BENWATCH: 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.
BENWATCH
Largest movements
- Stocks and contracts -€55,425
down €55,425 (-15.5%), from €358,665 to €303,240
- Profit (loss) carried forward -€64,092
down €64,092, from €26,725 to -€37,367
- Current portion of long-term debt +€17,000
up €17,000 (+7.8%), from €218,000 to €235,000
- Trade debts -€7,345
no longer reported in 2025 (was €7,345)
- Gross operating margin -€46,425
down €46,425, from €85 to -€46,340
- Financial charges -€5,693
down €5,693 (-36.0%), from €15,795 to €10,102
of which Financial charges: -€5,558
- Other operating charges +€5,357
up €5,357 (+951.5%), from €563 to €5,920
- Depreciation -€1,125
down €1,125 (-39.3%), from €2,865 to €1,740
- Taxes -€713
no longer reported in 2025 (was €713)
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 | €388,221 | €331,094 | -€57,127 | -14.7% |
| Fixed assets | 21/28 | €5,271 | €3,531 | -€1,740 | -33.0% |
| Tangible fixed assets | 22/27 | €5,221 | €3,481 | -€1,740 | -33.3% |
| Furniture and vehicles | 24 | €5,221 | €3,481 | -€1,740 | -33.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €382,950 | €327,563 | -€55,387 | -14.5% |
| Stocks and contracts in progress | 3 | €358,665 | €303,240 | -€55,425 | -15.5% |
| Stocks | 30/36 | €358,665 | €303,240 | -€55,425 | -15.5% |
| Cash at bank and in hand | 54/58 | €24,285 | €24,323 | +€38 | +0.2% |
| Total equity and liabilities | 10/49 | €388,221 | €331,094 | -€57,127 | -14.7% |
| Equity | 10/15 | €114,725 | €50,633 | -€64,092 | -55.9% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €8,000 | €8,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Legal reserve | 130 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,725 | -€37,367 | -€64,092 | |
| Amounts payable | 17/49 | €273,496 | €280,461 | +€6,965 | +2.5% |
| Amounts payable within one year | 42/48 | €272,896 | €279,861 | +€6,965 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €218,000 | €235,000 | +€17,000 | +7.8% |
| Trade debts | 44 | €7,345 | - | -€7,345 | |
| Suppliers | 440/4 | €7,345 | - | -€7,345 | |
| Taxes, remuneration and social security | 45 | €441 | €81 | -€360 | -81.6% |
| Taxes | 450/3 | €441 | €81 | -€360 | -81.6% |
| Other amounts payable | 47/48 | €47,110 | €44,780 | -€2,330 | -4.9% |
| Accrued charges and deferred income | 492/3 | €600 | €600 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,865 | €1,740 | -€1,125 | -39.3% |
| Other operating charges | 640/8 | €563 | €5,920 | +€5,357 | +951.5% |
| Gross operating margin | 9900 | €85 | -€46,340 | -€46,425 | |
| Operating profit (loss) | 9901 | -€3,343 | -€54,000 | -€50,657 | -1515.3% |
| Financial income | 75/76B | €7 | €10 | +€3 | +42.9% |
| Recurring financial income | 75 | €7 | €10 | +€3 | +42.9% |
| Financial charges | 65/66B | €15,795 | €10,102 | -€5,693 | -36.0% |
| Recurring financial charges | 65 | €15,539 | €9,981 | -€5,558 | -35.8% |
| Non-recurring financial charges | 66B | €256 | €121 | -€135 | -52.7% |
| Profit (loss) for the period before taxes | 9903 | -€19,131 | -€64,092 | -€44,961 | -235.0% |
| Income taxes | 67/77 | €713 | - | -€713 | |
| Profit (loss) for the period | 9904 | -€19,844 | -€64,092 | -€44,248 | -223.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,844 | -€64,092 | -€44,248 | -223.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.