BEAD: 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.
BEAD
Largest movements
- Cash -€114,614
down €114,614 (-16.7%), from €685,741 to €571,127
mainly Debts after one year (-€210,315) and Receivables within one year (-€46,364)
- Tangible fixed assets -€108,234
down €108,234 (-4.9%), from €2.2m to €2.1m
of which Land and buildings: -€104,158
- Receivables within one year +€46,364
up €46,364 (+218.2%), from €21,253 to €67,617
of which Trade receivables: +€39,026
- Debts after one year -€210,315
down €210,315 (-17.6%), from €1.2m to €983,222
- Trade debts +€38,072
up €38,072 (+247.8%), from €15,363 to €53,436
- Financial income -€1.5m
down €1.5m (-99.9%), from €1.5m to €1,255
- Financial charges -€1.3m
down €1.3m (-94.4%), from €1.4m to €76,190
of which Non-recurring financial charges: -€1.3m
- Gross operating margin -€60,917
down €60,917 (-18.3%), from €333,048 to €272,131
- Depreciation -€9,735
down €9,735 (-6.6%), from €146,708 to €136,974
- Taxes +€7,195
up €7,195 (+46.5%), from €15,467 to €22,662
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 | €2,899,968 | €2,723,465 | -€176,504 | -6.1% |
| Fixed assets | 21/28 | €2,192,401 | €2,084,167 | -€108,234 | -4.9% |
| Tangible fixed assets | 22/27 | €2,192,401 | €2,084,167 | -€108,234 | -4.9% |
| Land and buildings | 22 | €2,146,111 | €2,041,954 | -€104,158 | -4.9% |
| Furniture and vehicles | 24 | €10,289 | €6,213 | -€4,076 | -39.6% |
| Assets under construction and advance payments | 27 | €36,000 | €36,000 | = | 0.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €707,568 | €639,298 | -€68,270 | -9.6% |
| Amounts receivable within one year | 40/41 | €21,253 | €67,617 | +€46,364 | +218.2% |
| Trade receivables | 40 | €6,720 | €45,746 | +€39,026 | +580.7% |
| Other amounts receivable | 41 | €14,533 | €21,871 | +€7,338 | +50.5% |
| Cash at bank and in hand | 54/58 | €685,741 | €571,127 | -€114,614 | -16.7% |
| Deferred charges and accrued income | 490/1 | €573 | €554 | -€20 | -3.4% |
| Total equity and liabilities | 10/49 | €2,899,968 | €2,723,465 | -€176,504 | -6.1% |
| Equity | 10/15 | €1,500,396 | €1,514,252 | +€13,855 | +0.9% |
| Contributions | 10/11 | €173,525 | €173,525 | = | 0.0% |
| Capital | 10 | €173,525 | €173,525 | = | 0.0% |
| Issued capital | 100 | €173,525 | €173,525 | = | 0.0% |
| Reserves | 13 | €17,353 | €32,407 | +€15,054 | +86.8% |
| Non-distributable reserves | 130/1 | €17,353 | €17,353 | = | 0.0% |
| Legal reserve | 130 | €17,353 | €17,353 | = | 0.0% |
| Distributable reserves | 133 | - | €15,054 | +€15,054 | |
| Profit (loss) carried forward | 14 | €1,288,756 | €1,288,756 | = | 0.0% |
| Investment grants | 15 | €20,762 | €19,564 | -€1,199 | -5.8% |
| Amounts payable | 17/49 | €1,399,572 | €1,209,213 | -€190,359 | -13.6% |
| Amounts payable after more than one year | 17 | €1,193,537 | €983,222 | -€210,315 | -17.6% |
| Financial debts | 170/4 | €1,193,537 | €983,222 | -€210,315 | -17.6% |
| Amounts payable within one year | 42/48 | €135,778 | €168,724 | +€32,946 | +24.3% |
| Current portion of amounts payable after more than one year | 42 | €97,133 | €93,202 | -€3,931 | -4.0% |
| Trade debts | 44 | €15,363 | €53,436 | +€38,072 | +247.8% |
| Suppliers | 440/4 | €15,363 | €53,436 | +€38,072 | +247.8% |
| Advances received on contracts in progress | 46 | €9,746 | €7,806 | -€1,939 | -19.9% |
| Taxes, remuneration and social security | 45 | €4,077 | €3,764 | -€313 | -7.7% |
| Taxes | 450/3 | €4,077 | €3,764 | -€313 | -7.7% |
| Other amounts payable | 47/48 | €9,459 | €10,516 | +€1,057 | +11.2% |
| Accrued charges and deferred income | 492/3 | €70,257 | €57,267 | -€12,990 | -18.5% |
| Non-recurring operating income | 76A | €2,324 | €2,016 | -€308 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,708 | €136,974 | -€9,735 | -6.6% |
| Other operating charges | 640/8 | €27,967 | €22,507 | -€5,460 | -19.5% |
| Gross operating margin | 9900 | €333,048 | €272,131 | -€60,917 | -18.3% |
| Operating profit (loss) | 9901 | €158,373 | €112,651 | -€45,722 | -28.9% |
| Financial income | 75/76B | €1,494,701 | €1,255 | -€1.5m | -99.9% |
| Recurring financial income | 75 | €1,494,701 | €1,255 | -€1.5m | -99.9% |
| Financial charges | 65/66B | €1,359,900 | €76,190 | -€1.3m | -94.4% |
| Recurring financial charges | 65 | €105,802 | €76,190 | -€29,612 | -28.0% |
| Non-recurring financial charges | 66B | €1,254,098 | €0 | -€1.3m | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €293,174 | €37,716 | -€255,459 | -87.1% |
| Income taxes | 67/77 | €15,467 | €22,662 | +€7,195 | +46.5% |
| Profit (loss) for the period | 9904 | €277,707 | €15,054 | -€262,653 | -94.6% |
| Profit (loss) for the period to be appropriated | 9905 | €277,707 | €15,054 | -€262,653 | -94.6% |
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 9 October 2026 via checked.be.