B.E. Fin: 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.
B.E. Fin
Largest movements
- Financial fixed assets +€10.4m
up €10.4m (+179%), from €5.8m to €16.1m
- Cash +€3.0m
up €3.0m (+36.5%), from €8.3m to €11.4m
mainly Contributions, distributions and other (+€15.1m) and Other debts (+€369,926)
- Receivables within one year +€2.5m
up €2.5m (+228%), from €1.1m to €3.6m
of which Other amounts receivable: +€1.3m
- Contributions +€15.1m
up €15.1m (+135%), from €11.1m to €26.2m
- Other debts +€369,926
up €369,926 (+168%), from €220,042 to €589,968
- Gross operating margin +€1.1m
up €1.1m (+63.8%), from €1.8m to €2.9m
- Financial charges +€925,536
up €925,536 (+813%), from €113,809 to €1.0m
of which Non-recurring financial charges: +€933,853
- Financial income +€304,927
up €304,927 (+180%), from €169,590 to €474,517
- Staff costs +€198,600
up €198,600 (+11.3%), from €1.8m to €2.0m
- Taxes +€42,627
up €42,627 (+2,041%), from €2,088 to €44,715
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 | €15,260,678 | €31,370,451 | +€16.1m | +106% |
| Fixed assets | 21/28 | €5,778,958 | €16,144,377 | +€10.4m | +179% |
| Tangible fixed assets | 22/27 | €1,596 | €80 | -€1,516 | -95.0% |
| Furniture and vehicles | 24 | €1,596 | €80 | -€1,516 | -95.0% |
| Financial fixed assets | 28 | €5,777,362 | €16,144,298 | +€10.4m | +179% |
| Current assets | 29/58 | €9,481,720 | €15,226,074 | +€5.7m | +60.6% |
| Amounts receivable within one year | 40/41 | €1,104,618 | €3,623,470 | +€2.5m | +228% |
| Trade receivables | 40 | €19,380 | €1,243,624 | +€1.2m | +6,317% |
| Other amounts receivable | 41 | €1,085,238 | €2,379,845 | +€1.3m | +119% |
| Cash at bank and in hand | 54/58 | €8,334,717 | €11,375,046 | +€3.0m | +36.5% |
| Deferred charges and accrued income | 490/1 | €42,386 | €227,558 | +€185,173 | +437% |
| Total equity and liabilities | 10/49 | €15,260,678 | €31,370,451 | +€16.1m | +106% |
| Equity | 10/15 | €11,532,129 | €26,911,944 | +€15.4m | +133% |
| Contributions | 10/11 | €11,128,716 | €26,189,511 | +€15.1m | +135% |
| Capital | 10 | €11,128,716 | €26,189,511 | +€15.1m | +135% |
| Issued capital | 100 | €34,762,387 | €34,762,387 | = | 0.0% |
| Uncalled capital | 101 | €23,633,671 | €8,572,876 | -€15.1m | -63.7% |
| Reserves | 13 | €103,701 | €119,652 | +€15,951 | +15.4% |
| Non-distributable reserves | 130/1 | €103,701 | €119,652 | +€15,951 | +15.4% |
| Legal reserve | 130 | €103,701 | €119,652 | +€15,951 | +15.4% |
| Profit (loss) carried forward | 14 | €299,711 | €602,781 | +€303,069 | +101% |
| Amounts payable | 17/49 | €3,728,549 | €4,458,507 | +€729,958 | +19.6% |
| Amounts payable within one year | 42/48 | €3,363,214 | €4,015,906 | +€652,691 | +19.4% |
| Trade debts | 44 | €2,867,009 | €3,110,092 | +€243,084 | +8.5% |
| Suppliers | 440/4 | €2,867,009 | €3,110,092 | +€243,084 | +8.5% |
| Taxes, remuneration and social security | 45 | €276,164 | €315,845 | +€39,681 | +14.4% |
| Taxes | 450/3 | €48,849 | €69,576 | +€20,727 | +42.4% |
| Remuneration and social security | 454/9 | €227,315 | €246,269 | +€18,955 | +8.3% |
| Other amounts payable | 47/48 | €220,042 | €589,968 | +€369,926 | +168% |
| Accrued charges and deferred income | 492/3 | €365,335 | €442,601 | +€77,266 | +21.1% |
| Remuneration, social security and pensions | 62 | €1,764,135 | €1,962,735 | +€198,600 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,221 | €1,516 | -€704 | -31.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €688 | - | -€688 | |
| Other operating charges | 640/8 | €1,382 | €33,111 | +€31,729 | +2,296% |
| Non-recurring operating charges | 66A | - | €4,000 | +€4,000 | |
| Gross operating margin | 9900 | €1,788,763 | €2,929,926 | +€1.1m | +63.8% |
| Operating profit (loss) | 9901 | €20,337 | €928,564 | +€908,227 | +4,466% |
| Financial income | 75/76B | €169,590 | €474,517 | +€304,927 | +180% |
| Recurring financial income | 75 | €169,590 | €474,517 | +€304,927 | +180% |
| Financial charges | 65/66B | €113,809 | €1,039,345 | +€925,536 | +813% |
| Recurring financial charges | 65 | €29,607 | €21,289 | -€8,317 | -28.1% |
| Non-recurring financial charges | 66B | €84,203 | €1,018,056 | +€933,853 | +1,109% |
| Profit (loss) for the period before taxes | 9903 | €76,118 | €363,736 | +€287,618 | +378% |
| Income taxes | 67/77 | €2,088 | €44,715 | +€42,627 | +2,041% |
| Profit (loss) for the period | 9904 | €74,029 | €319,020 | +€244,991 | +331% |
| Profit (loss) for the period to be appropriated | 9905 | €74,029 | €319,020 | +€244,991 | +331% |
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 25 October 2026 via checked.be.