BENOIT FERON: what changed
Two fiscal 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 FERON
Largest movements
- Tangible fixed assets -€22,505
down €22,505 (-4.5%), from €500,705 to €478,200
of which Land and buildings: -€26,316
- Receivables within one year -€22,251
down €22,251 (-3.6%), from €613,202 to €590,952
of which Trade receivables: -€17,894
- Debts after one year -€57,108
down €57,108 (-44.6%), from €128,114 to €71,006
- Current portion of long-term debt +€19,157
up €19,157 (+34.9%), from €54,852 to €74,009
- Gross operating margin -€151,624
down €151,624 (-38.8%), from €390,385 to €238,761
- Depreciation -€63,634
down €63,634 (-65.5%), from €97,209 to €33,574
- Taxes -€23,113
down €23,113 (-28.0%), from €82,647 to €59,534
- Financial charges -€21,216
down €21,216 (-47.3%), from €44,857 to €23,641
- Financial income -€11,959
down €11,959 (-36.5%), from €32,780 to €20,821
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 | €1,200,296 | €1,152,914 | -€47,382 | -3.9% |
| Fixed assets | 21/28 | €505,138 | €482,633 | -€22,505 | -4.5% |
| Tangible fixed assets | 22/27 | €500,705 | €478,200 | -€22,505 | -4.5% |
| Land and buildings | 22 | €424,052 | €397,736 | -€26,316 | -6.2% |
| Plant, machinery and equipment | 23 | €5,789 | €10,921 | +€5,132 | +88.7% |
| Furniture and vehicles | 24 | €3,908 | €3,261 | -€647 | -16.5% |
| Other tangible fixed assets | 26 | €66,957 | €66,282 | -€674 | -1.0% |
| Financial fixed assets | 28 | €4,433 | €4,433 | = | 0.0% |
| Current assets | 29/58 | €695,158 | €670,280 | -€24,877 | -3.6% |
| Amounts receivable within one year | 40/41 | €613,202 | €590,952 | -€22,251 | -3.6% |
| Trade receivables | 40 | €25,583 | €7,690 | -€17,894 | -69.9% |
| Other amounts receivable | 41 | €587,619 | €583,262 | -€4,357 | -0.7% |
| Cash at bank and in hand | 54/58 | €71,551 | €65,997 | -€5,555 | -7.8% |
| Deferred charges and accrued income | 490/1 | €10,404 | €13,332 | +€2,928 | +28.1% |
| Total equity and liabilities | 10/49 | €1,200,296 | €1,152,914 | -€47,382 | -3.9% |
| Equity | 10/15 | €630,597 | €632,471 | +€1,874 | +0.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €577,959 | €579,829 | +€1,870 | +0.3% |
| Distributable reserves | 133 | €577,959 | €579,829 | +€1,870 | +0.3% |
| Profit (loss) carried forward | 14 | €34,046 | €34,050 | +€4 | 0.0% |
| Amounts payable | 17/49 | €569,699 | €520,442 | -€49,256 | -8.6% |
| Amounts payable after more than one year | 17 | €128,114 | €71,006 | -€57,108 | -44.6% |
| Financial debts | 170/4 | €128,114 | €71,006 | -€57,108 | -44.6% |
| Amounts payable within one year | 42/48 | €441,584 | €445,742 | +€4,158 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €54,852 | €74,009 | +€19,157 | +34.9% |
| Financial debts | 43 | €300,000 | €300,000 | = | 0.0% |
| Credit institutions | 430/8 | €300,000 | €300,000 | = | 0.0% |
| Trade debts | 44 | €13,651 | €5,109 | -€8,542 | -62.6% |
| Suppliers | 440/4 | €13,651 | €5,109 | -€8,542 | -62.6% |
| Taxes, remuneration and social security | 45 | €73,082 | €66,625 | -€6,457 | -8.8% |
| Taxes | 450/3 | €73,082 | €66,625 | -€6,457 | -8.8% |
| Accrued charges and deferred income | 492/3 | - | €3,694 | +€3,694 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,209 | €33,574 | -€63,634 | -65.5% |
| Other operating charges | 640/8 | €13,337 | €5,959 | -€7,377 | -55.3% |
| Gross operating margin | 9900 | €390,385 | €238,761 | -€151,624 | -38.8% |
| Operating profit (loss) | 9901 | €279,840 | €199,228 | -€80,612 | -28.8% |
| Financial income | 75/76B | €32,780 | €20,821 | -€11,959 | -36.5% |
| Recurring financial income | 75 | €32,780 | €20,821 | -€11,959 | -36.5% |
| Financial charges | 65/66B | €44,857 | €23,641 | -€21,216 | -47.3% |
| Recurring financial charges | 65 | €44,857 | €23,641 | -€21,216 | -47.3% |
| Profit (loss) for the period before taxes | 9903 | €267,762 | €196,408 | -€71,354 | -26.6% |
| Income taxes | 67/77 | €82,647 | €59,534 | -€23,113 | -28.0% |
| Profit (loss) for the period | 9904 | €185,115 | €136,874 | -€48,241 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €185,115 | €136,874 | -€48,241 | -26.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.