Beaver Lakes: 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.
What changed
Beaver Lakes
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€346,625
2024 · €103.6m-€104.0m
Equity
€303.8m
2024 · €301.3m+€2.6m
Cash
€52,595
2024 · €129,744-€77,149
Balance sheet total
€323.3m
2024 · €320.5m+€2.8m
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€222.4m
down €222.4m (-99.9%), from €222.5m to €172,677
of which Non-recurring financial income: -€222.4m
- Financial charges -€118.4m
down €118.4m (-99.6%), from €118.9m to €478,728
of which Non-recurring financial charges: -€118.7m
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
€103.6m
Other operating charges
-€483
Other operating items
-€30,496
Financial income
-€222.4m
Financial charges
+€118.4m
Result 2025
-€346,625
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€338,768
Investment
-€2.9m
Financing
+€3.1m
Cash 2024
€129,744
From operations (derived)
-€338,768
Net result for the year
-€346,625
Smaller working-capital items
-€1,899
Trade debts
+€9,756
Investment (derived)
-€2.9m
Investment in fixed assets (net)
-€2.9m
Financing
+€3.1m
Debts after one year
+€2.7m
Current portion of long-term debt
-€2.5m
Contributions, distributions and other
+€2.9m
Cash 2025
€52,595
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €320,505,912 | €323,290,553 | +€2.8m | +0.9% |
| Fixed assets | 21/28 | €320,371,672 | €323,231,338 | +€2.9m | +0.9% |
| Financial fixed assets | 28 | €320,371,672 | €323,231,338 | +€2.9m | +0.9% |
| Affiliated companies | 280/1 | €320,371,672 | €323,231,338 | +€2.9m | +0.9% |
| Participating interests | 280 | €310,303,382 | €320,915,726 | +€10.6m | +3.4% |
| Amounts receivable | 281 | €10,068,289 | €2,315,612 | -€7.8m | -77.0% |
| Current assets | 29/58 | €134,240 | €59,215 | -€75,025 | -55.9% |
| Amounts receivable within one year | 40/41 | €4,496 | €5,725 | +€1,229 | +27.3% |
| Trade receivables | 40 | - | €204 | +€204 | |
| Other amounts receivable | 41 | €4,496 | €5,522 | +€1,025 | +22.8% |
| Cash at bank and in hand | 54/58 | €129,744 | €52,595 | -€77,149 | -59.5% |
| Deferred charges and accrued income | 490/1 | - | €895 | +€895 | |
| Total equity and liabilities | 10/49 | €320,505,912 | €323,290,553 | +€2.8m | +0.9% |
| Equity | 10/15 | €301,262,622 | €303,834,461 | +€2.6m | +0.9% |
| Contributions | 10/11 | €192,526,197 | €192,526,197 | = | 0.0% |
| Capital | 10 | €192,526,197 | €192,526,197 | = | 0.0% |
| Issued capital | 100 | €192,526,197 | €192,526,197 | = | 0.0% |
| Revaluation surpluses | 12 | - | €2,918,463 | +€2.9m | |
| Reserves | 13 | €108,736,000 | €108,389,800 | -€346,200 | -0.3% |
| Non-distributable reserves | 130/1 | €5,208,374 | €5,208,374 | = | 0.0% |
| Legal reserve | 130 | €5,208,374 | €5,208,374 | = | 0.0% |
| Distributable reserves | 133 | €103,527,626 | €103,181,427 | -€346,200 | -0.3% |
| Profit (loss) carried forward | 14 | €425 | - | -€425 | |
| Amounts payable | 17/49 | €19,243,289 | €19,456,092 | +€212,803 | +1.1% |
| Amounts payable after more than one year | 17 | €16,738,443 | €19,444,533 | +€2.7m | +16.2% |
| Financial debts | 170/4 | €16,738,443 | €19,444,533 | +€2.7m | +16.2% |
| Subordinated loans | 170 | €16,738,443 | €19,444,533 | +€2.7m | +16.2% |
| Amounts payable within one year | 42/48 | €2,504,847 | €11,334 | -€2.5m | -99.5% |
| Current portion of amounts payable after more than one year | 42 | €2,503,268 | - | -€2.5m | |
| Trade debts | 44 | €1,578 | €11,334 | +€9,756 | +618% |
| Suppliers | 440/4 | €1,578 | €11,334 | +€9,756 | +618% |
| Accrued charges and deferred income | 492/3 | - | €225 | +€225 | |
| Operating charges | 60/66A | €9,594 | €40,573 | +€30,979 | +323% |
| Services and other goods | 61 | €8,266 | €38,762 | +€30,496 | +369% |
| Other operating charges | 640/8 | €1,328 | €1,811 | +€483 | +36.4% |
| Operating profit (loss) | 9901 | -€9,594 | -€40,573 | -€30,979 | -323% |
| Financial income | 75/76B | €222,540,165 | €172,677 | -€222.4m | -99.9% |
| Recurring financial income | 75 | €75,190 | €123,276 | +€48,086 | +64.0% |
| Income from financial fixed assets | 750 | €75,190 | €123,276 | +€48,086 | +64.0% |
| Non-recurring financial income | 76B | €222,464,975 | €49,401 | -€222.4m | -100.0% |
| Financial charges | 65/66B | €118,913,065 | €478,728 | -€118.4m | -99.6% |
| Recurring financial charges | 65 | €233,550 | €478,728 | +€245,179 | +105% |
| Debt charges | 650 | €233,144 | €478,016 | +€244,872 | +105% |
| Other financial charges | 652/9 | €406 | €712 | +€306 | +75.5% |
| Non-recurring financial charges | 66B | €118,679,516 | - | -€118.7m | |
| Profit (loss) for the period before taxes | 9903 | €103,617,505 | -€346,625 | -€104.0m | |
| Profit (loss) for the period | 9904 | €103,617,505 | -€346,625 | -€104.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €103,617,505 | -€346,625 | -€104.0m |
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 25 October 2026 via checked.be.