BENOIT FORGEUR: 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 FORGEUR
Largest movements
- Cash +€227,491
up €227,491 (+45.7%), from €497,248 to €724,738
mainly Net result for the year (+€361,433) and Debts after one year (+€101,162)
- Tangible fixed assets +€97,072
up €97,072 (+9.5%), from €1.0m to €1.1m
of which Land and buildings: +€128,428
- Reserves +€200,000
up €200,000 (+22.7%), from €879,132 to €1.1m
of which Distributable reserves: +€200,000
- Profit (loss) carried forward +€161,433
up €161,433 (+8.6%), from €1.9m to €2.0m
- Debts after one year +€101,162
up €101,162 (+46.2%), from €219,092 to €320,253
- Tax, wage and social debts -€63,200
down €63,200 (-86.2%), from €73,311 to €10,112
of which Taxes: -€62,274
- Gross operating margin +€145,835
up €145,835 (+31.9%), from €457,797 to €603,631
- Taxes +€31,771
up €31,771 (+28.6%), from €111,193 to €142,964
- Depreciation +€22,570
up €22,570 (+30.9%), from €73,141 to €95,711
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 | €4,306,597 | €4,700,204 | +€393,606 | +9.1% |
| Fixed assets | 21/28 | €3,362,466 | €3,496,842 | +€134,376 | +4.0% |
| Tangible fixed assets | 22/27 | €1,019,707 | €1,116,779 | +€97,072 | +9.5% |
| Land and buildings | 22 | €938,787 | €1,067,215 | +€128,428 | +13.7% |
| Furniture and vehicles | 24 | €79,820 | €48,464 | -€31,356 | -39.3% |
| Other tangible fixed assets | 26 | €1,100 | €1,100 | = | 0.0% |
| Financial fixed assets | 28 | €2,342,759 | €2,380,063 | +€37,304 | +1.6% |
| Current assets | 29/58 | €944,131 | €1,203,362 | +€259,230 | +27.5% |
| Amounts receivable within one year | 40/41 | €433,725 | €471,561 | +€37,836 | +8.7% |
| Trade receivables | 40 | €18,525 | €37,704 | +€19,180 | +104% |
| Other amounts receivable | 41 | €415,200 | €433,857 | +€18,657 | +4.5% |
| Current investments | 50/53 | €519 | €514 | -€5 | -1.0% |
| Cash at bank and in hand | 54/58 | €497,248 | €724,738 | +€227,491 | +45.7% |
| Deferred charges and accrued income | 490/1 | €12,639 | €6,548 | -€6,092 | -48.2% |
| Total equity and liabilities | 10/49 | €4,306,597 | €4,700,204 | +€393,606 | +9.1% |
| Equity | 10/15 | €3,499,409 | €3,860,842 | +€361,433 | +10.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €734,400 | €734,400 | = | 0.0% |
| Reserves | 13 | €879,132 | €1,079,132 | +€200,000 | +22.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €40,490 | €40,490 | = | 0.0% |
| Distributable reserves | 133 | €836,783 | €1,036,783 | +€200,000 | +23.9% |
| Profit (loss) carried forward | 14 | €1,867,285 | €2,028,718 | +€161,433 | +8.6% |
| Provisions and deferred taxes | 16 | €271,430 | €271,430 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €271,430 | €271,430 | = | 0.0% |
| Pensions and similar obligations | 160 | €271,430 | €271,430 | = | 0.0% |
| Amounts payable | 17/49 | €535,758 | €567,931 | +€32,173 | +6.0% |
| Amounts payable after more than one year | 17 | €219,092 | €320,253 | +€101,162 | +46.2% |
| Financial debts | 170/4 | €219,092 | €320,253 | +€101,162 | +46.2% |
| Amounts payable within one year | 42/48 | €300,194 | €234,193 | -€66,001 | -22.0% |
| Current portion of amounts payable after more than one year | 42 | €47,970 | €48,838 | +€868 | +1.8% |
| Trade debts | 44 | €21,895 | €36,636 | +€14,741 | +67.3% |
| Suppliers | 440/4 | €21,895 | €36,636 | +€14,741 | +67.3% |
| Taxes, remuneration and social security | 45 | €73,311 | €10,112 | -€63,200 | -86.2% |
| Taxes | 450/3 | €68,968 | €6,694 | -€62,274 | -90.3% |
| Remuneration and social security | 454/9 | €4,343 | €3,418 | -€926 | -21.3% |
| Other amounts payable | 47/48 | €157,018 | €138,607 | -€18,411 | -11.7% |
| Accrued charges and deferred income | 492/3 | €16,472 | €13,485 | -€2,987 | -18.1% |
| Remuneration, social security and pensions | 62 | €18,151 | €20,307 | +€2,155 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,141 | €95,711 | +€22,570 | +30.9% |
| Other operating charges | 640/8 | €8,874 | €9,919 | +€1,045 | +11.8% |
| Gross operating margin | 9900 | €457,797 | €603,631 | +€145,835 | +31.9% |
| Operating profit (loss) | 9901 | €357,630 | €477,694 | +€120,063 | +33.6% |
| Financial income | 75/76B | €42,747 | €43,403 | +€656 | +1.5% |
| Recurring financial income | 75 | €42,747 | €43,403 | +€656 | +1.5% |
| Financial charges | 65/66B | €21,671 | €16,699 | -€4,972 | -22.9% |
| Recurring financial charges | 65 | €21,671 | €16,699 | -€4,972 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €378,707 | €504,397 | +€125,691 | +33.2% |
| Income taxes | 67/77 | €111,193 | €142,964 | +€31,771 | +28.6% |
| Profit (loss) for the period | 9904 | €267,513 | €361,433 | +€93,920 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €267,513 | €361,433 | +€93,920 | +35.1% |
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 13 October 2026 via checked.be.