BEXCO: 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
BEXCO
NACE 13.940, Manufacture of textiles
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.8m
2024 · €4.4m-€1.5m
Equity
€15.4m
2024 · €14.6m+€807,849
Cash
€9.3m
2024 · €2.1m+€7.2m
Balance sheet total
€49.6m
2024 · €35.3m+€14.3m
Largest movements
Assets
- Cash +€7.2m
up €7.2m (+344%), from €2.1m to €9.3m
mainly Advances received (+€9.6m) and Trade debts (+€3.7m)
- Stocks and contracts +€5.8m
up €5.8m (+37.2%), from €15.7m to €21.5m
of which Stocks: +€5.7m
- Tangible fixed assets +€1.1m
up €1.1m (+11.8%), from €9.7m to €10.8m
of which Leasing and similar rights: +€3.0m
Equity and liabilities
- Advances received +€9.6m
up €9.6m (+188%), from €5.1m to €14.8m
- Trade debts +€3.7m
up €3.7m (+81.9%), from €4.5m to €8.1m
- Profit (loss) carried forward +€842,395
up €842,395 (+10.1%), from €8.4m to €9.2m
- Tax, wage and social debts -€666,020
down €666,020 (-21.3%), from €3.1m to €2.5m
of which Taxes: -€721,524
Income statement
- Turnover -€9.4m
down €9.4m (-19.1%), from €49.4m to €40.0m
- Goods and materials -€5.3m
down €5.3m (-20.6%), from €25.7m to €20.4m
of which Change in stocks: decrease (increase): -€4.9m
- Other operating charges -€1.1m
down €1.1m (-87.6%), from €1.3m to €156,421
- Other operating income +€1.0m
up €1.0m (+178%), from €567,074 to €1.6m
- Taxes -€637,900
down €637,900 (-42.8%), from €1.5m to €853,095
of which Taxes: -€677,057
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
€4.4m
Turnover
-€9.4m
Other operating income
+€1.0m
Goods and materials
+€5.3m
Services and other goods
-€376,392
Staff costs
-€61,732
Depreciation
-€76,723
Write-downs
+€304,128
Other operating charges
+€1.1m
Other operating items
-€269,096
Financial income
+€70,497
Financial charges
+€265,671
Taxes
+€637,900
Result 2025
€2.8m
raises the resultlowers the resultnot broken down further in the accounts
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
+€11.3m
Investment
-€2.5m
Financing
-€1.6m
Cash 2024
€2.1m
From operations (derived)
+€11.3m
Net result for the year
+€2.8m
Depreciation
+€951,858
Stocks and contracts
-€5.8m
Receivables within one year
+€126,947
Deferred charges and accrued income
+€180,181
Trade debts
+€3.7m
Tax, wage and social debts
-€666,020
Advances received
+€9.6m
Other debts
+€20,000
Accrued charges and deferred income
+€406,989
Investment (derived)
-€2.5m
Investment in fixed assets (net)
-€2.5m
Financing
-€1.6m
Debts after one year
+€360,163
Current portion of long-term debt
+€250,559
Short-term financial debts
-€156,990
Contributions, distributions and other
-€2.0m
Cash 2025
€9.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,324,995 | €49,637,003 | +€14.3m | +40.5% |
| Fixed assets | 21/28 | €9,893,633 | €11,454,428 | +€1.6m | +15.8% |
| Intangible fixed assets | 21 | €194,898 | €607,585 | +€412,687 | +212% |
| Tangible fixed assets | 22/27 | €9,695,938 | €10,844,046 | +€1.1m | +11.8% |
| Land and buildings | 22 | €2,004,329 | €1,886,816 | -€117,513 | -5.9% |
| Plant, machinery and equipment | 23 | €827,529 | €1,338,924 | +€511,396 | +61.8% |
| Furniture and vehicles | 24 | €100,931 | €57,304 | -€43,627 | -43.2% |
