BENELUX-DEWULF: 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.
BENELUX-DEWULF
Largest movements
- Cash +€592,647
up €592,647 (+343%), from €172,958 to €765,605
mainly Net result for the year (+€575,880) and Depreciation (+€380,286)
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Tangible fixed assets -€93,978
down €93,978 (-2.3%), from €4.1m to €4.0m
of which Plant, machinery and equipment: -€134,987
- Receivables within one year -€74,575
down €74,575 (-70.8%), from €105,289 to €30,714
of which Other amounts receivable: -€75,323
- Reserves +€259,980
up €259,980 (+14.9%), from €1.7m to €2.0m
- Debts after one year -€189,835
down €189,835 (-10.8%), from €1.8m to €1.6m
- Other debts +€67,536
up €67,536 (+28.4%), from €237,500 to €305,036
- Accrued charges and deferred income -€59,522
down €59,522 (-13.8%), from €432,050 to €372,528
- Gross operating margin +€296,673
up €296,673 (+19.0%), from €1.6m to €1.9m
- Taxes +€112,240
up €112,240 (+147%), from €76,381 to €188,620
- Staff costs -€73,426
down €73,426 (-10.3%), from €713,712 to €640,286
- Other operating charges -€45,985
down €45,985 (-45.5%), from €101,038 to €55,053
- Financial income +€19,326
up €19,326 (+212%), from €9,123 to €28,448
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.
Derived cash bridge
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 | €4,714,649 | €4,802,991 | +€88,342 | +1.9% |
| Fixed assets | 21/28 | €4,083,704 | €3,989,726 | -€93,978 | -2.3% |
| Tangible fixed assets | 22/27 | €4,083,704 | €3,989,726 | -€93,978 | -2.3% |
| Land and buildings | 22 | €2,277,398 | €2,235,851 | -€41,547 | -1.8% |
| Plant, machinery and equipment | 23 | €1,768,277 | €1,633,290 | -€134,987 | -7.6% |
| Furniture and vehicles | 24 | €38,030 | €120,586 | +€82,556 | +217% |
| Current assets | 29/58 | €630,944 | €813,265 | +€182,321 | +28.9% |
| Amounts receivable within one year | 40/41 | €105,289 | €30,714 | -€74,575 | -70.8% |
| Trade receivables | 40 | €7,090 | €7,838 | +€748 | +10.5% |
| Other amounts receivable | 41 | €98,198 | €22,876 | -€75,323 | -76.7% |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €172,958 | €765,605 | +€592,647 | +343% |
| Deferred charges and accrued income | 490/1 | €2,698 | €16,946 | +€14,249 | +528% |
| Total equity and liabilities | 10/49 | €4,714,649 | €4,802,991 | +€88,342 | +1.9% |
| Equity | 10/15 | €1,767,324 | €2,027,304 | +€259,980 | +14.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,748,724 | €2,008,704 | +€259,980 | +14.9% |
| Distributable reserves | 133 | €1,748,724 | €2,008,704 | +€259,980 | +14.9% |
| Amounts payable | 17/49 | €2,947,325 | €2,775,687 | -€171,638 | -5.8% |
| Amounts payable after more than one year | 17 | €1,755,511 | €1,565,676 | -€189,835 | -10.8% |
| Financial debts | 170/4 | €1,755,511 | €1,565,676 | -€189,835 | -10.8% |
| Amounts payable within one year | 42/48 | €759,764 | €837,483 | +€77,719 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €362,130 | €382,681 | +€20,551 | +5.7% |
| Trade debts | 44 | €118,171 | €110,912 | -€7,259 | -6.1% |
| Suppliers | 440/4 | €118,171 | €110,912 | -€7,259 | -6.1% |
| Taxes, remuneration and social security | 45 | €41,963 | €38,854 | -€3,109 | -7.4% |
| Taxes | 450/3 | €31,995 | €28,000 | -€3,995 | -12.5% |
| Remuneration and social security | 454/9 | €9,968 | €10,854 | +€886 | +8.9% |
| Other amounts payable | 47/48 | €237,500 | €305,036 | +€67,536 | +28.4% |
| Accrued charges and deferred income | 492/3 | €432,050 | €372,528 | -€59,522 | -13.8% |
| Non-recurring operating income | 76A | €19,831 | €19,352 | -€479 | -2.4% |
| Remuneration, social security and pensions | 62 | €713,712 | €640,286 | -€73,426 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €362,954 | €380,286 | +€17,332 | +4.8% |
| Other operating charges | 640/8 | €101,038 | €55,053 | -€45,985 | -45.5% |
| Gross operating margin | 9900 | €1,565,369 | €1,862,042 | +€296,673 | +19.0% |
| Operating profit (loss) | 9901 | €387,666 | €786,418 | +€398,752 | +103% |
| Financial income | 75/76B | €9,123 | €28,448 | +€19,326 | +212% |
| Recurring financial income | 75 | €9,123 | €28,448 | +€19,326 | +212% |
| Financial charges | 65/66B | €57,917 | €50,365 | -€7,552 | -13.0% |
| Recurring financial charges | 65 | €57,917 | €50,365 | -€7,552 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €338,872 | €764,501 | +€425,629 | +126% |
| Income taxes | 67/77 | €76,381 | €188,620 | +€112,240 | +147% |
| Profit (loss) for the period | 9904 | €262,491 | €575,880 | +€313,390 | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €262,491 | €575,880 | +€313,390 | +119% |
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 27 October 2026 via checked.be.