BEDEX: 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.
What changed
BEDEX
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1,681
2024 · €3,113-€1,433
Equity
€343,375
2024 · €341,694+€1,681
Cash
€308
2024 · €70+€238
Balance sheet total
€649,684
2024 · €689,849-€40,165
Largest movements
Assets
- Tangible fixed assets -€49,602
down €49,602 (-9.9%), from €501,630 to €452,028
- Deferred charges and accrued income +€8,282
up €8,282 (+247.1%), from €3,351 to €11,633
Equity and liabilities
- Debts after one year -€34,067
down €34,067 (-19.9%), from €171,596 to €137,529
- Reserves +€16,188
up €16,188 (+7.6%), from €212,697 to €228,885
of which Distributable reserves: +€16,188
- Revaluation surpluses -€14,507
down €14,507 (-14.8%), from €98,010 to €83,503
Income statement
- Gross operating margin -€4,004
down €4,004 (-5.1%), from €78,311 to €74,307
- Taxes -€1,408
down €1,408 (-20.0%), from €7,028 to €5,620
- Financial charges -€906
down €906 (-8.0%), from €11,263 to €10,357
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
€3,113
Gross operating margin
-€4,004
Other operating charges
+€258
Financial income
+€0
Financial charges
+€906
Taxes
+€1,408
Result 2025
€1,681
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.
From operations
+€29,059
Investment
€0
Financing
-€28,821
Cash 2024
€70
From operations (derived)
+€29,059
Net result for the year
+€1,681
Depreciation
+€49,602
Receivables within one year
-€918
Deferred charges and accrued income
-€8,282
Trade debts
-€2,979
Tax, wage and social debts
-€4,430
Other debts
-€4,420
Accrued charges and deferred income
-€1,195
Financing
-€28,821
Debts after one year
-€34,067
Current portion of long-term debt
+€903
Short-term financial debts
+€4,343
Cash 2025
€308
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €689,849 | €649,684 | -€40,165 | -5.8% |
| Fixed assets | 21/28 | €501,880 | €452,278 | -€49,602 | -9.9% |
| Tangible fixed assets | 22/27 | €501,630 | €452,028 | -€49,602 | -9.9% |
| Land and buildings | 22 | €501,630 | €452,028 | -€49,602 | -9.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €187,968 | €197,406 | +€9,437 | +5.0% |
| Amounts receivable after more than one year | 29 | €101,808 | €101,808 | = | 0.0% |
| Other amounts receivable | 291 | €101,808 | €101,808 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €82,740 | €83,658 | +€918 | +1.1% |
| Trade receivables | 40 | €82,740 | €83,658 | +€918 | +1.1% |
| Cash at bank and in hand | 54/58 | €70 | €308 | +€238 | +340.7% |
| Deferred charges and accrued income | 490/1 | €3,351 | €11,633 | +€8,282 | +247.1% |
| Total equity and liabilities | 10/49 | €689,849 | €649,684 | -€40,165 | -5.8% |
| Equity | 10/15 | €341,694 | €343,375 | +€1,681 | +0.5% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Capital | 10 | €30,987 | €30,987 | = | 0.0% |
| Issued capital | 100 | €30,987 | €30,987 | = | 0.0% |
| Revaluation surpluses | 12 | €98,010 | €83,503 | -€14,507 | -14.8% |
| Reserves | 13 | €212,697 | €228,885 | +€16,188 | +7.6% |
| Non-distributable reserves | 130/1 | €1,500 | €1,500 | = | 0.0% |
| Legal reserve | 130 | €1,500 | €1,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €61,088 | €61,088 | = | 0.0% |
| Distributable reserves | 133 | €150,109 | €166,297 | +€16,188 | +10.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €21,549 | €21,549 | = | 0.0% |
| Deferred taxes | 168 | €21,549 | €21,549 | = | 0.0% |
| Amounts payable | 17/49 | €326,605 | €284,760 | -€41,845 | -12.8% |
| Amounts payable after more than one year | 17 | €171,596 | €137,529 | -€34,067 | -19.9% |
| Financial debts | 170/4 | €171,596 | €137,529 | -€34,067 | -19.9% |
| Amounts payable within one year | 42/48 | €141,385 | €134,802 | -€6,583 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €34,094 | €34,997 | +€903 | +2.6% |
| Financial debts | 43 | €10,259 | €14,603 | +€4,343 | +42.3% |
| Credit institutions | 430/8 | €10,259 | €14,603 | +€4,343 | +42.3% |
| Trade debts | 44 | €19,844 | €16,865 | -€2,979 | -15.0% |
| Suppliers | 440/4 | €19,844 | €16,865 | -€2,979 | -15.0% |
| Taxes, remuneration and social security | 45 | €12,798 | €8,368 | -€4,430 | -34.6% |
| Taxes | 450/3 | €12,798 | €8,368 | -€4,430 | -34.6% |
| Other amounts payable | 47/48 | €64,389 | €59,969 | -€4,420 | -6.9% |
| Accrued charges and deferred income | 492/3 | €13,624 | €12,429 | -€1,195 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,602 | €49,602 | = | 0.0% |
| Other operating charges | 640/8 | €9,972 | €9,714 | -€258 | -2.6% |
| Gross operating margin | 9900 | €78,311 | €74,307 | -€4,004 | -5.1% |
| Operating profit (loss) | 9901 | €18,737 | €14,990 | -€3,747 | -20.0% |
| Financial income | 75/76B | €2,667 | €2,668 | +€0 | 0.0% |
| Recurring financial income | 75 | €2,667 | €2,668 | +€0 | 0.0% |
| Financial charges | 65/66B | €11,263 | €10,357 | -€906 | -8.0% |
| Recurring financial charges | 65 | €11,263 | €10,357 | -€906 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €10,142 | €7,301 | -€2,841 | -28.0% |
| Income taxes | 67/77 | €7,028 | €5,620 | -€1,408 | -20.0% |
| Profit (loss) for the period | 9904 | €3,113 | €1,681 | -€1,433 | -46.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,113 | €1,681 | -€1,433 | -46.0% |
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 7 October 2026 via checked.be.