BENOIT MOREAUX: 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 MOREAUX
Largest movements
- Tangible fixed assets +€211,290
up €211,290 (+109%), from €193,913 to €405,204
of which Land and buildings: +€215,693
- Current investments -€114,872
down €114,872 (-39.1%), from €293,885 to €179,014
- Cash +€111,225
up €111,225 (+167%), from €66,732 to €177,957
mainly Debts after one year (+€129,916) and Current investments (+€114,872)
- Debts after one year +€129,916
up €129,916 (+98.4%), from €132,017 to €261,933
of which Financial debts: +€128,546
- Other debts +€63,078
up €63,078 (+530%), from €11,892 to €74,969
- Trade debts -€12,924
down €12,924 (-88.0%), from €14,688 to €1,764
- Reserves +€12,156
up €12,156 (+3.1%), from €397,534 to €409,690
- Current portion of long-term debt +€8,261
up €8,261 (+112%), from €7,361 to €15,622
- Gross operating margin -€39,040
down €39,040 (-22.2%), from €175,546 to €136,506
- Depreciation +€35,617
up €35,617 (+405%), from €8,797 to €44,414
- Taxes -€23,604
down €23,604 (-57.7%), from €40,914 to €17,310
- Financial charges +€5,434
up €5,434 (+175%), from €3,109 to €8,543
- Financial income -€2,406
down €2,406 (-52.2%), from €4,613 to €2,207
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 | €597,416 | €795,680 | +€198,263 | +33.2% |
| Fixed assets | 21/28 | €193,913 | €405,204 | +€211,290 | +109% |
| Tangible fixed assets | 22/27 | €193,913 | €405,204 | +€211,290 | +109% |
| Land and buildings | 22 | €177,265 | €392,958 | +€215,693 | +122% |
| Plant, machinery and equipment | 23 | €373 | €19 | -€354 | -94.9% |
| Furniture and vehicles | 24 | €8,494 | €5,950 | -€2,544 | -30.0% |
| Other tangible fixed assets | 26 | €7,781 | €6,277 | -€1,504 | -19.3% |
| Current assets | 29/58 | €403,503 | €390,476 | -€13,027 | -3.2% |
| Amounts receivable within one year | 40/41 | €38,306 | €30,501 | -€7,805 | -20.4% |
| Trade receivables | 40 | €35,858 | €17,152 | -€18,706 | -52.2% |
| Other amounts receivable | 41 | €2,448 | €13,349 | +€10,901 | +445% |
| Current investments | 50/53 | €293,885 | €179,014 | -€114,872 | -39.1% |
| Cash at bank and in hand | 54/58 | €66,732 | €177,957 | +€111,225 | +167% |
| Deferred charges and accrued income | 490/1 | €4,581 | €3,004 | -€1,576 | -34.4% |
| Total equity and liabilities | 10/49 | €597,416 | €795,680 | +€198,263 | +33.2% |
| Equity | 10/15 | €416,134 | €428,290 | +€12,156 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €397,534 | €409,690 | +€12,156 | +3.1% |
| Distributable reserves | 133 | €397,534 | €409,690 | +€12,156 | +3.1% |
| Amounts payable | 17/49 | €181,282 | €367,389 | +€186,107 | +103% |
| Amounts payable after more than one year | 17 | €132,017 | €261,933 | +€129,916 | +98.4% |
| Financial debts | 170/4 | €130,837 | €259,383 | +€128,546 | +98.2% |
| Other amounts payable | 178/9 | €1,180 | €2,550 | +€1,370 | +116% |
| Amounts payable within one year | 42/48 | €49,265 | €105,456 | +€56,191 | +114% |
| Current portion of amounts payable after more than one year | 42 | €7,361 | €15,622 | +€8,261 | +112% |
| Trade debts | 44 | €14,688 | €1,764 | -€12,924 | -88.0% |
| Suppliers | 440/4 | €14,688 | €1,764 | -€12,924 | -88.0% |
| Taxes, remuneration and social security | 45 | €15,324 | €13,100 | -€2,224 | -14.5% |
| Taxes | 450/3 | €15,324 | €13,100 | -€2,224 | -14.5% |
| Other amounts payable | 47/48 | €11,892 | €74,969 | +€63,078 | +530% |
| Non-recurring operating income | 76A | €6,057 | - | -€6,057 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,797 | €44,414 | +€35,617 | +405% |
| Other operating charges | 640/8 | €949 | €790 | -€160 | -16.8% |
| Gross operating margin | 9900 | €175,546 | €136,506 | -€39,040 | -22.2% |
| Operating profit (loss) | 9901 | €165,800 | €91,303 | -€74,497 | -44.9% |
| Financial income | 75/76B | €4,613 | €2,207 | -€2,406 | -52.2% |
| Recurring financial income | 75 | €4,613 | €2,207 | -€2,406 | -52.2% |
| Financial charges | 65/66B | €3,109 | €8,543 | +€5,434 | +175% |
| Recurring financial charges | 65 | €3,109 | €8,543 | +€5,434 | +175% |
| Profit (loss) for the period before taxes | 9903 | €167,303 | €84,967 | -€82,336 | -49.2% |
| Income taxes | 67/77 | €40,914 | €17,310 | -€23,604 | -57.7% |
| Profit (loss) for the period | 9904 | €126,389 | €67,656 | -€58,732 | -46.5% |
| Profit (loss) for the period to be appropriated | 9905 | €126,389 | €67,656 | -€58,732 | -46.5% |
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 16 October 2026 via checked.be.