BP-RE: 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.
BP-RE
Largest movements
- Stocks and contracts -€271,946
down €271,946 (-9.8%), from €2.8m to €2.5m
- Receivables within one year +€97,590
up €97,590 (+654%), from €14,928 to €112,518
of which Trade receivables: +€111,029
- Debts after one year -€501,506
down €501,506 (-39.1%), from €1.3m to €782,485
- Tax, wage and social debts +€130,439
new in 2025: €130,439
- Short-term financial debts +€119,089
up €119,089 (+6.0%), from €2.0m to €2.1m
of which Other loans: +€535,000
- Trade debts +€56,146
up €56,146 (+624%), from €8,993 to €65,139
- Accrued charges and deferred income +€37,630
up €37,630 (+160%), from €23,487 to €61,117
- Financial charges +€10,348
up €10,348 (+168%), from €6,159 to €16,507
- Depreciation +€6,094
up €6,094 (+136%), from €4,486 to €10,580
- Financial income +€5,400
new in 2025: €5,400
- Other operating charges +€1,421
up €1,421 (+214%), from €665 to €2,086
- Gross operating margin -€266
down €266 (-2.3%), from €11,583 to €11,317
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 | €3,315,605 | €3,145,592 | -€170,013 | -5.1% |
| Formation expenses | 20 | €1,411 | €1,129 | -€282 | -20.0% |
| Fixed assets | 21/28 | €508,495 | €498,197 | -€10,298 | -2.0% |
| Tangible fixed assets | 22/27 | €508,495 | €498,197 | -€10,298 | -2.0% |
| Land and buildings | 22 | €508,495 | €498,197 | -€10,298 | -2.0% |
| Current assets | 29/58 | €2,805,699 | €2,646,266 | -€159,433 | -5.7% |
| Stocks and contracts in progress | 3 | €2,778,608 | €2,506,662 | -€271,946 | -9.8% |
| Stocks | 30/36 | €2,778,608 | €2,506,662 | -€271,946 | -9.8% |
| Amounts receivable within one year | 40/41 | €14,928 | €112,518 | +€97,590 | +654% |
| Trade receivables | 40 | - | €111,029 | +€111,029 | |
| Other amounts receivable | 41 | €14,928 | €1,489 | -€13,439 | -90.0% |
| Cash at bank and in hand | 54/58 | €8,663 | €27,086 | +€18,423 | +213% |
| Deferred charges and accrued income | 490/1 | €3,500 | - | -€3,500 | |
| Total equity and liabilities | 10/49 | €3,315,605 | €3,145,592 | -€170,013 | -5.1% |
| Equity | 10/15 | €3,273 | -€9,183 | -€12,456 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €273 | -€12,183 | -€12,456 | |
| Amounts payable | 17/49 | €3,312,332 | €3,154,775 | -€157,557 | -4.8% |
| Amounts payable after more than one year | 17 | €1,283,991 | €782,485 | -€501,506 | -39.1% |
| Financial debts | 170/4 | €1,283,991 | €782,485 | -€501,506 | -39.1% |
| Amounts payable within one year | 42/48 | €2,004,854 | €2,311,173 | +€306,319 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €15,861 | €16,506 | +€645 | +4.1% |
| Financial debts | 43 | €1,980,000 | €2,099,089 | +€119,089 | +6.0% |
| Credit institutions | 430/8 | €1,980,000 | €1,564,089 | -€415,911 | -21.0% |
| Other loans | 439 | - | €535,000 | +€535,000 | |
| Trade debts | 44 | €8,993 | €65,139 | +€56,146 | +624% |
| Suppliers | 440/4 | €8,993 | €65,139 | +€56,146 | +624% |
| Taxes, remuneration and social security | 45 | - | €130,439 | +€130,439 | |
| Taxes | 450/3 | - | €130,439 | +€130,439 | |
| Accrued charges and deferred income | 492/3 | €23,487 | €61,117 | +€37,630 | +160% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,486 | €10,580 | +€6,094 | +136% |
| Other operating charges | 640/8 | €665 | €2,086 | +€1,421 | +214% |
| Gross operating margin | 9900 | €11,583 | €11,317 | -€266 | -2.3% |
| Operating profit (loss) | 9901 | €6,432 | -€1,349 | -€7,781 | |
| Financial income | 75/76B | - | €5,400 | +€5,400 | |
| Recurring financial income | 75 | - | €5,400 | +€5,400 | |
| Financial charges | 65/66B | €6,159 | €16,507 | +€10,348 | +168% |
| Recurring financial charges | 65 | €6,159 | €16,507 | +€10,348 | +168% |
| Profit (loss) for the period before taxes | 9903 | €273 | -€12,456 | -€12,729 | |
| Profit (loss) for the period | 9904 | €273 | -€12,456 | -€12,729 | |
| Profit (loss) for the period to be appropriated | 9905 | €273 | -€12,456 | -€12,729 |
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 23 October 2026 via checked.be.