BENJAMIN DUC: 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.
BENJAMIN DUC
Largest movements
- Cash +€51,646
up €51,646 (+48.4%), from €106,767 to €158,413
mainly Net result for the year (+€109,802) and Receivables within one year (+€47,696)
- Receivables within one year -€47,696
down €47,696 (-59.7%), from €79,903 to €32,207
of which Trade receivables: -€53,724
- Tangible fixed assets -€16,280
down €16,280 (-24.8%), from €65,517 to €49,237
of which Furniture and vehicles: -€12,058
- Profit (loss) carried forward -€940,603
down €940,603 (-100.0%), from €940,603 to €0
- Reserves +€932,758
up €932,758 (+46637.9%), from €2,000 to €934,758
- Financial income -€264,473
down €264,473 (-84.1%), from €314,580 to €50,107
- Gross operating margin -€55,406
down €55,406 (-36.6%), from €151,473 to €96,067
- Taxes -€11,933
down €11,933 (-43.6%), from €27,363 to €15,430
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 | €1,152,687 | €1,140,357 | -€12,330 | -1.1% |
| Fixed assets | 21/28 | €965,517 | €949,737 | -€15,780 | -1.6% |
| Tangible fixed assets | 22/27 | €65,517 | €49,237 | -€16,280 | -24.8% |
| Furniture and vehicles | 24 | €29,765 | €17,706 | -€12,058 | -40.5% |
| Other tangible fixed assets | 26 | €35,752 | €31,530 | -€4,222 | -11.8% |
| Financial fixed assets | 28 | €900,000 | €900,500 | +€500 | +0.1% |
| Current assets | 29/58 | €187,170 | €190,620 | +€3,450 | +1.8% |
| Amounts receivable within one year | 40/41 | €79,903 | €32,207 | -€47,696 | -59.7% |
| Trade receivables | 40 | €53,724 | €0 | -€53,724 | -100.0% |
| Other amounts receivable | 41 | €26,179 | €32,207 | +€6,028 | +23.0% |
| Current investments | 50/53 | €500 | €0 | -€500 | -100.0% |
| Cash at bank and in hand | 54/58 | €106,767 | €158,413 | +€51,646 | +48.4% |
| Total equity and liabilities | 10/49 | €1,152,687 | €1,140,357 | -€12,330 | -1.1% |
| Equity | 10/15 | €962,603 | €954,758 | -€7,845 | -0.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €934,758 | +€932,758 | +46637.9% |
| Distributable reserves | 133 | €2,000 | €934,758 | +€932,758 | +46637.9% |
| Profit (loss) carried forward | 14 | €940,603 | €0 | -€940,603 | -100.0% |
| Amounts payable | 17/49 | €190,084 | €185,599 | -€4,485 | -2.4% |
| Amounts payable within one year | 42/48 | €184,718 | €181,839 | -€2,879 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €2,615 | €979 | -€1,636 | -62.6% |
| Suppliers | 440/4 | €2,615 | €979 | -€1,636 | -62.6% |
| Taxes, remuneration and social security | 45 | €14,456 | €13,213 | -€1,243 | -8.6% |
| Taxes | 450/3 | €10,770 | €9,463 | -€1,307 | -12.1% |
| Remuneration and social security | 454/9 | €3,686 | €3,750 | +€64 | +1.7% |
| Other amounts payable | 47/48 | €117,647 | €117,647 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,366 | €3,760 | -€1,606 | -29.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,420 | €16,280 | +€860 | +5.6% |
| Other operating charges | 640/8 | €1,188 | €1,099 | -€88 | -7.4% |
| Gross operating margin | 9900 | €151,473 | €96,067 | -€55,406 | -36.6% |
| Operating profit (loss) | 9901 | €134,866 | €78,687 | -€56,178 | -41.7% |
| Financial income | 75/76B | €314,580 | €50,107 | -€264,473 | -84.1% |
| Recurring financial income | 75 | €314,580 | €50,107 | -€264,473 | -84.1% |
| Financial charges | 65/66B | €4,009 | €3,562 | -€447 | -11.1% |
| Recurring financial charges | 65 | €4,009 | €3,562 | -€447 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €445,437 | €125,232 | -€320,205 | -71.9% |
| Income taxes | 67/77 | €27,363 | €15,430 | -€11,933 | -43.6% |
| Profit (loss) for the period | 9904 | €418,074 | €109,802 | -€308,272 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €418,074 | €109,802 | -€308,272 | -73.7% |
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 9 October 2026 via checked.be.