BERCOFIN: 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.
What changed
BERCOFIN
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · -€311,630+€1.9m
Equity
€218.8m
2024 · €217.3m+€1.5m
Cash
€3.6m
2024 · €2.8m+€809,784
Balance sheet total
€230.9m
2024 · €228.5m+€2.5m
Largest movements
Assets
- Current investments -€5.5m
down €5.5m (-32.3%), from €17.1m to €11.6m
- Tangible fixed assets +€2.9m
up €2.9m (+8.3%), from €35.2m to €38.1m
of which Assets under construction and advance payments: +€2.8m
Equity and liabilities
- Reserves +€6.9m
up €6.9m (+1985.6%), from €345,535 to €7.2m
of which Non-distributable reserves: +€6.9m
- Profit (loss) carried forward -€5.4m
down €5.4m (-3.7%), from €145.7m to €140.3m
- Short-term financial debts +€2.6m
up €2.6m (+65.0%), from €4.0m to €6.6m
Income statement
- Financial income +€2.3m
up €2.3m (+389.8%), from €584,254 to €2.9m
- Gross operating margin -€321,509
down €321,509 (-330.8%), from -€97,193 to -€418,702
- Staff costs +€107,292
up €107,292 (+84.9%), from €126,423 to €233,715
- Taxes -€45,481
down €45,481, from €37,074 to -€8,407
- Other operating charges +€43,107
up €43,107 (+51.7%), from €83,372 to €126,480
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
-€311,630
Gross operating margin
-€321,509
Staff costs
-€107,292
Depreciation
-€11,882
Other operating charges
-€43,107
Financial income
+€2.3m
Financial charges
+€27,879
Taxes
+€45,481
Result 2025
€1.6m
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.
From operations
-€2.0m
Investment
+€532,425
Financing
+€2.3m
Cash 2024
€2.8m
From operations (derived)
-€2.0m
Net result for the year
+€1.6m
Depreciation
+€22,465
Receivables after one year
-€1.7m
Receivables within one year
-€892,205
Deferred charges and accrued income
+€372,470
Trade debts
-€31,832
Tax, wage and social debts
-€57,832
Other debts
-€1.2m
Accrued charges and deferred income
-€90,200
Investment (derived)
+€532,425
Investment in fixed assets (net)
-€5.0m
Current investments
+€5.5m
Financing
+€2.3m
Debts after one year
-€204,530
Current portion of long-term debt
-€27,196
Short-term financial debts
+€2.6m
Contributions, distributions and other
-€45,000
Cash 2025
€3.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €228,453,788 | €230,941,370 | +€2.5m | +1.1% |
| Fixed assets | 21/28 | €187,581,806 | €192,531,010 | +€4.9m | +2.6% |
| Tangible fixed assets | 22/27 | €35,162,213 | €38,067,730 | +€2.9m | +8.3% |
| Plant, machinery and equipment | 23 | €29,740 | €26,301 | -€3,439 | -11.6% |
| Furniture and vehicles | 24 | €30,636 | €80,364 | +€49,728 | +162.3% |
| Leasing and similar rights | 25 | €3,169,574 | €3,343,917 | +€174,342 | +5.5% |
| Other tangible fixed assets | 26 | €29,820,263 | €29,689,148 | -€131,115 | -0.4% |
| Assets under construction and advance payments | 27 | €2,112,000 | €4,928,000 | +€2.8m | +133.3% |
| Financial fixed assets | 28 | €152,419,592 | €154,463,281 | +€2.0m | +1.3% |
| Current assets | 29/58 | €40,871,982 | €38,410,360 | -€2.5m | -6.0% |
| Amounts receivable after more than one year | 29 | - | €1,712,953 | +€1.7m | |
| Other amounts receivable | 291 | - | €1,712,953 | +€1.7m | |
| Stocks and contracts in progress | 3 | €276,957 | €276,957 | = | 0.0% |
| Stocks | 30/36 | €276,957 | €276,957 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,769,292 | €20,661,497 | +€892,205 | +4.5% |
