BM ANTWERPEN: 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 ANTWERPEN
Largest movements
- Stocks and contracts -€231,467
down €231,467 (-38.3%), from €604,464 to €372,997
- Receivables within one year -€153,331
down €153,331 (-67.5%), from €227,052 to €73,721
of which Other amounts receivable: -€98,573
- Tangible fixed assets -€43,583
down €43,583 (-28.2%), from €154,592 to €111,009
- Cash -€11,022
down €11,022 (-52.8%), from €20,861 to €9,839
mainly Trade debts (-€231,097) and Net result for the year (-€156,822)
- Trade debts -€231,097
down €231,097 (-46.0%), from €502,496 to €271,400
- Profit (loss) carried forward -€156,822
down €156,822 (-596%), from -€26,295 to -€183,117
- Debts after one year -€24,288
down €24,288 (-26.1%), from €93,123 to €68,836
- Gross operating margin -€140,713
down €140,713 (-40.4%), from €348,398 to €207,685
- Staff costs -€43,527
down €43,527 (-13.3%), from €326,385 to €282,859
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 | €1,007,816 | €572,769 | -€435,047 | -43.2% |
| Fixed assets | 21/28 | €155,342 | €111,759 | -€43,583 | -28.1% |
| Tangible fixed assets | 22/27 | €154,592 | €111,009 | -€43,583 | -28.2% |
| Plant, machinery and equipment | 23 | €16,112 | €7,763 | -€8,349 | -51.8% |
| Furniture and vehicles | 24 | €42,029 | €24,818 | -€17,211 | -40.9% |
| Other tangible fixed assets | 26 | €96,451 | €78,428 | -€18,023 | -18.7% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €852,474 | €461,010 | -€391,464 | -45.9% |
| Stocks and contracts in progress | 3 | €604,464 | €372,997 | -€231,467 | -38.3% |
| Stocks | 30/36 | €604,464 | €372,997 | -€231,467 | -38.3% |
| Amounts receivable within one year | 40/41 | €227,052 | €73,721 | -€153,331 | -67.5% |
| Trade receivables | 40 | €78,188 | €23,430 | -€54,758 | -70.0% |
| Other amounts receivable | 41 | €148,864 | €50,291 | -€98,573 | -66.2% |
| Cash at bank and in hand | 54/58 | €20,861 | €9,839 | -€11,022 | -52.8% |
| Deferred charges and accrued income | 490/1 | €98 | €4,453 | +€4,355 | +4,449% |
| Total equity and liabilities | 10/49 | €1,007,816 | €572,769 | -€435,047 | -43.2% |
| Equity | 10/15 | €73,705 | -€83,117 | -€156,822 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€26,295 | -€183,117 | -€156,822 | -596% |
| Amounts payable | 17/49 | €934,111 | €655,886 | -€278,225 | -29.8% |
| Amounts payable after more than one year | 17 | €93,123 | €68,836 | -€24,288 | -26.1% |
| Financial debts | 170/4 | €93,123 | €68,836 | -€24,288 | -26.1% |
| Amounts payable within one year | 42/48 | €840,987 | €587,050 | -€253,937 | -30.2% |
| Current portion of amounts payable after more than one year | 42 | €28,127 | €20,826 | -€7,302 | -26.0% |
| Financial debts | 43 | €225,000 | €218,000 | -€7,000 | -3.1% |
| Credit institutions | 430/8 | €225,000 | €218,000 | -€7,000 | -3.1% |
| Trade debts | 44 | €502,496 | €271,400 | -€231,097 | -46.0% |
| Suppliers | 440/4 | €502,496 | €271,400 | -€231,097 | -46.0% |
| Advances received on contracts in progress | 46 | €103 | €103 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €85,260 | €76,722 | -€8,539 | -10.0% |
| Taxes | 450/3 | €14,238 | €43,882 | +€29,643 | +208% |
| Remuneration and social security | 454/9 | €71,022 | €32,840 | -€38,182 | -53.8% |
| Remuneration, social security and pensions | 62 | €326,385 | €282,859 | -€43,527 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,502 | €43,583 | -€2,919 | -6.3% |
| Other operating charges | 640/8 | €2,979 | €2,196 | -€783 | -26.3% |
| Gross operating margin | 9900 | €348,398 | €207,685 | -€140,713 | -40.4% |
| Operating profit (loss) | 9901 | -€27,468 | -€120,952 | -€93,484 | -340% |
| Financial income | 75/76B | €1,264 | €1,097 | -€166 | -13.2% |
| Recurring financial income | 75 | €1,264 | €1,097 | -€166 | -13.2% |
| Financial charges | 65/66B | €39,241 | €36,968 | -€2,273 | -5.8% |
| Recurring financial charges | 65 | €39,241 | €29,968 | -€9,273 | -23.6% |
| Non-recurring financial charges | 66B | - | €7,000 | +€7,000 | |
| Profit (loss) for the period before taxes | 9903 | -€65,445 | -€156,822 | -€91,377 | -140% |
| Profit (loss) for the period | 9904 | -€65,445 | -€156,822 | -€91,377 | -140% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,445 | -€156,822 | -€91,377 | -140% |
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 15 October 2026 via checked.be.