Benoit Menschaert: 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 Menschaert
Largest movements
- Current investments +€520,000
up €520,000 (+208%), from €250,000 to €770,000
- Receivables within one year -€41,400
down €41,400 (-98.6%), from €41,973 to €573
of which Trade receivables: -€41,400
- Tangible fixed assets -€13,979
down €13,979 (-2.8%), from €502,664 to €488,685
of which Furniture and vehicles: -€9,794
- Other debts +€301,433
up €301,433 (+155%), from €194,814 to €496,247
- Reserves +€163,000
up €163,000 (+44.2%), from €369,000 to €532,000
of which Distributable reserves: +€163,000
- Tax, wage and social debts +€34,655
up €34,655 (+58.3%), from €59,403 to €94,058
- Gross operating margin +€83,806
up €83,806 (+30.4%), from €275,241 to €359,047
- Taxes +€38,815
up €38,815 (+72.3%), from €53,719 to €92,534
- Financial charges -€24,923
down €24,923 (-80.4%), from €30,992 to €6,069
- Financial income +€8,931
up €8,931 (+173%), from €5,161 to €14,092
- Other operating charges -€4,018
down €4,018 (-29.0%), from €13,858 to €9,840
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 | €846,850 | €1,321,902 | +€475,052 | +56.1% |
| Fixed assets | 21/28 | €502,664 | €488,685 | -€13,979 | -2.8% |
| Tangible fixed assets | 22/27 | €502,664 | €488,685 | -€13,979 | -2.8% |
| Land and buildings | 22 | €451,059 | €447,670 | -€3,389 | -0.8% |
| Plant, machinery and equipment | 23 | €4,385 | €3,589 | -€796 | -18.2% |
| Furniture and vehicles | 24 | €47,220 | €37,426 | -€9,794 | -20.7% |
| Current assets | 29/58 | €344,186 | €833,217 | +€489,031 | +142% |
| Amounts receivable within one year | 40/41 | €41,973 | €573 | -€41,400 | -98.6% |
| Trade receivables | 40 | €41,400 | - | -€41,400 | |
| Other amounts receivable | 41 | €573 | €573 | = | 0.0% |
| Current investments | 50/53 | €250,000 | €770,000 | +€520,000 | +208% |
| Cash at bank and in hand | 54/58 | €49,708 | €60,086 | +€10,378 | +20.9% |
| Deferred charges and accrued income | 490/1 | €2,505 | €2,558 | +€53 | +2.1% |
| Total equity and liabilities | 10/49 | €846,850 | €1,321,902 | +€475,052 | +56.1% |
| Equity | 10/15 | €539,726 | €703,732 | +€164,006 | +30.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €369,000 | €532,000 | +€163,000 | +44.2% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €364,000 | €527,000 | +€163,000 | +44.8% |
| Profit (loss) carried forward | 14 | €120,726 | €121,732 | +€1,006 | +0.8% |
| Amounts payable | 17/49 | €307,124 | €618,170 | +€311,046 | +101% |
| Amounts payable after more than one year | 17 | €7,839 | - | -€7,839 | |
| Financial debts | 170/4 | €7,839 | - | -€7,839 | |
| Amounts payable within one year | 42/48 | €276,215 | €598,144 | +€321,929 | +117% |
| Current portion of amounts payable after more than one year | 42 | €12,985 | €7,839 | -€5,146 | -39.6% |
| Trade debts | 44 | €9,013 | - | -€9,013 | |
| Suppliers | 440/4 | €9,013 | - | -€9,013 | |
| Taxes, remuneration and social security | 45 | €59,403 | €94,058 | +€34,655 | +58.3% |
| Taxes | 450/3 | €59,403 | €94,058 | +€34,655 | +58.3% |
| Other amounts payable | 47/48 | €194,814 | €496,247 | +€301,433 | +155% |
| Accrued charges and deferred income | 492/3 | €23,070 | €20,026 | -€3,044 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,589 | €48,690 | +€1,101 | +2.3% |
| Other operating charges | 640/8 | €13,858 | €9,840 | -€4,018 | -29.0% |
| Gross operating margin | 9900 | €275,241 | €359,047 | +€83,806 | +30.4% |
| Operating profit (loss) | 9901 | €213,794 | €300,517 | +€86,723 | +40.6% |
| Financial income | 75/76B | €5,161 | €14,092 | +€8,931 | +173% |
| Recurring financial income | 75 | €5,161 | €14,092 | +€8,931 | +173% |
| Financial charges | 65/66B | €30,992 | €6,069 | -€24,923 | -80.4% |
| Recurring financial charges | 65 | €30,992 | €6,069 | -€24,923 | -80.4% |
| Profit (loss) for the period before taxes | 9903 | €187,963 | €308,540 | +€120,577 | +64.1% |
| Income taxes | 67/77 | €53,719 | €92,534 | +€38,815 | +72.3% |
| Profit (loss) for the period | 9904 | €134,244 | €216,006 | +€81,762 | +60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €134,244 | €216,006 | +€81,762 | +60.9% |
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 18 October 2026 via checked.be.