BEN LEFKIH: 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.
BEN LEFKIH
Largest movements
- Stocks and contracts +€36,611
up €36,611 (+80.4%), from €45,519 to €82,130
- Tangible fixed assets -€18,470
down €18,470 (-35.3%), from €52,368 to €33,898
of which Plant, machinery and equipment: -€14,716
- Receivables after one year +€17,100
up €17,100 (+12.0%), from €142,900 to €160,000
- Receivables within one year -€13,706
down €13,706 (-32.9%), from €41,625 to €27,919
of which Other amounts receivable: -€28,580
- Cash +€9,939
up €9,939 (+5.5%), from €181,388 to €191,328
mainly Net result for the year (+€42,284) and Depreciation (+€21,193)
- Reserves +€27,500
up €27,500 (+24.6%), from €111,860 to €139,360
of which Distributable reserves: +€27,500
- Trade debts +€11,148
up €11,148 (+6.8%), from €163,393 to €174,542
- Investment grants -€5,679
down €5,679 (-33.3%), from €17,037 to €11,358
- Staff costs -€20,572
down €20,572 (-93.9%), from €21,901 to €1,329
- Gross operating margin -€19,129
down €19,129 (-20.4%), from €93,677 to €74,548
- Depreciation +€5,765
up €5,765 (+37.4%), from €15,428 to €21,193
- Other operating charges +€3,809
up €3,809 (+160.8%), from €2,368 to €6,177
- Financial charges +€1,791
up €1,791 (+369.7%), from €484 to €2,275
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 | €469,079 | €501,187 | +€32,108 | +6.8% |
| Fixed assets | 21/28 | €57,460 | €38,990 | -€18,470 | -32.1% |
| Tangible fixed assets | 22/27 | €52,368 | €33,898 | -€18,470 | -35.3% |
| Plant, machinery and equipment | 23 | €29,432 | €14,716 | -€14,716 | -50.0% |
| Furniture and vehicles | 24 | €14,865 | €9,768 | -€5,096 | -34.3% |
| Other tangible fixed assets | 26 | €8,071 | €9,414 | +€1,342 | +16.6% |
| Financial fixed assets | 28 | €5,093 | €5,093 | = | 0.0% |
| Current assets | 29/58 | €411,619 | €462,196 | +€50,578 | +12.3% |
| Amounts receivable after more than one year | 29 | €142,900 | €160,000 | +€17,100 | +12.0% |
| Other amounts receivable | 291 | €142,900 | €160,000 | +€17,100 | +12.0% |
| Stocks and contracts in progress | 3 | €45,519 | €82,130 | +€36,611 | +80.4% |
| Stocks | 30/36 | €45,519 | €82,130 | +€36,611 | +80.4% |
| Amounts receivable within one year | 40/41 | €41,625 | €27,919 | -€13,706 | -32.9% |
| Trade receivables | 40 | €6,364 | €21,237 | +€14,874 | +233.7% |
| Other amounts receivable | 41 | €35,262 | €6,682 | -€28,580 | -81.1% |
| Cash at bank and in hand | 54/58 | €181,388 | €191,328 | +€9,939 | +5.5% |
| Deferred charges and accrued income | 490/1 | €187 | €820 | +€633 | +339.3% |
| Total equity and liabilities | 10/49 | €469,079 | €501,187 | +€32,108 | +6.8% |
| Equity | 10/15 | €250,658 | €273,263 | +€22,605 | +9.0% |
| Contributions | 10/11 | €17,700 | €17,700 | = | 0.0% |
| Outside capital | 11 | €17,700 | €17,700 | = | 0.0% |
| Other | 1109/19 | €17,700 | €17,700 | = | 0.0% |
| Reserves | 13 | €111,860 | €139,360 | +€27,500 | +24.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €110,000 | €137,500 | +€27,500 | +25.0% |
| Profit (loss) carried forward | 14 | €104,061 | €104,845 | +€784 | +0.8% |
| Investment grants | 15 | €17,037 | €11,358 | -€5,679 | -33.3% |
| Amounts payable | 17/49 | €218,421 | €227,924 | +€9,503 | +4.4% |
| Amounts payable within one year | 42/48 | €218,421 | €226,054 | +€7,633 | +3.5% |
| Trade debts | 44 | €163,393 | €174,542 | +€11,148 | +6.8% |
| Suppliers | 440/4 | €163,393 | €174,542 | +€11,148 | +6.8% |
| Taxes, remuneration and social security | 45 | €26,528 | €27,512 | +€984 | +3.7% |
| Taxes | 450/3 | €24,192 | €25,056 | +€864 | +3.6% |
| Remuneration and social security | 454/9 | €2,336 | €2,456 | +€120 | +5.2% |
| Other amounts payable | 47/48 | €28,500 | €24,000 | -€4,500 | -15.8% |
| Accrued charges and deferred income | 492/3 | - | €1,870 | +€1,870 | |
| Remuneration, social security and pensions | 62 | €21,901 | €1,329 | -€20,572 | -93.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,428 | €21,193 | +€5,765 | +37.4% |
| Other operating charges | 640/8 | €2,368 | €6,177 | +€3,809 | +160.8% |
| Gross operating margin | 9900 | €93,677 | €74,548 | -€19,129 | -20.4% |
| Operating profit (loss) | 9901 | €53,980 | €45,849 | -€8,131 | -15.1% |
| Financial income | 75/76B | €7,763 | €8,756 | +€994 | +12.8% |
| Recurring financial income | 75 | €7,763 | €8,756 | +€994 | +12.8% |
| Financial charges | 65/66B | €484 | €2,275 | +€1,791 | +369.7% |
| Recurring financial charges | 65 | €484 | €2,275 | +€1,791 | +369.7% |
| Profit (loss) for the period before taxes | 9903 | €61,258 | €52,330 | -€8,928 | -14.6% |
| Income taxes | 67/77 | €11,245 | €10,047 | -€1,198 | -10.7% |
| Profit (loss) for the period | 9904 | €50,013 | €42,284 | -€7,729 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,013 | €42,284 | -€7,729 | -15.5% |
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 6 October 2026 via checked.be.