BENZA: 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.
What changed
BENZA
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€15,589
2024 · -€393-€15,196
Equity
€306,140
2024 · €427,470-€121,330
Cash
€55,802
2024 · €69,258-€13,457
Balance sheet total
€2.2m
2024 · €2.2m-€15,430
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts +€209,187
up €209,187 (+49.1%), from €426,184 to €635,370
- Reserves -€110,125
down €110,125 (-57.4%), from €191,972 to €81,847
of which Distributable reserves: -€105,742
- Debts after one year -€65,000
down €65,000 (-5.0%), from €1.3m to €1.2m
- Trade debts -€33,245
down €33,245 (-100%), from €33,245 to €0
Income statement
- Depreciation +€20,901
up €20,901 (+88.5%), from €23,608 to €44,509
- Financial charges -€7,022
down €7,022 (-9.6%), from €73,142 to €66,120
- Taxes -€4,616
down €4,616 (-100%), from €4,616 to €0
- Gross operating margin -€3,968
down €3,968 (-3.0%), from €134,041 to €130,073
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.
Result 2024
-€393
Gross operating margin
-€3,968
Depreciation
-€20,901
Other operating charges
-€679
Financial income
-€1,285
Financial charges
+€7,022
Taxes
+€4,616
Result 2025
-€15,589
raises the resultlowers the result
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.
From operations
+€187,768
Investment
-€26,050
Financing
-€175,175
Cash 2024
€69,258
From operations (derived)
+€187,768
Net result for the year
-€15,589
Depreciation
+€44,509
Receivables within one year
-€16,486
Provisions
-€1,096
Trade debts
-€33,245
Tax, wage and social debts
-€1,718
Other debts
+€209,187
Accrued charges and deferred income
+€2,207
Investment (derived)
-€26,050
Investment in fixed assets (net)
-€26,050
Financing
-€175,175
Debts after one year
-€65,000
Current portion of long-term debt
-€4,433
Contributions, distributions and other
-€105,742
Cash 2025
€55,802
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,208,458 | €2,193,028 | -€15,430 | -0.7% |
| Fixed assets | 21/28 | €2,112,279 | €2,093,820 | -€18,459 | -0.9% |
| Tangible fixed assets | 22/27 | €1,990,179 | €1,971,720 | -€18,459 | -0.9% |
| Land and buildings | 22 | €1,986,816 | €1,965,030 | -€21,786 | -1.1% |
| Plant, machinery and equipment | 23 | €3,363 | €6,689 | +€3,326 | +98.9% |
| Financial fixed assets | 28 | €122,100 | €122,100 | = | 0.0% |
| Current assets | 29/58 | €96,178 | €99,208 | +€3,029 | +3.1% |
| Amounts receivable within one year | 40/41 | €26,920 | €43,406 | +€16,486 | +61.2% |
| Trade receivables | 40 | €2,420 | €38,406 | +€35,986 | +1,487% |
| Other amounts receivable | 41 | €24,500 | €5,000 | -€19,500 | -79.6% |
| Cash at bank and in hand | 54/58 | €69,258 | €55,802 | -€13,457 | -19.4% |
| Total equity and liabilities | 10/49 | €2,208,458 | €2,193,028 | -€15,430 | -0.7% |
| Equity | 10/15 | €427,470 | €306,140 | -€121,330 | -28.4% |
| Contributions | 10/11 | €235,499 | €235,499 | = | 0.0% |
| Capital | 10 | €235,499 | €235,499 | = | 0.0% |
| Issued capital | 100 | €235,499 | €235,499 | = | 0.0% |
| Reserves | 13 | €191,972 | €81,847 | -€110,125 | -57.4% |
| Non-distributable reserves | 130/1 | €10,625 | €10,625 | = | 0.0% |
| Legal reserve | 130 | €10,625 | €10,625 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,915 | €17,532 | -€4,383 | -20.0% |
| Distributable reserves | 133 | €159,432 | €53,690 | -€105,742 | -66.3% |
| Profit (loss) carried forward | 14 | - | -€11,206 | -€11,206 | |
| Provisions and deferred taxes | 16 | €5,479 | €4,383 | -€1,096 | -20.0% |
| Deferred taxes | 168 | €5,479 | €4,383 | -€1,096 | -20.0% |
| Amounts payable | 17/49 | €1,775,508 | €1,882,505 | +€106,996 | +6.0% |
| Amounts payable after more than one year | 17 | €1,300,000 | €1,235,000 | -€65,000 | -5.0% |
| Financial debts | 170/4 | €1,300,000 | €1,235,000 | -€65,000 | -5.0% |
| Amounts payable within one year | 42/48 | €470,315 | €640,105 | +€169,790 | +36.1% |
| Current portion of amounts payable after more than one year | 42 | €4,433 | €0 | -€4,433 | -100% |
| Trade debts | 44 | €33,245 | €0 | -€33,245 | -100% |
| Suppliers | 440/4 | €33,245 | €0 | -€33,245 | -100% |
| Taxes, remuneration and social security | 45 | €6,453 | €4,734 | -€1,718 | -26.6% |
| Taxes | 450/3 | €6,453 | €4,734 | -€1,718 | -26.6% |
| Other amounts payable | 47/48 | €426,184 | €635,370 | +€209,187 | +49.1% |
| Accrued charges and deferred income | 492/3 | €5,193 | €7,400 | +€2,207 | +42.5% |
| Non-recurring operating income | 76A | €13,141 | €0 | -€13,141 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,608 | €44,509 | +€20,901 | +88.5% |
| Other operating charges | 640/8 | €36,350 | €37,029 | +€679 | +1.9% |
| Gross operating margin | 9900 | €134,041 | €130,073 | -€3,968 | -3.0% |
| Operating profit (loss) | 9901 | €74,083 | €48,535 | -€25,548 | -34.5% |
| Financial income | 75/76B | €2,185 | €900 | -€1,285 | -58.8% |
| Recurring financial income | 75 | €2,185 | €900 | -€1,285 | -58.8% |
| Financial charges | 65/66B | €73,142 | €66,120 | -€7,022 | -9.6% |
| Recurring financial charges | 65 | €73,142 | €66,120 | -€7,022 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €3,127 | -€16,685 | -€19,811 | |
| Transfer from deferred taxes | 780 | €1,096 | €1,096 | = | 0.0% |
| Income taxes | 67/77 | €4,616 | €0 | -€4,616 | -100% |
| Profit (loss) for the period | 9904 | -€393 | -€15,589 | -€15,196 | -3,865% |
| Transfer from tax-exempt reserves | 789 | €4,383 | €4,383 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,990 | -€11,206 | -€15,196 |
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 13 October 2026 via checked.be.