BEPAK: 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.
BEPAK
Largest movements
- Financial fixed assets +€409,200
up €409,200 (+53.3%), from €768,019 to €1.2m
- Cash -€147,309
down €147,309 (-95.9%), from €153,527 to €6,218
mainly Investment in fixed assets (net) (-€482,330) and Provisions (-€3,538)
- Tangible fixed assets +€35,291
up €35,291 (+6.6%), from €537,960 to €573,251
of which Furniture and vehicles: +€68,001
- Receivables after one year -€27,000
down €27,000 (-100.0%), from €27,000 to €0
- Receivables within one year -€23,798
down €23,798 (-16.3%), from €145,990 to €122,192
of which Other amounts receivable: -€27,135
- Other debts +€194,223
new in 2025: €194,223
- Profit (loss) carried forward +€55,033
up €55,033 (+4.9%), from €1.1m to €1.2m
- Financial income -€26,026
down €26,026 (-56.1%), from €46,417 to €20,390
- Gross operating margin +€21,100
up €21,100 (+24.5%), from €86,207 to €107,307
- Other operating charges +€9,181
up €9,181 (+110.0%), from €8,347 to €17,529
- Depreciation +€5,129
up €5,129 (+15.7%), from €32,710 to €37,839
- Financial charges +€3,785
up €3,785 (+8700.3%), from €44 to €3,828
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 | €1,632,901 | €1,878,881 | +€245,980 | +15.1% |
| Fixed assets | 21/28 | €1,305,979 | €1,750,470 | +€444,491 | +34.0% |
| Tangible fixed assets | 22/27 | €537,960 | €573,251 | +€35,291 | +6.6% |
| Land and buildings | 22 | €537,960 | €505,250 | -€32,710 | -6.1% |
| Furniture and vehicles | 24 | - | €68,001 | +€68,001 | |
| Financial fixed assets | 28 | €768,019 | €1,177,219 | +€409,200 | +53.3% |
| Current assets | 29/58 | €326,922 | €128,411 | -€198,511 | -60.7% |
| Amounts receivable after more than one year | 29 | €27,000 | €0 | -€27,000 | -100.0% |
| Other amounts receivable | 291 | €27,000 | €0 | -€27,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €145,990 | €122,192 | -€23,798 | -16.3% |
| Trade receivables | 40 | €0 | €3,338 | +€3,338 | |
| Other amounts receivable | 41 | €145,990 | €118,855 | -€27,135 | -18.6% |
| Cash at bank and in hand | 54/58 | €153,527 | €6,218 | -€147,309 | -95.9% |
| Deferred charges and accrued income | 490/1 | €405 | €0 | -€405 | -100.0% |
| Total equity and liabilities | 10/49 | €1,632,901 | €1,878,881 | +€245,980 | +15.1% |
| Equity | 10/15 | €1,593,709 | €1,648,741 | +€55,033 | +3.5% |
| Contributions | 10/11 | €416,893 | €416,893 | = | 0.0% |
| Reserves | 13 | €63,474 | €63,474 | = | 0.0% |
| Distributable reserves | 133 | €63,474 | €63,474 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,113,342 | €1,168,375 | +€55,033 | +4.9% |
| Provisions and deferred taxes | 16 | €35,642 | €32,104 | -€3,538 | -9.9% |
| Deferred taxes | 168 | €35,642 | €32,104 | -€3,538 | -9.9% |
| Amounts payable | 17/49 | €3,551 | €198,036 | +€194,486 | +5477.7% |
| Amounts payable within one year | 42/48 | €3,551 | €194,699 | +€191,148 | +5383.7% |
| Trade debts | 44 | €1,381 | €475 | -€906 | -65.6% |
| Suppliers | 440/4 | €1,381 | €475 | -€906 | -65.6% |
| Taxes, remuneration and social security | 45 | €2,170 | €0 | -€2,170 | -100.0% |
| Taxes | 450/3 | €2,170 | €0 | -€2,170 | -100.0% |
| Other amounts payable | 47/48 | - | €194,223 | +€194,223 | |
| Accrued charges and deferred income | 492/3 | - | €3,338 | +€3,338 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,710 | €37,839 | +€5,129 | +15.7% |
| Other operating charges | 640/8 | €8,347 | €17,529 | +€9,181 | +110.0% |
| Gross operating margin | 9900 | €86,207 | €107,307 | +€21,100 | +24.5% |
| Operating profit (loss) | 9901 | €45,150 | €51,939 | +€6,789 | +15.0% |
| Financial income | 75/76B | €46,417 | €20,390 | -€26,026 | -56.1% |
| Recurring financial income | 75 | €46,417 | €20,390 | -€26,026 | -56.1% |
| Financial charges | 65/66B | €44 | €3,828 | +€3,785 | +8700.3% |
| Recurring financial charges | 65 | €44 | €3,828 | +€3,785 | +8700.3% |
| Profit (loss) for the period before taxes | 9903 | €91,523 | €68,501 | -€23,022 | -25.2% |
| Transfer from deferred taxes | 780 | €3,538 | €3,538 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €18,919 | €17,007 | -€1,912 | -10.1% |
| Profit (loss) for the period | 9904 | €76,142 | €55,033 | -€21,109 | -27.7% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €76,142 | €55,033 | -€21,109 | -27.7% |
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 11 October 2026 via checked.be.