MAARTEN BENTEIN: 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.
MAARTEN BENTEIN
Largest movements
- Receivables within one year +€77,848
up €77,848 (+252%), from €30,938 to €108,785
of which Trade receivables: +€77,402
- Cash -€22,492
down €22,492 (-32.1%), from €70,054 to €47,562
mainly Receivables within one year (-€77,848) and Contributions, distributions and other (-€58,824)
- Tangible fixed assets -€11,664
down €11,664 (-2.7%), from €428,750 to €417,086
of which Land and buildings: -€15,665
- Other debts +€39,746
up €39,746 (+106%), from €37,540 to €77,286
- Debts after one year -€20,926
down €20,926 (-7.5%), from €277,269 to €256,343
- Trade debts +€12,701
up €12,701 (+514%), from €2,472 to €15,172
- Tax, wage and social debts +€5,770
up €5,770 (+42.2%), from €13,657 to €19,427
of which Taxes: +€8,019
- Gross operating margin +€19,521
up €19,521 (+11.4%), from €170,827 to €190,348
- Depreciation +€14,865
up €14,865 (+107%), from €13,847 to €28,713
- Staff costs +€7,366
up €7,366 (+12.3%), from €60,109 to €67,475
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 | €532,792 | €575,049 | +€42,257 | +7.9% |
| Fixed assets | 21/28 | €430,280 | €417,086 | -€13,194 | -3.1% |
| Tangible fixed assets | 22/27 | €428,750 | €417,086 | -€11,664 | -2.7% |
| Land and buildings | 22 | €386,619 | €370,954 | -€15,665 | -4.1% |
| Plant, machinery and equipment | 23 | €27,224 | €33,432 | +€6,208 | +22.8% |
| Furniture and vehicles | 24 | €14,907 | €12,700 | -€2,206 | -14.8% |
| Financial fixed assets | 28 | €1,530 | - | -€1,530 | |
| Current assets | 29/58 | €102,512 | €157,963 | +€55,451 | +54.1% |
| Amounts receivable within one year | 40/41 | €30,938 | €108,785 | +€77,848 | +252% |
| Trade receivables | 40 | €29,532 | €106,934 | +€77,402 | +262% |
| Other amounts receivable | 41 | €1,405 | €1,851 | +€446 | +31.7% |
| Cash at bank and in hand | 54/58 | €70,054 | €47,562 | -€22,492 | -32.1% |
| Deferred charges and accrued income | 490/1 | €1,521 | €1,615 | +€95 | +6.2% |
| Total equity and liabilities | 10/49 | €532,792 | €575,049 | +€42,257 | +7.9% |
| Equity | 10/15 | €180,678 | €185,895 | +€5,217 | +2.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €170,000 | €175,000 | +€5,000 | +2.9% |
| Distributable reserves | 133 | €170,000 | €175,000 | +€5,000 | +2.9% |
| Profit (loss) carried forward | 14 | €678 | €895 | +€217 | +32.0% |
| Amounts payable | 17/49 | €352,114 | €389,154 | +€37,040 | +10.5% |
| Amounts payable after more than one year | 17 | €277,269 | €256,343 | -€20,926 | -7.5% |
| Financial debts | 170/4 | €277,269 | €256,343 | -€20,926 | -7.5% |
| Amounts payable within one year | 42/48 | €74,595 | €132,811 | +€58,216 | +78.0% |
| Current portion of amounts payable after more than one year | 42 | €20,926 | €20,926 | = | 0.0% |
| Trade debts | 44 | €2,472 | €15,172 | +€12,701 | +514% |
| Suppliers | 440/4 | €2,472 | €15,172 | +€12,701 | +514% |
| Taxes, remuneration and social security | 45 | €13,657 | €19,427 | +€5,770 | +42.2% |
| Taxes | 450/3 | €9,746 | €17,765 | +€8,019 | +82.3% |
| Remuneration and social security | 454/9 | €3,911 | €1,662 | -€2,250 | -57.5% |
| Other amounts payable | 47/48 | €37,540 | €77,286 | +€39,746 | +106% |
| Accrued charges and deferred income | 492/3 | €250 | - | -€250 | |
| Non-recurring operating income | 76A | - | €5,200 | +€5,200 | |
| Remuneration, social security and pensions | 62 | €60,109 | €67,475 | +€7,366 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,847 | €28,713 | +€14,865 | +107% |
| Other operating charges | 640/8 | €1,186 | €2,975 | +€1,789 | +151% |
| Gross operating margin | 9900 | €170,827 | €190,348 | +€19,521 | +11.4% |
| Operating profit (loss) | 9901 | €95,684 | €91,185 | -€4,499 | -4.7% |
| Financial income | 75/76B | €71 | €0 | -€71 | -99.9% |
| Recurring financial income | 75 | €71 | €0 | -€71 | -99.9% |
| Financial charges | 65/66B | €10,022 | €10,091 | +€69 | +0.7% |
| Recurring financial charges | 65 | €10,022 | €10,091 | +€69 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €85,733 | €81,095 | -€4,639 | -5.4% |
| Income taxes | 67/77 | €18,600 | €17,054 | -€1,545 | -8.3% |
| Profit (loss) for the period | 9904 | €67,134 | €64,040 | -€3,093 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,134 | €64,040 | -€3,093 | -4.6% |
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 30 October 2026 via checked.be.