BESCO PROJECTS: 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.
BESCO PROJECTS
Largest movements
- Current investments +€215,000
new in 2025: €215,000
- Receivables within one year -€62,832
down €62,832 (-71.7%), from €87,681 to €24,848
of which Trade receivables: -€76,507
- Intangible fixed assets -€54,569
down €54,569 (-31.5%), from €173,247 to €118,678
- Cash +€9,284
up €9,284 (+25.1%), from €36,974 to €46,258
mainly Accrued charges and deferred income (+€130,432) and Receivables within one year (+€62,832)
- Accrued charges and deferred income +€130,432
up €130,432 (+323%), from €40,426 to €170,857
- Debts after one year -€60,000
no longer reported in 2025 (was €60,000)
- Reserves +€43,218
up €43,218 (+189%), from €22,873 to €66,091
- Trade debts -€12,852
down €12,852 (-81.6%), from €15,748 to €2,896
- Staff costs +€29,315
up €29,315 (+19.4%), from €151,122 to €180,437
- Gross operating margin -€10,067
down €10,067 (-3.2%), from €313,312 to €303,244
- Financial charges -€5,580
down €5,580 (-38.0%), from €14,680 to €9,100
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 | €327,893 | €431,875 | +€103,982 | +31.7% |
| Fixed assets | 21/28 | €182,478 | €130,160 | -€52,318 | -28.7% |
| Intangible fixed assets | 21 | €173,247 | €118,678 | -€54,569 | -31.5% |
| Tangible fixed assets | 22/27 | €2,581 | €4,832 | +€2,251 | +87.2% |
| Furniture and vehicles | 24 | €2,581 | €4,832 | +€2,251 | +87.2% |
| Financial fixed assets | 28 | €6,650 | €6,650 | = | 0.0% |
| Current assets | 29/58 | €145,414 | €301,715 | +€156,301 | +107% |
| Stocks and contracts in progress | 3 | €10,917 | €6,741 | -€4,176 | -38.3% |
| Stocks | 30/36 | €10,917 | €6,741 | -€4,176 | -38.3% |
| Amounts receivable within one year | 40/41 | €87,681 | €24,848 | -€62,832 | -71.7% |
| Trade receivables | 40 | €77,832 | €1,325 | -€76,507 | -98.3% |
| Other amounts receivable | 41 | €9,848 | €23,523 | +€13,675 | +139% |
| Current investments | 50/53 | - | €215,000 | +€215,000 | |
| Cash at bank and in hand | 54/58 | €36,974 | €46,258 | +€9,284 | +25.1% |
| Deferred charges and accrued income | 490/1 | €9,842 | €8,868 | -€975 | -9.9% |
| Total equity and liabilities | 10/49 | €327,893 | €431,875 | +€103,982 | +31.7% |
| Equity | 10/15 | €202,873 | €246,091 | +€43,218 | +21.3% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €22,873 | €66,091 | +€43,218 | +189% |
| Distributable reserves | 133 | €22,873 | €66,091 | +€43,218 | +189% |
| Amounts payable | 17/49 | €125,020 | €185,784 | +€60,764 | +48.6% |
| Amounts payable after more than one year | 17 | €60,000 | - | -€60,000 | |
| Financial debts | 170/4 | €60,000 | - | -€60,000 | |
| Amounts payable within one year | 42/48 | €24,595 | €14,927 | -€9,668 | -39.3% |
| Trade debts | 44 | €15,748 | €2,896 | -€12,852 | -81.6% |
| Suppliers | 440/4 | €15,748 | €2,896 | -€12,852 | -81.6% |
| Taxes, remuneration and social security | 45 | €8,512 | €11,726 | +€3,214 | +37.8% |
| Taxes | 450/3 | - | €3,418 | +€3,418 | |
| Remuneration and social security | 454/9 | €8,512 | €8,308 | -€204 | -2.4% |
| Other amounts payable | 47/48 | €335 | €304 | -€30 | -9.0% |
| Accrued charges and deferred income | 492/3 | €40,426 | €170,857 | +€130,432 | +323% |
| Remuneration, social security and pensions | 62 | €151,122 | €180,437 | +€29,315 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,015 | €55,909 | -€107 | -0.2% |
| Other operating charges | 640/8 | €718 | €740 | +€22 | +3.1% |
| Gross operating margin | 9900 | €313,312 | €303,244 | -€10,067 | -3.2% |
| Operating profit (loss) | 9901 | €105,456 | €66,158 | -€39,298 | -37.3% |
| Financial income | 75/76B | €169 | €2,637 | +€2,468 | +1,460% |
| Recurring financial income | 75 | €169 | €2,637 | +€2,468 | +1,460% |
| Financial charges | 65/66B | €14,680 | €9,100 | -€5,580 | -38.0% |
| Recurring financial charges | 65 | €14,680 | €9,100 | -€5,580 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €90,946 | €59,695 | -€31,251 | -34.4% |
| Income taxes | 67/77 | €13,924 | €16,477 | +€2,553 | +18.3% |
| Profit (loss) for the period | 9904 | €77,022 | €43,218 | -€33,804 | -43.9% |
| Profit (loss) for the period to be appropriated | 9905 | €77,022 | €43,218 | -€33,804 | -43.9% |
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 13 October 2026 via checked.be.