BEPHIGEST: 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.
What changed
BEPHIGEST
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€28,260
2024 · €70,239-€41,979
Equity
€734,614
2024 · €706,355+€28,260
Cash
€13,202
2024 · €30,589-€17,387
Balance sheet total
€3.6m
2024 · €3.7m-€127,689
Largest movements
Assets
- Tangible fixed assets -€90,807
down €90,807 (-3.2%), from €2.8m to €2.7m
of which Land and buildings: -€92,633
Equity and liabilities
- Debts after one year -€186,320
down €186,320 (-9.6%), from €1.9m to €1.7m
- Current portion of long-term debt +€64,430
up €64,430 (+77.9%), from €82,728 to €147,157
Income statement
- Gross operating margin -€36,708
down €36,708 (-13.8%), from €266,495 to €229,787
- Financial charges -€8,979
down €8,979 (-12.2%), from €73,715 to €64,737
- Other operating charges +€8,158
up €8,158 (+219%), from €3,717 to €11,874
- Depreciation +€5,276
up €5,276 (+4.7%), from €111,814 to €117,090
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.
Result 2024
€70,239
Gross operating margin
-€36,708
Depreciation
-€5,276
Other operating charges
-€8,158
Financial income
-€15
Financial charges
+€8,979
Taxes
-€802
Result 2025
€28,260
raises the resultlowers the result
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.
From operations
+€130,786
Investment
-€26,283
Financing
-€121,891
Cash 2024
€30,589
From operations (derived)
+€130,786
Net result for the year
+€28,260
Depreciation
+€117,090
Receivables within one year
+€20,964
Deferred charges and accrued income
-€1,469
Trade debts
-€25,670
Other debts
-€7,189
Accrued charges and deferred income
-€1,200
Investment (derived)
-€26,283
Investment in fixed assets (net)
-€26,283
Financing
-€121,891
Debts after one year
-€186,320
Current portion of long-term debt
+€64,430
Cash 2025
€13,202
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,701,909 | €3,574,219 | -€127,689 | -3.4% |
| Fixed assets | 21/28 | €3,637,093 | €3,546,286 | -€90,807 | -2.5% |
| Tangible fixed assets | 22/27 | €2,799,512 | €2,708,705 | -€90,807 | -3.2% |
| Land and buildings | 22 | €2,543,697 | €2,451,064 | -€92,633 | -3.6% |
| Plant, machinery and equipment | 23 | €247,414 | €226,565 | -€20,849 | -8.4% |
| Furniture and vehicles | 24 | €8,401 | €31,076 | +€22,675 | +270% |
| Financial fixed assets | 28 | €837,581 | €837,581 | = | 0.0% |
| Current assets | 29/58 | €64,816 | €27,934 | -€36,882 | -56.9% |
| Amounts receivable within one year | 40/41 | €33,554 | €12,590 | -€20,964 | -62.5% |
| Trade receivables | 40 | €18,000 | - | -€18,000 | |
| Other amounts receivable | 41 | €15,554 | €12,590 | -€2,964 | -19.1% |
| Cash at bank and in hand | 54/58 | €30,589 | €13,202 | -€17,387 | -56.8% |
| Deferred charges and accrued income | 490/1 | €672 | €2,142 | +€1,469 | +219% |
| Total equity and liabilities | 10/49 | €3,701,909 | €3,574,219 | -€127,689 | -3.4% |
| Equity | 10/15 | €706,355 | €734,614 | +€28,260 | +4.0% |
| Contributions | 10/11 | €8,343 | €8,343 | = | 0.0% |
| Reserves | 13 | €215,804 | €244,064 | +€28,260 | +13.1% |
| Tax-exempt reserves | 132 | €29,974 | €29,974 | = | 0.0% |
| Distributable reserves | 133 | €185,830 | €214,090 | +€28,260 | +15.2% |
| Profit (loss) carried forward | 14 | €482,208 | €482,208 | = | 0.0% |
| Amounts payable | 17/49 | €2,995,554 | €2,839,605 | -€155,949 | -5.2% |
| Amounts payable after more than one year | 17 | €1,934,344 | €1,748,023 | -€186,320 | -9.6% |
| Financial debts | 170/4 | €1,934,344 | €1,748,023 | -€186,320 | -9.6% |
| Amounts payable within one year | 42/48 | €1,014,976 | €1,046,547 | +€31,571 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €82,728 | €147,157 | +€64,430 | +77.9% |
| Trade debts | 44 | €75,884 | €50,214 | -€25,670 | -33.8% |
| Suppliers | 440/4 | €75,884 | €50,214 | -€25,670 | -33.8% |
| Taxes, remuneration and social security | 45 | €7,024 | €7,024 | = | 0.0% |
| Taxes | 450/3 | €7,024 | €7,024 | = | 0.0% |
| Other amounts payable | 47/48 | €849,340 | €842,152 | -€7,189 | -0.8% |
| Accrued charges and deferred income | 492/3 | €46,235 | €45,035 | -€1,200 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,814 | €117,090 | +€5,276 | +4.7% |
| Other operating charges | 640/8 | €3,717 | €11,874 | +€8,158 | +219% |
| Gross operating margin | 9900 | €266,495 | €229,787 | -€36,708 | -13.8% |
| Operating profit (loss) | 9901 | €150,963 | €100,822 | -€50,141 | -33.2% |
| Financial income | 75/76B | €15 | €0 | -€15 | -99.9% |
| Recurring financial income | 75 | €15 | €0 | -€15 | -99.9% |
| Financial charges | 65/66B | €73,715 | €64,737 | -€8,979 | -12.2% |
| Recurring financial charges | 65 | €73,715 | €64,737 | -€8,979 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €77,263 | €36,086 | -€41,177 | -53.3% |
| Income taxes | 67/77 | €7,024 | €7,826 | +€802 | +11.4% |
| Profit (loss) for the period | 9904 | €70,239 | €28,260 | -€41,979 | -59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €70,239 | €28,260 | -€41,979 | -59.8% |
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 31 October 2026 via checked.be.