BERCAP: what changed
Two fiscal 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.
BERCAP
Largest movements
- Tangible fixed assets -€47,676
down €47,676 (-12.9%), from €369,865 to €322,189
of which Land and buildings: -€30,650
- Cash -€46,258
down €46,258 (-3.9%), from €1.2m to €1.1m
mainly Contributions, distributions and other (-€411,265) and Tax, wage and social debts (-€47,412)
- Reserves -€108,465
down €108,465 (-8.2%), from €1.3m to €1.2m
of which Tax-exempt reserves: -€84,200
- Current portion of long-term debt +€55,242
up €55,242 (+20.4%), from €270,260 to €325,502
- Tax, wage and social debts -€47,412
down €47,412 (-18.8%), from €251,641 to €204,229
of which Remuneration and social security: -€46,143
- Gross operating margin +€115,089
up €115,089 (+4.9%), from €2.3m to €2.5m
- Staff costs +€113,425
up €113,425 (+6.2%), from €1.8m to €1.9m
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 | €1,978,737 | €1,882,254 | -€96,483 | -4.9% |
| Fixed assets | 21/28 | €369,865 | €322,189 | -€47,676 | -12.9% |
| Tangible fixed assets | 22/27 | €369,865 | €322,189 | -€47,676 | -12.9% |
| Land and buildings | 22 | €292,909 | €262,259 | -€30,650 | -10.5% |
| Plant, machinery and equipment | 23 | €45,786 | €37,266 | -€8,520 | -18.6% |
| Furniture and vehicles | 24 | €31,170 | €22,664 | -€8,506 | -27.3% |
| Current assets | 29/58 | €1,608,873 | €1,560,066 | -€48,807 | -3.0% |
| Amounts receivable within one year | 40/41 | €392,451 | €400,704 | +€8,253 | +2.1% |
| Trade receivables | 40 | €368,259 | €400,703 | +€32,444 | +8.8% |
| Other amounts receivable | 41 | €24,192 | €1 | -€24,191 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,184,764 | €1,138,506 | -€46,258 | -3.9% |
| Deferred charges and accrued income | 490/1 | €31,657 | €20,856 | -€10,802 | -34.1% |
| Total equity and liabilities | 10/49 | €1,978,737 | €1,882,254 | -€96,483 | -4.9% |
| Equity | 10/15 | €1,431,586 | €1,324,104 | -€107,482 | -7.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,329,446 | €1,220,981 | -€108,465 | -8.2% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,200 | €0 | -€84,200 | -100.0% |
| Distributable reserves | 133 | €1,235,246 | €1,210,981 | -€24,265 | -2.0% |
| Profit (loss) carried forward | 14 | €2,140 | €3,123 | +€983 | +45.9% |
| Amounts payable | 17/49 | €547,151 | €558,151 | +€11,000 | +2.0% |
| Amounts payable within one year | 42/48 | €547,151 | €557,455 | +€10,304 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €270,260 | €325,502 | +€55,242 | +20.4% |
| Trade debts | 44 | €18,950 | €20,921 | +€1,971 | +10.4% |
| Suppliers | 440/4 | €18,950 | €20,921 | +€1,971 | +10.4% |
| Taxes, remuneration and social security | 45 | €251,641 | €204,229 | -€47,412 | -18.8% |
| Taxes | 450/3 | €9,189 | €7,920 | -€1,268 | -13.8% |
| Remuneration and social security | 454/9 | €242,452 | €196,309 | -€46,143 | -19.0% |
| Other amounts payable | 47/48 | €6,301 | €6,804 | +€503 | +8.0% |
| Accrued charges and deferred income | 492/3 | - | €695 | +€695 | |
| Remuneration, social security and pensions | 62 | €1,824,500 | €1,937,925 | +€113,425 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,929 | €47,676 | +€1,747 | +3.8% |
| Other operating charges | 640/8 | €22,702 | €17,659 | -€5,043 | -22.2% |
| Gross operating margin | 9900 | €2,335,921 | €2,451,010 | +€115,089 | +4.9% |
| Operating profit (loss) | 9901 | €442,790 | €447,749 | +€4,959 | +1.1% |
| Financial income | 75/76B | €26,067 | €17,504 | -€8,563 | -32.9% |
| Recurring financial income | 75 | €26,067 | €17,504 | -€8,563 | -32.9% |
| Financial charges | 65/66B | €10,480 | €6,870 | -€3,610 | -34.4% |
| Recurring financial charges | 65 | €10,480 | €6,870 | -€3,610 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | €458,377 | €458,383 | +€6 | 0.0% |
| Income taxes | 67/77 | €146,906 | €154,600 | +€7,694 | +5.2% |
| Profit (loss) for the period | 9904 | €311,471 | €303,783 | -€7,689 | -2.5% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €311,471 | €387,983 | +€76,511 | +24.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.