B.P.A.: 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.
What changed
B.P.A.
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €4.7m-€3.0m
Equity
€29.6m
2024 · €32.1m-€2.5m
Cash
€519,031
2024 · €106,047+€412,984
Balance sheet total
€49.6m
2024 · €51.9m-€2.3m
Largest movements
Assets
- Stocks and contracts -€811,506
down €811,506 (-5.4%), from €15.0m to €14.2m
- Current investments -€633,938
down €633,938 (-9.5%), from €6.6m to €6.0m
- Financial fixed assets -€579,146
down €579,146 (-2.7%), from €21.5m to €20.9m
- Receivables within one year -€560,497
down €560,497 (-9.1%), from €6.1m to €5.6m
of which Trade receivables: -€1.1m
Equity and liabilities
- Reserves -€4.1m
down €4.1m (-87.7%), from €4.7m to €582,055
- Profit (loss) carried forward +€1.6m
up €1.6m (+7.6%), from €21.6m to €23.2m
- Short-term financial debts +€995,321
up €995,321 (+19.9%), from €5.0m to €6.0m
of which Other loans: +€1.0m
- Other debts -€899,234
down €899,234 (-15.5%), from €5.8m to €4.9m
Income statement
- Gross operating margin -€2.6m
down €2.6m (-66.5%), from €3.9m to €1.3m
- Financial charges +€2.2m
up €2.2m (+172.8%), from €1.3m to €3.5m
of which Non-recurring financial charges: +€2.4m
- Financial income +€1.8m
up €1.8m (+64.1%), from €2.8m to €4.6m
- Other operating charges -€95,650
down €95,650 (-48.0%), from €199,456 to €103,806
- Taxes +€46,912
up €46,912 (+38.3%), from €122,612 to €169,524
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.
Result 2024
€4.7m
Gross operating margin
-€2.6m
Staff costs
-€41,056
Depreciation
-€21,064
Other operating charges
+€95,650
Financial income
+€1.8m
Financial charges
-€2.2m
Taxes
-€46,912
Result 2025
€1.6m
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.
From operations
+€2.2m
Investment
+€1.1m
Financing
-€2.9m
Cash 2024
€106,047
From operations (derived)
+€2.2m
Net result for the year
+€1.6m
Depreciation
+€162,230
Stocks and contracts
+€811,506
Receivables within one year
+€560,497
Deferred charges and accrued income
+€67,277
Trade debts
-€170,202
Tax, wage and social debts
+€107,157
Advances received
-€103,130
Other debts
-€899,234
Accrued charges and deferred income
-€6,386
Investment (derived)
+€1.1m
Investment in fixed assets (net)
+€483,931
Current investments
+€633,938
Financing
-€2.9m
Debts after one year
+€283,564
Current portion of long-term debt
-€6,107
Short-term financial debts
+€995,321
Contributions, distributions and other
-€4.1m
Cash 2025
€519,031
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,918,604 | €49,612,209 | -€2.3m | -4.4% |
| Fixed assets | 21/28 | €23,925,145 | €23,278,984 | -€646,161 | -2.7% |
| Intangible fixed assets | 21 | €9,938 | €10,989 | +€1,051 | +10.6% |
| Tangible fixed assets | 22/27 | €2,394,604 | €2,326,537 | -€68,067 | -2.8% |
| Land and buildings | 22 | €2,114,288 | €2,074,989 | -€39,299 | -1.9% |
| Plant, machinery and equipment | 23 | €27,244 | €21,395 | -€5,849 | -21.5% |
| Furniture and vehicles | 24 | €174,838 | €152,069 | -€22,769 | -13.0% |
| Other tangible fixed assets | 26 | €78,234 | €78,084 | -€150 | -0.2% |
| Financial fixed assets | 28 | €21,520,604 | €20,941,458 | -€579,146 | -2.7% |
| Current assets | 29/58 | €27,993,459 | €26,333,225 | -€1.7m | -5.9% |
| Stocks and contracts in progress | 3 | €15,025,406 | €14,213,901 | -€811,506 | -5.4% |
| Stocks | 30/36 | €15,025,406 | €14,213,901 | -€811,506 | -5.4% |
| Amounts receivable within one year | 40/41 | €6,131,049 | €5,570,552 | -€560,497 | -9.1% |
| Trade receivables | 40 | €1,281,041 | €186,865 | -€1.1m | -85.4% |
