BEPA: 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
BEPA
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€99,020
2024 · -€14,489-€84,531
Equity
€262,883
2024 · €361,903-€99,020
Cash
€65,940
2024 · €68,949-€3,010
Balance sheet total
€1.1m
2024 · €1.2m-€107,063
Largest movements
Assets
- Receivables within one year -€109,659
down €109,659 (-18.2%), from €602,746 to €493,086
of which Trade receivables: -€124,685
- Tangible fixed assets +€20,095
up €20,095 (+17.2%), from €117,089 to €137,184
of which Other tangible fixed assets: +€31,807
- Stocks and contracts -€17,817
down €17,817 (-4.1%), from €437,869 to €420,052
Equity and liabilities
- Profit (loss) carried forward -€99,020
down €99,020 (-61.6%), from €160,653 to €61,633
- Short-term financial debts +€90,000
up €90,000 (+75.0%), from €120,000 to €210,000
- Accrued charges and deferred income -€71,039
down €71,039 (-49.2%), from €144,486 to €73,447
- Trade debts -€14,780
down €14,780 (-4.9%), from €304,439 to €289,659
- Debts after one year -€14,706
down €14,706 (-27.8%), from €52,971 to €38,264
Income statement
- Gross operating margin -€153,950
down €153,950 (-8.7%), from €1.8m to €1.6m
- Staff costs +€111,847
up €111,847 (+7.3%), from €1.5m to €1.6m
- Taxes -€48,620
down €48,620 (-97.3%), from €49,984 to €1,364
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
-€14,489
Gross operating margin
-€153,950
Staff costs
-€111,847
Depreciation
-€8,516
Write-downs
-€1,005
Provisions
-€3,308
Other operating charges
+€1,803
Other operating items
+€146,494
Financial income
-€3
Financial charges
-€2,819
Taxes
+€48,620
Result 2025
-€99,020
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
-€12,809
Investment
-€57,305
Financing
+€67,105
Cash 2024
€68,949
From operations (derived)
-€12,809
Net result for the year
-€99,020
Depreciation
+€37,075
Stocks and contracts
+€17,817
Receivables within one year
+€109,659
Deferred charges and accrued income
-€3,193
Provisions
+€900
Trade debts
-€14,780
Tax, wage and social debts
+€9,771
Accrued charges and deferred income
-€71,039
Investment (derived)
-€57,305
Investment in fixed assets (net)
-€57,305
Financing
+€67,105
Debts after one year
-€14,706
Current portion of long-term debt
-€8,189
Short-term financial debts
+€90,000
Cash 2025
€65,940
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,246,325 | €1,139,262 | -€107,063 | -8.6% |
| Fixed assets | 21/28 | €133,441 | €153,670 | +€20,230 | +15.2% |
| Tangible fixed assets | 22/27 | €117,089 | €137,184 | +€20,095 | +17.2% |
| Plant, machinery and equipment | 23 | €29,528 | €25,906 | -€3,622 | -12.3% |
| Furniture and vehicles | 24 | €37,267 | €29,177 | -€8,090 | -21.7% |
| Other tangible fixed assets | 26 | €50,294 | €82,101 | +€31,807 | +63.2% |
| Financial fixed assets | 28 | €16,352 | €16,487 | +€135 | +0.8% |
| Current assets | 29/58 | €1,112,885 | €985,592 | -€127,293 | -11.4% |
| Stocks and contracts in progress | 3 | €437,869 | €420,052 | -€17,817 | -4.1% |
| Stocks | 30/36 | €437,869 | €420,052 | -€17,817 | -4.1% |
| Amounts receivable within one year | 40/41 | €602,746 | €493,086 | -€109,659 | -18.2% |
| Trade receivables | 40 | €602,746 | €478,061 | -€124,685 | -20.7% |
| Other amounts receivable | 41 | €0 | €15,025 | +€15,025 | |
| Cash at bank and in hand | 54/58 | €68,949 | €65,940 | -€3,010 | -4.4% |
| Deferred charges and accrued income | 490/1 | €3,321 | €6,514 | +€3,193 | +96.2% |
| Total equity and liabilities | 10/49 | €1,246,325 | €1,139,262 | -€107,063 | -8.6% |
| Equity | 10/15 | €361,903 | €262,883 | -€99,020 | -27.4% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €126,250 | €126,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €160,653 | €61,633 | -€99,020 | -61.6% |
| Provisions and deferred taxes | 16 | €4,828 | €5,728 | +€900 | +18.6% |
| Provisions for liabilities and charges | 160/5 | €4,828 | €5,728 | +€900 | +18.6% |
| Environmental obligations | 163 | €4,828 | €5,728 | +€900 | +18.6% |
| Amounts payable | 17/49 | €879,595 | €870,652 | -€8,943 | -1.0% |
| Amounts payable after more than one year | 17 | €52,971 | €38,264 | -€14,706 | -27.8% |
| Financial debts | 170/4 | €52,971 | €38,264 | -€14,706 | -27.8% |
| Amounts payable within one year | 42/48 | €682,138 | €758,940 | +€76,802 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €31,743 | €23,553 | -€8,189 | -25.8% |
| Financial debts | 43 | €120,000 | €210,000 | +€90,000 | +75.0% |
| Credit institutions | 430/8 | €120,000 | €210,000 | +€90,000 | +75.0% |
| Trade debts | 44 | €304,439 | €289,659 | -€14,780 | -4.9% |
| Suppliers | 440/4 | €304,439 | €289,659 | -€14,780 | -4.9% |
| Taxes, remuneration and social security | 45 | €157,957 | €167,728 | +€9,771 | +6.2% |
| Taxes | 450/3 | €54,992 | €59,864 | +€4,873 | +8.9% |
| Remuneration and social security | 454/9 | €102,965 | €107,864 | +€4,898 | +4.8% |
| Other amounts payable | 47/48 | €68,000 | €68,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €144,486 | €73,447 | -€71,039 | -49.2% |
| Remuneration, social security and pensions | 62 | €1,534,182 | €1,646,028 | +€111,847 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,559 | €37,075 | +€8,516 | +29.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €1,005 | +€1,005 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,408 | €900 | +€3,308 | |
| Other operating charges | 640/8 | €8,577 | €6,775 | -€1,803 | -21.0% |
| Non-recurring operating charges | 66A | €146,494 | €0 | -€146,494 | -100.0% |
| Gross operating margin | 9900 | €1,768,358 | €1,614,408 | -€153,950 | -8.7% |
| Operating profit (loss) | 9901 | €52,954 | -€77,375 | -€130,329 | |
| Financial income | 75/76B | €5,102 | €5,099 | -€3 | -0.1% |
| Recurring financial income | 75 | €5,102 | €5,099 | -€3 | -0.1% |
| Financial charges | 65/66B | €22,561 | €25,380 | +€2,819 | +12.5% |
| Recurring financial charges | 65 | €22,561 | €25,380 | +€2,819 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €35,495 | -€97,656 | -€133,151 | |
| Income taxes | 67/77 | €49,984 | €1,364 | -€48,620 | -97.3% |
| Profit (loss) for the period | 9904 | -€14,489 | -€99,020 | -€84,531 | -583.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,489 | -€99,020 | -€84,531 | -583.4% |
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 3 October 2026 via checked.be.