BD BEL: 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.
BD BEL
Largest movements
- Receivables within one year +€116,442
up €116,442 (+164%), from €71,197 to €187,639
of which Other amounts receivable: +€58,624
- Tangible fixed assets +€96,324
up €96,324 (+20,765%), from €464 to €96,788
of which Furniture and vehicles: +€96,624
- Cash +€21,313
up €21,313 (+82.1%), from €25,947 to €47,260
mainly Net result for the year (+€87,445) and Trade debts (+€74,861)
- Trade debts +€74,861
up €74,861 (+227%), from €32,990 to €107,851
- Debts after one year +€54,761
new in 2025: €54,761
- Reserves +€54,504
up €54,504 (+59.0%), from €92,350 to €146,854
- Profit (loss) carried forward +€32,941
up €32,941, from -€32,941 to €0
- Current portion of long-term debt +€13,100
new in 2025: €13,100
- Gross operating margin +€146,478
up €146,478, from -€30,557 to €115,921
- Taxes +€18,950
up €18,950 (+2,195%), from €863 to €19,814
- Other operating charges +€3,026
up €3,026 (+222%), from €1,364 to €4,391
- Depreciation +€2,315
up €2,315 (+149%), from €1,553 to €3,868
- Financial income -€1,731
down €1,731 (-48.3%), from €3,588 to €1,857
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 | €187,608 | €421,991 | +€234,383 | +125% |
| Fixed assets | 21/28 | €464 | €96,788 | +€96,324 | +20,765% |
| Tangible fixed assets | 22/27 | €464 | €96,788 | +€96,324 | +20,765% |
| Plant, machinery and equipment | 23 | €423 | €123 | -€300 | -71.0% |
| Furniture and vehicles | 24 | €41 | €96,666 | +€96,624 | +235,382% |
| Current assets | 29/58 | €187,144 | €325,203 | +€138,059 | +73.8% |
| Amounts receivable after more than one year | 29 | €90,000 | €90,000 | = | 0.0% |
| Other amounts receivable | 291 | €90,000 | €90,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €71,197 | €187,639 | +€116,442 | +164% |
| Trade receivables | 40 | €51,211 | €109,028 | +€57,817 | +113% |
| Other amounts receivable | 41 | €19,986 | €78,610 | +€58,624 | +293% |
| Cash at bank and in hand | 54/58 | €25,947 | €47,260 | +€21,313 | +82.1% |
| Deferred charges and accrued income | 490/1 | €0 | €304 | +€304 | |
| Total equity and liabilities | 10/49 | €187,608 | €421,991 | +€234,383 | +125% |
| Equity | 10/15 | €109,409 | €196,854 | +€87,445 | +79.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €92,350 | €146,854 | +€54,504 | +59.0% |
| Distributable reserves | 133 | €92,350 | €146,854 | +€54,504 | +59.0% |
| Profit (loss) carried forward | 14 | -€32,941 | €0 | +€32,941 | |
| Amounts payable | 17/49 | €78,198 | €225,137 | +€146,939 | +188% |
| Amounts payable after more than one year | 17 | - | €54,761 | +€54,761 | |
| Financial debts | 170/4 | - | €54,761 | +€54,761 | |
| Amounts payable within one year | 42/48 | €77,419 | €170,198 | +€92,779 | +120% |
| Current portion of amounts payable after more than one year | 42 | - | €13,100 | +€13,100 | |
| Financial debts | 43 | €10,000 | €10,000 | = | 0.0% |
| Other loans | 439 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €32,990 | €107,851 | +€74,861 | +227% |
| Suppliers | 440/4 | €32,990 | €107,851 | +€74,861 | +227% |
| Taxes, remuneration and social security | 45 | €34,429 | €39,246 | +€4,818 | +14.0% |
| Taxes | 450/3 | €28,429 | €39,246 | +€10,818 | +38.1% |
| Remuneration and social security | 454/9 | €6,000 | €0 | -€6,000 | -100% |
| Accrued charges and deferred income | 492/3 | €779 | €178 | -€601 | -77.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,553 | €3,868 | +€2,315 | +149% |
| Other operating charges | 640/8 | €1,364 | €4,391 | +€3,026 | +222% |
| Gross operating margin | 9900 | -€30,557 | €115,921 | +€146,478 | |
| Operating profit (loss) | 9901 | -€33,475 | €107,662 | +€141,137 | |
| Financial income | 75/76B | €3,588 | €1,857 | -€1,731 | -48.3% |
| Recurring financial income | 75 | €3,588 | €1,857 | -€1,731 | -48.3% |
| Financial charges | 65/66B | €2,190 | €2,260 | +€70 | +3.2% |
| Recurring financial charges | 65 | €2,190 | €2,260 | +€70 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | -€32,077 | €107,258 | +€139,336 | |
| Income taxes | 67/77 | €863 | €19,814 | +€18,950 | +2,195% |
| Profit (loss) for the period | 9904 | -€32,941 | €87,445 | +€120,385 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,941 | €87,445 | +€120,385 |
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 27 October 2026 via checked.be.