GHISLAIN BIENFET: 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.
GHISLAIN BIENFET
Largest movements
- Tangible fixed assets -€87,496
down €87,496 (-15.3%), from €570,454 to €482,959
of which Plant, machinery and equipment: -€70,987
- Receivables within one year +€18,077
up €18,077 (+14.4%), from €125,179 to €143,257
of which Trade receivables: +€20,500
- Debts after one year -€65,139
down €65,139 (-21.6%), from €301,992 to €236,854
- Profit (loss) carried forward -€11,132
down €11,132 (-36.9%), from -€30,180 to -€41,312
- Gross operating margin -€33,119
down €33,119 (-28.2%), from €117,481 to €84,362
- Turnover -€31,525
down €31,525 (-21.0%), from €150,060 to €118,535
- Depreciation -€3,876
down €3,876 (-4.2%), from €91,371 to €87,496
- Purchases and services +€1,587
up €1,587 (+4.8%), from €33,060 to €34,646
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 | €708,412 | €638,692 | -€69,719 | -9.8% |
| Fixed assets | 21/28 | €570,454 | €482,959 | -€87,496 | -15.3% |
| Tangible fixed assets | 22/27 | €570,454 | €482,959 | -€87,496 | -15.3% |
| Land and buildings | 22 | €93,332 | €76,824 | -€16,508 | -17.7% |
| Plant, machinery and equipment | 23 | €477,122 | €406,135 | -€70,987 | -14.9% |
| Current assets | 29/58 | €137,957 | €155,733 | +€17,776 | +12.9% |
| Amounts receivable within one year | 40/41 | €125,179 | €143,257 | +€18,077 | +14.4% |
| Trade receivables | 40 | €122,250 | €142,750 | +€20,500 | +16.8% |
| Other amounts receivable | 41 | €2,929 | €507 | -€2,423 | -82.7% |
| Cash at bank and in hand | 54/58 | €10,663 | €10,057 | -€605 | -5.7% |
| Deferred charges and accrued income | 490/1 | €2,115 | €2,420 | +€304 | +14.4% |
| Total equity and liabilities | 10/49 | €708,412 | €638,692 | -€69,719 | -9.8% |
| Equity | 10/15 | €159,620 | €148,488 | -€11,132 | -7.0% |
| Contributions | 10/11 | €189,800 | €189,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,180 | -€41,312 | -€11,132 | -36.9% |
| Amounts payable | 17/49 | €548,792 | €490,205 | -€58,587 | -10.7% |
| Amounts payable after more than one year | 17 | €301,992 | €236,854 | -€65,139 | -21.6% |
| Financial debts | 170/4 | €301,992 | €236,854 | -€65,139 | -21.6% |
| Amounts payable within one year | 42/48 | €246,339 | €252,823 | +€6,484 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €65,139 | €65,139 | = | 0.0% |
| Trade debts | 44 | €4,178 | €3,927 | -€251 | -6.0% |
| Suppliers | 440/4 | €4,178 | €3,927 | -€251 | -6.0% |
| Other amounts payable | 47/48 | €177,022 | €183,757 | +€6,735 | +3.8% |
| Accrued charges and deferred income | 492/3 | €460 | €528 | +€68 | +14.8% |
| Turnover | 70 | €150,060 | €118,535 | -€31,525 | -21.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €33,060 | €34,646 | +€1,587 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,371 | €87,496 | -€3,876 | -4.2% |
| Other operating charges | 640/8 | €2,264 | €1,210 | -€1,055 | -46.6% |
| Gross operating margin | 9900 | €117,481 | €84,362 | -€33,119 | -28.2% |
| Operating profit (loss) | 9901 | €23,845 | -€4,343 | -€28,189 | |
| Financial income | 75/76B | €139 | - | -€139 | |
| Recurring financial income | 75 | €139 | - | -€139 | |
| Financial charges | 65/66B | €7,675 | €6,648 | -€1,027 | -13.4% |
| Recurring financial charges | 65 | €7,675 | €6,648 | -€1,027 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €16,309 | -€10,991 | -€27,301 | |
| Income taxes | 67/77 | €136 | €141 | +€5 | +4.0% |
| Profit (loss) for the period | 9904 | €16,174 | -€11,132 | -€27,306 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,174 | -€11,132 | -€27,306 |
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 22 October 2026 via checked.be.