BOPAEP: 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.
BOPAEP
Largest movements
- Cash +€67,059
up €67,059 (+115.5%), from €58,046 to €125,105
mainly Depreciation (+€61,609) and Net result for the year (+€50,263)
- Tangible fixed assets -€61,609
down €61,609 (-4.7%), from €1.3m to €1.2m
- Current investments +€24,000
up €24,000 (+44.4%), from €54,000 to €78,000
- Receivables within one year +€19,355
up €19,355 (+277.8%), from €6,968 to €26,323
of which Other amounts receivable: +€20,131
- Reserves +€50,263
up €50,263 (+3.6%), from €1.4m to €1.4m
- Gross operating margin -€116,870
down €116,870 (-42.9%), from €272,594 to €155,724
- Taxes -€33,132
down €33,132 (-66.4%), from €49,867 to €16,735
- Depreciation +€18,870
up €18,870 (+44.2%), from €42,739 to €61,609
- Financial income +€6,524
up €6,524, from €0 to €6,524
- Other operating charges +€2,855
up €2,855 (+9.4%), from €30,311 to €33,166
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 | €1,433,606 | €1,482,410 | +€48,805 | +3.4% |
| Fixed assets | 21/28 | €1,314,592 | €1,252,983 | -€61,609 | -4.7% |
| Tangible fixed assets | 22/27 | €1,310,842 | €1,249,233 | -€61,609 | -4.7% |
| Land and buildings | 22 | €1,310,842 | €1,249,233 | -€61,609 | -4.7% |
| Financial fixed assets | 28 | €3,750 | €3,750 | = | 0.0% |
| Current assets | 29/58 | €119,014 | €229,428 | +€110,414 | +92.8% |
| Amounts receivable within one year | 40/41 | €6,968 | €26,323 | +€19,355 | +277.8% |
| Trade receivables | 40 | €1,835 | €1,059 | -€775 | -42.3% |
| Other amounts receivable | 41 | €5,133 | €25,264 | +€20,131 | +392.2% |
| Current investments | 50/53 | €54,000 | €78,000 | +€24,000 | +44.4% |
| Cash at bank and in hand | 54/58 | €58,046 | €125,105 | +€67,059 | +115.5% |
| Total equity and liabilities | 10/49 | €1,433,606 | €1,482,410 | +€48,805 | +3.4% |
| Equity | 10/15 | €1,426,897 | €1,477,160 | +€50,263 | +3.5% |
| Contributions | 10/11 | €30,943 | €30,943 | = | 0.0% |
| Reserves | 13 | €1,395,954 | €1,446,217 | +€50,263 | +3.6% |
| Distributable reserves | 133 | €1,395,954 | €1,446,217 | +€50,263 | +3.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €0 | €0 | -€0 | -100.0% |
| Provisions and deferred taxes | 16 | €2,049 | €2,049 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €2,049 | €2,049 | = | 0.0% |
| Environmental obligations | 163 | €2,049 | €2,049 | = | 0.0% |
| Amounts payable | 17/49 | €4,659 | €3,201 | -€1,458 | -31.3% |
| Amounts payable within one year | 42/48 | €4,659 | €3,201 | -€1,458 | -31.3% |
| Trade debts | 44 | €2,657 | €3,029 | +€372 | +14.0% |
| Suppliers | 440/4 | €2,657 | €3,029 | +€372 | +14.0% |
| Taxes, remuneration and social security | 45 | €2,003 | €172 | -€1,830 | -91.4% |
| Taxes | 450/3 | €2,003 | €172 | -€1,830 | -91.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,739 | €61,609 | +€18,870 | +44.2% |
| Other operating charges | 640/8 | €30,311 | €33,166 | +€2,855 | +9.4% |
| Gross operating margin | 9900 | €272,594 | €155,724 | -€116,870 | -42.9% |
| Operating profit (loss) | 9901 | €199,544 | €60,949 | -€138,595 | -69.5% |
| Financial income | 75/76B | €0 | €6,524 | +€6,524 | |
| Recurring financial income | 75 | €0 | €6,524 | +€6,524 | |
| Financial charges | 65/66B | €77 | €475 | +€399 | +520.8% |
| Recurring financial charges | 65 | €77 | €475 | +€399 | +520.8% |
| Profit (loss) for the period before taxes | 9903 | €199,468 | €66,998 | -€132,470 | -66.4% |
| Income taxes | 67/77 | €49,867 | €16,735 | -€33,132 | -66.4% |
| Profit (loss) for the period | 9904 | €149,601 | €50,263 | -€99,338 | -66.4% |
| Profit (loss) for the period to be appropriated | 9905 | €149,601 | €50,263 | -€99,338 | -66.4% |
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 10 October 2026 via checked.be.