BENTHAM: 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.
BENTHAM
Largest movements
- Cash -€151,372
down €151,372 (-26.4%), from €574,340 to €422,968
mainly Net result for the year (-€121,282) and Investment in fixed assets (net) (-€103,766)
- Receivables within one year +€38,477
up €38,477 (+22.0%), from €174,996 to €213,474
of which Trade receivables: +€37,851
- Reserves -€121,282
down €121,282 (-4.6%), from €2.7m to €2.5m
of which Distributable reserves: -€121,282
- Financial income -€83,745
down €83,745 (-84.7%), from €98,901 to €15,156
of which Non-recurring financial income: -€70,620
- Gross operating margin -€38,884
down €38,884, from €7,397 to -€31,487
- Taxes -€6,362
down €6,362 (-95.9%), from €6,635 to €273
- Other operating charges +€703
up €703 (+5.8%), from €12,130 to €12,832
- Financial charges +€697
up €697 (+29.0%), from €2,401 to €3,098
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 | €2,696,057 | €2,598,180 | -€97,877 | -3.6% |
| Fixed assets | 21/28 | €1,946,721 | €1,961,738 | +€15,018 | +0.8% |
| Tangible fixed assets | 22/27 | €571,671 | €586,213 | +€14,542 | +2.5% |
| Land and buildings | 22 | €526,171 | €568,293 | +€42,121 | +8.0% |
| Plant, machinery and equipment | 23 | €431 | €217 | -€214 | -49.7% |
| Furniture and vehicles | 24 | €31,119 | €4,473 | -€26,646 | -85.6% |
| Other tangible fixed assets | 26 | €13,230 | €13,230 | = | 0.0% |
| Assets under construction and advance payments | 27 | €719 | €0 | -€719 | -100% |
| Financial fixed assets | 28 | €1,375,050 | €1,375,526 | +€476 | 0.0% |
| Current assets | 29/58 | €749,337 | €636,442 | -€112,895 | -15.1% |
| Amounts receivable within one year | 40/41 | €174,996 | €213,474 | +€38,477 | +22.0% |
| Trade receivables | 40 | €28,217 | €66,068 | +€37,851 | +134% |
| Other amounts receivable | 41 | €146,779 | €147,405 | +€627 | +0.4% |
| Cash at bank and in hand | 54/58 | €574,340 | €422,968 | -€151,372 | -26.4% |
| Total equity and liabilities | 10/49 | €2,696,057 | €2,598,180 | -€97,877 | -3.6% |
| Equity | 10/15 | €2,683,620 | €2,562,338 | -€121,282 | -4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,665,020 | €2,543,738 | -€121,282 | -4.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €2,588,160 | €2,466,878 | -€121,282 | -4.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Amounts payable | 17/49 | €12,437 | €35,842 | +€23,405 | +188% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €12,437 | €27,342 | +€14,905 | +120% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €3,213 | €0 | -€3,213 | -100% |
| Credit institutions | 430/8 | €3,213 | €0 | -€3,213 | -100% |
| Trade debts | 44 | €9,224 | €22,469 | +€13,245 | +144% |
| Suppliers | 440/4 | €9,224 | €22,469 | +€13,245 | +144% |
| Taxes, remuneration and social security | 45 | €0 | €4,873 | +€4,873 | |
| Taxes | 450/3 | €0 | €4,873 | +€4,873 | |
| Accrued charges and deferred income | 492/3 | - | €8,500 | +€8,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,843 | €88,748 | -€95 | -0.1% |
| Other operating charges | 640/8 | €12,130 | €12,832 | +€703 | +5.8% |
| Non-recurring operating charges | 66A | €6,485 | €0 | -€6,485 | -100% |
| Gross operating margin | 9900 | €7,397 | -€31,487 | -€38,884 | |
| Operating profit (loss) | 9901 | -€100,060 | -€133,067 | -€33,007 | -33.0% |
| Financial income | 75/76B | €98,901 | €15,156 | -€83,745 | -84.7% |
| Recurring financial income | 75 | €28,281 | €15,156 | -€13,125 | -46.4% |
| Non-recurring financial income | 76B | €70,620 | €0 | -€70,620 | -100% |
| Financial charges | 65/66B | €2,401 | €3,098 | +€697 | +29.0% |
| Recurring financial charges | 65 | €2,401 | €3,098 | +€697 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,559 | -€121,009 | -€117,449 | -3,300% |
| Income taxes | 67/77 | €6,635 | €273 | -€6,362 | -95.9% |
| Profit (loss) for the period | 9904 | -€10,194 | -€121,282 | -€111,087 | -1,090% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,194 | -€121,282 | -€111,087 | -1,090% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.