| Other amounts receivable | 41 | €4,850,007 | €5,383,687 | +€533,679 | +11.0% |
| Current investments | 50/53 | €6,644,554 | €6,010,615 | -€633,938 | -9.5% |
| Cash at bank and in hand | 54/58 | €106,047 | €519,031 | +€412,984 | +389.4% |
| Deferred charges and accrued income | 490/1 | €86,403 | €19,126 | -€67,277 | -77.9% |
| Total equity and liabilities | 10/49 | €51,918,604 | €49,612,209 | -€2.3m | -4.4% |
| Equity | 10/15 | €32,096,753 | €29,589,374 | -€2.5m | -7.8% |
| Contributions | 10/11 | €5,820,552 | €5,820,552 | = | 0.0% |
| Capital | 10 | €5,820,552 | €5,820,552 | = | 0.0% |
| Issued capital | 100 | €5,820,552 | €5,820,552 | = | 0.0% |
| Reserves | 13 | €4,725,234 | €582,055 | -€4.1m | -87.7% |
| Non-distributable reserves | 130/1 | €4,725,234 | €582,055 | -€4.1m | -87.7% |
| Legal reserve | 130 | €582,055 | €582,055 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,143,178 | €0 | -€4.1m | -100.0% |
| Profit (loss) carried forward | 14 | €21,550,968 | €23,186,766 | +€1.6m | +7.6% |
| Amounts payable | 17/49 | €19,821,851 | €20,022,835 | +€200,985 | +1.0% |
| Amounts payable after more than one year | 17 | €2,126,537 | €2,410,101 | +€283,564 | +13.3% |
| Financial debts | 170/4 | €2,126,537 | €2,410,101 | +€283,564 | +13.3% |
| Amounts payable within one year | 42/48 | €17,606,307 | €17,530,113 | -€76,194 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €420,306 | €414,199 | -€6,107 | -1.5% |
| Financial debts | 43 | €5,006,452 | €6,001,774 | +€995,321 | +19.9% |
| Credit institutions | 430/8 | €5,006,452 | €5,001,774 | -€4,679 | -0.1% |
| Other loans | 439 | - | €1,000,000 | +€1.0m | |
| Trade debts | 44 | €308,058 | €137,857 | -€170,202 | -55.2% |
| Suppliers | 440/4 | €308,058 | €137,857 | -€170,202 | -55.2% |
| Advances received on contracts in progress | 46 | €5,878,707 | €5,775,577 | -€103,130 | -1.8% |
| Taxes, remuneration and social security | 45 | €194,612 | €301,768 | +€107,157 | +55.1% |
| Taxes | 450/3 | €168,397 | €270,650 | +€102,253 | +60.7% |
| Remuneration and social security | 454/9 | €26,215 | €31,119 | +€4,904 | +18.7% |
| Other amounts payable | 47/48 | €5,798,172 | €4,898,939 | -€899,234 | -15.5% |
| Accrued charges and deferred income | 492/3 | €89,007 | €82,621 | -€6,386 | -7.2% |
| Non-recurring operating income | 76A | €1,922,533 | €13,800 | -€1.9m | -99.3% |
| Remuneration, social security and pensions | 62 | €323,714 | €364,770 | +€41,056 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,166 | €162,230 | +€21,064 | +14.9% |
| Other operating charges | 640/8 | €199,456 | €103,806 | -€95,650 | -48.0% |
| Gross operating margin | 9900 | €3,929,815 | €1,317,001 | -€2.6m | -66.5% |
| Operating profit (loss) | 9901 | €3,265,478 | €686,194 | -€2.6m | -79.0% |
| Financial income | 75/76B | €2,816,384 | €4,622,343 | +€1.8m | +64.1% |
| Recurring financial income | 75 | €2,816,384 | €4,622,343 | +€1.8m | +64.1% |
| Financial charges | 65/66B | €1,284,271 | €3,503,214 | +€2.2m | +172.8% |
| Recurring financial charges | 65 | €499,702 | €295,478 | -€204,224 | -40.9% |
| Non-recurring financial charges | 66B | €784,569 | €3,207,736 | +€2.4m | +308.9% |
| Profit (loss) for the period before taxes | 9903 | €4,797,591 | €1,805,323 | -€3.0m | -62.4% |
| Income taxes | 67/77 | €122,612 | €169,524 | +€46,912 | +38.3% |
| Profit (loss) for the period | 9904 | €4,674,980 | €1,635,799 | -€3.0m | -65.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,674,980 | €1,635,799 | -€3.0m | -65.0% |
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 7 October 2026 via checked.be.