BM: 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.
BM
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts -€114,016
down €114,016 (-52.7%), from €216,320 to €102,304
- Profit (loss) carried forward +€61,468
up €61,468 (+82.8%), from -€74,193 to -€12,725
- Trade debts +€55,178
up €55,178 (+229%), from €24,079 to €79,257
- Gross operating margin +€77,704
up €77,704, from -€1,036 to €76,668
- Financial charges -€30,039
down €30,039 (-99.4%), from €30,211 to €173
of which Non-recurring financial charges: -€30,000
- Write-downs +€30,000
no longer reported in 2025 (was -€30,000)
- Financial income -€4,641
down €4,641 (-68.5%), from €6,775 to €2,135
- Taxes +€2,005
up €2,005 (+781%), from €257 to €2,261
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,762,892 | €1,757,336 | -€5,556 | -0.3% |
| Fixed assets | 21/28 | €1,705,520 | €1,691,108 | -€14,411 | -0.8% |
| Intangible fixed assets | 21 | €23,934 | €11,934 | -€12,000 | -50.1% |
| Tangible fixed assets | 22/27 | €3,089 | €677 | -€2,411 | -78.1% |
| Plant, machinery and equipment | 23 | €1,267 | €677 | -€590 | -46.6% |
| Furniture and vehicles | 24 | €1,822 | - | -€1,822 | |
| Financial fixed assets | 28 | €1,678,497 | €1,678,497 | = | 0.0% |
| Current assets | 29/58 | €57,372 | €66,228 | +€8,856 | +15.4% |
| Amounts receivable within one year | 40/41 | €55,578 | €60,904 | +€5,326 | +9.6% |
| Trade receivables | 40 | - | €40,000 | +€40,000 | |
| Other amounts receivable | 41 | €55,578 | €20,904 | -€34,674 | -62.4% |
| Cash at bank and in hand | 54/58 | €1,794 | €5,324 | +€3,530 | +197% |
| Total equity and liabilities | 10/49 | €1,762,892 | €1,757,336 | -€5,556 | -0.3% |
| Equity | 10/15 | €581,070 | €642,538 | +€61,468 | +10.6% |
| Contributions | 10/11 | €655,263 | €655,263 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,193 | -€12,725 | +€61,468 | +82.8% |
| Amounts payable | 17/49 | €1,181,822 | €1,114,799 | -€67,024 | -5.7% |
| Amounts payable after more than one year | 17 | €940,958 | €930,976 | -€9,982 | -1.1% |
| Financial debts | 170/4 | €940,958 | €930,976 | -€9,982 | -1.1% |
| Amounts payable within one year | 42/48 | €240,864 | €183,822 | -€57,042 | -23.7% |
| Trade debts | 44 | €24,079 | €79,257 | +€55,178 | +229% |
| Suppliers | 440/4 | €24,079 | €79,257 | +€55,178 | +229% |
| Taxes, remuneration and social security | 45 | €465 | €2,261 | +€1,797 | +387% |
| Taxes | 450/3 | €465 | €2,261 | +€1,797 | +387% |
| Other amounts payable | 47/48 | €216,320 | €102,304 | -€114,016 | -52.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,047 | €14,411 | -€636 | -4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€30,000 | - | +€30,000 | |
| Other operating charges | 640/8 | €497 | €489 | -€7 | -1.5% |
| Gross operating margin | 9900 | -€1,036 | €76,668 | +€77,704 | |
| Operating profit (loss) | 9901 | €13,420 | €61,767 | +€48,347 | +360% |
| Financial income | 75/76B | €6,775 | €2,135 | -€4,641 | -68.5% |
| Recurring financial income | 75 | €6,775 | €2,135 | -€4,641 | -68.5% |
| Financial charges | 65/66B | €30,211 | €173 | -€30,039 | -99.4% |
| Recurring financial charges | 65 | €211 | €173 | -€39 | -18.3% |
| Non-recurring financial charges | 66B | €30,000 | - | -€30,000 | |
| Profit (loss) for the period before taxes | 9903 | -€10,016 | €63,730 | +€73,745 | |
| Income taxes | 67/77 | €257 | €2,261 | +€2,005 | +781% |
| Profit (loss) for the period | 9904 | -€10,272 | €61,468 | +€71,741 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,272 | €61,468 | +€71,741 |
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 26 October 2026 via checked.be.