BENOIT GOEMANS: 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 GOEMANS
Largest movements
- Tangible fixed assets -€72,814
down €72,814 (-5.5%), from €1.3m to €1.2m
of which Leasing and similar rights: -€44,932
- Receivables within one year +€40,369
up €40,369 (+10.6%), from €381,183 to €421,552
of which Trade receivables: +€42,329
- Debts after one year -€97,214
down €97,214 (-11.4%), from €849,114 to €751,899
- Other debts +€53,554
up €53,554 (+77.4%), from €69,181 to €122,736
- Trade debts -€22,992
down €22,992 (-24.4%), from €94,199 to €71,207
- Current portion of long-term debt +€21,027
up €21,027 (+21.7%), from €96,914 to €117,941
- Short-term financial debts +€18,650
new in 2025: €18,650
- Gross operating margin +€8,154
up €8,154 (+3.2%), from €250,959 to €259,114
- Financial charges -€6,533
down €6,533 (-22.1%), from €29,518 to €22,985
- Depreciation +€5,112
up €5,112 (+7.6%), from €67,702 to €72,814
- Financial income -€3,638
down €3,638 (-72.1%), from €5,045 to €1,407
- Staff costs +€3,173
new in 2025: €3,173
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 | €1,707,985 | €1,675,749 | -€32,236 | -1.9% |
| Fixed assets | 21/28 | €1,313,000 | €1,240,187 | -€72,814 | -5.5% |
| Tangible fixed assets | 22/27 | €1,312,450 | €1,239,637 | -€72,814 | -5.5% |
| Land and buildings | 22 | €818,622 | €794,359 | -€24,263 | -3.0% |
| Plant, machinery and equipment | 23 | €3,327 | €1,767 | -€1,560 | -46.9% |
| Furniture and vehicles | 24 | €7,558 | €5,499 | -€2,059 | -27.2% |
| Leasing and similar rights | 25 | €482,943 | €438,011 | -€44,932 | -9.3% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €394,985 | €435,563 | +€40,578 | +10.3% |
| Amounts receivable within one year | 40/41 | €381,183 | €421,552 | +€40,369 | +10.6% |
| Trade receivables | 40 | €154,532 | €196,861 | +€42,329 | +27.4% |
| Other amounts receivable | 41 | €226,652 | €224,691 | -€1,960 | -0.9% |
| Current investments | 50/53 | €2,640 | €2,640 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,546 | €8,636 | +€90 | +1.0% |
| Deferred charges and accrued income | 490/1 | €2,616 | €2,735 | +€119 | +4.6% |
| Total equity and liabilities | 10/49 | €1,707,985 | €1,675,749 | -€32,236 | -1.9% |
| Equity | 10/15 | €452,626 | €441,928 | -€10,698 | -2.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €372,626 | €361,928 | -€10,698 | -2.9% |
| Distributable reserves | 133 | €372,626 | €361,928 | -€10,698 | -2.9% |
| Provisions and deferred taxes | 16 | €80,000 | €80,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €80,000 | €80,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €80,000 | €80,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,175,359 | €1,153,822 | -€21,538 | -1.8% |
| Amounts payable after more than one year | 17 | €849,114 | €751,899 | -€97,214 | -11.4% |
| Financial debts | 170/4 | €849,114 | €751,899 | -€97,214 | -11.4% |
| Amounts payable within one year | 42/48 | €319,951 | €397,128 | +€77,177 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €96,914 | €117,941 | +€21,027 | +21.7% |
| Financial debts | 43 | - | €18,650 | +€18,650 | |
| Credit institutions | 430/8 | - | €18,650 | +€18,650 | |
| Trade debts | 44 | €94,199 | €71,207 | -€22,992 | -24.4% |
| Suppliers | 440/4 | €94,199 | €71,207 | -€22,992 | -24.4% |
| Advances received on contracts in progress | 46 | €32,461 | €35,607 | +€3,146 | +9.7% |
| Taxes, remuneration and social security | 45 | €27,196 | €30,987 | +€3,792 | +13.9% |
| Taxes | 450/3 | €27,196 | €30,987 | +€3,792 | +13.9% |
| Other amounts payable | 47/48 | €69,181 | €122,736 | +€53,554 | +77.4% |
| Accrued charges and deferred income | 492/3 | €6,295 | €4,795 | -€1,500 | -23.8% |
| Remuneration, social security and pensions | 62 | - | €3,173 | +€3,173 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,702 | €72,814 | +€5,112 | +7.6% |
| Other operating charges | 640/8 | €8,550 | €10,010 | +€1,460 | +17.1% |
| Gross operating margin | 9900 | €250,959 | €259,114 | +€8,154 | +3.2% |
| Operating profit (loss) | 9901 | €174,707 | €173,118 | -€1,590 | -0.9% |
| Financial income | 75/76B | €5,045 | €1,407 | -€3,638 | -72.1% |
| Recurring financial income | 75 | €5,045 | €1,407 | -€3,638 | -72.1% |
| Financial charges | 65/66B | €29,518 | €22,985 | -€6,533 | -22.1% |
| Recurring financial charges | 65 | €29,518 | €22,985 | -€6,533 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €150,234 | €151,540 | +€1,306 | +0.9% |
| Income taxes | 67/77 | €44,801 | €44,838 | +€37 | +0.1% |
| Profit (loss) for the period | 9904 | €105,433 | €106,702 | +€1,269 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €105,433 | €106,702 | +€1,269 | +1.2% |
Source: filed annual accounts (NBB), fiscal years ended 15 December 2024 and 15 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.