VALERY BEMELMANS: 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.
VALERY BEMELMANS
Largest movements
- Current investments +€84,722
up €84,722 (+76.9%), from €110,148 to €194,870
- Receivables within one year -€76,217
down €76,217 (-31.5%), from €242,322 to €166,105
of which Trade receivables: -€47,577
- Cash +€16,263
up €16,263 (+61.5%), from €26,463 to €42,726
mainly Other debts (+€129,214) and Receivables within one year (+€76,217)
- Other debts +€129,214
up €129,214 (+401%), from €32,217 to €161,431
- Reserves -€111,040
down €111,040 (-30.7%), from €361,864 to €250,824
- Gross operating margin -€88,251
down €88,251 (-58.4%), from €151,012 to €62,761
- Taxes -€25,642
down €25,642 (-51.2%), from €50,105 to €24,463
- Depreciation -€5,324
down €5,324 (-38.5%), from €13,836 to €8,512
- Financial income -€1,907
down €1,907 (-7.8%), from €24,489 to €22,582
of which Non-recurring financial income: -€2,014
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 | €560,050 | €580,850 | +€20,800 | +3.7% |
| Fixed assets | 21/28 | €178,506 | €173,390 | -€5,116 | -2.9% |
| Tangible fixed assets | 22/27 | €178,506 | €173,390 | -€5,116 | -2.9% |
| Land and buildings | 22 | €176,962 | €169,586 | -€7,376 | -4.2% |
| Furniture and vehicles | 24 | €1,544 | €531 | -€1,013 | -65.6% |
| Other tangible fixed assets | 26 | - | €3,273 | +€3,273 | |
| Current assets | 29/58 | €381,544 | €407,460 | +€25,916 | +6.8% |
| Amounts receivable within one year | 40/41 | €242,322 | €166,105 | -€76,217 | -31.5% |
| Trade receivables | 40 | €80,500 | €32,923 | -€47,577 | -59.1% |
| Other amounts receivable | 41 | €161,822 | €133,182 | -€28,640 | -17.7% |
| Current investments | 50/53 | €110,148 | €194,870 | +€84,722 | +76.9% |
| Cash at bank and in hand | 54/58 | €26,463 | €42,726 | +€16,263 | +61.5% |
| Deferred charges and accrued income | 490/1 | €2,611 | €3,759 | +€1,148 | +44.0% |
| Total equity and liabilities | 10/49 | €560,050 | €580,850 | +€20,800 | +3.7% |
| Equity | 10/15 | €484,586 | €373,546 | -€111,040 | -22.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €361,864 | €250,824 | -€111,040 | -30.7% |
| Distributable reserves | 133 | €361,864 | €250,824 | -€111,040 | -30.7% |
| Profit (loss) carried forward | 14 | €110,322 | €110,322 | = | 0.0% |
| Amounts payable | 17/49 | €75,464 | €207,304 | +€131,840 | +175% |
| Amounts payable within one year | 42/48 | €75,464 | €207,304 | +€131,840 | +175% |
| Trade debts | 44 | €349 | €4,127 | +€3,778 | +1,083% |
| Suppliers | 440/4 | €349 | €4,127 | +€3,778 | +1,083% |
| Taxes, remuneration and social security | 45 | €42,898 | €41,746 | -€1,152 | -2.7% |
| Taxes | 450/3 | €42,898 | €41,746 | -€1,152 | -2.7% |
| Other amounts payable | 47/48 | €32,217 | €161,431 | +€129,214 | +401% |
| Non-recurring operating income | 76A | - | €8,678 | +€8,678 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,836 | €8,512 | -€5,324 | -38.5% |
| Other operating charges | 640/8 | €2,427 | €2,195 | -€232 | -9.6% |
| Gross operating margin | 9900 | €151,012 | €62,761 | -€88,251 | -58.4% |
| Operating profit (loss) | 9901 | €134,749 | €52,054 | -€82,695 | -61.4% |
| Financial income | 75/76B | €24,489 | €22,582 | -€1,907 | -7.8% |
| Recurring financial income | 75 | €832 | €939 | +€107 | +12.9% |
| Non-recurring financial income | 76B | €23,657 | €21,643 | -€2,014 | -8.5% |
| Financial charges | 65/66B | €69 | €93 | +€24 | +34.8% |
| Recurring financial charges | 65 | €69 | €93 | +€24 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | €159,169 | €74,543 | -€84,626 | -53.2% |
| Income taxes | 67/77 | €50,105 | €24,463 | -€25,642 | -51.2% |
| Profit (loss) for the period | 9904 | €109,064 | €50,080 | -€58,984 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €109,064 | €50,080 | -€58,984 | -54.1% |
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 29 October 2026 via checked.be.