BEL: what changed
Two fiscal 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.
BEL
Largest movements
- Cash -€102,307
down €102,307 (-38.0%), from €269,551 to €167,243
mainly Tax, wage and social debts (-€78,472) and Receivables after one year (-€57,000)
- Receivables within one year -€70,119
down €70,119 (-99.5%), from €70,500 to €381
of which Other amounts receivable: -€70,500
- Receivables after one year +€57,000
new in 2025: €57,000
- Tangible fixed assets +€23,629
up €23,629 (+19.5%), from €121,439 to €145,068
- Tax, wage and social debts -€78,472
down €78,472 (-98.5%), from €79,686 to €1,214
- Other debts -€14,872
down €14,872 (-32.2%), from €46,246 to €31,375
- Financial income -€6,540
down €6,540 (-99.2%), from €6,590 to €50
- Gross operating margin +€2,030
up €2,030 (+34.5%), from €5,891 to €7,921
- Taxes -€1,008
down €1,008 (-48.0%), from €2,100 to €1,091
- Other operating charges -€757
down €757 (-11.1%), from €6,792 to €6,036
- Depreciation +€512
new in 2025: €512
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 | €461,862 | €372,199 | -€89,662 | -19.4% |
| Fixed assets | 21/28 | €121,811 | €145,440 | +€23,629 | +19.4% |
| Tangible fixed assets | 22/27 | €121,439 | €145,068 | +€23,629 | +19.5% |
| Land and buildings | 22 | €121,439 | €145,068 | +€23,629 | +19.5% |
| Financial fixed assets | 28 | €372 | €372 | = | 0.0% |
| Current assets | 29/58 | €340,051 | €226,759 | -€113,292 | -33.3% |
| Amounts receivable after more than one year | 29 | - | €57,000 | +€57,000 | |
| Other amounts receivable | 291 | - | €57,000 | +€57,000 | |
| Amounts receivable within one year | 40/41 | €70,500 | €381 | -€70,119 | -99.5% |
| Trade receivables | 40 | - | €381 | +€381 | |
| Other amounts receivable | 41 | €70,500 | - | -€70,500 | |
| Cash at bank and in hand | 54/58 | €269,551 | €167,243 | -€102,307 | -38.0% |
| Deferred charges and accrued income | 490/1 | - | €2,134 | +€2,134 | |
| Total equity and liabilities | 10/49 | €461,862 | €372,199 | -€89,662 | -19.4% |
| Equity | 10/15 | €335,684 | €335,971 | +€287 | +0.1% |
| Contributions | 10/11 | €84,284 | €84,284 | = | 0.0% |
| Capital | 10 | €84,284 | €84,284 | = | 0.0% |
| Issued capital | 100 | €84,284 | €84,284 | = | 0.0% |
| Reserves | 13 | €251,400 | €251,687 | +€287 | +0.1% |
| Non-distributable reserves | 130/1 | €8,428 | €8,428 | = | 0.0% |
| Legal reserve | 130 | €8,428 | €8,428 | = | 0.0% |
| Distributable reserves | 133 | €242,972 | €243,258 | +€287 | +0.1% |
| Amounts payable | 17/49 | €126,178 | €36,229 | -€89,949 | -71.3% |
| Amounts payable within one year | 42/48 | €126,178 | €36,229 | -€89,949 | -71.3% |
| Trade debts | 44 | €246 | €3,640 | +€3,394 | +1379.0% |
| Suppliers | 440/4 | €246 | €3,640 | +€3,394 | +1379.0% |
| Taxes, remuneration and social security | 45 | €79,686 | €1,214 | -€78,472 | -98.5% |
| Taxes | 450/3 | €79,686 | €1,214 | -€78,472 | -98.5% |
| Other amounts payable | 47/48 | €46,246 | €31,375 | -€14,872 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €512 | +€512 | |
| Other operating charges | 640/8 | €6,792 | €6,036 | -€757 | -11.1% |
| Gross operating margin | 9900 | €5,891 | €7,921 | +€2,030 | +34.5% |
| Operating profit (loss) | 9901 | -€901 | €1,373 | +€2,274 | |
| Financial income | 75/76B | €6,590 | €50 | -€6,540 | -99.2% |
| Recurring financial income | 75 | €6,590 | €50 | -€6,540 | -99.2% |
| Financial charges | 65/66B | €48 | €45 | -€3 | -6.3% |
| Recurring financial charges | 65 | €48 | €45 | -€3 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €5,641 | €1,378 | -€4,263 | -75.6% |
| Income taxes | 67/77 | €2,100 | €1,091 | -€1,008 | -48.0% |
| Profit (loss) for the period | 9904 | €3,541 | €287 | -€3,254 | -91.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,541 | €287 | -€3,254 | -91.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.