BEN 18: what changed
BEN 18
Largest movements
- Tangible fixed assets -€69,040
down €69,040 (-99.5%), from €69,417 to €377
of which Leasing and similar rights: -€68,889
- Cash +€67,302
up €67,302 (+89.2%), from €75,486 to €142,787
mainly Net result for the year (+€85,562) and Depreciation (+€69,040)
- Profit (loss) carried forward +€85,562
up €85,562 (+25.5%), from -€335,916 to -€250,354
- Current portion of long-term debt -€77,519
no longer reported in 2025 (was €77,519)
- Trade debts -€9,935
no longer reported in 2025 (was €9,935)
- Depreciation -€34,445
down €34,445 (-33.3%), from €103,485 to €69,040
- Gross operating margin -€14,540
down €14,540 (-6.7%), from €218,067 to €203,527
- Financial charges -€3,826
down €3,826 (-45.3%), from €8,453 to €4,627
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 | €150,412 | €148,292 | -€2,120 | -1.4% |
| Fixed assets | 21/28 | €69,417 | €377 | -€69,040 | -99.5% |
| Tangible fixed assets | 22/27 | €69,417 | €377 | -€69,040 | -99.5% |
| Land and buildings | 22 | €1 | €1 | = | 0.0% |
| Leasing and similar rights | 25 | €68,889 | - | -€68,889 | |
| Other tangible fixed assets | 26 | €527 | €376 | -€151 | -28.6% |
| Current assets | 29/58 | €80,995 | €147,914 | +€66,920 | +82.6% |
| Amounts receivable within one year | 40/41 | €5,509 | €5,127 | -€382 | -6.9% |
| Trade receivables | 40 | €5,509 | €4,083 | -€1,426 | -25.9% |
| Other amounts receivable | 41 | - | €1,044 | +€1,044 | |
| Cash at bank and in hand | 54/58 | €75,486 | €142,787 | +€67,302 | +89.2% |
| Total equity and liabilities | 10/49 | €150,412 | €148,292 | -€2,120 | -1.4% |
| Equity | 10/15 | -€317,316 | -€231,754 | +€85,562 | +27.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€335,916 | -€250,354 | +€85,562 | +25.5% |
| Amounts payable | 17/49 | €467,728 | €380,045 | -€87,682 | -18.7% |
| Amounts payable after more than one year | 17 | €378,910 | €378,910 | = | 0.0% |
| Other amounts payable | 178/9 | €378,910 | €378,910 | = | 0.0% |
| Amounts payable within one year | 42/48 | €88,817 | €1,135 | -€87,682 | -98.7% |
| Current portion of amounts payable after more than one year | 42 | €77,519 | - | -€77,519 | |
| Trade debts | 44 | €9,935 | - | -€9,935 | |
| Suppliers | 440/4 | €9,935 | - | -€9,935 | |
| Taxes, remuneration and social security | 45 | €1,363 | €1,135 | -€228 | -16.8% |
| Taxes | 450/3 | €1,363 | €1,135 | -€228 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,485 | €69,040 | -€34,445 | -33.3% |
| Other operating charges | 640/8 | €44,152 | €44,739 | +€586 | +1.3% |
| Gross operating margin | 9900 | €218,067 | €203,527 | -€14,540 | -6.7% |
| Operating profit (loss) | 9901 | €70,430 | €89,748 | +€19,318 | +27.4% |
| Financial income | 75/76B | €1,727 | €441 | -€1,287 | -74.5% |
| Recurring financial income | 75 | €1,727 | €441 | -€1,287 | -74.5% |
| Financial charges | 65/66B | €8,453 | €4,627 | -€3,826 | -45.3% |
| Recurring financial charges | 65 | €8,453 | €4,627 | -€3,826 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €63,704 | €85,562 | +€21,858 | +34.3% |
| Profit (loss) for the period | 9904 | €63,704 | €85,562 | +€21,858 | +34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,704 | €85,562 | +€21,858 | +34.3% |
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.