BEL APPART: 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 APPART
Largest movements
- Tangible fixed assets -€24,874
down €24,874 (-4.1%), from €603,516 to €578,641
of which Land and buildings: -€17,925
- Debts after one year -€43,220
down €43,220 (-12.6%), from €343,381 to €300,161
- Other debts +€14,923
up €14,923 (+6.7%), from €222,453 to €237,376
- Current portion of long-term debt +€10,014
up €10,014 (+30.2%), from €33,206 to €43,220
- Profit (loss) carried forward -€6,644
down €6,644 (-13.4%), from -€49,489 to -€56,133
- Gross operating margin +€19,162
up €19,162 (+116%), from €16,452 to €35,613
- Depreciation +€2,946
up €2,946 (+11.3%), from €26,111 to €29,058
- Other operating charges -€1,455
down €1,455 (-44.1%), from €3,297 to €1,843
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 | €609,280 | €583,224 | -€26,056 | -4.3% |
| Fixed assets | 21/28 | €603,516 | €578,641 | -€24,874 | -4.1% |
| Tangible fixed assets | 22/27 | €603,516 | €578,641 | -€24,874 | -4.1% |
| Land and buildings | 22 | €549,974 | €532,050 | -€17,925 | -3.3% |
| Other tangible fixed assets | 26 | €53,541 | €46,592 | -€6,950 | -13.0% |
| Current assets | 29/58 | €5,765 | €4,582 | -€1,182 | -20.5% |
| Cash at bank and in hand | 54/58 | €5,168 | €4,582 | -€585 | -11.3% |
| Deferred charges and accrued income | 490/1 | €597 | - | -€597 | |
| Total equity and liabilities | 10/49 | €609,280 | €583,224 | -€26,056 | -4.3% |
| Equity | 10/15 | €9,111 | €2,467 | -€6,644 | -72.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,489 | -€56,133 | -€6,644 | -13.4% |
| Amounts payable | 17/49 | €600,170 | €580,757 | -€19,413 | -3.2% |
| Amounts payable after more than one year | 17 | €343,381 | €300,161 | -€43,220 | -12.6% |
| Financial debts | 170/4 | €343,381 | €300,161 | -€43,220 | -12.6% |
| Amounts payable within one year | 42/48 | €256,789 | €280,596 | +€23,807 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €33,206 | €43,220 | +€10,014 | +30.2% |
| Trade debts | 44 | €1,129 | - | -€1,129 | |
| Suppliers | 440/4 | €1,129 | - | -€1,129 | |
| Other amounts payable | 47/48 | €222,453 | €237,376 | +€14,923 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,111 | €29,058 | +€2,946 | +11.3% |
| Other operating charges | 640/8 | €3,297 | €1,843 | -€1,455 | -44.1% |
| Gross operating margin | 9900 | €16,452 | €35,613 | +€19,162 | +116% |
| Operating profit (loss) | 9901 | -€12,957 | €4,713 | +€17,670 | |
| Financial charges | 65/66B | €11,120 | €11,356 | +€236 | +2.1% |
| Recurring financial charges | 65 | €11,120 | €11,356 | +€236 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | -€24,077 | -€6,644 | +€17,433 | +72.4% |
| Profit (loss) for the period | 9904 | -€24,077 | -€6,644 | +€17,433 | +72.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,077 | -€6,644 | +€17,433 | +72.4% |
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 18 October 2026 via checked.be.