Bentropy Research: 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.
Bentropy Research
Largest movements
- Current investments +€55,034
up €55,034 (+32.5%), from €169,342 to €224,376
- Cash +€25,453
up €25,453 (+204%), from €12,475 to €37,928
mainly Net result for the year (+€94,084) and Other debts (+€73,919)
- Receivables within one year -€4,896
down €4,896 (-28.3%), from €17,324 to €12,427
of which Trade receivables: -€9,296
- Other debts +€73,919
new in 2025: €73,919
- Gross operating margin +€32,785
up €32,785 (+34.6%), from €94,791 to €127,576
- Taxes +€6,054
up €6,054 (+23.3%), from €25,954 to €32,008
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 | €201,692 | €274,778 | +€73,086 | +36.2% |
| Fixed assets | 21/28 | €2,551 | €47 | -€2,504 | -98.2% |
| Tangible fixed assets | 22/27 | €2,504 | - | -€2,504 | |
| Furniture and vehicles | 24 | €2,504 | - | -€2,504 | |
| Financial fixed assets | 28 | €47 | €47 | = | 0.0% |
| Current assets | 29/58 | €199,141 | €274,731 | +€75,591 | +38.0% |
| Amounts receivable within one year | 40/41 | €17,324 | €12,427 | -€4,896 | -28.3% |
| Trade receivables | 40 | €17,260 | €7,964 | -€9,296 | -53.9% |
| Other amounts receivable | 41 | €64 | €4,463 | +€4,400 | +6,895% |
| Current investments | 50/53 | €169,342 | €224,376 | +€55,034 | +32.5% |
| Cash at bank and in hand | 54/58 | €12,475 | €37,928 | +€25,453 | +204% |
| Total equity and liabilities | 10/49 | €201,692 | €274,778 | +€73,086 | +36.2% |
| Equity | 10/15 | €189,455 | €190,038 | +€584 | +0.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €183,000 | €183,000 | = | 0.0% |
| Distributable reserves | 133 | €183,000 | €183,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,455 | €2,038 | +€584 | +40.1% |
| Amounts payable | 17/49 | €12,237 | €84,740 | +€72,503 | +592% |
| Amounts payable within one year | 42/48 | €12,237 | €84,740 | +€72,503 | +592% |
| Trade debts | 44 | €848 | €1,265 | +€417 | +49.1% |
| Suppliers | 440/4 | €848 | €1,265 | +€417 | +49.1% |
| Taxes, remuneration and social security | 45 | €11,389 | €9,556 | -€1,833 | -16.1% |
| Taxes | 450/3 | €11,389 | €9,556 | -€1,833 | -16.1% |
| Other amounts payable | 47/48 | - | €73,919 | +€73,919 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,679 | €2,504 | -€175 | -6.5% |
| Other operating charges | 640/8 | €387 | €481 | +€94 | +24.3% |
| Gross operating margin | 9900 | €94,791 | €127,576 | +€32,785 | +34.6% |
| Operating profit (loss) | 9901 | €91,725 | €124,590 | +€32,866 | +35.8% |
| Financial income | 75/76B | €1,733 | €1,571 | -€162 | -9.4% |
| Recurring financial income | 75 | €1,733 | €1,571 | -€162 | -9.4% |
| Financial charges | 65/66B | €691 | €70 | -€622 | -89.9% |
| Recurring financial charges | 65 | €691 | €70 | -€622 | -89.9% |
| Profit (loss) for the period before taxes | 9903 | €92,766 | €126,091 | +€33,325 | +35.9% |
| Income taxes | 67/77 | €25,954 | €32,008 | +€6,054 | +23.3% |
| Profit (loss) for the period | 9904 | €66,813 | €94,084 | +€27,271 | +40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €66,813 | €94,084 | +€27,271 | +40.8% |
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 27 October 2026 via checked.be.