BENOIT BAILYU: 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.
BENOIT BAILYU
Largest movements
- Receivables within one year +€45,926
up €45,926 (+116%), from €39,460 to €85,386
of which Trade receivables: +€40,539
- Tangible fixed assets +€40,717
up €40,717 (+94.1%), from €43,257 to €83,974
of which Plant, machinery and equipment: +€48,896
- Cash +€19,129
up €19,129 (+54.5%), from €35,069 to €54,197
mainly Net result for the year (+€34,528) and Trade debts (+€28,703)
- Intangible fixed assets -€3,400
down €3,400 (-23.7%), from €14,369 to €10,969
- Stocks and contracts +€3,129
up €3,129 (+89.4%), from €3,499 to €6,627
- Reserves +€34,528
up €34,528 (+128%), from €26,977 to €61,505
- Trade debts +€28,703
up €28,703 (+236%), from €12,152 to €40,854
- Accrued charges and deferred income +€24,205
up €24,205 (+3,026%), from €800 to €25,005
- Debts after one year +€15,040
up €15,040 (+73.6%), from €20,447 to €35,487
of which Financial debts: +€15,040
- Depreciation +€5,654
up €5,654 (+45.1%), from €12,548 to €18,201
- Financial income -€3,885
down €3,885 (-100%), from €3,885 to €0
- Taxes +€3,185
up €3,185 (+41.5%), from €7,669 to €10,854
- Other operating charges +€2,013
up €2,013 (+252%), from €797 to €2,810
- Gross operating margin -€1,962
down €1,962 (-2.7%), from €73,481 to €71,520
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 | €136,604 | €241,154 | +€104,550 | +76.5% |
| Fixed assets | 21/28 | €57,626 | €94,943 | +€37,317 | +64.8% |
| Intangible fixed assets | 21 | €14,369 | €10,969 | -€3,400 | -23.7% |
| Tangible fixed assets | 22/27 | €43,257 | €83,974 | +€40,717 | +94.1% |
| Plant, machinery and equipment | 23 | €7,670 | €56,566 | +€48,896 | +638% |
| Furniture and vehicles | 24 | €28,376 | €21,615 | -€6,761 | -23.8% |
| Other tangible fixed assets | 26 | €7,212 | €5,793 | -€1,418 | -19.7% |
| Current assets | 29/58 | €78,978 | €146,211 | +€67,233 | +85.1% |
| Stocks and contracts in progress | 3 | €3,499 | €6,627 | +€3,129 | +89.4% |
| Stocks | 30/36 | €3,499 | €6,627 | +€3,129 | +89.4% |
| Amounts receivable within one year | 40/41 | €39,460 | €85,386 | +€45,926 | +116% |
| Trade receivables | 40 | €34,158 | €74,696 | +€40,539 | +119% |
| Other amounts receivable | 41 | €5,303 | €10,690 | +€5,387 | +102% |
| Cash at bank and in hand | 54/58 | €35,069 | €54,197 | +€19,129 | +54.5% |
| Deferred charges and accrued income | 490/1 | €950 | €0 | -€950 | -100% |
| Total equity and liabilities | 10/49 | €136,604 | €241,154 | +€104,550 | +76.5% |
| Equity | 10/15 | €36,977 | €71,505 | +€34,528 | +93.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €26,977 | €61,505 | +€34,528 | +128% |
| Distributable reserves | 133 | €26,977 | €61,505 | +€34,528 | +128% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €99,627 | €169,649 | +€70,023 | +70.3% |
| Amounts payable after more than one year | 17 | €20,447 | €35,487 | +€15,040 | +73.6% |
| Financial debts | 170/4 | €20,447 | €35,487 | +€15,040 | +73.6% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €78,379 | €109,157 | +€30,778 | +39.3% |
| Current portion of amounts payable after more than one year | 42 | €12,660 | €14,060 | +€1,401 | +11.1% |
| Trade debts | 44 | €12,152 | €40,854 | +€28,703 | +236% |
| Suppliers | 440/4 | €12,152 | €40,854 | +€28,703 | +236% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,237 | €7,290 | +€2,053 | +39.2% |
| Taxes | 450/3 | €5,237 | €7,290 | +€2,053 | +39.2% |
| Other amounts payable | 47/48 | €48,331 | €46,952 | -€1,379 | -2.9% |
| Accrued charges and deferred income | 492/3 | €800 | €25,005 | +€24,205 | +3,026% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,548 | €18,201 | +€5,654 | +45.1% |
| Other operating charges | 640/8 | €797 | €2,810 | +€2,013 | +252% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €73,481 | €71,520 | -€1,962 | -2.7% |
| Operating profit (loss) | 9901 | €60,136 | €50,508 | -€9,628 | -16.0% |
| Financial income | 75/76B | €3,885 | €0 | -€3,885 | -100% |
| Recurring financial income | 75 | €3,885 | €0 | -€3,885 | -100% |
| Financial charges | 65/66B | €3,302 | €5,126 | +€1,824 | +55.2% |
| Recurring financial charges | 65 | €3,302 | €5,126 | +€1,824 | +55.2% |
| Profit (loss) for the period before taxes | 9903 | €60,719 | €45,381 | -€15,337 | -25.3% |
| Income taxes | 67/77 | €7,669 | €10,854 | +€3,185 | +41.5% |
| Profit (loss) for the period | 9904 | €53,050 | €34,528 | -€18,522 | -34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,050 | €34,528 | -€18,522 | -34.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.