BENOIT DEMARCHE: 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 DEMARCHE
Largest movements
- Receivables within one year +€164,568
up €164,568 (+67.3%), from €244,387 to €408,955
of which Other amounts receivable: +€160,268
- Deferred charges and accrued income -€100,852
down €100,852 (-59.0%), from €170,981 to €70,129
- Tangible fixed assets -€27,274
down €27,274 (-49.6%), from €55,008 to €27,734
of which Furniture and vehicles: -€26,538
- Current investments +€18,609
up €18,609 (+7.4%), from €250,735 to €269,344
- Cash -€7,993
down €7,993 (-66.7%), from €11,980 to €3,987
mainly Contributions, distributions and other (-€320,700) and Receivables within one year (-€164,568)
- Other debts +€298,454
up €298,454 (+11,636%), from €2,565 to €301,019
- Reserves -€251,858
down €251,858 (-38.2%), from €659,015 to €407,157
- Tax, wage and social debts +€14,420
up €14,420 (+103%), from €13,980 to €28,400
- Debts after one year -€12,172
no longer reported in 2026 (was €12,172)
- Financial income -€93,351
down €93,351 (-57.1%), from €163,379 to €70,028
- Gross operating margin -€16,879
down €16,879 (-25.8%), from €65,379 to €48,499
- Taxes -€14,701
down €14,701 (-41.8%), from €35,186 to €20,485
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €736,090 | €783,150 | +€47,060 | +6.4% |
| Fixed assets | 21/28 | €58,008 | €30,734 | -€27,274 | -47.0% |
| Tangible fixed assets | 22/27 | €55,008 | €27,734 | -€27,274 | -49.6% |
| Plant, machinery and equipment | 23 | €1,949 | €1,213 | -€736 | -37.7% |
| Furniture and vehicles | 24 | €53,058 | €26,521 | -€26,538 | -50.0% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €678,083 | €752,416 | +€74,333 | +11.0% |
| Amounts receivable within one year | 40/41 | €244,387 | €408,955 | +€164,568 | +67.3% |
| Trade receivables | 40 | - | €4,300 | +€4,300 | |
| Other amounts receivable | 41 | €244,387 | €404,655 | +€160,268 | +65.6% |
| Current investments | 50/53 | €250,735 | €269,344 | +€18,609 | +7.4% |
| Cash at bank and in hand | 54/58 | €11,980 | €3,987 | -€7,993 | -66.7% |
| Deferred charges and accrued income | 490/1 | €170,981 | €70,129 | -€100,852 | -59.0% |
| Total equity and liabilities | 10/49 | €736,090 | €783,150 | +€47,060 | +6.4% |
| Equity | 10/15 | €692,015 | €440,157 | -€251,858 | -36.4% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €659,015 | €407,157 | -€251,858 | -38.2% |
| Distributable reserves | 133 | €659,015 | €407,157 | -€251,858 | -38.2% |
| Amounts payable | 17/49 | €44,075 | €342,992 | +€298,917 | +678% |
| Amounts payable after more than one year | 17 | €12,172 | - | -€12,172 | |
| Financial debts | 170/4 | €12,172 | - | -€12,172 | |
| Amounts payable within one year | 42/48 | €31,903 | €342,992 | +€311,089 | +975% |
| Current portion of amounts payable after more than one year | 42 | €13,147 | €12,172 | -€974 | -7.4% |
| Trade debts | 44 | €2,211 | €1,402 | -€809 | -36.6% |
| Suppliers | 440/4 | €2,211 | €1,402 | -€809 | -36.6% |
| Taxes, remuneration and social security | 45 | €13,980 | €28,400 | +€14,420 | +103% |
| Taxes | 450/3 | €13,980 | €28,400 | +€14,420 | +103% |
| Other amounts payable | 47/48 | €2,565 | €301,019 | +€298,454 | +11,636% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,448 | €27,274 | -€174 | -0.6% |
| Other operating charges | 640/8 | €1,612 | €1,725 | +€112 | +7.0% |
| Gross operating margin | 9900 | €65,379 | €48,499 | -€16,879 | -25.8% |
| Operating profit (loss) | 9901 | €36,319 | €19,501 | -€16,818 | -46.3% |
| Financial income | 75/76B | €163,379 | €70,028 | -€93,351 | -57.1% |
| Recurring financial income | 75 | €163,379 | €70,028 | -€93,351 | -57.1% |
| Financial charges | 65/66B | €338 | €202 | -€137 | -40.4% |
| Recurring financial charges | 65 | €338 | €202 | -€137 | -40.4% |
| Profit (loss) for the period before taxes | 9903 | €199,360 | €89,327 | -€110,032 | -55.2% |
| Income taxes | 67/77 | €35,186 | €20,485 | -€14,701 | -41.8% |
| Profit (loss) for the period | 9904 | €164,174 | €68,842 | -€95,331 | -58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €164,174 | €68,842 | -€95,331 | -58.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.