BENJAMIN MARCHANDISE: 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 MARCHANDISE
Largest movements
- Tangible fixed assets +€939,245
up €939,245 (+63.0%), from €1.5m to €2.4m
of which Land and buildings: +€940,837
- Receivables within one year +€218,192
up €218,192 (+72.5%), from €300,753 to €518,945
- Current investments -€160,000
no longer reported in 2025 (was €160,000)
- Cash -€83,368
down €83,368 (-68.0%), from €122,684 to €39,315
mainly Investment in fixed assets (net) (-€1.1m) and Receivables within one year (-€218,192)
- Debts after one year +€789,284
up €789,284 (+63.9%), from €1.2m to €2.0m
- Reserves +€64,304
up €64,304 (+47.7%), from €134,772 to €199,076
- Trade debts +€37,310
up €37,310 (+345%), from €10,816 to €48,126
- Current portion of long-term debt +€29,936
up €29,936 (+26.4%), from €113,580 to €143,515
- Depreciation +€94,604
up €94,604 (+149%), from €63,334 to €157,939
- Taxes -€30,783
down €30,783 (-51.2%), from €60,119 to €29,336
- Gross operating margin +€21,032
up €21,032 (+7.1%), from €297,945 to €318,977
- Financial charges +€20,067
up €20,067 (+44.4%), from €45,152 to €65,218
- Financial income -€3,896
down €3,896 (-52.1%), from €7,477 to €3,581
of which Financial income: -€4,135
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 | €2,077,698 | €2,992,621 | +€914,923 | +44.0% |
| Fixed assets | 21/28 | €1,491,052 | €2,430,297 | +€939,245 | +63.0% |
| Tangible fixed assets | 22/27 | €1,491,027 | €2,430,272 | +€939,245 | +63.0% |
| Land and buildings | 22 | €1,485,811 | €2,426,647 | +€940,837 | +63.3% |
| Plant, machinery and equipment | 23 | €4,316 | €3,325 | -€991 | -23.0% |
| Furniture and vehicles | 24 | €900 | €300 | -€601 | -66.7% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €586,647 | €562,324 | -€24,323 | -4.1% |
| Amounts receivable within one year | 40/41 | €300,753 | €518,945 | +€218,192 | +72.5% |
| Other amounts receivable | 41 | €300,753 | €518,945 | +€218,192 | +72.5% |
| Current investments | 50/53 | €160,000 | - | -€160,000 | |
| Cash at bank and in hand | 54/58 | €122,684 | €39,315 | -€83,368 | -68.0% |
| Deferred charges and accrued income | 490/1 | €3,210 | €4,063 | +€854 | +26.6% |
| Total equity and liabilities | 10/49 | €2,077,698 | €2,992,621 | +€914,923 | +44.0% |
| Equity | 10/15 | €614,202 | €678,506 | +€64,304 | +10.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €134,772 | €199,076 | +€64,304 | +47.7% |
| Distributable reserves | 133 | €134,772 | €199,076 | +€64,304 | +47.7% |
| Profit (loss) carried forward | 14 | €467,030 | €467,030 | = | 0.0% |
| Amounts payable | 17/49 | €1,463,496 | €2,314,115 | +€850,619 | +58.1% |
| Amounts payable after more than one year | 17 | €1,235,471 | €2,024,755 | +€789,284 | +63.9% |
| Financial debts | 170/4 | €1,235,471 | €2,024,755 | +€789,284 | +63.9% |
| Amounts payable within one year | 42/48 | €226,960 | €281,721 | +€54,761 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €113,580 | €143,515 | +€29,936 | +26.4% |
| Trade debts | 44 | €10,816 | €48,126 | +€37,310 | +345% |
| Suppliers | 440/4 | €10,816 | €48,126 | +€37,310 | +345% |
| Taxes, remuneration and social security | 45 | €102,564 | €90,080 | -€12,484 | -12.2% |
| Taxes | 450/3 | €102,564 | €90,080 | -€12,484 | -12.2% |
| Accrued charges and deferred income | 492/3 | €1,065 | €7,639 | +€6,574 | +617% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,334 | €157,939 | +€94,604 | +149% |
| Other operating charges | 640/8 | €8,906 | €5,761 | -€3,144 | -35.3% |
| Gross operating margin | 9900 | €297,945 | €318,977 | +€21,032 | +7.1% |
| Operating profit (loss) | 9901 | €225,705 | €155,277 | -€70,428 | -31.2% |
| Financial income | 75/76B | €7,477 | €3,581 | -€3,896 | -52.1% |
| Recurring financial income | 75 | €7,477 | €3,342 | -€4,135 | -55.3% |
| Non-recurring financial income | 76B | - | €240 | +€240 | |
| Financial charges | 65/66B | €45,152 | €65,218 | +€20,067 | +44.4% |
| Recurring financial charges | 65 | €45,152 | €65,218 | +€20,067 | +44.4% |
| Profit (loss) for the period before taxes | 9903 | €188,031 | €93,640 | -€94,390 | -50.2% |
| Income taxes | 67/77 | €60,119 | €29,336 | -€30,783 | -51.2% |
| Profit (loss) for the period | 9904 | €127,912 | €64,304 | -€63,608 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €127,912 | €64,304 | -€63,608 | -49.7% |
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 26 October 2026 via checked.be.