BEN KAISER: 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.
BEN KAISER
Largest movements
- Tangible fixed assets -€290,797
down €290,797 (-66.1%), from €439,687 to €148,890
of which Land and buildings: -€323,641
- Receivables within one year +€38,602
up €38,602 (+30.3%), from €127,482 to €166,084
of which Other amounts receivable: +€134,058
- Stocks and contracts -€21,550
down €21,550 (-22.3%), from €96,761 to €75,211
- Financial fixed assets +€20,680
up €20,680 (+738.6%), from €2,800 to €23,480
- Cash +€17,000
up €17,000 (+1289.4%), from €1,318 to €18,318
mainly Investment in fixed assets (net) (+€221,291) and Net result for the year (+€100,783)
- Debts after one year -€177,532
down €177,532 (-86.1%), from €206,074 to €28,542
- Trade debts -€148,117
down €148,117 (-87.8%), from €168,688 to €20,571
- Profit (loss) carried forward +€105,082
up €105,082, from -€79,461 to €25,621
- Provisions +€62,033
new in 2025: €62,033
- Tax, wage and social debts -€54,511
down €54,511 (-69.7%), from €78,180 to €23,669
of which Taxes: -€54,147
- Gross operating margin +€308,555
up €308,555, from -€18,402 to €290,152
- Provisions +€62,033
new in 2025: €62,033
- Depreciation -€33,291
down €33,291 (-40.5%), from €82,117 to €48,826
- Staff costs +€10,717
up €10,717 (+23.9%), from €44,911 to €55,628
- Financial charges -€4,869
down €4,869 (-22.0%), from €22,122 to €17,252
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 | €669,924 | €435,794 | -€234,129 | -34.9% |
| Fixed assets | 21/28 | €442,487 | €172,370 | -€270,117 | -61.0% |
| Tangible fixed assets | 22/27 | €439,687 | €148,890 | -€290,797 | -66.1% |
| Land and buildings | 22 | €323,641 | - | -€323,641 | |
| Plant, machinery and equipment | 23 | €3,377 | €2,561 | -€816 | -24.2% |
| Furniture and vehicles | 24 | €20,072 | €23,920 | +€3,848 | +19.2% |
| Leasing and similar rights | 25 | €92,598 | €56,986 | -€35,611 | -38.5% |
| Other tangible fixed assets | 26 | - | €65,424 | +€65,424 | |
| Financial fixed assets | 28 | €2,800 | €23,480 | +€20,680 | +738.6% |
| Current assets | 29/58 | €227,436 | €263,424 | +€35,987 | +15.8% |
| Stocks and contracts in progress | 3 | €96,761 | €75,211 | -€21,550 | -22.3% |
| Stocks | 30/36 | €96,761 | €75,211 | -€21,550 | -22.3% |
| Amounts receivable within one year | 40/41 | €127,482 | €166,084 | +€38,602 | +30.3% |
| Trade receivables | 40 | €118,641 | €23,184 | -€95,457 | -80.5% |
| Other amounts receivable | 41 | €8,842 | €142,900 | +€134,058 | +1516.2% |
| Cash at bank and in hand | 54/58 | €1,318 | €18,318 | +€17,000 | +1289.4% |
| Deferred charges and accrued income | 490/1 | €1,875 | €3,811 | +€1,936 | +103.3% |
| Total equity and liabilities | 10/49 | €669,924 | €435,794 | -€234,129 | -34.9% |
| Equity | 10/15 | €120,867 | €210,621 | +€89,754 | +74.3% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Revaluation surpluses | 12 | €11,030 | - | -€11,030 | |
| Reserves | 13 | €126,799 | €122,500 | -€4,299 | -3.4% |
| Distributable reserves | 133 | €126,799 | €122,500 | -€4,299 | -3.4% |
| Profit (loss) carried forward | 14 | -€79,461 | €25,621 | +€105,082 | |
| Provisions and deferred taxes | 16 | - | €62,033 | +€62,033 | |
| Provisions for liabilities and charges | 160/5 | - | €62,033 | +€62,033 | |
| Other liabilities and charges | 164/5 | - | €62,033 | +€62,033 | |
| Amounts payable | 17/49 | €549,056 | €163,140 | -€385,916 | -70.3% |
| Amounts payable after more than one year | 17 | €206,074 | €28,542 | -€177,532 | -86.1% |
| Financial debts | 170/4 | €206,074 | €28,542 | -€177,532 | -86.1% |
| Amounts payable within one year | 42/48 | €335,853 | €110,055 | -€225,798 | -67.2% |
| Current portion of amounts payable after more than one year | 42 | €60,362 | €38,319 | -€22,043 | -36.5% |
| Financial debts | 43 | €28,370 | €27,495 | -€875 | -3.1% |
| Credit institutions | 430/8 | €3,370 | €2,495 | -€875 | -26.0% |
| Other loans | 439 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €168,688 | €20,571 | -€148,117 | -87.8% |
| Suppliers | 440/4 | €168,688 | €20,571 | -€148,117 | -87.8% |
| Taxes, remuneration and social security | 45 | €78,180 | €23,669 | -€54,511 | -69.7% |
| Taxes | 450/3 | €71,610 | €17,463 | -€54,147 | -75.6% |
| Remuneration and social security | 454/9 | €6,570 | €6,206 | -€364 | -5.5% |
| Other amounts payable | 47/48 | €252 | - | -€252 | |
| Accrued charges and deferred income | 492/3 | €7,129 | €24,544 | +€17,414 | +244.3% |
| Non-recurring operating income | 76A | €1,629 | €201 | -€1,427 | -87.6% |
| Remuneration, social security and pensions | 62 | €44,911 | €55,628 | +€10,717 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,117 | €48,826 | -€33,291 | -40.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€378 | - | +€378 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €62,033 | +€62,033 | |
| Other operating charges | 640/8 | €8,296 | €7,340 | -€956 | -11.5% |
| Non-recurring operating charges | 66A | €37,410 | €1,834 | -€35,576 | -95.1% |
| Gross operating margin | 9900 | -€18,402 | €290,152 | +€308,555 | |
| Operating profit (loss) | 9901 | -€190,758 | €114,491 | +€305,249 | |
| Financial income | 75/76B | - | €3,686 | +€3,686 | |
| Recurring financial income | 75 | - | €3,686 | +€3,686 | |
| Financial charges | 65/66B | €22,122 | €17,252 | -€4,869 | -22.0% |
| Recurring financial charges | 65 | €22,122 | €17,252 | -€4,869 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | -€212,880 | €100,924 | +€313,805 | |
| Income taxes | 67/77 | €3,811 | €141 | -€3,670 | -96.3% |
| Profit (loss) for the period | 9904 | -€216,691 | €100,783 | +€317,474 | |
| Profit (loss) for the period to be appropriated | 9905 | -€216,691 | €100,783 | +€317,474 |
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 9 October 2026 via checked.be.