BEMAX: 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.
BEMAX
Largest movements
- Tangible fixed assets +€457,265
up €457,265 (+23.5%), from €1.9m to €2.4m
of which Plant, machinery and equipment: +€466,667
- Cash -€197,376
down €197,376 (-43.0%), from €459,326 to €261,951
mainly Investment in fixed assets (net) (-€699,600) and Stocks and contracts (-€12,915)
- Receivables within one year -€55,719
down €55,719 (-10.9%), from €508,881 to €453,162
of which Trade receivables: -€33,727
- Reserves +€74,349
up €74,349 (+3.1%), from €2.4m to €2.5m
- Tax, wage and social debts +€66,334
up €66,334 (+74.9%), from €88,597 to €154,931
of which Remuneration and social security: +€56,730
- Debts after one year +€41,314
up €41,314 (+7.9%), from €524,086 to €565,400
- Trade debts +€37,763
up €37,763 (+12.4%), from €305,466 to €343,229
- Gross operating margin +€241,347
up €241,347 (+17.4%), from €1.4m to €1.6m
- Staff costs +€126,864
up €126,864 (+12.5%), from €1.0m to €1.1m
- Financial charges +€49,829
up €49,829 (+46.6%), from €106,827 to €156,656
- Depreciation +€47,476
up €47,476 (+24.4%), from €194,859 to €242,335
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 | €3,539,461 | €3,753,008 | +€213,547 | +6.0% |
| Fixed assets | 21/28 | €1,945,550 | €2,402,815 | +€457,265 | +23.5% |
| Tangible fixed assets | 22/27 | €1,945,425 | €2,402,690 | +€457,265 | +23.5% |
| Land and buildings | 22 | €13,276 | €10,731 | -€2,545 | -19.2% |
| Plant, machinery and equipment | 23 | €1,776,835 | €2,243,502 | +€466,667 | +26.3% |
| Furniture and vehicles | 24 | €155,315 | €148,457 | -€6,858 | -4.4% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €1,593,911 | €1,350,193 | -€243,718 | -15.3% |
| Stocks and contracts in progress | 3 | €622,165 | €635,080 | +€12,915 | +2.1% |
| Stocks | 30/36 | €622,165 | €635,080 | +€12,915 | +2.1% |
| Amounts receivable within one year | 40/41 | €508,881 | €453,162 | -€55,719 | -10.9% |
| Trade receivables | 40 | €395,437 | €361,710 | -€33,727 | -8.5% |
| Other amounts receivable | 41 | €113,444 | €91,452 | -€21,992 | -19.4% |
| Cash at bank and in hand | 54/58 | €459,326 | €261,951 | -€197,376 | -43.0% |
| Deferred charges and accrued income | 490/1 | €3,538 | - | -€3,538 | |
| Total equity and liabilities | 10/49 | €3,539,461 | €3,753,008 | +€213,547 | +6.0% |
| Equity | 10/15 | €2,448,614 | €2,522,963 | +€74,349 | +3.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €2,430,064 | €2,504,413 | +€74,349 | +3.1% |
| Distributable reserves | 133 | €2,430,064 | €2,504,413 | +€74,349 | +3.1% |
| Amounts payable | 17/49 | €1,090,847 | €1,230,045 | +€139,198 | +12.8% |
| Amounts payable after more than one year | 17 | €524,086 | €565,400 | +€41,314 | +7.9% |
| Financial debts | 170/4 | €524,086 | €565,400 | +€41,314 | +7.9% |
| Amounts payable within one year | 42/48 | €566,605 | €664,564 | +€97,959 | +17.3% |
| Current portion of amounts payable after more than one year | 42 | €170,319 | €162,802 | -€7,518 | -4.4% |
| Trade debts | 44 | €305,466 | €343,229 | +€37,763 | +12.4% |
| Suppliers | 440/4 | €305,466 | €343,229 | +€37,763 | +12.4% |
| Taxes, remuneration and social security | 45 | €88,597 | €154,931 | +€66,334 | +74.9% |
| Taxes | 450/3 | €10,930 | €20,533 | +€9,604 | +87.9% |
| Remuneration and social security | 454/9 | €77,667 | €134,397 | +€56,730 | +73.0% |
| Other amounts payable | 47/48 | €2,223 | €3,603 | +€1,380 | +62.1% |
| Accrued charges and deferred income | 492/3 | €156 | €81 | -€75 | -48.0% |
| Non-recurring operating income | 76A | €7,987 | €3,852 | -€4,135 | -51.8% |
| Remuneration, social security and pensions | 62 | €1,014,531 | €1,141,396 | +€126,864 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,859 | €242,335 | +€47,476 | +24.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,825 | +€2,825 | |
| Other operating charges | 640/8 | €5,365 | €8,777 | +€3,412 | +63.6% |
| Gross operating margin | 9900 | €1,385,536 | €1,626,884 | +€241,347 | +17.4% |
| Operating profit (loss) | 9901 | €170,781 | €231,551 | +€60,770 | +35.6% |
| Financial income | 75/76B | €6,643 | €13,364 | +€6,721 | +101.2% |
| Recurring financial income | 75 | €6,643 | €13,364 | +€6,721 | +101.2% |
| Financial charges | 65/66B | €106,827 | €156,656 | +€49,829 | +46.6% |
| Recurring financial charges | 65 | €106,827 | €156,656 | +€49,829 | +46.6% |
| Profit (loss) for the period before taxes | 9903 | €70,597 | €88,259 | +€17,662 | +25.0% |
| Income taxes | 67/77 | €8,571 | €13,910 | +€5,339 | +62.3% |
| Profit (loss) for the period | 9904 | €62,026 | €74,349 | +€12,323 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €62,026 | €74,349 | +€12,323 | +19.9% |
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 7 October 2026 via checked.be.