BEPA JGCV: 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 JGCV
Largest movements
- Current investments -€627,944
down €627,944 (-99.0%), from €634,208 to €6,264
- Cash +€353,951
up €353,951 (+1,162%), from €30,465 to €384,415
mainly Current investments (+€627,944) and Net result for the year (+€67,004)
- Tangible fixed assets -€62,313
down €62,313 (-8.0%), from €778,904 to €716,590
of which Other tangible fixed assets: -€32,327
- Receivables after one year +€56,854
up €56,854 (+16.9%), from €335,850 to €392,704
- Other debts -€255,298
down €255,298 (-40.5%), from €630,729 to €375,431
- Gross operating margin -€295,994
down €295,994 (-67.1%), from €441,264 to €145,270
- Taxes -€90,247
down €90,247 (-73.9%), from €122,127 to €31,881
- Financial income +€23,958
up €23,958 (+91.6%), from €26,156 to €50,113
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 | €2,388,094 | €2,118,254 | -€269,840 | -11.3% |
| Fixed assets | 21/28 | €781,104 | €720,222 | -€60,881 | -7.8% |
| Tangible fixed assets | 22/27 | €778,904 | €716,590 | -€62,313 | -8.0% |
| Land and buildings | 22 | €207,863 | €177,877 | -€29,986 | -14.4% |
| Other tangible fixed assets | 26 | €571,040 | €538,713 | -€32,327 | -5.7% |
| Financial fixed assets | 28 | €2,200 | €3,632 | +€1,432 | +65.1% |
| Current assets | 29/58 | €1,606,991 | €1,398,032 | -€208,959 | -13.0% |
| Amounts receivable after more than one year | 29 | €335,850 | €392,704 | +€56,854 | +16.9% |
| Other amounts receivable | 291 | €335,850 | €392,704 | +€56,854 | +16.9% |
| Amounts receivable within one year | 40/41 | €600,962 | €614,648 | +€13,687 | +2.3% |
| Trade receivables | 40 | €600,625 | €380,054 | -€220,571 | -36.7% |
| Other amounts receivable | 41 | €336 | €234,594 | +€234,258 | +69,693% |
| Current investments | 50/53 | €634,208 | €6,264 | -€627,944 | -99.0% |
| Cash at bank and in hand | 54/58 | €30,465 | €384,415 | +€353,951 | +1,162% |
| Deferred charges and accrued income | 490/1 | €5,507 | €0 | -€5,507 | -100% |
| Total equity and liabilities | 10/49 | €2,388,094 | €2,118,254 | -€269,840 | -11.3% |
| Equity | 10/15 | €1,453,326 | €1,462,083 | +€8,757 | +0.6% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €1,432,326 | €1,441,083 | +€8,757 | +0.6% |
| Tax-exempt reserves | 132 | €190,023 | €173,147 | -€16,876 | -8.9% |
| Distributable reserves | 133 | €1,242,304 | €1,267,936 | +€25,632 | +2.1% |
| Provisions and deferred taxes | 16 | €63,341 | €57,716 | -€5,625 | -8.9% |
| Provisions for liabilities and charges | 160/5 | €63,341 | €57,716 | -€5,625 | -8.9% |
| Taxes | 161 | €63,341 | €57,716 | -€5,625 | -8.9% |
| Amounts payable | 17/49 | €871,427 | €598,455 | -€272,972 | -31.3% |
| Amounts payable after more than one year | 17 | €170,851 | €149,276 | -€21,575 | -12.6% |
| Financial debts | 170/4 | €170,851 | €149,276 | -€21,575 | -12.6% |
| Amounts payable within one year | 42/48 | €700,576 | €449,179 | -€251,397 | -35.9% |
| Current portion of amounts payable after more than one year | 42 | €21,377 | €21,575 | +€198 | +0.9% |
| Trade debts | 44 | €6,710 | €1,710 | -€5,000 | -74.5% |
| Suppliers | 440/4 | €6,710 | €1,710 | -€5,000 | -74.5% |
| Taxes, remuneration and social security | 45 | €41,760 | €50,463 | +€8,703 | +20.8% |
| Taxes | 450/3 | €41,760 | €50,463 | +€8,703 | +20.8% |
| Other amounts payable | 47/48 | €630,729 | €375,431 | -€255,298 | -40.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,313 | €62,313 | = | 0.0% |
| Other operating charges | 640/8 | €11,532 | €8,251 | -€3,280 | -28.4% |
| Gross operating margin | 9900 | €441,264 | €145,270 | -€295,994 | -67.1% |
| Operating profit (loss) | 9901 | €367,419 | €74,705 | -€292,714 | -79.7% |
| Financial income | 75/76B | €26,156 | €50,113 | +€23,958 | +91.6% |
| Recurring financial income | 75 | €26,156 | €50,113 | +€23,958 | +91.6% |
| Financial charges | 65/66B | €27,451 | €31,559 | +€4,108 | +15.0% |
| Recurring financial charges | 65 | €27,451 | €31,559 | +€4,108 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | €366,123 | €93,259 | -€272,865 | -74.5% |
| Transfer from deferred taxes | 780 | €5,625 | €5,625 | = | 0.0% |
| Income taxes | 67/77 | €122,127 | €31,881 | -€90,247 | -73.9% |
| Profit (loss) for the period | 9904 | €249,621 | €67,004 | -€182,618 | -73.2% |
| Transfer from tax-exempt reserves | 789 | €16,876 | €16,876 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €266,497 | €83,879 | -€182,618 | -68.5% |
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 19 October 2026 via checked.be.