BEPA: 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.
BEPA
Largest movements
- Receivables within one year -€2.1m
down €2.1m (-50.7%), from €4.1m to €2.0m
of which Other amounts receivable: -€2.1m
- Receivables after one year -€124,319
down €124,319 (-95.6%), from €130,000 to €5,681
- Deferred charges and accrued income +€88,809
up €88,809, from €0 to €88,809
- Reserves -€2.0m
down €2.0m (-54.6%), from €3.6m to €1.7m
of which Distributable reserves: -€2.0m
- Other debts -€79,012
down €79,012 (-17.7%), from €446,488 to €367,476
- Financial income +€150,360
up €150,360 (+84.7%), from €177,490 to €327,850
- Other operating charges -€76,357
down €76,357 (-93.9%), from €81,354 to €4,997
- Taxes +€21,427
up €21,427 (+1,604%), from €1,336 to €22,763
- Gross operating margin +€5,267
up €5,267 (+7.4%), from €71,549 to €76,816
- Financial charges -€3,235
down €3,235 (-12.8%), from €25,337 to €22,102
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 | €4,281,574 | €2,224,910 | -€2.1m | -48.0% |
| Fixed assets | 21/28 | €5,550 | €4,650 | -€900 | -16.2% |
| Intangible fixed assets | 21 | €900 | €0 | -€900 | -100% |
| Financial fixed assets | 28 | €4,650 | €4,650 | = | 0.0% |
| Current assets | 29/58 | €4,276,024 | €2,220,260 | -€2.1m | -48.1% |
| Amounts receivable after more than one year | 29 | €130,000 | €5,681 | -€124,319 | -95.6% |
| Other amounts receivable | 291 | €130,000 | €5,681 | -€124,319 | -95.6% |
| Stocks and contracts in progress | 3 | €25,870 | €64,270 | +€38,400 | +148% |
| Stocks | 30/36 | €25,870 | €64,270 | +€38,400 | +148% |
| Amounts receivable within one year | 40/41 | €4,115,097 | €2,026,810 | -€2.1m | -50.7% |
| Trade receivables | 40 | €6,846 | €4,423 | -€2,423 | -35.4% |
| Other amounts receivable | 41 | €4,108,251 | €2,022,387 | -€2.1m | -50.8% |
| Cash at bank and in hand | 54/58 | €5,057 | €34,690 | +€29,633 | +586% |
| Deferred charges and accrued income | 490/1 | €0 | €88,809 | +€88,809 | |
| Total equity and liabilities | 10/49 | €4,281,574 | €2,224,910 | -€2.1m | -48.0% |
| Equity | 10/15 | €3,807,168 | €1,822,408 | -€2.0m | -52.1% |
| Contributions | 10/11 | €169,950 | €169,950 | = | 0.0% |
| Capital | 10 | €169,950 | €169,950 | = | 0.0% |
| Issued capital | 100 | €169,950 | €169,950 | = | 0.0% |
| Reserves | 13 | €3,637,218 | €1,652,458 | -€2.0m | -54.6% |
| Non-distributable reserves | 130/1 | €17,000 | €17,000 | = | 0.0% |
| Legal reserve | 130 | €17,000 | €17,000 | = | 0.0% |
| Distributable reserves | 133 | €3,620,218 | €1,635,458 | -€2.0m | -54.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €474,407 | €402,502 | -€71,905 | -15.2% |
| Amounts payable within one year | 42/48 | €451,289 | €381,169 | -€70,121 | -15.5% |
| Financial debts | 43 | - | €177 | +€177 | |
| Credit institutions | 430/8 | - | €177 | +€177 | |
| Trade debts | 44 | €3,465 | €11,412 | +€7,946 | +229% |
| Suppliers | 440/4 | €3,465 | €11,412 | +€7,946 | +229% |
| Taxes, remuneration and social security | 45 | €1,336 | €2,104 | +€768 | +57.5% |
| Taxes | 450/3 | €1,336 | €2,104 | +€768 | +57.5% |
| Other amounts payable | 47/48 | €446,488 | €367,476 | -€79,012 | -17.7% |
| Accrued charges and deferred income | 492/3 | €23,117 | €21,333 | -€1,784 | -7.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €900 | €900 | = | 0.0% |
| Other operating charges | 640/8 | €81,354 | €4,997 | -€76,357 | -93.9% |
| Non-recurring operating charges | 66A | €95 | €38,663 | +€38,568 | +40,598% |
| Gross operating margin | 9900 | €71,549 | €76,816 | +€5,267 | +7.4% |
| Operating profit (loss) | 9901 | -€10,800 | €32,256 | +€43,056 | |
| Financial income | 75/76B | €177,490 | €327,850 | +€150,360 | +84.7% |
| Recurring financial income | 75 | €177,490 | €327,850 | +€150,360 | +84.7% |
| Financial charges | 65/66B | €25,337 | €22,102 | -€3,235 | -12.8% |
| Recurring financial charges | 65 | €25,337 | €22,102 | -€3,235 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €141,353 | €338,004 | +€196,651 | +139% |
| Income taxes | 67/77 | €1,336 | €22,763 | +€21,427 | +1,604% |
| Profit (loss) for the period | 9904 | €140,016 | €315,240 | +€175,224 | +125% |
| Profit (loss) for the period to be appropriated | 9905 | €140,016 | €315,240 | +€175,224 | +125% |
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.