BEX: 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.
BEX
Largest movements
- Stocks and contracts -€32,675
down €32,675 (-65.6%), from €49,792 to €17,118
of which Contracts in progress: -€24,598
- Receivables within one year -€2,994
down €2,994 (-28.4%), from €10,535 to €7,541
of which Other amounts receivable: -€1,850
- Tangible fixed assets -€2,877
down €2,877 (-29.0%), from €9,930 to €7,053
- Deferred charges and accrued income +€2,568
up €2,568 (+334.8%), from €767 to €3,335
- Profit (loss) carried forward -€45,414
down €45,414 (-117.0%), from -€38,819 to -€84,233
- Other debts +€31,223
up €31,223 (+319.1%), from €9,785 to €41,008
- Trade debts -€21,725
down €21,725 (-82.3%), from €26,393 to €4,668
- Short-term financial debts +€8,747
up €8,747 (+73.9%), from €11,841 to €20,588
- Tax, wage and social debts -€5,705
down €5,705 (-68.4%), from €8,346 to €2,641
of which Remuneration and social security: -€5,800
- Gross operating margin -€35,997
down €35,997, from €377 to -€35,619
- Depreciation +€672
up €672 (+25.3%), from €2,659 to €3,331
- Financial charges +€385
up €385 (+11.3%), from €3,406 to €3,791
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 | €71,836 | €35,453 | -€36,383 | -50.6% |
| Fixed assets | 21/28 | €9,930 | €7,053 | -€2,877 | -29.0% |
| Tangible fixed assets | 22/27 | €9,930 | €7,053 | -€2,877 | -29.0% |
| Land and buildings | 22 | €5,483 | €4,150 | -€1,333 | -24.3% |
| Plant, machinery and equipment | 23 | €1,443 | €1,170 | -€273 | -18.9% |
| Furniture and vehicles | 24 | €3,004 | €1,733 | -€1,271 | -42.3% |
| Current assets | 29/58 | €61,906 | €28,400 | -€33,506 | -54.1% |
| Stocks and contracts in progress | 3 | €49,792 | €17,118 | -€32,675 | -65.6% |
| Stocks | 30/36 | €10,421 | €2,345 | -€8,076 | -77.5% |
| Contracts in progress | 37 | €39,371 | €14,773 | -€24,598 | -62.5% |
| Amounts receivable within one year | 40/41 | €10,535 | €7,541 | -€2,994 | -28.4% |
| Trade receivables | 40 | €6,544 | €5,400 | -€1,145 | -17.5% |
| Other amounts receivable | 41 | €3,991 | €2,141 | -€1,850 | -46.3% |
| Cash at bank and in hand | 54/58 | €812 | €406 | -€405 | -49.9% |
| Deferred charges and accrued income | 490/1 | €767 | €3,335 | +€2,568 | +334.8% |
| Total equity and liabilities | 10/49 | €71,836 | €35,453 | -€36,383 | -50.6% |
| Equity | 10/15 | €11,962 | -€33,452 | -€45,414 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,181 | €32,181 | = | 0.0% |
| Distributable reserves | 133 | €32,181 | €32,181 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,819 | -€84,233 | -€45,414 | -117.0% |
| Amounts payable | 17/49 | €59,875 | €68,906 | +€9,031 | +15.1% |
| Amounts payable within one year | 42/48 | €56,365 | €68,906 | +€12,540 | +22.2% |
| Financial debts | 43 | €11,841 | €20,588 | +€8,747 | +73.9% |
| Credit institutions | 430/8 | €11,841 | €20,588 | +€8,747 | +73.9% |
| Trade debts | 44 | €26,393 | €4,668 | -€21,725 | -82.3% |
| Suppliers | 440/4 | €26,393 | €4,668 | -€21,725 | -82.3% |
| Taxes, remuneration and social security | 45 | €8,346 | €2,641 | -€5,705 | -68.4% |
| Taxes | 450/3 | €2,546 | €2,641 | +€95 | +3.7% |
| Remuneration and social security | 454/9 | €5,800 | - | -€5,800 | |
| Other amounts payable | 47/48 | €9,785 | €41,008 | +€31,223 | +319.1% |
| Accrued charges and deferred income | 492/3 | €3,509 | - | -€3,509 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,659 | €3,331 | +€672 | +25.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27 | - | -€27 | |
| Other operating charges | 640/8 | €2,284 | €2,219 | -€65 | -2.8% |
| Gross operating margin | 9900 | €377 | -€35,619 | -€35,997 | |
| Operating profit (loss) | 9901 | -€4,592 | -€41,169 | -€36,577 | -796.6% |
| Financial income | 75/76B | €448 | €199 | -€250 | -55.7% |
| Recurring financial income | 75 | €448 | €199 | -€250 | -55.7% |
| Financial charges | 65/66B | €3,406 | €3,791 | +€385 | +11.3% |
| Recurring financial charges | 65 | €3,406 | €3,791 | +€385 | +11.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,549 | -€44,761 | -€37,212 | -492.9% |
| Income taxes | 67/77 | €681 | €653 | -€28 | -4.1% |
| Profit (loss) for the period | 9904 | -€8,230 | -€45,414 | -€37,184 | -451.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,230 | -€45,414 | -€37,184 | -451.8% |
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 30 September 2026 via checked.be.