BEL 28: 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.
BEL 28
Largest movements
- Receivables within one year +€177,786
up €177,786 (+686.6%), from €25,892 to €203,678
of which Trade receivables: +€196,116
- Tangible fixed assets -€93,499
down €93,499 (-100.0%), from €93,499 to €0
of which Other tangible fixed assets: -€49,281
- Cash +€31,619
up €31,619 (+597.8%), from €5,289 to €36,909
mainly Trade debts (+€127,400) and Investment in fixed assets (net) (+€93,499)
- Stocks and contracts -€3,000
down €3,000 (-100.0%), from €3,000 to €0
- Trade debts +€127,400
up €127,400 (+769.8%), from €16,550 to €143,950
- Other debts -€23,605
down €23,605 (-63.9%), from €36,920 to €13,315
- Profit (loss) carried forward +€9,746
up €9,746, from -€8,103 to €1,642
- Current portion of long-term debt -€6,243
down €6,243 (-100.0%), from €6,243 to €0
- Tax, wage and social debts +€5,967
up €5,967 (+843.1%), from €708 to €6,675
of which Taxes: +€5,967
- Depreciation -€25,971
down €25,971 (-100.0%), from €25,971 to €0
- Gross operating margin -€15,415
down €15,415 (-19.7%), from €78,101 to €62,686
- Staff costs -€8,156
down €8,156 (-17.1%), from €47,570 to €39,413
- Taxes +€3,473
up €3,473 (+1468.6%), from €237 to €3,710
- Other operating charges +€2,125
up €2,125 (+250.1%), from €850 to €2,974
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 | €127,827 | €240,966 | +€113,139 | +88.5% |
| Fixed assets | 21/28 | €93,499 | €0 | -€93,499 | -100.0% |
| Tangible fixed assets | 22/27 | €93,499 | €0 | -€93,499 | -100.0% |
| Plant, machinery and equipment | 23 | €11,076 | €0 | -€11,076 | -100.0% |
| Furniture and vehicles | 24 | €33,142 | €0 | -€33,142 | -100.0% |
| Other tangible fixed assets | 26 | €49,281 | €0 | -€49,281 | -100.0% |
| Current assets | 29/58 | €34,328 | €240,966 | +€206,638 | +602.0% |
| Stocks and contracts in progress | 3 | €3,000 | €0 | -€3,000 | -100.0% |
| Stocks | 30/36 | €3,000 | €0 | -€3,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €25,892 | €203,678 | +€177,786 | +686.6% |
| Trade receivables | 40 | €1,026 | €197,141 | +€196,116 | +19123.3% |
| Other amounts receivable | 41 | €24,866 | €6,537 | -€18,330 | -73.7% |
| Cash at bank and in hand | 54/58 | €5,289 | €36,909 | +€31,619 | +597.8% |
| Deferred charges and accrued income | 490/1 | €147 | €380 | +€233 | +158.4% |
| Total equity and liabilities | 10/49 | €127,827 | €240,966 | +€113,139 | +88.5% |
| Equity | 10/15 | €67,281 | €77,027 | +€9,746 | +14.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €70,384 | €70,384 | = | 0.0% |
| Distributable reserves | 133 | €70,384 | €70,384 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,103 | €1,642 | +€9,746 | |
| Amounts payable | 17/49 | €60,546 | €163,939 | +€103,393 | +170.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €60,420 | €163,939 | +€103,519 | +171.3% |
| Current portion of amounts payable after more than one year | 42 | €6,243 | €0 | -€6,243 | -100.0% |
| Trade debts | 44 | €16,550 | €143,950 | +€127,400 | +769.8% |
| Suppliers | 440/4 | €16,550 | €143,950 | +€127,400 | +769.8% |
| Taxes, remuneration and social security | 45 | €708 | €6,675 | +€5,967 | +843.1% |
| Taxes | 450/3 | €708 | €6,675 | +€5,967 | +843.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €36,920 | €13,315 | -€23,605 | -63.9% |
| Accrued charges and deferred income | 492/3 | €126 | €0 | -€126 | -100.0% |
| Remuneration, social security and pensions | 62 | €47,570 | €39,413 | -€8,156 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,971 | €0 | -€25,971 | -100.0% |
| Other operating charges | 640/8 | €850 | €2,974 | +€2,125 | +250.1% |
| Non-recurring operating charges | 66A | - | €8,172 | +€8,172 | |
| Gross operating margin | 9900 | €78,101 | €62,686 | -€15,415 | -19.7% |
| Operating profit (loss) | 9901 | €3,711 | €12,126 | +€8,415 | +226.8% |
| Financial income | 75/76B | €3,928 | €2,743 | -€1,185 | -30.2% |
| Recurring financial income | 75 | €3,928 | €2,743 | -€1,185 | -30.2% |
| Financial charges | 65/66B | €939 | €1,413 | +€474 | +50.5% |
| Recurring financial charges | 65 | €939 | €1,413 | +€474 | +50.5% |
| Profit (loss) for the period before taxes | 9903 | €6,700 | €13,456 | +€6,755 | +100.8% |
| Income taxes | 67/77 | €237 | €3,710 | +€3,473 | +1468.6% |
| Profit (loss) for the period | 9904 | €6,464 | €9,746 | +€3,282 | +50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,464 | €9,746 | +€3,282 | +50.8% |
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 10 October 2026 via checked.be.