BM TRACK: 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 TRACK
Largest movements
- Tangible fixed assets +€214,698
up €214,698 (+467.4%), from €45,931 to €260,629
of which Land and buildings: +€230,523
- Receivables within one year +€11,938
up €11,938 (+11.7%), from €101,835 to €113,773
of which Trade receivables: +€13,673
- Cash -€11,417
down €11,417 (-14.2%), from €80,304 to €68,887
mainly Investment in fixed assets (net) (-€235,280) and Contributions, distributions and other (-€59,459)
- Stocks and contracts -€5,000
no longer reported in 2025 (was €5,000)
- Debts after one year +€168,875
up €168,875 (+762.8%), from €22,138 to €191,012
- Other debts +€36,109
up €36,109 (+154.6%), from €23,350 to €59,459
- Current portion of long-term debt +€29,020
new in 2025: €29,020
- Reserves -€21,400
down €21,400 (-10.6%), from €202,306 to €180,906
of which Distributable reserves: -€21,400
- Short-term financial debts -€9,946
no longer reported in 2025 (was €9,946)
- Taxes -€7,238
down €7,238 (-36.7%), from €19,717 to €12,479
- Depreciation +€4,845
up €4,845 (+30.8%), from €15,737 to €20,582
- Gross operating margin -€1,035
down €1,035 (-1.4%), from €72,898 to €71,862
- Financial charges +€782
up €782 (+11.3%), from €6,924 to €7,706
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 | €283,198 | €493,553 | +€210,356 | +74.3% |
| Fixed assets | 21/28 | €45,931 | €260,629 | +€214,698 | +467.4% |
| Tangible fixed assets | 22/27 | €45,931 | €260,629 | +€214,698 | +467.4% |
| Land and buildings | 22 | - | €230,523 | +€230,523 | |
| Plant, machinery and equipment | 23 | €2,376 | €1,025 | -€1,351 | -56.8% |
| Furniture and vehicles | 24 | €43,555 | €29,080 | -€14,475 | -33.2% |
| Current assets | 29/58 | €237,267 | €232,925 | -€4,342 | -1.8% |
| Stocks and contracts in progress | 3 | €5,000 | - | -€5,000 | |
| Stocks | 30/36 | €5,000 | - | -€5,000 | |
| Amounts receivable within one year | 40/41 | €101,835 | €113,773 | +€11,938 | +11.7% |
| Trade receivables | 40 | - | €13,673 | +€13,673 | |
| Other amounts receivable | 41 | €101,835 | €100,100 | -€1,735 | -1.7% |
| Current investments | 50/53 | €47,421 | €47,421 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €80,304 | €68,887 | -€11,417 | -14.2% |
| Deferred charges and accrued income | 490/1 | €2,706 | €2,843 | +€137 | +5.0% |
| Total equity and liabilities | 10/49 | €283,198 | €493,553 | +€210,356 | +74.3% |
| Equity | 10/15 | €222,306 | €200,906 | -€21,400 | -9.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €202,306 | €180,906 | -€21,400 | -10.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €200,306 | €178,906 | -€21,400 | -10.7% |
| Amounts payable | 17/49 | €60,892 | €292,648 | +€231,756 | +380.6% |
| Amounts payable after more than one year | 17 | €22,138 | €191,012 | +€168,875 | +762.8% |
| Financial debts | 170/4 | €22,138 | €191,012 | +€168,875 | +762.8% |
| Amounts payable within one year | 42/48 | €38,754 | €101,635 | +€62,881 | +162.3% |
| Current portion of amounts payable after more than one year | 42 | - | €29,020 | +€29,020 | |
| Financial debts | 43 | €9,946 | - | -€9,946 | |
| Other loans | 439 | €9,946 | - | -€9,946 | |
| Trade debts | 44 | €126 | €5,955 | +€5,829 | +4626.5% |
| Suppliers | 440/4 | €126 | €5,955 | +€5,829 | +4626.5% |
| Taxes, remuneration and social security | 45 | €5,332 | €7,201 | +€1,869 | +35.1% |
| Taxes | 450/3 | €5,332 | €7,201 | +€1,869 | +35.1% |
| Other amounts payable | 47/48 | €23,350 | €59,459 | +€36,109 | +154.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,737 | €20,582 | +€4,845 | +30.8% |
| Other operating charges | 640/8 | €567 | €496 | -€71 | -12.5% |
| Gross operating margin | 9900 | €72,898 | €71,862 | -€1,035 | -1.4% |
| Operating profit (loss) | 9901 | €56,593 | €50,784 | -€5,810 | -10.3% |
| Financial income | 75/76B | €7,496 | €7,460 | -€35 | -0.5% |
| Recurring financial income | 75 | €7,496 | €7,460 | -€35 | -0.5% |
| Financial charges | 65/66B | €6,924 | €7,706 | +€782 | +11.3% |
| Recurring financial charges | 65 | €6,924 | €7,706 | +€782 | +11.3% |
| Profit (loss) for the period before taxes | 9903 | €57,165 | €50,538 | -€6,627 | -11.6% |
| Income taxes | 67/77 | €19,717 | €12,479 | -€7,238 | -36.7% |
| Profit (loss) for the period | 9904 | €37,448 | €38,059 | +€611 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €37,448 | €38,059 | +€611 | +1.6% |
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 9 October 2026 via checked.be.