BECARV: 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.
BECARV
Largest movements
- Intangible fixed assets -€1.5m
down €1.5m (-100%), from €1.5m to €0
- Receivables within one year -€409,479
down €409,479 (-92.5%), from €442,639 to €33,160
of which Trade receivables: -€341,966
- Cash -€116,372
down €116,372 (-80.1%), from €145,325 to €28,953
mainly Net result for the year (-€2.7m) and Trade debts (-€330,496)
- Stocks and contracts -€65,220
down €65,220 (-28.8%), from €226,543 to €161,323
- Tangible fixed assets -€64,609
down €64,609 (-51.7%), from €125,088 to €60,479
- Profit (loss) carried forward -€2.7m
down €2.7m (-184%), from -€1.4m to -€4.1m
- Debts after one year +€929,165
up €929,165 (+81.8%), from €1.1m to €2.1m
- Trade debts -€330,496
down €330,496 (-59.7%), from €553,983 to €223,487
- Investment grants -€322,755
down €322,755 (-24.2%), from €1.3m to €1.0m
- Provisions +€149,651
new in 2026: €149,651
- Gross operating margin +€563,969
up €563,969, from -€453,316 to €110,653
- Financial income +€198,968
up €198,968 (+143%), from €138,949 to €337,917
- Staff costs -€168,373
down €168,373 (-22.5%), from €748,199 to €579,826
- Depreciation +€164,430
up €164,430 (+56.8%), from €289,644 to €454,073
- Financial charges +€63,533
up €63,533 (+59.4%), from €106,942 to €170,476
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,485,276 | €307,356 | -€2.2m | -87.6% |
| Formation expenses | 20 | €14,679 | €0 | -€14,679 | -100% |
| Fixed assets | 21/28 | €1,600,804 | €63,373 | -€1.5m | -96.0% |
| Intangible fixed assets | 21 | €1,465,612 | €0 | -€1.5m | -100% |
| Tangible fixed assets | 22/27 | €125,088 | €60,479 | -€64,609 | -51.7% |
| Land and buildings | 22 | €29,513 | €0 | -€29,513 | -100% |
| Plant, machinery and equipment | 23 | €41,404 | €31,051 | -€10,354 | -25.0% |
| Furniture and vehicles | 24 | €49,022 | €28,410 | -€20,612 | -42.0% |
| Leasing and similar rights | 25 | €5,149 | €1,018 | -€4,131 | -80.2% |
| Financial fixed assets | 28 | €10,104 | €2,894 | -€7,210 | -71.4% |
| Current assets | 29/58 | €869,793 | €243,983 | -€625,810 | -71.9% |
| Amounts receivable after more than one year | 29 | €21,863 | €20,547 | -€1,316 | -6.0% |
| Other amounts receivable | 291 | €21,863 | €20,547 | -€1,316 | -6.0% |
| Stocks and contracts in progress | 3 | €226,543 | €161,323 | -€65,220 | -28.8% |
| Stocks | 30/36 | €226,543 | €161,323 | -€65,220 | -28.8% |
| Amounts receivable within one year | 40/41 | €442,639 | €33,160 | -€409,479 | -92.5% |
| Trade receivables | 40 | €360,540 | €18,573 | -€341,966 | -94.8% |
| Other amounts receivable | 41 | €82,099 | €14,586 | -€67,513 | -82.2% |
| Cash at bank and in hand | 54/58 | €145,325 | €28,953 | -€116,372 | -80.1% |
| Deferred charges and accrued income | 490/1 | €33,424 | €0 | -€33,424 | -100% |
| Total equity and liabilities | 10/49 | €2,485,276 | €307,356 | -€2.2m | -87.6% |
| Equity | 10/15 | €419,186 | -€2,554,995 | -€3.0m | |
| Contributions | 10/11 | €514,753 | €514,753 | = | 0.0% |
| Capital | 10 | €514,753 | €514,753 | = | 0.0% |
| Issued capital | 100 | €514,753 | €514,753 | = | 0.0% |
| Reserves | 13 | €13,535 | €13,535 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,535 | €13,535 | = | 0.0% |
| Legal reserve | 130 | €13,535 | €13,535 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€1,444,818 | -€4,096,244 | -€2.7m | -184% |
| Investment grants | 15 | €1,335,716 | €1,012,962 | -€322,755 | -24.2% |
| Provisions and deferred taxes | 16 | - | €149,651 | +€149,651 | |
| Deferred taxes | 168 | - | €149,651 | +€149,651 | |
| Amounts payable | 17/49 | €2,066,090 | €2,712,699 | +€646,609 | +31.3% |
| Amounts payable after more than one year | 17 | €1,136,251 | €2,065,417 | +€929,165 | +81.8% |
| Financial debts | 170/4 | €1,136,251 | €2,065,417 | +€929,165 | +81.8% |
| Amounts payable within one year | 42/48 | €929,839 | €605,031 | -€324,808 | -34.9% |
| Current portion of amounts payable after more than one year | 42 | €197,452 | €146,668 | -€50,784 | -25.7% |
| Financial debts | 43 | €100,000 | €185,483 | +€85,483 | +85.5% |
| Credit institutions | 430/8 | €100,000 | €185,483 | +€85,483 | +85.5% |
| Trade debts | 44 | €553,983 | €223,487 | -€330,496 | -59.7% |
| Suppliers | 440/4 | €553,983 | €223,487 | -€330,496 | -59.7% |
| Taxes, remuneration and social security | 45 | €78,404 | €49,393 | -€29,011 | -37.0% |
| Taxes | 450/3 | €402 | €98 | -€305 | -75.7% |
| Remuneration and social security | 454/9 | €78,002 | €49,295 | -€28,706 | -36.8% |
| Accrued charges and deferred income | 492/3 | €0 | €42,252 | +€42,252 | |
| Remuneration, social security and pensions | 62 | €748,199 | €579,826 | -€168,373 | -22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €289,644 | €454,073 | +€164,430 | +56.8% |
| Other operating charges | 640/8 | €20,280 | €10,234 | -€10,046 | -49.5% |
| Non-recurring operating charges | 66A | - | €1,883,221 | +€1.9m | |
| Gross operating margin | 9900 | -€453,316 | €110,653 | +€563,969 | |
| Operating profit (loss) | 9901 | -€1,511,439 | -€2,816,701 | -€1.3m | -86.4% |
| Financial income | 75/76B | €138,949 | €337,917 | +€198,968 | +143% |
| Recurring financial income | 75 | €138,949 | €337,917 | +€198,968 | +143% |
| Financial charges | 65/66B | €106,942 | €170,476 | +€63,533 | +59.4% |
| Recurring financial charges | 65 | €106,942 | €170,476 | +€63,533 | +59.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,479,432 | -€2,649,259 | -€1.2m | -79.1% |
| Income taxes | 67/77 | -€10,407 | €2,167 | +€12,575 | |
| Profit (loss) for the period | 9904 | -€1,469,025 | -€2,651,427 | -€1.2m | -80.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,469,025 | -€2,651,427 | -€1.2m | -80.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.