BEL Air Cargo: 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 Air Cargo
Largest movements
- Receivables within one year -€23.0m
down €23.0m (-47.8%), from €48.1m to €25.1m
of which Other amounts receivable: -€20.7m
- Cash +€16.2m
up €16.2m (+108%), from €15.0m to €31.2m
mainly Receivables within one year (+€23.0m) and Accrued charges and deferred income (+€3.9m)
- Trade debts -€12.6m
down €12.6m (-20.9%), from €60.3m to €47.7m
- Accrued charges and deferred income +€3.9m
up €3.9m (+1,224%), from €317,956 to €4.2m
- Profit (loss) carried forward +€2.4m
up €2.4m (+712%), from €335,259 to €2.7m
- Turnover +€13.9m
up €13.9m (+4.2%), from €331.8m to €345.8m
- Financial charges +€7.2m
up €7.2m (+2,984%), from €241,390 to €7.4m
- Services and other goods +€5.3m
up €5.3m (+1.6%), from €330.8m to €336.2m
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 | €63,090,000 | €56,409,342 | -€6.7m | -10.6% |
| Current assets | 29/58 | €63,090,000 | €56,409,342 | -€6.7m | -10.6% |
| Amounts receivable within one year | 40/41 | €48,077,468 | €25,116,701 | -€23.0m | -47.8% |
| Trade receivables | 40 | €9,901,400 | €7,646,428 | -€2.3m | -22.8% |
| Other amounts receivable | 41 | €38,176,068 | €17,470,273 | -€20.7m | -54.2% |
| Cash at bank and in hand | 54/58 | €15,012,532 | €31,244,664 | +€16.2m | +108% |
| Deferred charges and accrued income | 490/1 | - | €47,977 | +€47,977 | |
| Total equity and liabilities | 10/49 | €63,090,000 | €56,409,342 | -€6.7m | -10.6% |
| Equity | 10/15 | €1,985,259 | €4,373,434 | +€2.4m | +120% |
| Contributions | 10/11 | €1,650,000 | €1,650,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €335,259 | €2,723,434 | +€2.4m | +712% |
| Amounts payable | 17/49 | €61,104,741 | €52,035,908 | -€9.1m | -14.8% |
| Amounts payable within one year | 42/48 | €60,786,785 | €47,826,524 | -€13.0m | -21.3% |
| Trade debts | 44 | €60,294,488 | €47,710,111 | -€12.6m | -20.9% |
| Suppliers | 440/4 | €60,294,488 | €47,710,111 | -€12.6m | -20.9% |
| Taxes, remuneration and social security | 45 | €492,297 | €116,413 | -€375,885 | -76.4% |
| Taxes | 450/3 | - | €17,718 | +€17,718 | |
| Remuneration and social security | 454/9 | €492,297 | €98,695 | -€393,602 | -80.0% |
| Accrued charges and deferred income | 492/3 | €317,956 | €4,209,384 | +€3.9m | +1,224% |
| Operating income | 70/76A | €331,838,854 | €345,775,445 | +€13.9m | +4.2% |
| Turnover | 70 | €331,833,732 | €345,759,425 | +€13.9m | +4.2% |
| Other operating income | 74 | €5,122 | €16,021 | +€10,899 | +213% |
| Operating charges | 60/66A | €331,123,254 | €336,511,366 | +€5.4m | +1.6% |
| Services and other goods | 61 | €330,830,131 | €336,171,350 | +€5.3m | +1.6% |
| Remuneration, social security and pensions | 62 | €862,468 | €314,798 | -€547,670 | -63.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€572,333 | - | +€572,333 | |
| Other operating charges | 640/8 | €2,988 | €25,218 | +€22,230 | +744% |
| Operating profit (loss) | 9901 | €715,600 | €9,264,080 | +€8.5m | +1,195% |
| Financial income | 75/76B | €1,361,372 | €915,623 | -€445,750 | -32.7% |
| Recurring financial income | 75 | €1,361,372 | €915,623 | -€445,750 | -32.7% |
| Income from current assets | 751 | - | €457,904 | +€457,904 | |
| Other financial income | 752/9 | €1,361,372 | €457,718 | -€903,654 | -66.4% |
| Financial charges | 65/66B | €241,390 | €7,444,090 | +€7.2m | +2,984% |
| Recurring financial charges | 65 | €241,390 | €7,444,090 | +€7.2m | +2,984% |
| Debt charges | 650 | €45 | €35 | -€10 | -21.9% |
| Other financial charges | 652/9 | €241,345 | €7,444,055 | +€7.2m | +2,984% |
| Profit (loss) for the period before taxes | 9903 | €1,835,583 | €2,735,612 | +€900,029 | +49.0% |
| Income taxes | 67/77 | - | €347,437 | +€347,437 | |
| Taxes | 670/3 | - | €347,437 | +€347,437 | |
| Profit (loss) for the period | 9904 | €1,835,583 | €2,388,175 | +€552,592 | +30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,835,583 | €2,388,175 | +€552,592 | +30.1% |
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.