BEMINOR: 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.
BEMINOR
Largest movements
- Cash -€31,335
down €31,335 (-54.4%), from €57,560 to €26,225
mainly Investment in fixed assets (net) (-€62,474) and Debts after one year (-€39,705)
- Stocks and contracts +€25,814
up €25,814 (+7.8%), from €332,750 to €358,563
- Receivables within one year +€16,469
up €16,469 (+5.1%), from €325,452 to €341,921
of which Trade receivables: +€12,924
- Trade debts +€43,004
up €43,004 (+47.9%), from €89,739 to €132,743
- Reserves +€42,369
up €42,369 (+6.6%), from €640,501 to €682,870
of which Distributable reserves: +€45,118
- Debts after one year -€39,705
down €39,705 (-19.7%), from €201,313 to €161,608
- Short-term financial debts -€25,000
down €25,000 (-29.4%), from €85,000 to €60,000
- Gross operating margin -€36,810
down €36,810 (-12.2%), from €300,762 to €263,952
- Staff costs -€4,269
down €4,269 (-4.3%), from €98,843 to €94,574
- Depreciation +€3,554
up €3,554 (+7.0%), from €50,720 to €54,273
- Financial income +€3,251
up €3,251 (+50.9%), from €6,386 to €9,637
- Financial charges -€3,120
down €3,120 (-8.5%), from €36,626 to €33,506
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 | €1,164,378 | €1,179,694 | +€15,317 | +1.3% |
| Fixed assets | 21/28 | €399,059 | €407,260 | +€8,201 | +2.1% |
| Tangible fixed assets | 22/27 | €399,059 | €407,260 | +€8,201 | +2.1% |
| Land and buildings | 22 | €310,006 | €321,237 | +€11,231 | +3.6% |
| Plant, machinery and equipment | 23 | €1,785 | €7,400 | +€5,615 | +315% |
| Furniture and vehicles | 24 | €87,268 | €78,623 | -€8,645 | -9.9% |
| Current assets | 29/58 | €765,319 | €772,434 | +€7,116 | +0.9% |
| Stocks and contracts in progress | 3 | €332,750 | €358,563 | +€25,814 | +7.8% |
| Stocks | 30/36 | €332,750 | €358,563 | +€25,814 | +7.8% |
| Amounts receivable within one year | 40/41 | €325,452 | €341,921 | +€16,469 | +5.1% |
| Trade receivables | 40 | €145,749 | €158,673 | +€12,924 | +8.9% |
| Other amounts receivable | 41 | €179,703 | €183,248 | +€3,545 | +2.0% |
| Cash at bank and in hand | 54/58 | €57,560 | €26,225 | -€31,335 | -54.4% |
| Deferred charges and accrued income | 490/1 | €49,556 | €45,724 | -€3,832 | -7.7% |
| Total equity and liabilities | 10/49 | €1,164,378 | €1,179,694 | +€15,317 | +1.3% |
| Equity | 10/15 | €690,501 | €732,870 | +€42,369 | +6.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €640,501 | €682,870 | +€42,369 | +6.6% |
| Tax-exempt reserves | 132 | €11,289 | €8,540 | -€2,749 | -24.4% |
| Distributable reserves | 133 | €629,212 | €674,330 | +€45,118 | +7.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €2,822 | €2,135 | -€687 | -24.4% |
| Deferred taxes | 168 | €2,822 | €2,135 | -€687 | -24.4% |
| Amounts payable | 17/49 | €471,054 | €444,689 | -€26,365 | -5.6% |
| Amounts payable after more than one year | 17 | €201,313 | €161,608 | -€39,705 | -19.7% |
| Financial debts | 170/4 | €201,313 | €161,608 | -€39,705 | -19.7% |
| Amounts payable within one year | 42/48 | €247,543 | €266,648 | +€19,105 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €45,563 | €49,142 | +€3,579 | +7.9% |
| Financial debts | 43 | €85,000 | €60,000 | -€25,000 | -29.4% |
| Credit institutions | 430/8 | €85,000 | €60,000 | -€25,000 | -29.4% |
| Trade debts | 44 | €89,739 | €132,743 | +€43,004 | +47.9% |
| Suppliers | 440/4 | €89,739 | €132,743 | +€43,004 | +47.9% |
| Taxes, remuneration and social security | 45 | €27,241 | €24,762 | -€2,479 | -9.1% |
| Taxes | 450/3 | €16,474 | €11,976 | -€4,498 | -27.3% |
| Remuneration and social security | 454/9 | €10,767 | €12,786 | +€2,020 | +18.8% |
| Accrued charges and deferred income | 492/3 | €22,199 | €16,434 | -€5,765 | -26.0% |
| Remuneration, social security and pensions | 62 | €98,843 | €94,574 | -€4,269 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,720 | €54,273 | +€3,554 | +7.0% |
| Other operating charges | 640/8 | €4,505 | €4,262 | -€243 | -5.4% |
| Gross operating margin | 9900 | €300,762 | €263,952 | -€36,810 | -12.2% |
| Operating profit (loss) | 9901 | €146,694 | €110,844 | -€35,851 | -24.4% |
| Financial income | 75/76B | €6,386 | €9,637 | +€3,251 | +50.9% |
| Recurring financial income | 75 | €6,386 | €9,637 | +€3,251 | +50.9% |
| Financial charges | 65/66B | €36,626 | €33,506 | -€3,120 | -8.5% |
| Recurring financial charges | 65 | €36,626 | €33,506 | -€3,120 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €116,455 | €86,975 | -€29,480 | -25.3% |
| Transfer from deferred taxes | 780 | €614 | €687 | +€73 | +11.9% |
| Transfer to deferred taxes | 680 | €3,436 | €0 | -€3,436 | -100% |
| Income taxes | 67/77 | €27,665 | €25,293 | -€2,372 | -8.6% |
| Profit (loss) for the period | 9904 | €85,968 | €62,369 | -€23,599 | -27.5% |
| Transfer from tax-exempt reserves | 789 | €2,456 | €2,749 | +€293 | +11.9% |
| Transfer to tax-exempt reserves | 689 | €13,746 | €0 | -€13,746 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €74,678 | €65,118 | -€9,560 | -12.8% |
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 19 October 2026 via checked.be.