BESARCO: 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.
BESARCO
Largest movements
- Cash -€251,685
down €251,685 (-67.1%), from €374,931 to €123,246
mainly Contributions, distributions and other (-€150,000) and Other debts (-€95,360)
- Receivables within one year +€26,427
up €26,427 (+105%), from €25,155 to €51,582
of which Trade receivables: +€23,116
- Tangible fixed assets -€17,655
down €17,655 (-2.4%), from €750,119 to €732,464
of which Land and buildings: -€26,827
- Other debts -€95,360
down €95,360 (-38.8%), from €245,580 to €150,220
- Tax, wage and social debts -€92,232
down €92,232 (-74.9%), from €123,188 to €30,957
- Debts after one year -€33,901
down €33,901 (-8.4%), from €405,646 to €371,745
- Profit (loss) carried forward -€30,294
down €30,294 (-7.9%), from €384,367 to €354,073
- Gross operating margin +€19,487
up €19,487 (+9.8%), from €199,682 to €219,169
- Depreciation +€2,356
up €2,356 (+4.8%), from €48,855 to €51,211
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 | €1,210,518 | €970,824 | -€239,693 | -19.8% |
| Fixed assets | 21/28 | €750,119 | €732,464 | -€17,655 | -2.4% |
| Tangible fixed assets | 22/27 | €750,119 | €732,464 | -€17,655 | -2.4% |
| Land and buildings | 22 | €695,021 | €668,194 | -€26,827 | -3.9% |
| Plant, machinery and equipment | 23 | €17,630 | €19,560 | +€1,930 | +10.9% |
| Furniture and vehicles | 24 | €37,469 | €44,711 | +€7,242 | +19.3% |
| Current assets | 29/58 | €460,399 | €238,360 | -€222,039 | -48.2% |
| Amounts receivable within one year | 40/41 | €25,155 | €51,582 | +€26,427 | +105% |
| Trade receivables | 40 | €24,170 | €47,285 | +€23,116 | +95.6% |
| Other amounts receivable | 41 | €986 | €4,297 | +€3,311 | +336% |
| Current investments | 50/53 | €60,312 | €60,448 | +€136 | +0.2% |
| Cash at bank and in hand | 54/58 | €374,931 | €123,246 | -€251,685 | -67.1% |
| Deferred charges and accrued income | 490/1 | €0 | €3,084 | +€3,084 | |
| Total equity and liabilities | 10/49 | €1,210,518 | €970,824 | -€239,693 | -19.8% |
| Equity | 10/15 | €387,087 | €356,900 | -€30,187 | -7.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €720 | €826 | +€106 | +14.8% |
| Tax-exempt reserves | 132 | €720 | €826 | +€106 | +14.8% |
| Profit (loss) carried forward | 14 | €384,367 | €354,073 | -€30,294 | -7.9% |
| Amounts payable | 17/49 | €823,431 | €613,925 | -€209,506 | -25.4% |
| Amounts payable after more than one year | 17 | €405,646 | €371,745 | -€33,901 | -8.4% |
| Financial debts | 170/4 | €405,646 | €371,745 | -€33,901 | -8.4% |
| Amounts payable within one year | 42/48 | €417,785 | €242,180 | -€175,605 | -42.0% |
| Current portion of amounts payable after more than one year | 42 | €24,301 | €24,293 | -€7 | 0.0% |
| Financial debts | 43 | €12,381 | €12,533 | +€152 | +1.2% |
| Credit institutions | 430/8 | €12,381 | €12,533 | +€152 | +1.2% |
| Trade debts | 44 | €12,335 | €24,177 | +€11,842 | +96.0% |
| Suppliers | 440/4 | €12,335 | €24,177 | +€11,842 | +96.0% |
| Taxes, remuneration and social security | 45 | €123,188 | €30,957 | -€92,232 | -74.9% |
| Taxes | 450/3 | €123,188 | €30,957 | -€92,232 | -74.9% |
| Other amounts payable | 47/48 | €245,580 | €150,220 | -€95,360 | -38.8% |
| Non-recurring operating income | 76A | €0 | €13,122 | +€13,122 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,855 | €51,211 | +€2,356 | +4.8% |
| Other operating charges | 640/8 | €4,260 | €3,298 | -€962 | -22.6% |
| Non-recurring operating charges | 66A | €0 | €222 | +€222 | |
| Gross operating margin | 9900 | €199,682 | €219,169 | +€19,487 | +9.8% |
| Operating profit (loss) | 9901 | €146,566 | €164,438 | +€17,872 | +12.2% |
| Financial income | 75/76B | €795 | €784 | -€11 | -1.4% |
| Recurring financial income | 75 | €795 | €784 | -€11 | -1.4% |
| Financial charges | 65/66B | €10,669 | €9,985 | -€684 | -6.4% |
| Recurring financial charges | 65 | €10,669 | €9,985 | -€684 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €136,692 | €155,237 | +€18,545 | +13.6% |
| Income taxes | 67/77 | €33,766 | €35,424 | +€1,658 | +4.9% |
| Profit (loss) for the period | 9904 | €102,926 | €119,813 | +€16,886 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €102,926 | €119,813 | +€16,886 | +16.4% |
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 17 October 2026 via checked.be.