BENELUX PROCESS: 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 PROCESS
Largest movements
- Receivables within one year +€180,884
up €180,884 (+213.8%), from €84,622 to €265,506
of which Trade receivables: +€158,538
- Cash -€53,103
down €53,103 (-54.1%), from €98,153 to €45,050
mainly Receivables within one year (-€180,884) and Investment in fixed assets (net) (-€9,594)
- Tangible fixed assets -€5,761
down €5,761 (-31.4%), from €18,367 to €12,606
of which Leasing and similar rights: -€10,514
- Trade debts +€99,774
up €99,774 (+190.9%), from €52,254 to €152,028
- Other debts +€13,462
up €13,462 (+768.7%), from €1,751 to €15,213
- Tax, wage and social debts +€11,186
up €11,186 (+82.0%), from €13,633 to €24,819
of which Taxes: +€10,817
- Reserves -€8,000
down €8,000 (-8.3%), from €96,255 to €88,255
- Gross operating margin -€30,086
down €30,086 (-22.9%), from €131,327 to €101,240
- Staff costs -€5,807
down €5,807 (-6.4%), from €90,482 to €84,675
- Taxes -€5,456
down €5,456 (-84.5%), from €6,460 to €1,004
- Depreciation +€2,966
up €2,966 (+19.2%), from €15,435 to €18,400
- Other operating charges -€1,508
down €1,508 (-52.7%), from €2,860 to €1,352
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 | €210,402 | €328,462 | +€118,060 | +56.1% |
| Fixed assets | 21/28 | €24,898 | €16,092 | -€8,806 | -35.4% |
| Intangible fixed assets | 21 | €6,530 | €3,485 | -€3,045 | -46.6% |
| Tangible fixed assets | 22/27 | €18,367 | €12,606 | -€5,761 | -31.4% |
| Furniture and vehicles | 24 | €7,853 | €12,606 | +€4,753 | +60.5% |
| Leasing and similar rights | 25 | €10,514 | €0 | -€10,514 | -100.0% |
| Current assets | 29/58 | €185,504 | €312,371 | +€126,866 | +68.4% |
| Amounts receivable within one year | 40/41 | €84,622 | €265,506 | +€180,884 | +213.8% |
| Trade receivables | 40 | €84,604 | €243,142 | +€158,538 | +187.4% |
| Other amounts receivable | 41 | €18 | €22,364 | +€22,346 | +122176.9% |
| Cash at bank and in hand | 54/58 | €98,153 | €45,050 | -€53,103 | -54.1% |
| Deferred charges and accrued income | 490/1 | €2,729 | €1,814 | -€915 | -33.5% |
| Total equity and liabilities | 10/49 | €210,402 | €328,462 | +€118,060 | +56.1% |
| Equity | 10/15 | €115,405 | €106,957 | -€8,448 | -7.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €96,255 | €88,255 | -€8,000 | -8.3% |
| Distributable reserves | 133 | €96,255 | €88,255 | -€8,000 | -8.3% |
| Profit (loss) carried forward | 14 | €600 | €152 | -€448 | -74.6% |
| Amounts payable | 17/49 | €94,997 | €221,505 | +€126,508 | +133.2% |
| Amounts payable within one year | 42/48 | €94,762 | €221,269 | +€126,508 | +133.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €27,123 | €29,210 | +€2,086 | +7.7% |
| Credit institutions | 430/8 | €27,123 | €29,210 | +€2,086 | +7.7% |
| Trade debts | 44 | €52,254 | €152,028 | +€99,774 | +190.9% |
| Suppliers | 440/4 | €52,254 | €152,028 | +€99,774 | +190.9% |
| Taxes, remuneration and social security | 45 | €13,633 | €24,819 | +€11,186 | +82.0% |
| Taxes | 450/3 | €3,735 | €14,552 | +€10,817 | +289.6% |
| Remuneration and social security | 454/9 | €9,898 | €10,267 | +€369 | +3.7% |
| Other amounts payable | 47/48 | €1,751 | €15,213 | +€13,462 | +768.7% |
| Accrued charges and deferred income | 492/3 | €236 | €236 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €90,482 | €84,675 | -€5,807 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,435 | €18,400 | +€2,966 | +19.2% |
| Other operating charges | 640/8 | €2,860 | €1,352 | -€1,508 | -52.7% |
| Gross operating margin | 9900 | €131,327 | €101,240 | -€30,086 | -22.9% |
| Operating profit (loss) | 9901 | €22,550 | -€3,188 | -€25,737 | |
| Financial income | 75/76B | €813 | €661 | -€152 | -18.7% |
| Recurring financial income | 75 | €813 | €661 | -€152 | -18.7% |
| Financial charges | 65/66B | €6,308 | €4,918 | -€1,390 | -22.0% |
| Recurring financial charges | 65 | €5,564 | €4,918 | -€647 | -11.6% |
| Non-recurring financial charges | 66B | €744 | €0 | -€744 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €17,055 | -€7,444 | -€24,499 | |
| Income taxes | 67/77 | €6,460 | €1,004 | -€5,456 | -84.5% |
| Profit (loss) for the period | 9904 | €10,595 | -€8,448 | -€19,043 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,595 | -€8,448 | -€19,043 |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.