BENCHMARK AV: 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.
BENCHMARK AV
Largest movements
- Stocks and contracts +€58,980
up €58,980 (+30.8%), from €191,621 to €250,601
- Cash -€18,876
down €18,876 (-53.4%), from €35,356 to €16,480
mainly Stocks and contracts (-€58,980) and Trade debts (-€36,370)
- Tangible fixed assets -€14,407
down €14,407 (-3.8%), from €381,917 to €367,510
- Profit (loss) carried forward +€68,618
up €68,618 (+55.2%), from €124,374 to €192,993
- Trade debts -€36,370
down €36,370 (-37.4%), from €97,351 to €60,981
- Other debts -€27,189
down €27,189 (-12.8%), from €211,936 to €184,747
- Current portion of long-term debt +€19,271
up €19,271 (+61.1%), from €31,537 to €50,809
- Gross operating margin +€71,284
up €71,284 (+200.8%), from €35,497 to €106,780
- Taxes +€12,380
new in 2025: €12,380
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 | €833,163 | €855,774 | +€22,611 | +2.7% |
| Fixed assets | 21/28 | €384,232 | €369,824 | -€14,407 | -3.7% |
| Tangible fixed assets | 22/27 | €381,917 | €367,510 | -€14,407 | -3.8% |
| Land and buildings | 22 | €381,917 | €367,510 | -€14,407 | -3.8% |
| Financial fixed assets | 28 | €2,315 | €2,315 | = | 0.0% |
| Current assets | 29/58 | €448,931 | €485,950 | +€37,019 | +8.2% |
| Stocks and contracts in progress | 3 | €191,621 | €250,601 | +€58,980 | +30.8% |
| Stocks | 30/36 | €191,621 | €250,601 | +€58,980 | +30.8% |
| Amounts receivable within one year | 40/41 | €221,954 | €218,870 | -€3,085 | -1.4% |
| Trade receivables | 40 | €221,954 | €210,409 | -€11,546 | -5.2% |
| Other amounts receivable | 41 | - | €8,461 | +€8,461 | |
| Cash at bank and in hand | 54/58 | €35,356 | €16,480 | -€18,876 | -53.4% |
| Total equity and liabilities | 10/49 | €833,163 | €855,774 | +€22,611 | +2.7% |
| Equity | 10/15 | €152,766 | €221,385 | +€68,618 | +44.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €124,374 | €192,993 | +€68,618 | +55.2% |
| Investment grants | 15 | €7,932 | €7,932 | = | 0.0% |
| Amounts payable | 17/49 | €680,396 | €634,389 | -€46,007 | -6.8% |
| Amounts payable after more than one year | 17 | €321,584 | €323,102 | +€1,518 | +0.5% |
| Financial debts | 170/4 | €321,584 | €323,102 | +€1,518 | +0.5% |
| Amounts payable within one year | 42/48 | €358,812 | €311,287 | -€47,525 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €31,537 | €50,809 | +€19,271 | +61.1% |
| Trade debts | 44 | €97,351 | €60,981 | -€36,370 | -37.4% |
| Suppliers | 440/4 | €97,351 | €60,981 | -€36,370 | -37.4% |
| Taxes, remuneration and social security | 45 | €17,988 | €14,750 | -€3,238 | -18.0% |
| Taxes | 450/3 | €17,988 | €14,750 | -€3,238 | -18.0% |
| Other amounts payable | 47/48 | €211,936 | €184,747 | -€27,189 | -12.8% |
| Remuneration, social security and pensions | 62 | €328 | - | -€328 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,407 | €14,407 | = | 0.0% |
| Other operating charges | 640/8 | €5,656 | €4,940 | -€716 | -12.7% |
| Gross operating margin | 9900 | €35,497 | €106,780 | +€71,284 | +200.8% |
| Operating profit (loss) | 9901 | €15,105 | €87,433 | +€72,328 | +478.8% |
| Financial income | 75/76B | €364 | - | -€364 | |
| Recurring financial income | 75 | €364 | - | -€364 | |
| Financial charges | 65/66B | €7,437 | €6,434 | -€1,002 | -13.5% |
| Recurring financial charges | 65 | €7,437 | €6,434 | -€1,002 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €8,033 | €80,999 | +€72,966 | +908.4% |
| Income taxes | 67/77 | - | €12,380 | +€12,380 | |
| Profit (loss) for the period | 9904 | €8,033 | €68,618 | +€60,586 | +754.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,033 | €68,618 | +€60,586 | +754.2% |
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 5 October 2026 via checked.be.