BIPACO: 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.
BIPACO
Largest movements
- Cash +€124,745
up €124,745 (+38.8%), from €321,763 to €446,508
mainly Net result for the year (+€237,194) and Other debts (+€227,839)
- Tangible fixed assets +€55,647
up €55,647 (+7.5%), from €745,164 to €800,811
of which Furniture and vehicles: +€110,210
- Receivables within one year +€16,955
up €16,955 (+42.4%), from €40,014 to €56,968
of which Trade receivables: +€16,955
- Other debts +€227,839
up €227,839 (+11856.1%), from €1,922 to €229,761
- Debts after one year -€39,416
down €39,416 (-10.5%), from €374,041 to €334,625
- Gross operating margin +€224,776
up €224,776 (+98.1%), from €229,060 to €453,836
- Taxes +€65,919
up €65,919 (+134.0%), from €49,206 to €115,125
- Depreciation +€21,420
up €21,420 (+33.1%), from €64,792 to €86,212
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 | €1,258,175 | €1,457,260 | +€199,085 | +15.8% |
| Fixed assets | 21/28 | €895,164 | €950,811 | +€55,647 | +6.2% |
| Tangible fixed assets | 22/27 | €745,164 | €800,811 | +€55,647 | +7.5% |
| Land and buildings | 22 | €718,281 | €663,718 | -€54,563 | -7.6% |
| Furniture and vehicles | 24 | €26,883 | €137,093 | +€110,210 | +410.0% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €363,011 | €506,449 | +€143,437 | +39.5% |
| Amounts receivable within one year | 40/41 | €40,014 | €56,968 | +€16,955 | +42.4% |
| Trade receivables | 40 | €38,932 | €55,887 | +€16,955 | +43.5% |
| Other amounts receivable | 41 | €1,081 | €1,081 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €321,763 | €446,508 | +€124,745 | +38.8% |
| Deferred charges and accrued income | 490/1 | €1,234 | €2,972 | +€1,737 | +140.7% |
| Total equity and liabilities | 10/49 | €1,258,175 | €1,457,260 | +€199,085 | +15.8% |
| Equity | 10/15 | €793,790 | €786,984 | -€6,806 | -0.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €471,374 | €464,568 | -€6,806 | -1.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €469,514 | €462,708 | -€6,806 | -1.4% |
| Profit (loss) carried forward | 14 | €316,216 | €316,216 | +€0 | 0.0% |
| Amounts payable | 17/49 | €464,385 | €670,276 | +€205,891 | +44.3% |
| Amounts payable after more than one year | 17 | €374,041 | €334,625 | -€39,416 | -10.5% |
| Financial debts | 170/4 | €374,041 | €334,625 | -€39,416 | -10.5% |
| Amounts payable within one year | 42/48 | €87,234 | €335,651 | +€248,417 | +284.8% |
| Current portion of amounts payable after more than one year | 42 | €38,904 | €39,416 | +€513 | +1.3% |
| Trade debts | 44 | €12,761 | €22,629 | +€9,868 | +77.3% |
| Suppliers | 440/4 | €12,761 | €22,629 | +€9,868 | +77.3% |
| Taxes, remuneration and social security | 45 | €33,648 | €43,845 | +€10,197 | +30.3% |
| Taxes | 450/3 | €33,648 | €43,845 | +€10,197 | +30.3% |
| Other amounts payable | 47/48 | €1,922 | €229,761 | +€227,839 | +11856.1% |
| Accrued charges and deferred income | 492/3 | €3,110 | - | -€3,110 | |
| Non-recurring operating income | 76A | - | €2,479 | +€2,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,792 | €86,212 | +€21,420 | +33.1% |
| Other operating charges | 640/8 | €10,735 | €11,375 | +€640 | +6.0% |
| Gross operating margin | 9900 | €229,060 | €453,836 | +€224,776 | +98.1% |
| Operating profit (loss) | 9901 | €153,533 | €356,249 | +€202,715 | +132.0% |
| Financial income | 75/76B | €1,039 | €1,382 | +€342 | +32.9% |
| Recurring financial income | 75 | €1,039 | €1,382 | +€342 | +32.9% |
| Financial charges | 65/66B | €5,987 | €5,311 | -€676 | -11.3% |
| Recurring financial charges | 65 | €5,987 | €5,311 | -€676 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €148,585 | €352,319 | +€203,734 | +137.1% |
| Income taxes | 67/77 | €49,206 | €115,125 | +€65,919 | +134.0% |
| Profit (loss) for the period | 9904 | €99,379 | €237,194 | +€137,815 | +138.7% |
| Profit (loss) for the period to be appropriated | 9905 | €99,379 | €237,194 | +€137,815 | +138.7% |
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 6 October 2026 via checked.be.