BEPA & CO: 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 & CO
Largest movements
- Tangible fixed assets +€435,504
up €435,504 (+57.0%), from €764,645 to €1.2m
of which Assets under construction and advance payments: +€313,497
- Receivables within one year +€198,302
up €198,302 (+39.4%), from €503,477 to €701,779
- Cash +€75,444
new in 2025: €75,444
mainly Other debts (+€432,360) and Debts after one year (+€241,682)
- Other debts +€432,360
up €432,360 (+56.4%), from €766,544 to €1.2m
- Debts after one year +€241,682
new in 2025: €241,682
- Trade debts +€84,402
up €84,402 (+27901.5%), from €303 to €84,704
- Profit (loss) carried forward -€53,256
down €53,256 (-50.9%), from -€104,576 to -€157,831
- Depreciation -€44,276
down €44,276 (-85.1%), from €52,026 to €7,750
- Financial income +€8,340
up €8,340 (+100.7%), from €8,286 to €16,626
- Other operating charges +€3,967
up €3,967 (+1014.1%), from €391 to €4,358
- Financial charges -€3,208
down €3,208 (-6.3%), from €51,240 to €48,032
- Gross operating margin -€537
down €537 (-5.8%), from -€9,204 to -€9,742
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 | €2,244,498 | €2,970,403 | +€725,905 | +32.3% |
| Fixed assets | 21/28 | €1,732,145 | €2,167,650 | +€435,504 | +25.1% |
| Tangible fixed assets | 22/27 | €764,645 | €1,200,150 | +€435,504 | +57.0% |
| Land and buildings | 22 | €764,645 | €886,653 | +€122,008 | +16.0% |
| Assets under construction and advance payments | 27 | - | €313,497 | +€313,497 | |
| Financial fixed assets | 28 | €967,500 | €967,500 | = | 0.0% |
| Current assets | 29/58 | €512,353 | €802,753 | +€290,400 | +56.7% |
| Amounts receivable within one year | 40/41 | €503,477 | €701,779 | +€198,302 | +39.4% |
| Other amounts receivable | 41 | €503,477 | €701,779 | +€198,302 | +39.4% |
| Cash at bank and in hand | 54/58 | - | €75,444 | +€75,444 | |
| Deferred charges and accrued income | 490/1 | €8,876 | €25,531 | +€16,655 | +187.6% |
| Total equity and liabilities | 10/49 | €2,244,498 | €2,970,403 | +€725,905 | +32.3% |
| Equity | 10/15 | €895,424 | €842,169 | -€53,256 | -5.9% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€104,576 | -€157,831 | -€53,256 | -50.9% |
| Amounts payable | 17/49 | €1,349,074 | €2,128,235 | +€779,160 | +57.8% |
| Amounts payable after more than one year | 17 | - | €241,682 | +€241,682 | |
| Financial debts | 170/4 | - | €241,682 | +€241,682 | |
| Amounts payable within one year | 42/48 | €1,336,990 | €1,856,756 | +€519,766 | +38.9% |
| Financial debts | 43 | €565,490 | €565,000 | -€490 | -0.1% |
| Credit institutions | 430/8 | €565,490 | €565,000 | -€490 | -0.1% |
| Trade debts | 44 | €303 | €84,704 | +€84,402 | +27901.5% |
| Suppliers | 440/4 | €303 | €84,704 | +€84,402 | +27901.5% |
| Advances received on contracts in progress | 46 | - | €475 | +€475 | |
| Taxes, remuneration and social security | 45 | €4,654 | €7,672 | +€3,019 | +64.9% |
| Taxes | 450/3 | €4,654 | €7,672 | +€3,019 | +64.9% |
| Other amounts payable | 47/48 | €766,544 | €1,198,904 | +€432,360 | +56.4% |
| Accrued charges and deferred income | 492/3 | €12,084 | €29,797 | +€17,713 | +146.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,026 | €7,750 | -€44,276 | -85.1% |
| Other operating charges | 640/8 | €391 | €4,358 | +€3,967 | +1014.1% |
| Gross operating margin | 9900 | -€9,204 | -€9,742 | -€537 | -5.8% |
| Operating profit (loss) | 9901 | -€61,621 | -€21,850 | +€39,772 | +64.5% |
| Financial income | 75/76B | €8,286 | €16,626 | +€8,340 | +100.7% |
| Recurring financial income | 75 | €8,286 | €16,626 | +€8,340 | +100.7% |
| Financial charges | 65/66B | €51,240 | €48,032 | -€3,208 | -6.3% |
| Recurring financial charges | 65 | €51,240 | €48,032 | -€3,208 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | -€104,576 | -€53,256 | +€51,320 | +49.1% |
| Profit (loss) for the period | 9904 | -€104,576 | -€53,256 | +€51,320 | +49.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€104,576 | -€53,256 | +€51,320 | +49.1% |
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 1 October 2026 via checked.be.