BEPHOTO: 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.
BEPHOTO
Largest movements
- Receivables after one year +€71,071
new in 2025: €71,071
- Cash -€27,174
down €27,174 (-15.3%), from €177,115 to €149,941
mainly Receivables after one year (-€71,071) and Investment in fixed assets (net) (-€50,169)
- Receivables within one year -€23,470
down €23,470 (-20.5%), from €114,542 to €91,072
of which Other amounts receivable: -€24,249
- Deferred charges and accrued income +€12,921
up €12,921 (+1,593%), from €811 to €13,732
- Tangible fixed assets -€5,675
down €5,675 (-3.3%), from €170,557 to €164,883
of which Furniture and vehicles: -€18,520
- Other debts +€26,383
up €26,383 (+26.6%), from €99,322 to €125,705
- Trade debts -€9,590
no longer reported in 2025 (was €9,590)
- Current portion of long-term debt +€6,554
up €6,554 (+26.5%), from €24,725 to €31,278
- Gross operating margin -€90,841
down €90,841 (-33.0%), from €275,486 to €184,645
- Taxes -€33,207
down €33,207 (-94.6%), from €35,114 to €1,907
- Other operating charges +€14,788
up €14,788 (+3,381%), from €437 to €15,225
- Staff costs +€9,193
up €9,193 (+10.6%), from €86,939 to €96,132
- Depreciation +€3,990
up €3,990 (+7.7%), from €51,854 to €55,844
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 | €485,412 | €510,272 | +€24,860 | +5.1% |
| Fixed assets | 21/28 | €172,220 | €166,545 | -€5,675 | -3.3% |
| Tangible fixed assets | 22/27 | €170,557 | €164,883 | -€5,675 | -3.3% |
| Plant, machinery and equipment | 23 | €52,501 | €49,418 | -€3,083 | -5.9% |
| Furniture and vehicles | 24 | €95,083 | €76,563 | -€18,520 | -19.5% |
| Other tangible fixed assets | 26 | €22,974 | €38,902 | +€15,929 | +69.3% |
| Financial fixed assets | 28 | €1,662 | €1,662 | = | 0.0% |
| Current assets | 29/58 | €313,192 | €343,727 | +€30,535 | +9.7% |
| Amounts receivable after more than one year | 29 | - | €71,071 | +€71,071 | |
| Other amounts receivable | 291 | - | €71,071 | +€71,071 | |
| Stocks and contracts in progress | 3 | €20,723 | €17,911 | -€2,812 | -13.6% |
| Stocks | 30/36 | €20,723 | €17,911 | -€2,812 | -13.6% |
| Amounts receivable within one year | 40/41 | €114,542 | €91,072 | -€23,470 | -20.5% |
| Trade receivables | 40 | €55,424 | €56,203 | +€779 | +1.4% |
| Other amounts receivable | 41 | €59,119 | €34,869 | -€24,249 | -41.0% |
| Cash at bank and in hand | 54/58 | €177,115 | €149,941 | -€27,174 | -15.3% |
| Deferred charges and accrued income | 490/1 | €811 | €13,732 | +€12,921 | +1,593% |
| Total equity and liabilities | 10/49 | €485,412 | €510,272 | +€24,860 | +5.1% |
| Equity | 10/15 | €267,410 | €272,404 | +€4,994 | +1.9% |
| Contributions | 10/11 | €15,166 | €15,166 | = | 0.0% |
| Reserves | 13 | €245,021 | €245,021 | = | 0.0% |
| Distributable reserves | 133 | €245,021 | €245,021 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,222 | €12,217 | +€4,994 | +69.1% |
| Amounts payable | 17/49 | €218,002 | €237,868 | +€19,866 | +9.1% |
| Amounts payable after more than one year | 17 | €37,338 | €38,178 | +€840 | +2.3% |
| Financial debts | 170/4 | €37,338 | €38,178 | +€840 | +2.3% |
| Amounts payable within one year | 42/48 | €179,730 | €199,249 | +€19,519 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €24,725 | €31,278 | +€6,554 | +26.5% |
| Trade debts | 44 | €9,590 | - | -€9,590 | |
| Suppliers | 440/4 | €9,590 | - | -€9,590 | |
| Taxes, remuneration and social security | 45 | €46,093 | €42,265 | -€3,828 | -8.3% |
| Taxes | 450/3 | €39,536 | €35,437 | -€4,098 | -10.4% |
| Remuneration and social security | 454/9 | €6,558 | €6,828 | +€271 | +4.1% |
| Other amounts payable | 47/48 | €99,322 | €125,705 | +€26,383 | +26.6% |
| Accrued charges and deferred income | 492/3 | €934 | €441 | -€493 | -52.8% |
| Non-recurring operating income | 76A | €5,552 | - | -€5,552 | |
| Remuneration, social security and pensions | 62 | €86,939 | €96,132 | +€9,193 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,854 | €55,844 | +€3,990 | +7.7% |
| Other operating charges | 640/8 | €437 | €15,225 | +€14,788 | +3,381% |
| Gross operating margin | 9900 | €275,486 | €184,645 | -€90,841 | -33.0% |
| Operating profit (loss) | 9901 | €136,256 | €17,444 | -€118,812 | -87.2% |
| Financial income | 75/76B | €921 | €2,787 | +€1,867 | +203% |
| Recurring financial income | 75 | €921 | €2,787 | +€1,867 | +203% |
| Financial charges | 65/66B | €14,712 | €13,330 | -€1,382 | -9.4% |
| Recurring financial charges | 65 | €14,712 | €13,330 | -€1,382 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €122,465 | €6,901 | -€115,563 | -94.4% |
| Income taxes | 67/77 | €35,114 | €1,907 | -€33,207 | -94.6% |
| Profit (loss) for the period | 9904 | €87,351 | €4,994 | -€82,357 | -94.3% |
| Profit (loss) for the period to be appropriated | 9905 | €87,351 | €4,994 | -€82,357 | -94.3% |
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 21 October 2026 via checked.be.