| Trade receivables | 40 | €159,417 | €287,661 | +€128,244 | +80.4% |
| Other amounts receivable | 41 | €19,609,875 | €20,373,837 | +€763,961 | +3.9% |
| Current investments | 50/53 | €17,056,097 | €11,552,003 | -€5.5m | -32.3% |
| Cash at bank and in hand | 54/58 | €2,830,058 | €3,639,842 | +€809,784 | +28.6% |
| Deferred charges and accrued income | 490/1 | €939,578 | €567,107 | -€372,470 | -39.6% |
| Total equity and liabilities | 10/49 | €228,453,788 | €230,941,370 | +€2.5m | +1.1% |
| Equity | 10/15 | €217,269,724 | €218,779,851 | +€1.5m | +0.7% |
| Contributions | 10/11 | €71,254,814 | €71,254,814 | = | 0.0% |
| Capital | 10 | €71,254,814 | €71,254,814 | = | 0.0% |
| Issued capital | 100 | €71,254,814 | €71,254,814 | = | 0.0% |
| Reserves | 13 | €345,535 | €7,206,342 | +€6.9m | +1985.6% |
| Non-distributable reserves | 130/1 | €264,674 | €7,125,481 | +€6.9m | +2592.2% |
| Legal reserve | 130 | €264,674 | €7,125,481 | +€6.9m | +2592.2% |
| Distributable reserves | 133 | €80,860 | €80,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145,669,375 | €140,318,694 | -€5.4m | -3.7% |
| Amounts payable | 17/49 | €11,184,063 | €12,161,519 | +€977,456 | +8.7% |
| Amounts payable after more than one year | 17 | €1,914,606 | €1,710,076 | -€204,530 | -10.7% |
| Financial debts | 170/4 | €1,914,606 | €1,710,076 | -€204,530 | -10.7% |
| Amounts payable within one year | 42/48 | €8,785,951 | €10,058,136 | +€1.3m | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €442,579 | €415,382 | -€27,196 | -6.1% |
| Financial debts | 43 | €4,000,000 | €6,600,000 | +€2.6m | +65.0% |
| Credit institutions | 430/8 | €4,000,000 | €6,600,000 | +€2.6m | +65.0% |
| Trade debts | 44 | €223,775 | €191,943 | -€31,832 | -14.2% |
| Suppliers | 440/4 | €223,775 | €191,943 | -€31,832 | -14.2% |
| Taxes, remuneration and social security | 45 | €90,307 | €32,475 | -€57,832 | -64.0% |
| Taxes | 450/3 | €76,635 | €0 | -€76,635 | -100.0% |
| Remuneration and social security | 454/9 | €13,672 | €32,475 | +€18,803 | +137.5% |
| Other amounts payable | 47/48 | €4,029,290 | €2,818,335 | -€1.2m | -30.1% |
| Accrued charges and deferred income | 492/3 | €483,507 | €393,307 | -€90,200 | -18.7% |
| Remuneration, social security and pensions | 62 | €126,423 | €233,715 | +€107,292 | +84.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,583 | €22,465 | +€11,882 | +112.3% |
| Other operating charges | 640/8 | €83,372 | €126,480 | +€43,107 | +51.7% |
| Gross operating margin | 9900 | -€97,193 | -€418,702 | -€321,509 | -330.8% |
| Operating profit (loss) | 9901 | -€317,571 | -€801,361 | -€483,790 | -152.3% |
| Financial income | 75/76B | €584,254 | €2,861,441 | +€2.3m | +389.8% |
| Recurring financial income | 75 | €584,254 | €2,861,441 | +€2.3m | +389.8% |
| Financial charges | 65/66B | €541,240 | €513,361 | -€27,879 | -5.2% |
| Recurring financial charges | 65 | €541,240 | €513,361 | -€27,879 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | -€274,556 | €1,546,719 | +€1.8m | |
| Income taxes | 67/77 | €37,074 | -€8,407 | -€45,481 | |
| Profit (loss) for the period | 9904 | -€311,630 | €1,555,126 | +€1.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€311,630 | €1,555,126 | +€1.9m |
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 5 October 2026 via checked.be.