PROJECT BESSENVELD: 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.
PROJECT BESSENVELD
Largest movements
- Receivables within one year +€6.8m
up €6.8m (+79.5%), from €8.6m to €15.4m
of which Other amounts receivable: +€6.8m
- Stocks and contracts +€4.3m
new in 2025: €4.3m
- Tangible fixed assets -€4.1m
no longer reported in 2025 (was €4.1m)
- Debts after one year +€11.0m
up €11.0m (+35.9%), from €30.6m to €41.6m
- Short-term financial debts -€6.5m
no longer reported in 2025 (was €6.5m)
- Other debts +€3.4m
up €3.4m (+59.7%), from €5.7m to €9.1m
- Profit (loss) carried forward -€1.2m
down €1.2m (-10.2%), from -€11.3m to -€12.4m
- Financial income +€313,468
up €313,468 (+66.6%), from €470,324 to €783,792
- Financial charges -€227,504
down €227,504 (-10.9%), from €2.1m to €1.9m
- Gross operating margin -€43,942
down €43,942 (-189.9%), from -€23,137 to -€67,079
- Other operating charges -€5,938
down €5,938 (-85.6%), from €6,937 to €998
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 | €48,845,670 | €55,395,201 | +€6.5m | +13.4% |
| Fixed assets | 21/28 | €39,616,349 | €35,496,834 | -€4.1m | -10.4% |
| Tangible fixed assets | 22/27 | €4,119,515 | - | -€4.1m | |
| Assets under construction and advance payments | 27 | €4,119,515 | - | -€4.1m | |
| Financial fixed assets | 28 | €35,496,834 | €35,496,834 | = | 0.0% |
| Current assets | 29/58 | €9,229,321 | €19,898,367 | +€10.7m | +115.6% |
| Stocks and contracts in progress | 3 | - | €4,303,883 | +€4.3m | |
| Contracts in progress | 37 | - | €4,303,883 | +€4.3m | |
| Amounts receivable within one year | 40/41 | €8,577,698 | €15,392,850 | +€6.8m | +79.5% |
| Trade receivables | 40 | €204 | €204 | = | 0.0% |
| Other amounts receivable | 41 | €8,577,495 | €15,392,647 | +€6.8m | +79.5% |
| Cash at bank and in hand | 54/58 | €651,622 | €201,633 | -€449,989 | -69.1% |
| Total equity and liabilities | 10/49 | €48,845,670 | €55,395,201 | +€6.5m | +13.4% |
| Equity | 10/15 | €5,762,501 | €4,610,853 | -€1.2m | -20.0% |
| Contributions | 10/11 | €17,042,058 | €17,042,058 | = | 0.0% |
| Capital | 10 | €17,042,058 | €17,042,058 | = | 0.0% |
| Issued capital | 100 | €17,042,058 | €17,042,058 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,279,557 | -€12,431,205 | -€1.2m | -10.2% |
| Amounts payable | 17/49 | €43,083,169 | €50,784,348 | +€7.7m | +17.9% |
| Amounts payable after more than one year | 17 | €30,600,000 | €41,600,000 | +€11.0m | +35.9% |
| Financial debts | 170/4 | €30,600,000 | €41,600,000 | +€11.0m | +35.9% |
| Amounts payable within one year | 42/48 | €12,313,497 | €9,140,440 | -€3.2m | -25.8% |
| Financial debts | 43 | €6,500,000 | - | -€6.5m | |
| Credit institutions | 430/8 | €6,500,000 | - | -€6.5m | |
| Trade debts | 44 | €114,085 | €40,222 | -€73,863 | -64.7% |
| Suppliers | 440/4 | €114,085 | €40,222 | -€73,863 | -64.7% |
| Taxes, remuneration and social security | 45 | - | €154 | +€154 | |
| Taxes | 450/3 | - | €154 | +€154 | |
| Other amounts payable | 47/48 | €5,699,412 | €9,100,065 | +€3.4m | +59.7% |
| Accrued charges and deferred income | 492/3 | €169,672 | €43,908 | -€125,764 | -74.1% |
| Other operating charges | 640/8 | €6,937 | €998 | -€5,938 | -85.6% |
| Gross operating margin | 9900 | -€23,137 | -€67,079 | -€43,942 | -189.9% |
| Operating profit (loss) | 9901 | -€30,073 | -€68,078 | -€38,004 | -126.4% |
| Financial income | 75/76B | €470,324 | €783,792 | +€313,468 | +66.6% |
| Recurring financial income | 75 | €470,324 | €783,792 | +€313,468 | +66.6% |
| Financial charges | 65/66B | €2,094,865 | €1,867,362 | -€227,504 | -10.9% |
| Recurring financial charges | 65 | €2,094,865 | €1,867,362 | -€227,504 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,654,615 | -€1,151,648 | +€502,968 | +30.4% |
| Profit (loss) for the period | 9904 | -€1,654,615 | -€1,151,648 | +€502,968 | +30.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,654,615 | -€1,151,648 | +€502,968 | +30.4% |
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 11 October 2026 via checked.be.