BENDEC: 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.
BENDEC
Largest movements
- Tangible fixed assets -€686,356
down €686,356 (-11.7%), from €5.9m to €5.2m
- Cash +€226,877
up €226,877 (+18.7%), from €1.2m to €1.4m
mainly Depreciation (+€1.1m) and Net result for the year (+€552,146)
- Stocks and contracts +€200,145
up €200,145 (+39.8%), from €502,600 to €702,745
of which Stocks: +€235,245
- Reserves -€291,814
down €291,814 (-6.4%), from €4.5m to €4.3m
- Debts after one year -€281,147
down €281,147 (-12.2%), from €2.3m to €2.0m
- Other debts +€212,500
up €212,500 (+11805.6%), from €1,800 to €214,300
- Trade debts +€94,617
up €94,617 (+15.8%), from €598,152 to €692,769
- Depreciation +€101,611
up €101,611 (+10.3%), from €989,374 to €1.1m
- Provisions -€100,000
no longer reported in 2025 (was €100,000)
- Gross operating margin +€82,010
up €82,010 (+2.0%), from €4.2m to €4.3m
- Financial charges -€73,242
down €73,242 (-45.6%), from €160,617 to €87,375
of which Financial charges: -€76,142
- Staff costs -€62,885
down €62,885 (-2.8%), from €2.2m to €2.1m
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 | €8,520,016 | €8,288,888 | -€231,127 | -2.7% |
| Fixed assets | 21/28 | €5,871,148 | €5,182,188 | -€688,960 | -11.7% |
| Intangible fixed assets | 21 | €7,748 | €5,143 | -€2,605 | -33.6% |
| Tangible fixed assets | 22/27 | €5,862,400 | €5,176,045 | -€686,356 | -11.7% |
| Land and buildings | 22 | €4,000,361 | €3,780,472 | -€219,889 | -5.5% |
| Plant, machinery and equipment | 23 | €1,314,856 | €982,625 | -€332,231 | -25.3% |
| Furniture and vehicles | 24 | €547,183 | €412,948 | -€134,235 | -24.5% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €2,648,868 | €3,106,701 | +€457,833 | +17.3% |
| Stocks and contracts in progress | 3 | €502,600 | €702,745 | +€200,145 | +39.8% |
| Stocks | 30/36 | €467,500 | €702,745 | +€235,245 | +50.3% |
| Contracts in progress | 37 | €35,100 | - | -€35,100 | |
| Amounts receivable within one year | 40/41 | €912,247 | €955,766 | +€43,519 | +4.8% |
| Trade receivables | 40 | €834,504 | €831,778 | -€2,726 | -0.3% |
| Other amounts receivable | 41 | €77,743 | €123,987 | +€46,245 | +59.5% |
| Cash at bank and in hand | 54/58 | €1,216,399 | €1,443,276 | +€226,877 | +18.7% |
| Deferred charges and accrued income | 490/1 | €17,623 | €4,914 | -€12,708 | -72.1% |
| Total equity and liabilities | 10/49 | €8,520,016 | €8,288,888 | -€231,127 | -2.7% |
| Equity | 10/15 | €4,585,720 | €4,293,905 | -€291,814 | -6.4% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €4,545,720 | €4,253,905 | -€291,814 | -6.4% |
| Distributable reserves | 133 | €4,545,720 | €4,253,905 | -€291,814 | -6.4% |
| Provisions and deferred taxes | 16 | €200,000 | €200,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €200,000 | €200,000 | = | 0.0% |
| Environmental obligations | 163 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable | 17/49 | €3,734,296 | €3,794,983 | +€60,687 | +1.6% |
| Amounts payable after more than one year | 17 | €2,295,474 | €2,014,328 | -€281,147 | -12.2% |
| Financial debts | 170/4 | €2,295,474 | €2,014,328 | -€281,147 | -12.2% |
| Amounts payable within one year | 42/48 | €1,438,822 | €1,780,656 | +€341,834 | +23.8% |
| Current portion of amounts payable after more than one year | 42 | €620,815 | €682,177 | +€61,363 | +9.9% |
| Trade debts | 44 | €598,152 | €692,769 | +€94,617 | +15.8% |
| Suppliers | 440/4 | €598,152 | €692,769 | +€94,617 | +15.8% |
| Taxes, remuneration and social security | 45 | €218,056 | €191,410 | -€26,646 | -12.2% |
| Taxes | 450/3 | €31,937 | €8,280 | -€23,657 | -74.1% |
| Remuneration and social security | 454/9 | €186,119 | €183,130 | -€2,989 | -1.6% |
| Other amounts payable | 47/48 | €1,800 | €214,300 | +€212,500 | +11805.6% |
| Non-recurring operating income | 76A | €1,450 | - | -€1,450 | |
| Remuneration, social security and pensions | 62 | €2,209,385 | €2,146,499 | -€62,885 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €989,374 | €1,090,985 | +€101,611 | +10.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €36,360 | +€36,360 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €100,000 | - | -€100,000 | |
| Other operating charges | 640/8 | €86,945 | €97,833 | +€10,888 | +12.5% |
| Gross operating margin | 9900 | €4,172,044 | €4,254,054 | +€82,010 | +2.0% |
| Operating profit (loss) | 9901 | €786,341 | €882,377 | +€96,036 | +12.2% |
| Financial income | 75/76B | €37,615 | €10,334 | -€27,281 | -72.5% |
| Recurring financial income | 75 | €37,615 | €10,334 | -€27,281 | -72.5% |
| Financial charges | 65/66B | €160,617 | €87,375 | -€73,242 | -45.6% |
| Recurring financial charges | 65 | €158,734 | €82,592 | -€76,142 | -48.0% |
| Non-recurring financial charges | 66B | €1,883 | €4,782 | +€2,899 | +154.0% |
| Profit (loss) for the period before taxes | 9903 | €663,339 | €805,337 | +€141,998 | +21.4% |
| Income taxes | 67/77 | €204,740 | €253,191 | +€48,452 | +23.7% |
| Profit (loss) for the period | 9904 | €458,599 | €552,146 | +€93,546 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €458,599 | €552,146 | +€93,546 | +20.4% |
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 1 October 2026 via checked.be.