Benoît BERNARD: 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.
Benoît BERNARD
Largest movements
- Cash +€83,024
up €83,024 (+1157.2%), from €7,174 to €90,199
mainly Depreciation (+€246,468) and Trade debts (+€98,817)
- Tangible fixed assets -€39,751
down €39,751 (-5.7%), from €697,237 to €657,487
of which Leasing and similar rights: -€40,364
- Debts after one year -€124,489
down €124,489 (-20.2%), from €616,819 to €492,329
- Trade debts +€98,817
up €98,817 (+72.6%), from €136,054 to €234,871
- Short-term financial debts +€80,000
new in 2025: €80,000
- Current portion of long-term debt +€19,780
up €19,780 (+10.3%), from €191,458 to €211,238
- Other debts -€18,632
no longer reported in 2025 (was €18,632)
- Staff costs +€47,353
up €47,353 (+20.5%), from €230,484 to €277,837
- Other operating charges -€20,976
down €20,976 (-82.8%), from €25,334 to €4,358
- Depreciation -€11,206
down €11,206 (-4.3%), from €257,673 to €246,468
- Gross operating margin +€6,625
up €6,625 (+1.2%), from €548,826 to €555,452
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 | €1,123,802 | €1,183,401 | +€59,599 | +5.3% |
| Fixed assets | 21/28 | €703,037 | €663,287 | -€39,751 | -5.7% |
| Tangible fixed assets | 22/27 | €697,237 | €657,487 | -€39,751 | -5.7% |
| Land and buildings | 22 | €667 | €341 | -€326 | -48.9% |
| Plant, machinery and equipment | 23 | €488,443 | €498,960 | +€10,516 | +2.2% |
| Furniture and vehicles | 24 | €33,169 | €27,061 | -€6,109 | -18.4% |
| Leasing and similar rights | 25 | €171,489 | €131,125 | -€40,364 | -23.5% |
| Assets under construction and advance payments | 27 | €3,469 | - | -€3,469 | |
| Financial fixed assets | 28 | €5,800 | €5,800 | = | 0.0% |
| Current assets | 29/58 | €420,765 | €520,115 | +€99,350 | +23.6% |
| Stocks and contracts in progress | 3 | €31,500 | €36,738 | +€5,238 | +16.6% |
| Stocks | 30/36 | €31,500 | €36,738 | +€5,238 | +16.6% |
| Amounts receivable within one year | 40/41 | €381,361 | €393,178 | +€11,817 | +3.1% |
| Trade receivables | 40 | €358,668 | €373,287 | +€14,619 | +4.1% |
| Other amounts receivable | 41 | €22,692 | €19,891 | -€2,801 | -12.3% |
| Cash at bank and in hand | 54/58 | €7,174 | €90,199 | +€83,024 | +1157.2% |
| Deferred charges and accrued income | 490/1 | €730 | - | -€730 | |
| Total equity and liabilities | 10/49 | €1,123,802 | €1,183,401 | +€59,599 | +5.3% |
| Equity | 10/15 | €141,681 | €137,672 | -€4,009 | -2.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €40,750 | €40,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €38,750 | €38,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,531 | €84,522 | -€4,009 | -4.5% |
| Amounts payable | 17/49 | €982,121 | €1,045,729 | +€63,609 | +6.5% |
| Amounts payable after more than one year | 17 | €616,819 | €492,329 | -€124,489 | -20.2% |
| Financial debts | 170/4 | €616,819 | €492,329 | -€124,489 | -20.2% |
| Amounts payable within one year | 42/48 | €365,302 | €550,646 | +€185,343 | +50.7% |
| Current portion of amounts payable after more than one year | 42 | €191,458 | €211,238 | +€19,780 | +10.3% |
| Financial debts | 43 | - | €80,000 | +€80,000 | |
| Credit institutions | 430/8 | - | €80,000 | +€80,000 | |
| Trade debts | 44 | €136,054 | €234,871 | +€98,817 | +72.6% |
| Suppliers | 440/4 | €136,054 | €234,871 | +€98,817 | +72.6% |
| Taxes, remuneration and social security | 45 | €19,158 | €24,536 | +€5,379 | +28.1% |
| Taxes | 450/3 | - | €389 | +€389 | |
| Remuneration and social security | 454/9 | €19,158 | €24,148 | +€4,990 | +26.0% |
| Other amounts payable | 47/48 | €18,632 | - | -€18,632 | |
| Accrued charges and deferred income | 492/3 | - | €2,754 | +€2,754 | |
| Remuneration, social security and pensions | 62 | €230,484 | €277,837 | +€47,353 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €257,673 | €246,468 | -€11,206 | -4.3% |
| Other operating charges | 640/8 | €25,334 | €4,358 | -€20,976 | -82.8% |
| Gross operating margin | 9900 | €548,826 | €555,452 | +€6,625 | +1.2% |
| Operating profit (loss) | 9901 | €35,335 | €26,789 | -€8,546 | -24.2% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €26,760 | €30,798 | +€4,038 | +15.1% |
| Recurring financial charges | 65 | €26,760 | €30,798 | +€4,038 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €8,578 | -€4,009 | -€12,587 | |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | €8,578 | -€4,009 | -€12,587 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,578 | -€4,009 | -€12,587 |
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 11 October 2026 via checked.be.