,058 | -€293,108 | -92.1% |
| Contributions | 10/11 | €391,565 | €391,565 | = | 0.0% |
| Capital | 10 | €391,565 | €391,565 | = | 0.0% |
| Issued capital | 100 | €391,565 | €391,565 | = | 0.0% |
| Reserves | 13 | €452,981 | €444,356 | -€8,625 | -1.9% |
| Non-distributable reserves | 130/1 | €5,454 | €5,454 | = | 0.0% |
| Legal reserve | 130 | €5,454 | €5,454 | = | 0.0% |
| Tax-exempt reserves | 132 | €418,519 | €409,894 | -€8,625 | -2.1% |
| Distributable reserves | 133 | €29,008 | €29,008 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€526,380 | -€810,862 | -€284,483 | -54.0% |
| Provisions and deferred taxes | 16 | €103,542 | €100,356 | -€3,186 | -3.1% |
| Deferred taxes | 168 | €103,542 | €100,356 | -€3,186 | -3.1% |
| Amounts payable | 17/49 | €2,196,122 | €4,435,349 | +€2.2m | +102% |
| Amounts payable after more than one year | 17 | €1,028,685 | €3,114,846 | +€2.1m | +203% |
| Financial debts | 170/4 | €1,028,685 | €2,514,846 | +€1.5m | +144% |
| Advances received on contracts in progress | 176 | - | €600,000 | +€600,000 | |
| Amounts payable within one year | 42/48 | €1,167,437 | €1,320,503 | +€153,066 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €936,664 | €938,357 | +€1,693 | +0.2% |
| Financial debts | 43 | €33,790 | €35,508 | +€1,717 | +5.1% |
| Credit institutions | 430/8 | €33,790 | €35,508 | +€1,717 | +5.1% |
| Trade debts | 44 | €50,744 | €153,185 | +€102,441 | +202% |
| Suppliers | 440/4 | €50,744 | €153,185 | +€102,441 | +202% |
| Taxes, remuneration and social security | 45 | €9,730 | - | -€9,730 | |
| Remuneration and social security | 454/9 | €9,730 | - | -€9,730 | |
| Other amounts payable | 47/48 | €136,509 | €193,453 | +€56,944 | +41.7% |
| Non-recurring operating income | 76A | €223,520 | €7,334 | -€216,186 | -96.7% |
| Remuneration, social security and pensions | 62 | €62,320 | €53,889 | -€8,431 | -13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,146 | €120,010 | +€39,864 | +49.7% |
| Other operating charges | 640/8 | €28,267 | €21,174 | -€7,094 | -25.1% |
| Gross operating margin | 9900 | €346,301 | €70,124 | -€276,177 | -79.8% |
| Operating profit (loss) | 9901 | €175,568 | -€124,949 | -€300,517 | |
| Financial income | 75/76B | €1,139 | €4,477 | +€3,338 | +293% |
| Recurring financial income | 75 | €1,139 | €4,477 | +€3,338 | +293% |
| Financial charges | 65/66B | €96,353 | €175,028 | +€78,675 | +81.7% |
| Recurring financial charges | 65 | €96,353 | €174,848 | +€78,495 | +81.5% |
| Non-recurring financial charges | 66B | - | €180 | +€180 | |
| Profit (loss) for the period before taxes | 9903 | €80,354 | -€295,500 | -€375,854 | |
| Transfer from deferred taxes | 780 | €3,186 | €3,186 | = | 0.0% |
| Income taxes | 67/77 | - | €794 | +€794 | |
| Profit (loss) for the period | 9904 | €83,540 | -€293,108 | -€376,648 | |
| Transfer from tax-exempt reserves | 789 | €8,625 | €8,625 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €92,165 | -€284,483 | -€376,648 |
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 14 October 2026 via checked.be.