MAHIEU BERNARD: 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.
MAHIEU BERNARD
Largest movements
- Receivables within one year +€310,669
up €310,669 (+119%), from €261,895 to €572,564
of which Trade receivables: +€289,514
- Stocks and contracts +€204,443
up €204,443 (+55.5%), from €368,483 to €572,926
- Cash +€71,432
up €71,432 (+310%), from €23,009 to €94,441
mainly Trade debts (+€324,658) and Advances received (+€204,310)
- Tangible fixed assets +€29,790
up €29,790 (+121%), from €24,659 to €54,449
of which Furniture and vehicles: +€30,834
- Trade debts +€324,658
up €324,658 (+248%), from €130,792 to €455,450
- Advances received +€204,310
up €204,310 (+3,582%), from €5,704 to €210,014
- Reserves +€45,137
up €45,137 (+14.5%), from €311,339 to €356,476
of which Distributable reserves: +€45,137
- Short-term financial debts +€43,866
up €43,866 (+46.1%), from €95,134 to €139,000
- Gross operating margin -€27,064
down €27,064 (-12.6%), from €214,536 to €187,472
- Financial charges -€7,725
down €7,725 (-33.8%), from €22,843 to €15,118
- Taxes -€6,205
down €6,205 (-20.7%), from €29,976 to €23,771
- Other operating charges -€5,868
down €5,868 (-60.8%), from €9,658 to €3,790
- Staff costs +€3,214
up €3,214 (+4.0%), from €80,193 to €83,407
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 | €682,466 | €1,300,615 | +€618,149 | +90.6% |
| Fixed assets | 21/28 | €24,659 | €54,449 | +€29,790 | +121% |
| Tangible fixed assets | 22/27 | €24,659 | €54,449 | +€29,790 | +121% |
| Furniture and vehicles | 24 | €19,472 | €50,306 | +€30,834 | +158% |
| Other tangible fixed assets | 26 | €5,187 | €4,142 | -€1,044 | -20.1% |
| Current assets | 29/58 | €657,807 | €1,246,167 | +€588,359 | +89.4% |
| Stocks and contracts in progress | 3 | €368,483 | €572,926 | +€204,443 | +55.5% |
| Stocks | 30/36 | €368,483 | €572,926 | +€204,443 | +55.5% |
| Amounts receivable within one year | 40/41 | €261,895 | €572,564 | +€310,669 | +119% |
| Trade receivables | 40 | €260,863 | €550,378 | +€289,514 | +111% |
| Other amounts receivable | 41 | €1,032 | €22,187 | +€21,155 | +2,050% |
| Cash at bank and in hand | 54/58 | €23,009 | €94,441 | +€71,432 | +310% |
| Deferred charges and accrued income | 490/1 | €4,420 | €6,236 | +€1,815 | +41.1% |
| Total equity and liabilities | 10/49 | €682,466 | €1,300,615 | +€618,149 | +90.6% |
| Equity | 10/15 | €329,939 | €375,076 | +€45,137 | +13.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €311,339 | €356,476 | +€45,137 | +14.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €309,479 | €354,616 | +€45,137 | +14.6% |
| Amounts payable | 17/49 | €352,527 | €925,539 | +€573,012 | +163% |
| Amounts payable after more than one year | 17 | €45,541 | €33,833 | -€11,708 | -25.7% |
| Financial debts | 170/4 | €45,541 | €33,833 | -€11,708 | -25.7% |
| Amounts payable within one year | 42/48 | €306,611 | €891,468 | +€584,857 | +191% |
| Current portion of amounts payable after more than one year | 42 | €19,313 | €20,160 | +€847 | +4.4% |
| Financial debts | 43 | €95,134 | €139,000 | +€43,866 | +46.1% |
| Credit institutions | 430/8 | €95,134 | €139,000 | +€43,866 | +46.1% |
| Trade debts | 44 | €130,792 | €455,450 | +€324,658 | +248% |
| Suppliers | 440/4 | €130,792 | €455,450 | +€324,658 | +248% |
| Advances received on contracts in progress | 46 | €5,704 | €210,014 | +€204,310 | +3,582% |
| Taxes, remuneration and social security | 45 | €54,615 | €66,111 | +€11,495 | +21.0% |
| Taxes | 450/3 | €43,150 | €55,223 | +€12,073 | +28.0% |
| Remuneration and social security | 454/9 | €11,465 | €10,888 | -€577 | -5.0% |
| Other amounts payable | 47/48 | €1,053 | €733 | -€320 | -30.4% |
| Accrued charges and deferred income | 492/3 | €375 | €239 | -€137 | -36.5% |
| Remuneration, social security and pensions | 62 | €80,193 | €83,407 | +€3,214 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,904 | €14,116 | -€1,788 | -11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,167 | +€2,167 | |
| Other operating charges | 640/8 | €9,658 | €3,790 | -€5,868 | -60.8% |
| Non-recurring operating charges | 66A | €1,323 | - | -€1,323 | |
| Gross operating margin | 9900 | €214,536 | €187,472 | -€27,064 | -12.6% |
| Operating profit (loss) | 9901 | €107,458 | €83,993 | -€23,466 | -21.8% |
| Financial income | 75/76B | €988 | €33 | -€955 | -96.7% |
| Recurring financial income | 75 | €988 | €33 | -€955 | -96.7% |
| Financial charges | 65/66B | €22,843 | €15,118 | -€7,725 | -33.8% |
| Recurring financial charges | 65 | €22,843 | €15,118 | -€7,725 | -33.8% |
| Profit (loss) for the period before taxes | 9903 | €85,603 | €68,908 | -€16,696 | -19.5% |
| Income taxes | 67/77 | €29,976 | €23,771 | -€6,205 | -20.7% |
| Profit (loss) for the period | 9904 | €55,627 | €45,137 | -€10,490 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,627 | €45,137 | -€10,490 | -18.9% |
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 19 October 2026 via checked.be.