BEPHAR: 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.
BEPHAR
Largest movements
- Cash +€33,126
up €33,126 (+7.7%), from €432,720 to €465,846
mainly Other debts (+€300,000) and Net result for the year (+€32,036)
- Other debts +€300,000
new in 2025: €300,000
- Profit (loss) carried forward -€210,597
down €210,597 (-88.0%), from €239,416 to €28,819
- Reserves -€57,367
down €57,367 (-82.2%), from €69,762 to €12,395
of which Distributable reserves: -€57,367
- Gross operating margin -€3,965
down €3,965 (-7.6%), from €51,856 to €47,891
- Taxes -€974
down €974 (-8.3%), from €11,736 to €10,762
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 | €434,011 | €466,425 | +€32,414 | +7.5% |
| Fixed assets | 21/28 | €341 | €341 | = | 0.0% |
| Financial fixed assets | 28 | €341 | €341 | = | 0.0% |
| Current assets | 29/58 | €433,670 | €466,084 | +€32,414 | +7.5% |
| Amounts receivable within one year | 40/41 | €950 | €238 | -€712 | -74.9% |
| Other amounts receivable | 41 | €950 | €238 | -€712 | -74.9% |
| Cash at bank and in hand | 54/58 | €432,720 | €465,846 | +€33,126 | +7.7% |
| Total equity and liabilities | 10/49 | €434,011 | €466,425 | +€32,414 | +7.5% |
| Equity | 10/15 | €433,125 | €165,161 | -€267,964 | -61.9% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €69,762 | €12,395 | -€57,367 | -82.2% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €57,367 | - | -€57,367 | |
| Profit (loss) carried forward | 14 | €239,416 | €28,819 | -€210,597 | -88.0% |
| Amounts payable | 17/49 | €886 | €301,264 | +€300,378 | +33,903% |
| Amounts payable within one year | 42/48 | €886 | €301,264 | +€300,378 | +33,903% |
| Trade debts | 44 | - | €83 | +€83 | |
| Suppliers | 440/4 | - | €83 | +€83 | |
| Taxes, remuneration and social security | 45 | €886 | €1,181 | +€295 | +33.3% |
| Taxes | 450/3 | €886 | €1,181 | +€295 | +33.3% |
| Other amounts payable | 47/48 | - | €300,000 | +€300,000 | |
| Other operating charges | 640/8 | €4,763 | €4,913 | +€150 | +3.1% |
| Gross operating margin | 9900 | €51,856 | €47,891 | -€3,965 | -7.6% |
| Operating profit (loss) | 9901 | €47,093 | €42,978 | -€4,115 | -8.7% |
| Financial charges | 65/66B | €150 | €180 | +€30 | +20.0% |
| Recurring financial charges | 65 | €150 | €180 | +€30 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | €46,943 | €42,798 | -€4,145 | -8.8% |
| Income taxes | 67/77 | €11,736 | €10,762 | -€974 | -8.3% |
| Profit (loss) for the period | 9904 | €35,207 | €32,036 | -€3,171 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,207 | €32,036 | -€3,171 | -9.0% |
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 13 October 2026 via checked.be.