BEPA PICASSO: 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 PICASSO
Largest movements
- Tangible fixed assets +€805,157
up €805,157 (+56.3%), from €1.4m to €2.2m
of which Land and buildings: +€804,144
- Receivables within one year +€66,367
up €66,367 (+375.9%), from €17,654 to €84,022
of which Trade receivables: +€66,112
- Debts after one year +€729,093
up €729,093 (+55.6%), from €1.3m to €2.0m
- Other debts +€100,900
up €100,900 (+206.2%), from €48,929 to €149,829
- Current portion of long-term debt +€31,889
up €31,889 (+34.7%), from €92,029 to €123,918
- Gross operating margin -€68,348
down €68,348 (-27.8%), from €245,492 to €177,144
- Financial charges +€21,620
up €21,620 (+52.3%), from €41,354 to €62,974
of which Financial charges: +€11,879
- Depreciation +€14,256
up €14,256 (+20.1%), from €70,811 to €85,067
- Taxes -€9,409
down €9,409 (-99.6%), from €9,443 to €34
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 | €1,480,630 | €2,352,740 | +€872,110 | +58.9% |
| Fixed assets | 21/28 | €1,431,317 | €2,236,474 | +€805,157 | +56.3% |
| Tangible fixed assets | 22/27 | €1,431,317 | €2,236,474 | +€805,157 | +56.3% |
| Land and buildings | 22 | €1,431,317 | €2,235,461 | +€804,144 | +56.2% |
| Furniture and vehicles | 24 | - | €1,013 | +€1,013 | |
| Current assets | 29/58 | €49,313 | €116,266 | +€66,954 | +135.8% |
| Amounts receivable within one year | 40/41 | €17,654 | €84,022 | +€66,367 | +375.9% |
| Trade receivables | 40 | €17,654 | €83,767 | +€66,112 | +374.5% |
| Other amounts receivable | 41 | - | €255 | +€255 | |
| Cash at bank and in hand | 54/58 | €31,658 | €32,245 | +€586 | +1.9% |
| Total equity and liabilities | 10/49 | €1,480,630 | €2,352,740 | +€872,110 | +58.9% |
| Equity | 10/15 | -€4,901 | €3,809 | +€8,710 | |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €184 | €184 | = | 0.0% |
| Non-distributable reserves | 130/1 | €184 | €184 | = | 0.0% |
| Reserves not available under the articles | 1311 | €184 | €184 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€255,085 | -€246,376 | +€8,710 | +3.4% |
| Amounts payable | 17/49 | €1,485,531 | €2,348,932 | +€863,401 | +58.1% |
| Amounts payable after more than one year | 17 | €1,312,186 | €2,041,279 | +€729,093 | +55.6% |
| Financial debts | 170/4 | €1,312,186 | €2,041,279 | +€729,093 | +55.6% |
| Amounts payable within one year | 42/48 | €164,185 | €292,163 | +€127,978 | +77.9% |
| Current portion of amounts payable after more than one year | 42 | €92,029 | €123,918 | +€31,889 | +34.7% |
| Trade debts | 44 | €19,537 | €18,416 | -€1,120 | -5.7% |
| Suppliers | 440/4 | €19,537 | €18,416 | -€1,120 | -5.7% |
| Taxes, remuneration and social security | 45 | €3,691 | - | -€3,691 | |
| Taxes | 450/3 | €3,691 | - | -€3,691 | |
| Other amounts payable | 47/48 | €48,929 | €149,829 | +€100,900 | +206.2% |
| Accrued charges and deferred income | 492/3 | €9,160 | €15,490 | +€6,330 | +69.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,811 | €85,067 | +€14,256 | +20.1% |
| Other operating charges | 640/8 | €21,436 | €20,963 | -€473 | -2.2% |
| Gross operating margin | 9900 | €245,492 | €177,144 | -€68,348 | -27.8% |
| Operating profit (loss) | 9901 | €153,245 | €71,113 | -€82,131 | -53.6% |
| Financial income | 75/76B | €527 | €604 | +€77 | +14.6% |
| Recurring financial income | 75 | €527 | €604 | +€77 | +14.6% |
| Financial charges | 65/66B | €41,354 | €62,974 | +€21,620 | +52.3% |
| Recurring financial charges | 65 | €41,354 | €53,233 | +€11,879 | +28.7% |
| Non-recurring financial charges | 66B | - | €9,741 | +€9,741 | |
| Profit (loss) for the period before taxes | 9903 | €112,418 | €8,743 | -€103,675 | -92.2% |
| Income taxes | 67/77 | €9,443 | €34 | -€9,409 | -99.6% |
| Profit (loss) for the period | 9904 | €102,975 | €8,710 | -€94,266 | -91.5% |
| Profit (loss) for the period to be appropriated | 9905 | €102,975 | €8,710 | -€94,266 | -91.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.