BEEHIVE: 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.
BEEHIVE
Largest movements
- Receivables within one year +€1.0m
up €1.0m (+17.3%), from €5.9m to €7.0m
of which Other amounts receivable: +€1.2m
- Short-term financial debts -€8.5m
down €8.5m (-100%), from €8.5m to €0
- Other debts +€5.9m
up €5.9m (+41.4%), from €14.1m to €20.0m
- Reserves +€3.5m
up €3.5m (+42.8%), from €8.1m to €11.6m
of which Distributable reserves: +€3.5m
- Debts after one year -€641,664
down €641,664 (-32.7%), from €2.0m to €1.3m
- Trade debts +€476,199
up €476,199 (+68.9%), from €691,426 to €1.2m
- Financial income -€1.9m
down €1.9m (-36.5%), from €5.3m to €3.4m
- Gross operating margin +€710,191
up €710,191 (+70.6%), from €1.0m to €1.7m
- Financial charges -€227,154
down €227,154 (-42.1%), from €540,021 to €312,867
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 | €43,684,330 | €44,367,010 | +€682,681 | +1.6% |
| Fixed assets | 21/28 | €37,344,249 | €37,365,902 | +€21,652 | +0.1% |
| Tangible fixed assets | 22/27 | €425,703 | €425,703 | = | 0.0% |
| Land and buildings | 22 | €425,703 | €425,703 | = | 0.0% |
| Financial fixed assets | 28 | €36,918,546 | €36,940,198 | +€21,652 | +0.1% |
| Current assets | 29/58 | €6,340,080 | €7,001,109 | +€661,028 | +10.4% |
| Amounts receivable within one year | 40/41 | €5,943,984 | €6,974,618 | +€1.0m | +17.3% |
| Trade receivables | 40 | €380,316 | €178,030 | -€202,286 | -53.2% |
| Other amounts receivable | 41 | €5,563,668 | €6,796,588 | +€1.2m | +22.2% |
| Cash at bank and in hand | 54/58 | €396,097 | €26,491 | -€369,606 | -93.3% |
| Total equity and liabilities | 10/49 | €43,684,330 | €44,367,010 | +€682,681 | +1.6% |
| Equity | 10/15 | €17,695,681 | €21,171,527 | +€3.5m | +19.6% |
| Contributions | 10/11 | €9,583,873 | €9,583,873 | = | 0.0% |
| Reserves | 13 | €8,111,808 | €11,587,654 | +€3.5m | +42.8% |
| Tax-exempt reserves | 132 | €162 | €0 | -€162 | -100% |
| Distributable reserves | 133 | €8,111,645 | €11,587,654 | +€3.5m | +42.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €25,988,649 | €23,195,484 | -€2.8m | -10.7% |
| Amounts payable after more than one year | 17 | €1,965,161 | €1,323,497 | -€641,664 | -32.7% |
| Financial debts | 170/4 | €1,965,161 | €1,323,497 | -€641,664 | -32.7% |
| Amounts payable within one year | 42/48 | €24,023,488 | €21,871,986 | -€2.2m | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €637,676 | €641,664 | +€3,988 | +0.6% |
| Financial debts | 43 | €8,500,000 | €0 | -€8.5m | -100% |
| Credit institutions | 430/8 | €8,500,000 | €0 | -€8.5m | -100% |
| Trade debts | 44 | €691,426 | €1,167,625 | +€476,199 | +68.9% |
| Suppliers | 440/4 | €691,426 | €1,167,625 | +€476,199 | +68.9% |
| Taxes, remuneration and social security | 45 | €57,728 | €71,310 | +€13,581 | +23.5% |
| Taxes | 450/3 | €46,312 | €35,864 | -€10,448 | -22.6% |
| Remuneration and social security | 454/9 | €11,416 | €35,446 | +€24,030 | +210% |
| Other amounts payable | 47/48 | €14,136,658 | €19,991,388 | +€5.9m | +41.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €327,820 | €316,489 | -€11,331 | -3.5% |
| Other operating charges | 640/8 | €1,128 | €128 | -€1,000 | -88.7% |
| Gross operating margin | 9900 | €1,006,616 | €1,716,807 | +€710,191 | +70.6% |
| Operating profit (loss) | 9901 | €677,668 | €1,400,190 | +€722,522 | +107% |
| Financial income | 75/76B | €5,334,787 | €3,389,124 | -€1.9m | -36.5% |
| Recurring financial income | 75 | €5,334,787 | €3,389,124 | -€1.9m | -36.5% |
| Financial charges | 65/66B | €540,021 | €312,867 | -€227,154 | -42.1% |
| Recurring financial charges | 65 | €540,021 | €312,867 | -€227,154 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €5,472,434 | €4,476,447 | -€995,987 | -18.2% |
| Income taxes | 67/77 | €565 | €601 | +€35 | +6.3% |
| Profit (loss) for the period | 9904 | €5,471,869 | €4,475,846 | -€996,023 | -18.2% |
| Transfer from tax-exempt reserves | 789 | €2,452 | €162 | -€2,290 | -93.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,474,321 | €4,476,008 | -€998,313 | -18.2% |
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 18 October 2026 via checked.be.