BESD: 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.
BESD
Largest movements
- Receivables within one year +€61,518
up €61,518 (+1079.7%), from €5,698 to €67,216
of which Other amounts receivable: +€54,687
- Tangible fixed assets -€14,727
down €14,727 (-28.4%), from €51,904 to €37,177
- Cash -€3,079
down €3,079 (-4.0%), from €76,877 to €73,798
mainly Receivables within one year (-€61,518) and Debts after one year (-€8,256)
- Profit (loss) carried forward +€46,492
up €46,492 (+79.6%), from €58,377 to €104,869
- Debts after one year -€8,256
down €8,256 (-31.0%), from €26,617 to €18,361
- Tax, wage and social debts +€6,250
up €6,250 (+30.8%), from €20,306 to €26,556
- Gross operating margin +€40,531
up €40,531 (+106.1%), from €38,215 to €78,746
- Taxes +€8,207
up €8,207 (+164.8%), from €4,980 to €13,187
- Depreciation +€4,026
up €4,026 (+37.6%), from €10,701 to €14,727
- Write-downs +€2,180
new in 2025: €2,180
- Other operating charges -€1,176
down €1,176 (-62.3%), from €1,889 to €713
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 | €134,522 | €178,236 | +€43,714 | +32.5% |
| Fixed assets | 21/28 | €51,904 | €37,177 | -€14,727 | -28.4% |
| Tangible fixed assets | 22/27 | €51,904 | €37,177 | -€14,727 | -28.4% |
| Furniture and vehicles | 24 | €51,904 | €37,177 | -€14,727 | -28.4% |
| Current assets | 29/58 | €82,618 | €141,059 | +€58,441 | +70.7% |
| Amounts receivable within one year | 40/41 | €5,698 | €67,216 | +€61,518 | +1079.7% |
| Trade receivables | 40 | €4,410 | €11,241 | +€6,831 | +154.9% |
| Other amounts receivable | 41 | €1,288 | €55,975 | +€54,687 | +4247.5% |
| Cash at bank and in hand | 54/58 | €76,877 | €73,798 | -€3,079 | -4.0% |
| Deferred charges and accrued income | 490/1 | €43 | €45 | +€2 | +3.6% |
| Total equity and liabilities | 10/49 | €134,522 | €178,236 | +€43,714 | +32.5% |
| Equity | 10/15 | €76,877 | €123,369 | +€46,492 | +60.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €13,500 | €13,500 | = | 0.0% |
| Distributable reserves | 133 | €13,500 | €13,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,377 | €104,869 | +€46,492 | +79.6% |
| Amounts payable | 17/49 | €57,646 | €54,867 | -€2,778 | -4.8% |
| Amounts payable after more than one year | 17 | €26,617 | €18,361 | -€8,256 | -31.0% |
| Financial debts | 170/4 | €26,617 | €18,361 | -€8,256 | -31.0% |
| Amounts payable within one year | 42/48 | €30,887 | €36,391 | +€5,503 | +17.8% |
| Financial debts | 43 | €7,915 | €8,256 | +€341 | +4.3% |
| Credit institutions | 430/8 | €7,915 | €8,256 | +€341 | +4.3% |
| Trade debts | 44 | €2,667 | €1,579 | -€1,088 | -40.8% |
| Suppliers | 440/4 | €2,667 | €1,579 | -€1,088 | -40.8% |
| Taxes, remuneration and social security | 45 | €20,306 | €26,556 | +€6,250 | +30.8% |
| Taxes | 450/3 | €20,306 | €26,556 | +€6,250 | +30.8% |
| Accrued charges and deferred income | 492/3 | €141 | €115 | -€25 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,701 | €14,727 | +€4,026 | +37.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,180 | +€2,180 | |
| Other operating charges | 640/8 | €1,889 | €713 | -€1,176 | -62.3% |
| Gross operating margin | 9900 | €38,215 | €78,746 | +€40,531 | +106.1% |
| Operating profit (loss) | 9901 | €25,625 | €61,125 | +€35,500 | +138.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,707 | €1,446 | -€261 | -15.3% |
| Recurring financial charges | 65 | €1,707 | €1,446 | -€261 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €23,917 | €59,679 | +€35,762 | +149.5% |
| Income taxes | 67/77 | €4,980 | €13,187 | +€8,207 | +164.8% |
| Profit (loss) for the period | 9904 | €18,937 | €46,492 | +€27,555 | +145.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,937 | €46,492 | +€27,555 | +145.5% |
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.