BEMAX Invest: what changed
BEMAX Invest
Largest movements
- Tangible fixed assets +€186,665
up €186,665 (+23.7%), from €786,086 to €972,751
of which Land and buildings: +€218,758
- Cash -€130,224
down €130,224 (-80.4%), from €161,971 to €31,747
mainly Investment in fixed assets (net) (-€238,683) and Other debts (-€169,017)
- Receivables within one year -€12,409
down €12,409 (-48.9%), from €25,400 to €12,991
- Debts after one year +€276,014
up €276,014 (+59.3%), from €465,570 to €741,584
of which Financial debts: +€269,974
- Other debts -€169,017
down €169,017 (-45.1%), from €374,411 to €205,394
- Profit (loss) carried forward -€86,140
down €86,140, from €67,721 to -€18,418
- Current portion of long-term debt +€18,896
up €18,896 (+62.0%), from €30,459 to €49,355
- Gross operating margin -€159,516
down €159,516 (-83.7%), from €190,489 to €30,974
- Depreciation +€18,792
up €18,792 (+56.6%), from €33,226 to €52,018
- Taxes -€17,655
no longer reported in 2025 (was €17,655)
- Other operating charges -€8,104
down €8,104 (-17.4%), from €46,709 to €38,604
- Financial charges +€3,082
up €3,082 (+13.2%), from €23,409 to €26,491
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €991,788 | €1,033,333 | +€41,544 | +4.2% |
| Fixed assets | 21/28 | €786,086 | €972,751 | +€186,665 | +23.7% |
| Tangible fixed assets | 22/27 | €786,086 | €972,751 | +€186,665 | +23.7% |
| Land and buildings | 22 | €712,583 | €931,341 | +€218,758 | +30.7% |
| Plant, machinery and equipment | 23 | €24,761 | €9,981 | -€14,780 | -59.7% |
| Furniture and vehicles | 24 | €48,742 | €31,429 | -€17,313 | -35.5% |
| Current assets | 29/58 | €205,702 | €60,582 | -€145,121 | -70.5% |
| Stocks and contracts in progress | 3 | €15,000 | €15,000 | = | 0.0% |
| Stocks | 30/36 | €15,000 | €15,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €25,400 | €12,991 | -€12,409 | -48.9% |
| Trade receivables | 40 | €25,400 | €12,991 | -€12,409 | -48.9% |
| Cash at bank and in hand | 54/58 | €161,971 | €31,747 | -€130,224 | -80.4% |
| Deferred charges and accrued income | 490/1 | €3,331 | €843 | -€2,488 | -74.7% |
| Total equity and liabilities | 10/49 | €991,788 | €1,033,333 | +€41,544 | +4.2% |
| Equity | 10/15 | €77,721 | -€8,418 | -€86,140 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,721 | -€18,418 | -€86,140 | |
| Amounts payable | 17/49 | €914,067 | €1,041,751 | +€127,684 | +14.0% |
| Amounts payable after more than one year | 17 | €465,570 | €741,584 | +€276,014 | +59.3% |
| Financial debts | 170/4 | €457,550 | €727,524 | +€269,974 | +59.0% |
| Other amounts payable | 178/9 | €8,020 | €14,060 | +€6,040 | +75.3% |
| Amounts payable within one year | 42/48 | €447,141 | €300,167 | -€146,974 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €30,459 | €49,355 | +€18,896 | +62.0% |
| Trade debts | 44 | €7,703 | €730 | -€6,973 | -90.5% |
| Suppliers | 440/4 | €7,703 | €730 | -€6,973 | -90.5% |
| Taxes, remuneration and social security | 45 | €34,569 | €44,688 | +€10,119 | +29.3% |
| Taxes | 450/3 | €34,569 | €44,688 | +€10,119 | +29.3% |
| Other amounts payable | 47/48 | €374,411 | €205,394 | -€169,017 | -45.1% |
| Accrued charges and deferred income | 492/3 | €1,356 | - | -€1,356 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,226 | €52,018 | +€18,792 | +56.6% |
| Other operating charges | 640/8 | €46,709 | €38,604 | -€8,104 | -17.4% |
| Gross operating margin | 9900 | €190,489 | €30,974 | -€159,516 | -83.7% |
| Operating profit (loss) | 9901 | €110,555 | -€59,649 | -€170,204 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €23,409 | €26,491 | +€3,082 | +13.2% |
| Recurring financial charges | 65 | €23,409 | €26,491 | +€3,082 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €87,146 | -€86,140 | -€173,286 | |
| Income taxes | 67/77 | €17,655 | - | -€17,655 | |
| Profit (loss) for the period | 9904 | €69,490 | -€86,140 | -€155,630 | |
| Profit (loss) for the period to be appropriated | 9905 | €69,490 | -€86,140 | -€155,630 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.