BEDECE: 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.
BEDECE
Largest movements
- Current investments +€2.0m
up €2.0m (+6.6%), from €29.9m to €31.9m
- Tangible fixed assets +€1.2m
up €1.2m (+28.8%), from €4.1m to €5.3m
of which Land and buildings: +€1.1m
- Reserves +€2.2m
up €2.2m (+27.2%), from €8.2m to €10.5m
of which Distributable reserves: +€5.0m
- Profit (loss) carried forward +€1.2m
up €1.2m (+3.0%), from €38.2m to €39.4m
- Tax, wage and social debts +€1.2m
up €1.2m (+222%), from €519,759 to €1.7m
of which Taxes: +€1.2m
- Provisions -€922,507
down €922,507 (-89.2%), from €1.0m to €111,147
- Financial income -€6.3m
down €6.3m (-65.3%), from €9.6m to €3.3m
- Taxes +€1.3m
up €1.3m (+201%), from €649,283 to €2.0m
- Gross operating margin +€273,220
up €273,220 (+23.9%), from €1.1m to €1.4m
- Financial charges +€54,129
up €54,129 (+2,689%), from €2,013 to €56,142
- Depreciation +€30,880
up €30,880 (+24.7%), from €124,918 to €155,798
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €48,320,693 | €51,823,452 | +€3.5m | +7.2% |
| Fixed assets | 21/28 | €16,148,188 | €17,325,992 | +€1.2m | +7.3% |
| Tangible fixed assets | 22/27 | €4,090,092 | €5,267,896 | +€1.2m | +28.8% |
| Land and buildings | 22 | €3,954,553 | €5,099,731 | +€1.1m | +29.0% |
| Furniture and vehicles | 24 | €123,539 | €156,165 | +€32,626 | +26.4% |
| Other tangible fixed assets | 26 | €12,000 | €12,000 | = | 0.0% |
| Financial fixed assets | 28 | €12,058,096 | €12,058,096 | = | 0.0% |
| Current assets | 29/58 | €32,172,504 | €34,497,459 | +€2.3m | +7.2% |
| Amounts receivable within one year | 40/41 | €2,113,924 | €2,500,148 | +€386,224 | +18.3% |
| Trade receivables | 40 | €1,089,000 | €148 | -€1.1m | -100.0% |
| Other amounts receivable | 41 | €1,024,924 | €2,500,000 | +€1.5m | +144% |
| Current investments | 50/53 | €29,901,253 | €31,889,351 | +€2.0m | +6.6% |
| Cash at bank and in hand | 54/58 | €156,876 | €106,607 | -€50,270 | -32.0% |
| Deferred charges and accrued income | 490/1 | €452 | €1,354 | +€903 | +200% |
| Total equity and liabilities | 10/49 | €48,320,693 | €51,823,452 | +€3.5m | +7.2% |
| Equity | 10/15 | €46,529,043 | €49,930,771 | +€3.4m | +7.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €8,222,266 | €10,459,447 | +€2.2m | +27.2% |
| Tax-exempt reserves | 132 | €2,978,671 | €215,853 | -€2.8m | -92.8% |
| Distributable reserves | 133 | €5,243,595 | €10,243,595 | +€5.0m | +95.4% |
| Profit (loss) carried forward | 14 | €38,244,804 | €39,409,350 | +€1.2m | +3.0% |
| Provisions and deferred taxes | 16 | €1,033,654 | €111,147 | -€922,507 | -89.2% |
| Deferred taxes | 168 | €1,033,654 | €111,147 | -€922,507 | -89.2% |
| Amounts payable | 17/49 | €757,995 | €1,781,533 | +€1.0m | +135% |
| Amounts payable within one year | 42/48 | €757,995 | €1,781,533 | +€1.0m | +135% |
| Trade debts | 44 | €838 | €28 | -€810 | -96.7% |
| Suppliers | 440/4 | €838 | €28 | -€810 | -96.7% |
| Taxes, remuneration and social security | 45 | €519,759 | €1,674,833 | +€1.2m | +222% |
| Taxes | 450/3 | €511,806 | €1,665,255 | +€1.2m | +225% |
| Remuneration and social security | 454/9 | €7,954 | €9,577 | +€1,623 | +20.4% |
| Other amounts payable | 47/48 | €237,398 | €106,673 | -€130,726 | -55.1% |
| Non-recurring operating income | 76A | €59,761 | €0 | -€59,761 | -100% |
| Remuneration, social security and pensions | 62 | €70,132 | €78,389 | +€8,256 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,918 | €155,798 | +€30,880 | +24.7% |
| Other operating charges | 640/8 | €6,898 | €21,678 | +€14,780 | +214% |
| Gross operating margin | 9900 | €1,142,978 | €1,416,198 | +€273,220 | +23.9% |
| Operating profit (loss) | 9901 | €941,030 | €1,160,334 | +€219,304 | +23.3% |
| Financial income | 75/76B | €9,593,588 | €3,330,489 | -€6.3m | -65.3% |
| Recurring financial income | 75 | €9,593,588 | €3,330,489 | -€6.3m | -65.3% |
| Financial charges | 65/66B | €2,013 | €56,142 | +€54,129 | +2,689% |
| Recurring financial charges | 65 | €2,013 | €56,142 | +€54,129 | +2,689% |
| Profit (loss) for the period before taxes | 9903 | €10,532,605 | €4,434,680 | -€6.1m | -57.9% |
| Transfer from deferred taxes | 780 | €4,445 | €922,507 | +€918,062 | +20,654% |
| Income taxes | 67/77 | €649,283 | €1,955,459 | +€1.3m | +201% |
| Profit (loss) for the period | 9904 | €9,887,766 | €3,401,728 | -€6.5m | -65.6% |
| Transfer from tax-exempt reserves | 789 | €8,632 | €2,762,818 | +€2.8m | +31,906% |
| Profit (loss) for the period to be appropriated | 9905 | €9,896,398 | €6,164,547 | -€3.7m | -37.7% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.