| Leasing and similar rights | 25 | €2,967,525 | €5,942,689 | +€3.0m | +100% |
| Other tangible fixed assets | 26 | €7,500 | €7,500 | = | 0.0% |
| Assets under construction and advance payments | 27 | €3,788,124 | €1,610,812 | -€2.2m | -57.5% |
| Financial fixed assets | 28 | €2,797 | €2,797 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,797 | €2,797 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,797 | €2,797 | = | 0.0% |
| Current assets | 29/58 | €25,431,363 | €38,182,575 | +€12.8m | +50.1% |
| Stocks and contracts in progress | 3 | €15,702,635 | €21,547,215 | +€5.8m | +37.2% |
| Stocks | 30/36 | €7,603,069 | €13,268,513 | +€5.7m | +74.5% |
| Raw materials and consumables | 30/31 | €3,951,928 | €7,148,137 | +€3.2m | +80.9% |
| Work in progress | 32 | €2,950,460 | €3,863,932 | +€913,472 | +31.0% |
| Finished goods | 33 | €190,499 | €633,023 | +€442,524 | +232% |
| Goods purchased for resale | 34 | €510,182 | €257,093 | -€253,090 | -49.6% |
| Advance payments | 36 | €0 | €1,366,328 | +€1.4m | |
| Contracts in progress | 37 | €8,099,565 | €8,278,702 | +€179,137 | +2.2% |
| Amounts receivable within one year | 40/41 | €7,353,440 | €7,226,492 | -€126,947 | -1.7% |
| Trade receivables | 40 | €6,503,243 | €6,942,468 | +€439,226 | +6.8% |
| Other amounts receivable | 41 | €850,197 | €284,024 | -€566,173 | -66.6% |
| Cash at bank and in hand | 54/58 | €2,096,203 | €9,309,964 | +€7.2m | +344% |
| Deferred charges and accrued income | 490/1 | €279,085 | €98,904 | -€180,181 | -64.6% |
| Total equity and liabilities | 10/49 | €35,324,995 | €49,637,003 | +€14.3m | +40.5% |
| Equity | 10/15 | €14,629,558 | €15,437,407 | +€807,849 | +5.5% |
| Contributions | 10/11 | €3,545,154 | €3,545,154 | = | 0.0% |
| Capital | 10 | €3,535,239 | €3,535,239 | = | 0.0% |
| Issued capital | 100 | €3,535,239 | €3,535,239 | = | 0.0% |
| Contributions outside capital | 11 | €9,916 | €9,916 | = | 0.0% |
| Share premium | 1100/10 | €9,916 | €9,916 | = | 0.0% |
| Reserves | 13 | €2,471,677 | €2,471,677 | = | 0.0% |
| Non-distributable reserves | 130/1 | €364,031 | €364,031 | = | 0.0% |
| Legal reserve | 130 | €364,031 | €364,031 | = | 0.0% |
| Tax-exempt reserves | 132 | €607,646 | €607,646 | = | 0.0% |
| Distributable reserves | 133 | €1,500,000 | €1,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,352,424 | €9,194,820 | +€842,395 | +10.1% |
| Investment grants | 15 | €260,302 | €225,756 | -€34,547 | -13.3% |
| Amounts payable | 17/49 | €20,695,437 | €34,199,596 | +€13.5m | +65.3% |
| Amounts payable after more than one year | 17 | €5,186,836 | €5,546,998 | +€360,163 | +6.9% |
| Financial debts | 170/4 | €5,186,836 | €5,546,998 | +€360,163 | +6.9% |
| Leasing and similar obligations | 172 | €4,992,228 | €5,387,830 | +€395,602 | +7.9% |
| Credit institutions | 173 | €194,608 | €159,168 | -€35,439 | -18.2% |
| Amounts payable within one year | 42/48 | €15,508,602 | €28,245,609 | +€12.7m | +82.1% |
| Current portion of amounts payable after more than one year | 42 | €397,275 | €647,833 | +€250,559 | +63.1% |
| Financial debts | 43 | €156,990 | €0 | -€156,990 | -100% |
