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.
BEPA
Largest movements
- Receivables within one year +€125,362
up €125,362 (+404.4%), from €30,997 to €156,359
of which Trade receivables: +€121,788
- Stocks and contracts +€34,535
up €34,535 (+22.4%), from €154,350 to €188,885
- Tangible fixed assets -€32,619
down €32,619 (-13.1%), from €249,272 to €216,653
of which Furniture and vehicles: -€21,200
- Cash -€15,438
down €15,438 (-65.4%), from €23,615 to €8,177
mainly Receivables within one year (-€125,362) and Investment in fixed assets (net) (-€51,250)
- Trade debts +€139,780
up €139,780 (+3313.1%), from €4,219 to €143,998
- Debts after one year -€24,267
down €24,267 (-16.1%), from €150,667 to €126,400
- Other debts -€12,190
down €12,190 (-62.7%), from €19,432 to €7,243
- Current portion of long-term debt +€8,600
up €8,600 (+15.6%), from €55,000 to €63,600
- Gross operating margin -€26,547
down €26,547 (-22.5%), from €117,746 to €91,199
- Depreciation -€5,244
down €5,244 (-5.9%), from €89,113 to €83,869
- Taxes -€4,531
down €4,531 (-97.5%), from €4,648 to €117
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 | €460,980 | €572,365 | +€111,384 | +24.2% |
| Fixed assets | 21/28 | €249,272 | €216,653 | -€32,619 | -13.1% |
| Tangible fixed assets | 22/27 | €249,272 | €216,653 | -€32,619 | -13.1% |
| Land and buildings | 22 | €92,192 | €76,587 | -€15,605 | -16.9% |
| Plant, machinery and equipment | 23 | €88,543 | €92,729 | +€4,186 | +4.7% |
| Furniture and vehicles | 24 | €68,537 | €47,337 | -€21,200 | -30.9% |
| Current assets | 29/58 | €211,708 | €355,712 | +€144,004 | +68.0% |
| Stocks and contracts in progress | 3 | €154,350 | €188,885 | +€34,535 | +22.4% |
| Stocks | 30/36 | €154,350 | €188,885 | +€34,535 | +22.4% |
| Amounts receivable within one year | 40/41 | €30,997 | €156,359 | +€125,362 | +404.4% |
| Trade receivables | 40 | €23,760 | €145,548 | +€121,788 | +512.6% |
| Other amounts receivable | 41 | €7,237 | €10,810 | +€3,573 | +49.4% |
| Cash at bank and in hand | 54/58 | €23,615 | €8,177 | -€15,438 | -65.4% |
| Deferred charges and accrued income | 490/1 | €2,746 | €2,291 | -€455 | -16.6% |
| Total equity and liabilities | 10/49 | €460,980 | €572,365 | +€111,384 | +24.2% |
| Equity | 10/15 | €229,949 | €231,123 | +€1,174 | +0.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €196,471 | €197,645 | +€1,174 | +0.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €194,612 | €195,785 | +€1,174 | +0.6% |
| Profit (loss) carried forward | 14 | €14,887 | €14,887 | = | 0.0% |
| Amounts payable | 17/49 | €231,031 | €341,242 | +€110,211 | +47.7% |
| Amounts payable after more than one year | 17 | €150,667 | €126,400 | -€24,267 | -16.1% |
| Financial debts | 170/4 | €150,667 | €126,400 | -€24,267 | -16.1% |
| Amounts payable within one year | 42/48 | €80,364 | €214,841 | +€134,477 | +167.3% |
| Current portion of amounts payable after more than one year | 42 | €55,000 | €63,600 | +€8,600 | +15.6% |
| Trade debts | 44 | €4,219 | €143,998 | +€139,780 | +3313.1% |
| Suppliers | 440/4 | €4,219 | €143,998 | +€139,780 | +3313.1% |
| Taxes, remuneration and social security | 45 | €1,712 | - | -€1,712 | |
| Taxes | 450/3 | €1,712 | - | -€1,712 | |
| Other amounts payable | 47/48 | €19,432 | €7,243 | -€12,190 | -62.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,113 | €83,869 | -€5,244 | -5.9% |
| Other operating charges | 640/8 | €885 | €899 | +€13 | +1.5% |
| Gross operating margin | 9900 | €117,746 | €91,199 | -€26,547 | -22.5% |
| Operating profit (loss) | 9901 | €27,747 | €6,431 | -€21,316 | -76.8% |
| Financial charges | 65/66B | €5,975 | €5,140 | -€835 | -14.0% |
| Recurring financial charges | 65 | €5,975 | €5,140 | -€835 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €21,773 | €1,291 | -€20,482 | -94.1% |
| Income taxes | 67/77 | €4,648 | €117 | -€4,531 | -97.5% |
| Profit (loss) for the period | 9904 | €17,124 | €1,174 | -€15,951 | -93.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,124 | €1,174 | -€15,951 | -93.1% |
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 6 October 2026 via checked.be.