B.E: what changed
Two fiscal 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.
B.E
Largest movements
- Receivables within one year +€1.7m
up €1.7m (+20.2%), from €8.5m to €10.2m
of which Other amounts receivable: +€1.7m
- Tangible fixed assets -€1.1m
down €1.1m (-72.3%), from €1.5m to €414,453
- Stocks and contracts -€556,506
down €556,506 (-26.6%), from €2.1m to €1.5m
- Current portion of long-term debt -€920,500
down €920,500 (-35.6%), from €2.6m to €1.7m
- Profit (loss) carried forward +€870,938
up €870,938 (+12.2%), from €7.1m to €8.0m
- Gross operating margin +€758,932
up €758,932 (+102.6%), from €739,790 to €1.5m
- Financial income -€223,118
down €223,118 (-91.2%), from €244,725 to €21,607
- Financial charges +€208,074
up €208,074 (+199.9%), from €104,086 to €312,160
- Taxes -€133,630
down €133,630 (-30.9%), from €432,258 to €298,628
- Depreciation -€39,260
down €39,260 (-52.2%), from €75,187 to €35,926
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.
Cash bridge derived
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 | €12,724,818 | €12,797,167 | +€72,349 | +0.6% |
| Fixed assets | 21/28 | €2,150,553 | €1,070,443 | -€1.1m | -50.2% |
| Tangible fixed assets | 22/27 | €1,494,563 | €414,453 | -€1.1m | -72.3% |
| Land and buildings | 22 | €1,494,563 | €414,453 | -€1.1m | -72.3% |
| Financial fixed assets | 28 | €655,990 | €655,990 | = | 0.0% |
| Current assets | 29/58 | €10,574,265 | €11,726,724 | +€1.2m | +10.9% |
| Stocks and contracts in progress | 3 | €2,094,195 | €1,537,689 | -€556,506 | -26.6% |
| Stocks | 30/36 | €2,094,195 | €1,537,689 | -€556,506 | -26.6% |
| Amounts receivable within one year | 40/41 | €8,462,262 | €10,172,262 | +€1.7m | +20.2% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €8,462,262 | €10,172,262 | +€1.7m | +20.2% |
| Cash at bank and in hand | 54/58 | €17,809 | €16,774 | -€1,035 | -5.8% |
| Deferred charges and accrued income | 490/1 | €0 | €0 | = | |
| Total equity and liabilities | 10/49 | €12,724,818 | €12,797,167 | +€72,349 | +0.6% |
| Equity | 10/15 | €9,818,145 | €10,689,084 | +€870,938 | +8.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,675,210 | €2,675,210 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,557,700 | €715,700 | -€842,000 | -54.1% |
| Distributable reserves | 133 | €1,115,650 | €1,957,650 | +€842,000 | +75.5% |
| Profit (loss) carried forward | 14 | €7,136,735 | €8,007,674 | +€870,938 | +12.2% |
| Amounts payable | 17/49 | €2,906,673 | €2,108,084 | -€798,589 | -27.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €2,906,673 | €2,108,084 | -€798,589 | -27.5% |
| Current portion of amounts payable after more than one year | 42 | €2,585,327 | €1,664,827 | -€920,500 | -35.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €290 | €2,370 | +€2,080 | +716.2% |
| Suppliers | 440/4 | €290 | €2,370 | +€2,080 | +716.2% |
| Taxes, remuneration and social security | 45 | €319,256 | €440,886 | +€121,631 | +38.1% |
| Taxes | 450/3 | €319,256 | €440,886 | +€121,631 | +38.1% |
| Other amounts payable | 47/48 | €1,800 | €0 | -€1,800 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,187 | €35,926 | -€39,260 | -52.2% |
| Other operating charges | 640/8 | €2,992 | €2,677 | -€315 | -10.5% |
| Gross operating margin | 9900 | €739,790 | €1,498,723 | +€758,932 | +102.6% |
| Operating profit (loss) | 9901 | €661,612 | €1,460,119 | +€798,508 | +120.7% |
| Financial income | 75/76B | €244,725 | €21,607 | -€223,118 | -91.2% |
| Recurring financial income | 75 | €244,725 | €21,607 | -€223,118 | -91.2% |
| Financial charges | 65/66B | €104,086 | €312,160 | +€208,074 | +199.9% |
| Recurring financial charges | 65 | €104,086 | €312,160 | +€208,074 | +199.9% |
| Profit (loss) for the period before taxes | 9903 | €802,251 | €1,169,567 | +€367,316 | +45.8% |
| Income taxes | 67/77 | €432,258 | €298,628 | -€133,630 | -30.9% |
| Profit (loss) for the period | 9904 | €369,992 | €870,938 | +€500,946 | +135.4% |
| Transfer from tax-exempt reserves | 789 | €842,000 | €0 | -€842,000 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,211,992 | €870,938 | -€341,054 | -28.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.