Dr. Farid Bennasser: 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.
Dr. Farid Bennasser
Largest movements
- Receivables within one year +€159,647
up €159,647 (+272%), from €58,628 to €218,275
of which Other amounts receivable: +€153,046
- Deferred charges and accrued income -€23,544
down €23,544 (-21.1%), from €111,455 to €87,912
- Tangible fixed assets -€8,469
down €8,469 (-15.7%), from €53,996 to €45,527
of which Leasing and similar rights: -€19,377
- Cash -€4,949
down €4,949 (-4.3%), from €115,540 to €110,592
mainly Receivables within one year (-€159,647) and Other debts (-€36,164)
- Reserves +€162,577
up €162,577 (+62.0%), from €262,400 to €424,977
- Other debts -€36,164
no longer reported in 2025 (was €36,164)
- Current portion of long-term debt -€16,380
no longer reported in 2025 (was €16,380)
- Tax, wage and social debts +€15,046
up €15,046 (+85.2%), from €17,652 to €32,699
of which Taxes: +€16,367
- Depreciation -€44,853
down €44,853 (-76.2%), from €58,870 to €14,017
- Taxes +€11,635
up €11,635 (+17.0%), from €68,432 to €80,066
- Gross operating margin +€5,619
up €5,619 (+1.9%), from €299,055 to €304,675
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 | €343,636 | €465,322 | +€121,686 | +35.4% |
| Fixed assets | 21/28 | €58,012 | €48,543 | -€9,469 | -16.3% |
| Intangible fixed assets | 21 | €4,016 | €3,016 | -€1,000 | -24.9% |
| Tangible fixed assets | 22/27 | €53,996 | €45,527 | -€8,469 | -15.7% |
| Plant, machinery and equipment | 23 | €29,492 | €23,608 | -€5,884 | -20.0% |
| Furniture and vehicles | 24 | €5,127 | €21,919 | +€16,793 | +328% |
| Leasing and similar rights | 25 | €19,377 | - | -€19,377 | |
| Current assets | 29/58 | €285,624 | €416,778 | +€131,155 | +45.9% |
| Amounts receivable within one year | 40/41 | €58,628 | €218,275 | +€159,647 | +272% |
| Trade receivables | 40 | - | €6,601 | +€6,601 | |
| Other amounts receivable | 41 | €58,628 | €211,674 | +€153,046 | +261% |
| Cash at bank and in hand | 54/58 | €115,540 | €110,592 | -€4,949 | -4.3% |
| Deferred charges and accrued income | 490/1 | €111,455 | €87,912 | -€23,544 | -21.1% |
| Total equity and liabilities | 10/49 | €343,636 | €465,322 | +€121,686 | +35.4% |
| Equity | 10/15 | €268,651 | €431,228 | +€162,577 | +60.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €262,400 | €424,977 | +€162,577 | +62.0% |
| Distributable reserves | 133 | €262,400 | €424,977 | +€162,577 | +62.0% |
| Profit (loss) carried forward | 14 | €51 | €51 | = | 0.0% |
| Amounts payable | 17/49 | €74,985 | €34,093 | -€40,892 | -54.5% |
| Amounts payable after more than one year | 17 | €2,780 | - | -€2,780 | |
| Financial debts | 170/4 | €2,780 | - | -€2,780 | |
| Amounts payable within one year | 42/48 | €72,205 | €34,093 | -€38,112 | -52.8% |
| Current portion of amounts payable after more than one year | 42 | €16,380 | - | -€16,380 | |
| Trade debts | 44 | €2,009 | €1,394 | -€615 | -30.6% |
| Suppliers | 440/4 | €2,009 | €1,394 | -€615 | -30.6% |
| Taxes, remuneration and social security | 45 | €17,652 | €32,699 | +€15,046 | +85.2% |
| Taxes | 450/3 | €13,730 | €30,097 | +€16,367 | +119% |
| Remuneration and social security | 454/9 | €3,922 | €2,601 | -€1,321 | -33.7% |
| Other amounts payable | 47/48 | €36,164 | - | -€36,164 | |
| Non-recurring operating income | 76A | - | €13,756 | +€13,756 | |
| Remuneration, social security and pensions | 62 | €31,292 | €28,694 | -€2,597 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,870 | €14,017 | -€44,853 | -76.2% |
| Other operating charges | 640/8 | €1,452 | €1,628 | +€175 | +12.1% |
| Non-recurring operating charges | 66A | - | €17,796 | +€17,796 | |
| Gross operating margin | 9900 | €299,055 | €304,675 | +€5,619 | +1.9% |
| Operating profit (loss) | 9901 | €207,441 | €242,539 | +€35,098 | +16.9% |
| Financial income | 75/76B | €390 | €2,167 | +€1,776 | +455% |
| Recurring financial income | 75 | €390 | €2,167 | +€1,776 | +455% |
| Financial charges | 65/66B | €2,087 | €2,062 | -€25 | -1.2% |
| Recurring financial charges | 65 | €2,087 | €2,062 | -€25 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €205,744 | €242,644 | +€36,900 | +17.9% |
| Income taxes | 67/77 | €68,432 | €80,066 | +€11,635 | +17.0% |
| Profit (loss) for the period | 9904 | €137,313 | €162,577 | +€25,265 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €137,313 | €162,577 | +€25,265 | +18.4% |
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.