BEDEPA: 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.
BEDEPA
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+310.8%), from €525,462 to €2.2m
of which Land and buildings: +€1.5m
- Receivables within one year +€754,012
up €754,012 (+1551.3%), from €48,605 to €802,617
of which Other amounts receivable: +€702,431
- Intangible fixed assets +€113,624
up €113,624 (+2307.2%), from €4,925 to €118,548
- Stocks and contracts -€88,531
down €88,531 (-93.1%), from €95,091 to €6,560
of which Stocks: -€80,711
- Cash -€70,033
down €70,033 (-81.2%), from €86,212 to €16,179
mainly Investment in fixed assets (net) (-€1.9m) and Receivables within one year (-€754,012)
- Debts after one year +€844,683
up €844,683 (+335.2%), from €251,964 to €1.1m
- Investment grants +€669,911
new in 2025: €669,911
- Short-term financial debts +€650,000
new in 2025: €650,000
- Current portion of long-term debt +€92,471
up €92,471 (+235.3%), from €39,291 to €131,762
- Reserves +€87,594
up €87,594 (+33.7%), from €259,762 to €347,356
of which Tax-exempt reserves: +€49,368
- Gross operating margin +€54,632
up €54,632 (+24.0%), from €227,737 to €282,369
- Depreciation +€53,238
up €53,238 (+53.1%), from €100,220 to €153,459
- Financial charges +€27,652
up €27,652 (+271.4%), from €10,190 to €37,842
- Financial income +€21,824
up €21,824 (+1916.8%), from €1,139 to €22,963
- Taxes -€13,663
down €13,663 (-84.5%), from €16,167 to €2,504
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 | €769,213 | €3,113,603 | +€2.3m | +304.8% |
| Fixed assets | 21/28 | €530,386 | €2,277,305 | +€1.7m | +329.4% |
| Intangible fixed assets | 21 | €4,925 | €118,548 | +€113,624 | +2307.2% |
| Tangible fixed assets | 22/27 | €525,462 | €2,158,757 | +€1.6m | +310.8% |
| Land and buildings | 22 | €278,546 | €1,811,013 | +€1.5m | +550.2% |
| Plant, machinery and equipment | 23 | €160,223 | €271,435 | +€111,213 | +69.4% |
| Furniture and vehicles | 24 | €70,119 | €66,219 | -€3,900 | -5.6% |
| Leasing and similar rights | 25 | €4,669 | - | -€4,669 | |
| Other tangible fixed assets | 26 | €11,906 | €10,090 | -€1,816 | -15.3% |
| Current assets | 29/58 | €238,826 | €836,298 | +€597,471 | +250.2% |
| Stocks and contracts in progress | 3 | €95,091 | €6,560 | -€88,531 | -93.1% |
| Stocks | 30/36 | €86,831 | €6,120 | -€80,711 | -93.0% |
| Contracts in progress | 37 | €8,260 | €440 | -€7,820 | -94.7% |
| Amounts receivable within one year | 40/41 | €48,605 | €802,617 | +€754,012 | +1551.3% |
| Trade receivables | 40 | €25,585 | €77,166 | +€51,581 | +201.6% |
| Other amounts receivable | 41 | €23,020 | €725,451 | +€702,431 | +3051.4% |
| Cash at bank and in hand | 54/58 | €86,212 | €16,179 | -€70,033 | -81.2% |
| Deferred charges and accrued income | 490/1 | €8,918 | €10,942 | +€2,023 | +22.7% |
| Total equity and liabilities | 10/49 | €769,213 | €3,113,603 | +€2.3m | +304.8% |
| Equity | 10/15 | €279,762 | €1,037,267 | +€757,505 | +270.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €259,762 | €347,356 | +€87,594 | +33.7% |
| Tax-exempt reserves | 132 | €5,638 | €55,006 | +€49,368 | +875.6% |
| Distributable reserves | 133 | €254,124 | €292,350 | +€38,226 | +15.0% |
| Investment grants | 15 | - | €669,911 | +€669,911 | |
| Provisions and deferred taxes | 16 | €1,410 | €49,010 | +€47,600 | +3377.0% |
| Deferred taxes | 168 | €1,410 | €49,010 | +€47,600 | +3377.0% |
| Amounts payable | 17/49 | €488,041 | €2,027,326 | +€1.5m | +315.4% |
| Amounts payable after more than one year | 17 | €251,964 | €1,096,646 | +€844,683 | +335.2% |
| Financial debts | 170/4 | €251,964 | €1,096,646 | +€844,683 | +335.2% |
| Amounts payable within one year | 42/48 | €230,033 | €922,110 | +€692,077 | +300.9% |
| Current portion of amounts payable after more than one year | 42 | €39,291 | €131,762 | +€92,471 | +235.3% |
| Financial debts | 43 | - | €650,000 | +€650,000 | |
| Credit institutions | 430/8 | - | €650,000 | +€650,000 | |
| Trade debts | 44 | €98,825 | €49,483 | -€49,342 | -49.9% |
| Suppliers | 440/4 | €98,825 | €49,483 | -€49,342 | -49.9% |
| Advances received on contracts in progress | 46 | - | €336 | +€336 | |
| Taxes, remuneration and social security | 45 | €7,000 | €17,203 | +€10,203 | +145.8% |
| Taxes | 450/3 | €5,750 | €17,203 | +€11,453 | +199.2% |
| Remuneration and social security | 454/9 | €1,250 | - | -€1,250 | |
| Other amounts payable | 47/48 | €84,917 | €73,326 | -€11,591 | -13.6% |
| Accrued charges and deferred income | 492/3 | €6,044 | €8,570 | +€2,526 | +41.8% |
| Non-recurring operating income | 76A | €31,000 | €63,980 | +€32,980 | +106.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,220 | €153,459 | +€53,238 | +53.1% |
| Other operating charges | 640/8 | €2,895 | €4,422 | +€1,527 | +52.8% |
| Non-recurring operating charges | 66A | €30,000 | €5,929 | -€24,071 | -80.2% |
| Gross operating margin | 9900 | €227,737 | €282,369 | +€54,632 | +24.0% |
| Operating profit (loss) | 9901 | €94,622 | €118,560 | +€23,938 | +25.3% |
| Financial income | 75/76B | €1,139 | €22,963 | +€21,824 | +1916.8% |
| Recurring financial income | 75 | €1,139 | €22,963 | +€21,824 | +1916.8% |
| Financial charges | 65/66B | €10,190 | €37,842 | +€27,652 | +271.4% |
| Recurring financial charges | 65 | €10,190 | €37,842 | +€27,652 | +271.4% |
| Profit (loss) for the period before taxes | 9903 | €85,570 | €103,680 | +€18,110 | +21.2% |
| Transfer from deferred taxes | 780 | €170 | €454 | +€284 | +167.1% |
| Transfer to deferred taxes | 680 | - | €12,796 | +€12,796 | |
| Income taxes | 67/77 | €16,167 | €2,504 | -€13,663 | -84.5% |
| Profit (loss) for the period | 9904 | €69,573 | €88,834 | +€19,261 | +27.7% |
| Transfer from tax-exempt reserves | 789 | €680 | €1,816 | +€1,136 | +167.1% |
| Transfer to tax-exempt reserves | 689 | - | €51,184 | +€51,184 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,253 | €39,466 | -€30,787 | -43.8% |
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 4 October 2026 via checked.be.