BM: 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.
BM
Largest movements
- Cash +€66,093
up €66,093 (+311.9%), from €21,188 to €87,282
mainly Net result for the year (+€51,384) and Depreciation (+€26,992)
- Tangible fixed assets -€32,179
down €32,179 (-10.2%), from €314,361 to €282,182
of which Land and buildings: -€21,257
- Deferred charges and accrued income -€11,868
no longer reported in 2025 (was €11,868)
- Reserves +€44,828
up €44,828 (+84.6%), from €52,995 to €97,824
- Other debts -€17,776
down €17,776 (-70.3%), from €25,296 to €7,519
- Debts after one year -€14,935
down €14,935 (-8.8%), from €168,932 to €153,996
- Profit (loss) carried forward +€6,555
no longer reported in 2025 (was -€6,555)
- Tax, wage and social debts +€5,898
up €5,898 (+45.4%), from €12,991 to €18,889
of which Taxes: +€6,039
- Gross operating margin +€51,916
up €51,916 (+78.7%), from €65,996 to €117,912
- Taxes +€20,725
up €20,725 (+525.4%), from €3,945 to €24,670
- Depreciation -€3,454
down €3,454 (-11.3%), from €30,445 to €26,992
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 | €349,581 | €370,434 | +€20,853 | +6.0% |
| Fixed assets | 21/28 | €314,361 | €282,182 | -€32,179 | -10.2% |
| Tangible fixed assets | 22/27 | €314,361 | €282,182 | -€32,179 | -10.2% |
| Land and buildings | 22 | €300,646 | €279,390 | -€21,257 | -7.1% |
| Plant, machinery and equipment | 23 | €2,911 | €1,878 | -€1,033 | -35.5% |
| Furniture and vehicles | 24 | €10,804 | €915 | -€9,889 | -91.5% |
| Current assets | 29/58 | €35,220 | €88,252 | +€53,033 | +150.6% |
| Amounts receivable within one year | 40/41 | €2,164 | €970 | -€1,193 | -55.2% |
| Trade receivables | 40 | €2,164 | €970 | -€1,193 | -55.2% |
| Cash at bank and in hand | 54/58 | €21,188 | €87,282 | +€66,093 | +311.9% |
| Deferred charges and accrued income | 490/1 | €11,868 | - | -€11,868 | |
| Total equity and liabilities | 10/49 | €349,581 | €370,434 | +€20,853 | +6.0% |
| Equity | 10/15 | €123,535 | €174,918 | +€51,384 | +41.6% |
| Contributions | 10/11 | €77,095 | €77,095 | = | 0.0% |
| Reserves | 13 | €52,995 | €97,824 | +€44,828 | +84.6% |
| Distributable reserves | 133 | €52,995 | €97,824 | +€44,828 | +84.6% |
| Profit (loss) carried forward | 14 | -€6,555 | - | +€6,555 | |
| Amounts payable | 17/49 | €226,046 | €195,515 | -€30,531 | -13.5% |
| Amounts payable after more than one year | 17 | €168,932 | €153,996 | -€14,935 | -8.8% |
| Financial debts | 170/4 | €168,932 | €153,996 | -€14,935 | -8.8% |
| Amounts payable within one year | 42/48 | €57,114 | €41,519 | -€15,595 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €16,211 | €14,935 | -€1,276 | -7.9% |
| Trade debts | 44 | €2,616 | €175 | -€2,441 | -93.3% |
| Suppliers | 440/4 | €2,616 | €175 | -€2,441 | -93.3% |
| Taxes, remuneration and social security | 45 | €12,991 | €18,889 | +€5,898 | +45.4% |
| Taxes | 450/3 | €6,270 | €12,309 | +€6,039 | +96.3% |
| Remuneration and social security | 454/9 | €6,721 | €6,580 | -€141 | -2.1% |
| Other amounts payable | 47/48 | €25,296 | €7,519 | -€17,776 | -70.3% |
| Non-recurring operating income | 76A | - | €4,465 | +€4,465 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,445 | €26,992 | -€3,454 | -11.3% |
| Other operating charges | 640/8 | €7,901 | €8,027 | +€126 | +1.6% |
| Gross operating margin | 9900 | €65,996 | €117,912 | +€51,916 | +78.7% |
| Operating profit (loss) | 9901 | €27,650 | €82,894 | +€55,244 | +199.8% |
| Financial income | 75/76B | €103 | €743 | +€640 | +621.8% |
| Recurring financial income | 75 | €103 | €743 | +€640 | +621.8% |
| Financial charges | 65/66B | €8,131 | €7,583 | -€547 | -6.7% |
| Recurring financial charges | 65 | €8,131 | €7,583 | -€547 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €19,622 | €76,053 | +€56,431 | +287.6% |
| Income taxes | 67/77 | €3,945 | €24,670 | +€20,725 | +525.4% |
| Profit (loss) for the period | 9904 | €15,677 | €51,384 | +€35,706 | +227.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,677 | €51,384 | +€35,706 | +227.8% |
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 5 October 2026 via checked.be.