B E L U X: 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 L U X
Largest movements
- Tangible fixed assets -€27,907
down €27,907 (-13.8%), from €202,524 to €174,616
of which Land and buildings: -€21,339
- Cash -€17,670
down €17,670 (-63.9%), from €27,660 to €9,991
mainly Net result for the year (-€37,226) and Advances received (-€12,200)
- Stocks and contracts -€11,756
down €11,756 (-6.6%), from €178,018 to €166,262
- Profit (loss) carried forward -€37,226
down €37,226 (-13.6%), from -€273,687 to -€310,913
- Advances received -€12,200
no longer reported in 2025 (was €12,200)
- Current portion of long-term debt -€10,046
no longer reported in 2025 (was €10,046)
- Turnover -€30,161
down €30,161 (-34.1%), from €88,543 to €58,382
- Gross operating margin -€10,538
down €10,538, from €4,994 to -€5,543
- Purchases and services -€9,523
down €9,523 (-11.4%), from €83,548 to €74,025
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 | €435,680 | €374,135 | -€61,545 | -14.1% |
| Fixed assets | 21/28 | €202,524 | €174,616 | -€27,907 | -13.8% |
| Tangible fixed assets | 22/27 | €202,524 | €174,616 | -€27,907 | -13.8% |
| Land and buildings | 22 | €192,282 | €170,943 | -€21,339 | -11.1% |
| Plant, machinery and equipment | 23 | €4,093 | €3,508 | -€585 | -14.3% |
| Furniture and vehicles | 24 | €6,148 | €165 | -€5,984 | -97.3% |
| Current assets | 29/58 | €233,156 | €199,519 | -€33,637 | -14.4% |
| Stocks and contracts in progress | 3 | €178,018 | €166,262 | -€11,756 | -6.6% |
| Stocks | 30/36 | €178,018 | €166,262 | -€11,756 | -6.6% |
| Amounts receivable within one year | 40/41 | €27,477 | €23,266 | -€4,211 | -15.3% |
| Trade receivables | 40 | €27,475 | €23,266 | -€4,209 | -15.3% |
| Other amounts receivable | 41 | €3 | - | -€3 | |
| Cash at bank and in hand | 54/58 | €27,660 | €9,991 | -€17,670 | -63.9% |
| Total equity and liabilities | 10/49 | €435,680 | €374,135 | -€61,545 | -14.1% |
| Equity | 10/15 | -€45,020 | -€82,245 | -€37,226 | -82.7% |
| Contributions | 10/11 | €216,907 | €216,907 | = | 0.0% |
| Reserves | 13 | €11,761 | €11,761 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,714 | €5,714 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,714 | €5,714 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,047 | €6,047 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€273,687 | -€310,913 | -€37,226 | -13.6% |
| Amounts payable | 17/49 | €480,699 | €456,380 | -€24,319 | -5.1% |
| Amounts payable after more than one year | 17 | €453,000 | €453,000 | = | 0.0% |
| Financial debts | 170/4 | €453,000 | €453,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €27,699 | €3,380 | -€24,319 | -87.8% |
| Current portion of amounts payable after more than one year | 42 | €10,046 | - | -€10,046 | |
| Trade debts | 44 | €2,150 | €1,852 | -€298 | -13.9% |
| Suppliers | 440/4 | €2,150 | €1,852 | -€298 | -13.9% |
| Advances received on contracts in progress | 46 | €12,200 | - | -€12,200 | |
| Taxes, remuneration and social security | 45 | €1,659 | €3 | -€1,656 | -99.8% |
| Taxes | 450/3 | €1,659 | €3 | -€1,656 | -99.8% |
| Other amounts payable | 47/48 | €1,644 | €1,524 | -€120 | -7.3% |
| Turnover | 70 | €88,543 | €58,382 | -€30,161 | -34.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €83,548 | €74,025 | -€9,523 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,907 | €27,907 | +€0 | 0.0% |
| Other operating charges | 640/8 | €3,680 | €3,681 | +€1 | 0.0% |
| Gross operating margin | 9900 | €4,994 | -€5,543 | -€10,538 | |
| Operating profit (loss) | 9901 | -€26,593 | -€37,132 | -€10,539 | -39.6% |
| Financial income | 75/76B | - | €868 | +€868 | |
| Recurring financial income | 75 | - | €868 | +€868 | |
| Financial charges | 65/66B | €1,546 | €962 | -€585 | -37.8% |
| Recurring financial charges | 65 | €1,546 | €962 | -€585 | -37.8% |
| Profit (loss) for the period before taxes | 9903 | -€28,139 | -€37,226 | -€9,087 | -32.3% |
| Profit (loss) for the period | 9904 | -€28,139 | -€37,226 | -€9,087 | -32.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,139 | -€37,226 | -€9,087 | -32.3% |
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 13 October 2026 via checked.be.