Bex Projects: 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 Projects
Largest movements
- Stocks and contracts -€348,529
down €348,529 (-37.6%), from €926,479 to €577,949
- Cash -€149,189
down €149,189 (-90.0%), from €165,810 to €16,621
mainly Debts after one year (-€525,875) and Investment in fixed assets (net) (-€109,372)
- Tangible fixed assets +€103,929
up €103,929 (+1642.1%), from €6,329 to €110,258
of which Land and buildings: +€95,542
- Current investments -€17,108
down €17,108 (-33.7%), from €50,750 to €33,642
- Debts after one year -€525,875
down €525,875 (-42.5%), from €1.2m to €711,112
- Other debts +€139,556
up €139,556 (+5454.5%), from €2,559 to €142,115
- Current portion of long-term debt -€28,231
down €28,231 (-45.2%), from €62,411 to €34,179
- Gross operating margin +€152,460
up €152,460, from -€72,265 to €80,195
- Financial charges +€64,384
up €64,384, from -€2,392 to €61,992
- Depreciation +€1,151
up €1,151 (+26.8%), from €4,292 to €5,443
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 | €1,224,432 | €820,071 | -€404,361 | -33.0% |
| Fixed assets | 21/28 | €6,329 | €110,258 | +€103,929 | +1642.1% |
| Tangible fixed assets | 22/27 | €6,329 | €110,258 | +€103,929 | +1642.1% |
| Land and buildings | 22 | - | €95,542 | +€95,542 | |
| Plant, machinery and equipment | 23 | €661 | €2 | -€659 | -99.7% |
| Furniture and vehicles | 24 | €5,479 | €14,595 | +€9,116 | +166.4% |
| Other tangible fixed assets | 26 | €189 | €119 | -€70 | -37.1% |
| Current assets | 29/58 | €1,218,103 | €709,813 | -€508,290 | -41.7% |
| Stocks and contracts in progress | 3 | €926,479 | €577,949 | -€348,529 | -37.6% |
| Stocks | 30/36 | €926,479 | €577,949 | -€348,529 | -37.6% |
| Amounts receivable within one year | 40/41 | €71,370 | €79,560 | +€8,190 | +11.5% |
| Trade receivables | 40 | €18,812 | €17,514 | -€1,299 | -6.9% |
| Other amounts receivable | 41 | €52,558 | €62,046 | +€9,489 | +18.1% |
| Current investments | 50/53 | €50,750 | €33,642 | -€17,108 | -33.7% |
| Cash at bank and in hand | 54/58 | €165,810 | €16,621 | -€149,189 | -90.0% |
| Deferred charges and accrued income | 490/1 | €3,695 | €2,041 | -€1,654 | -44.8% |
| Total equity and liabilities | 10/49 | €1,224,432 | €820,071 | -€404,361 | -33.0% |
| Equity | 10/15 | -€98,234 | -€86,771 | +€11,463 | +11.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €6,680 | €6,680 | = | 0.0% |
| Distributable reserves | 133 | €6,680 | €6,680 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€106,913 | -€95,451 | +€11,463 | +10.7% |
| Amounts payable | 17/49 | €1,322,666 | €906,842 | -€415,824 | -31.4% |
| Amounts payable after more than one year | 17 | €1,236,987 | €711,112 | -€525,875 | -42.5% |
| Financial debts | 170/4 | €1,236,987 | €711,112 | -€525,875 | -42.5% |
| Amounts payable within one year | 42/48 | €84,588 | €194,639 | +€110,051 | +130.1% |
| Current portion of amounts payable after more than one year | 42 | €62,411 | €34,179 | -€28,231 | -45.2% |
| Trade debts | 44 | €14,642 | €5,312 | -€9,329 | -63.7% |
| Suppliers | 440/4 | €14,642 | €5,312 | -€9,329 | -63.7% |
| Taxes, remuneration and social security | 45 | €4,977 | €13,033 | +€8,056 | +161.8% |
| Taxes | 450/3 | €2,619 | €5,725 | +€3,106 | +118.6% |
| Remuneration and social security | 454/9 | €2,359 | €7,308 | +€4,950 | +209.9% |
| Other amounts payable | 47/48 | €2,559 | €142,115 | +€139,556 | +5454.5% |
| Accrued charges and deferred income | 492/3 | €1,091 | €1,091 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,292 | €5,443 | +€1,151 | +26.8% |
| Other operating charges | 640/8 | €1,075 | €1,240 | +€166 | +15.4% |
| Gross operating margin | 9900 | -€72,265 | €80,195 | +€152,460 | |
| Operating profit (loss) | 9901 | -€77,632 | €73,511 | +€151,143 | |
| Financial income | 75/76B | €144 | €132 | -€12 | -8.2% |
| Recurring financial income | 75 | €144 | €132 | -€12 | -8.2% |
| Financial charges | 65/66B | -€2,392 | €61,992 | +€64,384 | |
| Recurring financial charges | 65 | -€2,392 | €61,992 | +€64,384 | |
| Profit (loss) for the period before taxes | 9903 | -€75,096 | €11,651 | +€86,747 | |
| Income taxes | 67/77 | €194 | €188 | -€6 | -3.0% |
| Profit (loss) for the period | 9904 | -€75,290 | €11,463 | +€86,753 | |
| Profit (loss) for the period to be appropriated | 9905 | -€75,290 | €11,463 | +€86,753 |
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 5 October 2026 via checked.be.