BENNY CATTEEUW: 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.
BENNY CATTEEUW
Largest movements
- Cash +€11,656
up €11,656 (+2.0%), from €582,278 to €593,934
mainly Net result for the year (+€222,050) and Depreciation (+€13,237)
- Reserves +€30,050
up €30,050 (+3.3%), from €918,454 to €948,505
- Financial income +€41,068
up €41,068 (+3,070%), from €1,338 to €42,406
of which Financial income: +€30,581
- Gross operating margin +€23,956
up €23,956 (+9.1%), from €263,777 to €287,732
- Taxes +€9,429
up €9,429 (+11.8%), from €80,161 to €89,589
- Depreciation +€6,754
up €6,754 (+104%), from €6,484 to €13,237
- Other operating charges -€3,256
down €3,256 (-55.1%), from €5,909 to €2,652
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 | €995,027 | €1,005,787 | +€10,760 | +1.1% |
| Fixed assets | 21/28 | €62,977 | €56,437 | -€6,540 | -10.4% |
| Tangible fixed assets | 22/27 | €57,852 | €52,312 | -€5,540 | -9.6% |
| Plant, machinery and equipment | 23 | - | €3,157 | +€3,157 | |
| Furniture and vehicles | 24 | €57,852 | €49,155 | -€8,697 | -15.0% |
| Financial fixed assets | 28 | €5,125 | €4,125 | -€1,000 | -19.5% |
| Current assets | 29/58 | €932,050 | €949,350 | +€17,300 | +1.9% |
| Amounts receivable within one year | 40/41 | - | €4,986 | +€4,986 | |
| Other amounts receivable | 41 | - | €4,986 | +€4,986 | |
| Current investments | 50/53 | €347,817 | €347,817 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €582,278 | €593,934 | +€11,656 | +2.0% |
| Deferred charges and accrued income | 490/1 | €1,955 | €2,612 | +€657 | +33.6% |
| Total equity and liabilities | 10/49 | €995,027 | €1,005,787 | +€10,760 | +1.1% |
| Equity | 10/15 | €924,654 | €954,705 | +€30,050 | +3.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €918,454 | €948,505 | +€30,050 | +3.3% |
| Distributable reserves | 133 | €918,454 | €948,505 | +€30,050 | +3.3% |
| Amounts payable | 17/49 | €70,373 | €51,082 | -€19,291 | -27.4% |
| Amounts payable after more than one year | 17 | €36,890 | €27,151 | -€9,739 | -26.4% |
| Financial debts | 170/4 | €36,890 | €27,151 | -€9,739 | -26.4% |
| Amounts payable within one year | 42/48 | €33,483 | €23,931 | -€9,552 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €9,335 | €9,739 | +€403 | +4.3% |
| Trade debts | 44 | €9,081 | €1,191 | -€7,890 | -86.9% |
| Suppliers | 440/4 | €9,081 | €1,191 | -€7,890 | -86.9% |
| Taxes, remuneration and social security | 45 | €14,173 | €9,794 | -€4,379 | -30.9% |
| Taxes | 450/3 | €14,173 | €9,794 | -€4,379 | -30.9% |
| Other amounts payable | 47/48 | €894 | €3,208 | +€2,313 | +259% |
| Non-recurring operating income | 76A | €2,200 | - | -€2,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,484 | €13,237 | +€6,754 | +104% |
| Other operating charges | 640/8 | €5,909 | €2,652 | -€3,256 | -55.1% |
| Gross operating margin | 9900 | €263,777 | €287,732 | +€23,956 | +9.1% |
| Operating profit (loss) | 9901 | €251,384 | €271,843 | +€20,458 | +8.1% |
| Financial income | 75/76B | €1,338 | €42,406 | +€41,068 | +3,070% |
| Recurring financial income | 75 | €1,338 | €31,919 | +€30,581 | +2,286% |
| Non-recurring financial income | 76B | - | €10,487 | +€10,487 | |
| Financial charges | 65/66B | €1,945 | €2,608 | +€663 | +34.1% |
| Recurring financial charges | 65 | €1,945 | €2,608 | +€663 | +34.1% |
| Profit (loss) for the period before taxes | 9903 | €250,777 | €311,640 | +€60,863 | +24.3% |
| Income taxes | 67/77 | €80,161 | €89,589 | +€9,429 | +11.8% |
| Profit (loss) for the period | 9904 | €170,616 | €222,050 | +€51,434 | +30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €170,616 | €222,050 | +€51,434 | +30.1% |
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 25 October 2026 via checked.be.