Benoît Magerman: 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.
Benoît Magerman
Largest movements
- Cash +€90,365
up €90,365 (+2563.5%), from €3,525 to €93,890
mainly Receivables within one year (+€76,981) and Investment in fixed assets (net) (+€25,438)
- Receivables within one year -€76,981
down €76,981 (-88.5%), from €86,978 to €9,997
of which Other amounts receivable: -€68,288
- Tangible fixed assets -€31,489
down €31,489 (-64.9%), from €48,486 to €16,997
of which Other tangible fixed assets: -€32,030
- Financial fixed assets +€3,000
up €3,000 (+3000.0%), from €100 to €3,100
- Deferred charges and accrued income -€1,900
down €1,900 (-21.8%), from €8,700 to €6,800
- Profit (loss) carried forward -€8,836
down €8,836 (-7.6%), from €115,846 to €107,010
- Tax, wage and social debts -€7,644
down €7,644 (-60.7%), from €12,587 to €4,943
- Trade debts -€3,065
down €3,065 (-66.1%), from €4,634 to €1,569
- Other debts +€1,695
up €1,695 (+367.0%), from €462 to €2,156
- Gross operating margin -€28,340
down €28,340, from €23,904 to -€4,436
- Taxes -€6,111
no longer reported in 2025 (was €6,111)
- Financial income -€3,154
down €3,154 (-100.0%), from €3,154 to €0
- Other operating charges +€488
up €488 (+127.0%), from €384 to €873
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 | €147,789 | €130,784 | -€17,005 | -11.5% |
| Fixed assets | 21/28 | €48,586 | €20,097 | -€28,489 | -58.6% |
| Tangible fixed assets | 22/27 | €48,486 | €16,997 | -€31,489 | -64.9% |
| Plant, machinery and equipment | 23 | €15,483 | €13,686 | -€1,798 | -11.6% |
| Furniture and vehicles | 24 | €973 | €3,312 | +€2,339 | +240.4% |
| Other tangible fixed assets | 26 | €32,030 | - | -€32,030 | |
| Financial fixed assets | 28 | €100 | €3,100 | +€3,000 | +3000.0% |
| Current assets | 29/58 | €99,203 | €110,687 | +€11,484 | +11.6% |
| Amounts receivable within one year | 40/41 | €86,978 | €9,997 | -€76,981 | -88.5% |
| Trade receivables | 40 | €18,690 | €9,997 | -€8,694 | -46.5% |
| Other amounts receivable | 41 | €68,288 | - | -€68,288 | |
| Cash at bank and in hand | 54/58 | €3,525 | €93,890 | +€90,365 | +2563.5% |
| Deferred charges and accrued income | 490/1 | €8,700 | €6,800 | -€1,900 | -21.8% |
| Total equity and liabilities | 10/49 | €147,789 | €130,784 | -€17,005 | -11.5% |
| Equity | 10/15 | €130,106 | €121,270 | -€8,836 | -6.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,846 | €107,010 | -€8,836 | -7.6% |
| Amounts payable | 17/49 | €17,684 | €9,514 | -€8,169 | -46.2% |
| Amounts payable within one year | 42/48 | €17,684 | €8,669 | -€9,015 | -51.0% |
| Trade debts | 44 | €4,634 | €1,569 | -€3,065 | -66.1% |
| Suppliers | 440/4 | €4,634 | €1,569 | -€3,065 | -66.1% |
| Taxes, remuneration and social security | 45 | €12,587 | €4,943 | -€7,644 | -60.7% |
| Taxes | 450/3 | €12,587 | €4,943 | -€7,644 | -60.7% |
| Other amounts payable | 47/48 | €462 | €2,156 | +€1,695 | +367.0% |
| Accrued charges and deferred income | 492/3 | - | €845 | +€845 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,858 | €3,051 | +€194 | +6.8% |
| Other operating charges | 640/8 | €384 | €873 | +€488 | +127.0% |
| Gross operating margin | 9900 | €23,904 | -€4,436 | -€28,340 | |
| Operating profit (loss) | 9901 | €20,662 | -€8,360 | -€29,022 | |
| Financial income | 75/76B | €3,154 | €0 | -€3,154 | -100.0% |
| Recurring financial income | 75 | €3,154 | €0 | -€3,154 | -100.0% |
| Financial charges | 65/66B | €473 | €476 | +€3 | +0.6% |
| Recurring financial charges | 65 | €473 | €476 | +€3 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €23,344 | -€8,836 | -€32,179 | |
| Income taxes | 67/77 | €6,111 | - | -€6,111 | |
| Profit (loss) for the period | 9904 | €17,232 | -€8,836 | -€26,068 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,232 | -€8,836 | -€26,068 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.