| Credit institutions | 430/8 | €156,990 | €0 | -€156,990 | -100% |
| Trade debts | 44 | €4,463,122 | €8,118,207 | +€3.7m | +81.9% |
| Suppliers | 440/4 | €4,463,122 | €8,118,207 | +€3.7m | +81.9% |
| Advances received on contracts in progress | 46 | €5,136,159 | €14,770,532 | +€9.6m | +188% |
| Taxes, remuneration and social security | 45 | €3,127,293 | €2,461,273 | -€666,020 | -21.3% |
| Taxes | 450/3 | €1,757,779 | €1,036,255 | -€721,524 | -41.0% |
| Remuneration and social security | 454/9 | €1,369,514 | €1,425,017 | +€55,504 | +4.1% |
| Other amounts payable | 47/48 | €2,227,763 | €2,247,763 | +€20,000 | +0.9% |
| Accrued charges and deferred income | 492/3 | €0 | €406,989 | +€406,989 | |
| Operating income | 70/76A | €52,209,754 | €43,526,307 | -€8.7m | -16.6% |
| Turnover | 70 | €49,437,698 | €40,012,412 | -€9.4m | -19.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €2,078,656 | €1,448,950 | -€629,705 | -30.3% |
| Own construction capitalised | 72 | - | €479,226 | +€479,226 | |
| Other operating income | 74 | €567,074 | €1,578,010 | +€1.0m | +178% |
| Non-recurring operating income | 76A | €126,327 | €7,710 | -€118,617 | -93.9% |
| Operating charges | 60/66A | €45,724,782 | €39,547,895 | -€6.2m | -13.5% |
| Goods for resale, raw materials and consumables | 60 | €25,653,733 | €20,375,216 | -€5.3m | -20.6% |
| Purchases | 600/8 | €23,591,551 | €23,198,090 | -€393,460 | -1.7% |
| Change in stocks: decrease (increase) | 609 | €2,062,182 | -€2,822,875 | -€4.9m | |
| Services and other goods | 61 | €8,938,450 | €9,314,842 | +€376,392 | +4.2% |
| Remuneration, social security and pensions | 62 | €8,770,030 | €8,831,763 | +€61,732 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €875,134 | €951,858 | +€76,723 | +8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €221,924 | -€82,205 | -€304,128 | |
| Other operating charges | 640/8 | €1,265,511 | €156,421 | -€1.1m | -87.6% |
| Operating profit (loss) | 9901 | €6,484,972 | €3,978,413 | -€2.5m | -38.7% |
| Financial income | 75/76B | €236,398 | €306,895 | +€70,497 | +29.8% |
| Recurring financial income | 75 | €236,398 | €306,895 | +€70,497 | +29.8% |
| Income from current assets | 751 | €21,274 | €45,254 | +€23,980 | +113% |
| Other financial income | 752/9 | €215,125 | €261,641 | +€46,516 | +21.6% |
| Financial charges | 65/66B | €855,489 | €589,818 | -€265,671 | -31.1% |
| Recurring financial charges | 65 | €855,489 | €589,818 | -€265,671 | -31.1% |
| Debt charges | 650 | €492,211 | €137,487 | -€354,724 | -72.1% |
| Other financial charges | 652/9 | €363,278 | €452,331 | +€89,053 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €5,865,882 | €3,695,490 | -€2.2m | -37.0% |
| Income taxes | 67/77 | €1,490,994 | €853,095 | -€637,900 | -42.8% |
| Taxes | 670/3 | €1,543,970 | €866,913 | -€677,057 | -43.9% |
| Tax adjustments and reversals of tax provisions | 77 | €52,976 | €13,818 | -€39,158 | -73.9% |
| Profit (loss) for the period | 9904 | €4,374,887 | €2,842,395 | -€1.5m | -35.0% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €4,374,887 | €2,842,395 | -€1.5m | -35.0% |
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 16 October 2026 via checked.be.