BES: 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
BES
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€881,434
2024 · €482,628+€398,806
Equity
€8.2m
2024 · €7.5m+€727,489
Cash
€35,949
2024 · €38,725-€2,776
Balance sheet total
€8.7m
2024 · €8.0m+€656,092
Largest movements
Assets
- Current investments +€1.6m
up €1.6m (+39.3%), from €4.1m to €5.8m
- Deferred charges and accrued income -€498,890
down €498,890 (-86.1%), from €579,375 to €80,484
- Receivables after one year -€442,963
no longer reported in 2025 (was €442,963)
Equity and liabilities
- Reserves +€727,489
up €727,489 (+16.2%), from €4.5m to €5.2m
of which Distributable reserves: +€727,489
Income statement
- Financial income +€570,181
up €570,181 (+654%), from €87,234 to €657,415
- Gross operating margin -€132,747
down €132,747 (-22.3%), from €594,927 to €462,180
- Taxes +€38,699
up €38,699 (+24.9%), from €155,701 to €194,399
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
€482,628
Gross operating margin
-€132,747
Depreciation
+€1,249
Other operating charges
-€7
Financial income
+€570,181
Financial charges
-€1,171
Taxes
-€38,699
Result 2025
€881,434
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
+€1.8m
Investment
-€1.6m
Financing
-€153,944
Cash 2024
€38,725
From operations (derived)
+€1.8m
Net result for the year
+€881,434
Depreciation
+€3,013
Receivables after one year
+€442,963
Receivables within one year
+€19,443
Deferred charges and accrued income
+€498,890
Trade debts
+€1,147
Tax, wage and social debts
+€35,756
Other debts
-€71,433
Accrued charges and deferred income
-€36,867
Investment (derived)
-€1.6m
Current investments
-€1.6m
Financing
-€153,944
Contributions, distributions and other
-€153,944
Cash 2025
€35,949
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,027,968 | €8,684,059 | +€656,092 | +8.2% |
| Fixed assets | 21/28 | €2,818,866 | €2,815,853 | -€3,013 | -0.1% |
| Intangible fixed assets | 21 | €7,849 | €4,986 | -€2,862 | -36.5% |
| Tangible fixed assets | 22/27 | €151 | - | -€151 | |
| Plant, machinery and equipment | 23 | €151 | - | -€151 | |
| Financial fixed assets | 28 | €2,810,867 | €2,810,867 | = | 0.0% |
| Current assets | 29/58 | €5,209,101 | €5,868,206 | +€659,105 | +12.7% |
| Amounts receivable after more than one year | 29 | €442,963 | - | -€442,963 | |
| Other amounts receivable | 291 | €442,963 | - | -€442,963 | |
| Amounts receivable within one year | 40/41 | €19,443 | - | -€19,443 | |
| Trade receivables | 40 | €19,431 | - | -€19,431 | |
| Other amounts receivable | 41 | €13 | - | -€13 | |
| Current investments | 50/53 | €4,128,596 | €5,751,773 | +€1.6m | +39.3% |
| Cash at bank and in hand | 54/58 | €38,725 | €35,949 | -€2,776 | -7.2% |
| Deferred charges and accrued income | 490/1 | €579,375 | €80,484 | -€498,890 | -86.1% |
| Total equity and liabilities | 10/49 | €8,027,968 | €8,684,059 | +€656,092 | +8.2% |
| Equity | 10/15 | €7,463,542 | €8,191,031 | +€727,489 | +9.7% |
| Contributions | 10/11 | €2,981,000 | €2,981,000 | = | 0.0% |
| Reserves | 13 | €4,482,542 | €5,210,031 | +€727,489 | +16.2% |
| Non-distributable reserves | 130/1 | €193,303 | €193,303 | = | 0.0% |
| Reserves not available under the articles | 1311 | €193,303 | €193,303 | = | 0.0% |
| Distributable reserves | 133 | €4,289,239 | €5,016,729 | +€727,489 | +17.0% |
| Amounts payable | 17/49 | €564,426 | €493,028 | -€71,398 | -12.6% |
| Amounts payable within one year | 42/48 | €496,456 | €461,926 | -€34,530 | -7.0% |
| Trade debts | 44 | €111 | €1,257 | +€1,147 | +1,033% |
| Suppliers | 440/4 | €111 | €1,257 | +€1,147 | +1,033% |
| Taxes, remuneration and social security | 45 | €85,801 | €121,557 | +€35,756 | +41.7% |
| Taxes | 450/3 | €85,801 | €121,557 | +€35,756 | +41.7% |
| Other amounts payable | 47/48 | €410,544 | €339,111 | -€71,433 | -17.4% |
| Accrued charges and deferred income | 492/3 | €67,970 | €31,102 | -€36,867 | -54.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,262 | €3,013 | -€1,249 | -29.3% |
| Other operating charges | 640/8 | €1,936 | €1,943 | +€7 | +0.4% |
| Gross operating margin | 9900 | €594,927 | €462,180 | -€132,747 | -22.3% |
| Operating profit (loss) | 9901 | €588,729 | €457,224 | -€131,505 | -22.3% |
| Financial income | 75/76B | €87,234 | €657,415 | +€570,181 | +654% |
| Recurring financial income | 75 | €87,234 | €657,415 | +€570,181 | +654% |
| Financial charges | 65/66B | €37,635 | €38,806 | +€1,171 | +3.1% |
| Recurring financial charges | 65 | €37,635 | €38,806 | +€1,171 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €638,328 | €1,075,833 | +€437,504 | +68.5% |
| Income taxes | 67/77 | €155,701 | €194,399 | +€38,699 | +24.9% |
| Profit (loss) for the period | 9904 | €482,628 | €881,434 | +€398,806 | +82.6% |
| Profit (loss) for the period to be appropriated | 9905 | €482,628 | €881,434 | +€398,806 | +82.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.