Bel 21: what changed
Bel 21
Largest movements
- Receivables within one year +€45,247
up €45,247 (+46.7%), from €96,902 to €142,150
of which Other amounts receivable: +€61,215
- Cash -€31,052
down €31,052 (-32.9%), from €94,305 to €63,252
mainly Receivables within one year (-€45,247) and Other debts (-€25,940)
- Stocks and contracts -€9,886
down €9,886 (-27.7%), from €35,667 to €25,782
- Reserves +€27,332
up €27,332 (+17.2%), from €158,452 to €185,783
- Other debts -€25,940
down €25,940 (-78.5%), from €33,052 to €7,112
- Trade debts +€19,103
up €19,103 (+149%), from €12,818 to €31,920
- Tax, wage and social debts -€16,775
down €16,775 (-51.8%), from €32,378 to €15,603
- Gross operating margin -€38,359
down €38,359 (-41.0%), from €93,597 to €55,237
- Taxes -€10,925
down €10,925 (-43.8%), from €24,920 to €13,994
- Other operating charges -€5,838
down €5,838 (-74.3%), from €7,856 to €2,018
- Write-downs +€4,435
up €4,435 (+86.5%), from -€5,126 to -€691
- Financial income +€1,372
up €1,372 (+91.2%), from €1,505 to €2,877
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €298,700 | €302,419 | +€3,720 | +1.2% |
| Fixed assets | 21/28 | €70,466 | €70,977 | +€511 | +0.7% |
| Tangible fixed assets | 22/27 | €40,466 | €40,977 | +€511 | +1.3% |
| Furniture and vehicles | 24 | €6,183 | €5,904 | -€278 | -4.5% |
| Other tangible fixed assets | 26 | €34,284 | €35,073 | +€789 | +2.3% |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €228,233 | €231,443 | +€3,209 | +1.4% |
| Stocks and contracts in progress | 3 | €35,667 | €25,782 | -€9,886 | -27.7% |
| Stocks | 30/36 | €35,667 | €25,782 | -€9,886 | -27.7% |
| Amounts receivable within one year | 40/41 | €96,902 | €142,150 | +€45,247 | +46.7% |
| Trade receivables | 40 | €68,530 | €52,562 | -€15,968 | -23.3% |
| Other amounts receivable | 41 | €28,372 | €89,587 | +€61,215 | +216% |
| Cash at bank and in hand | 54/58 | €94,305 | €63,252 | -€31,052 | -32.9% |
| Deferred charges and accrued income | 490/1 | €1,359 | €259 | -€1,100 | -80.9% |
| Total equity and liabilities | 10/49 | €298,700 | €302,419 | +€3,720 | +1.2% |
| Equity | 10/15 | €220,452 | €247,783 | +€27,332 | +12.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €158,452 | €185,783 | +€27,332 | +17.2% |
| Distributable reserves | 133 | €158,452 | €185,783 | +€27,332 | +17.2% |
| Amounts payable | 17/49 | €78,248 | €54,636 | -€23,612 | -30.2% |
| Amounts payable within one year | 42/48 | €78,248 | €54,636 | -€23,612 | -30.2% |
| Trade debts | 44 | €12,818 | €31,920 | +€19,103 | +149% |
| Suppliers | 440/4 | €12,818 | €31,920 | +€19,103 | +149% |
| Taxes, remuneration and social security | 45 | €32,378 | €15,603 | -€16,775 | -51.8% |
| Taxes | 450/3 | €32,378 | €15,603 | -€16,775 | -51.8% |
| Other amounts payable | 47/48 | €33,052 | €7,112 | -€25,940 | -78.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,555 | €15,065 | -€490 | -3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,126 | -€691 | +€4,435 | +86.5% |
| Other operating charges | 640/8 | €7,856 | €2,018 | -€5,838 | -74.3% |
| Gross operating margin | 9900 | €93,597 | €55,237 | -€38,359 | -41.0% |
| Operating profit (loss) | 9901 | €75,312 | €38,845 | -€36,466 | -48.4% |
| Financial income | 75/76B | €1,505 | €2,877 | +€1,372 | +91.2% |
| Recurring financial income | 75 | €1,505 | €2,877 | +€1,372 | +91.2% |
| Financial charges | 65/66B | €115 | €396 | +€281 | +245% |
| Recurring financial charges | 65 | €115 | €396 | +€281 | +245% |
| Profit (loss) for the period before taxes | 9903 | €76,702 | €41,326 | -€35,376 | -46.1% |
| Income taxes | 67/77 | €24,920 | €13,994 | -€10,925 | -43.8% |
| Profit (loss) for the period | 9904 | €51,782 | €27,332 | -€24,450 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,782 | €27,332 | -€24,450 | -47.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.