BEL ARTS FUND: what changed
What changed
BEL ARTS FUND
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€4,121
2024 · €18,474-€14,353
Equity
€122,685
2024 · €118,564+€4,121
Cash
€897,395
2024 · €1.8m-€896,196
Balance sheet total
€1.5m
2024 · €2.1m-€531,392
Largest movements
Assets
- Cash -€896,196
down €896,196 (-50.0%), from €1.8m to €897,395
mainly Other debts (-€425,133) and Receivables within one year (-€227,477)
- Receivables within one year +€227,477
up €227,477 (+149%), from €152,928 to €380,405
of which Trade receivables: +€275,071
- Deferred charges and accrued income +€98,065
new in 2025: €98,065
- Receivables after one year +€52,290
new in 2025: €52,290
Equity and liabilities
- Other debts -€425,133
down €425,133 (-24.7%), from €1.7m to €1.3m
- Trade debts -€105,176
down €105,176 (-67.1%), from €156,716 to €51,540
Income statement
- Staff costs +€34,539
up €34,539 (+54.7%), from €63,124 to €97,663
- Gross operating margin +€19,828
up €19,828 (+16.8%), from €118,202 to €138,030
- Taxes -€14,451
down €14,451 (-98.3%), from €14,696 to €245
- Depreciation +€10,544
up €10,544 (+55.7%), from €18,941 to €29,485
- Financial charges +€3,653
up €3,653 (+629%), from €581 to €4,234
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.
Result 2024
€18,474
Gross operating margin
+€19,828
Staff costs
-€34,539
Depreciation
-€10,544
Other operating charges
-€1,953
Financial income
+€2,056
Financial charges
-€3,653
Taxes
+€14,451
Result 2025
€4,121
raises the resultlowers the result
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.
From operations
-€879,740
Investment
-€16,456
Financing
€0
Cash 2024
€1.8m
From operations (derived)
-€879,740
Net result for the year
+€4,121
Depreciation
+€29,485
Receivables after one year
-€52,290
Receivables within one year
-€227,477
Deferred charges and accrued income
-€98,065
Trade debts
-€105,176
Tax, wage and social debts
-€5,204
Other debts
-€425,133
Investment (derived)
-€16,456
Investment in fixed assets (net)
-€16,456
Cash 2025
€897,395
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,066,383 | €1,534,991 | -€531,392 | -25.7% |
| Fixed assets | 21/28 | €119,865 | €106,836 | -€13,029 | -10.9% |
| Intangible fixed assets | 21 | €78,118 | €61,578 | -€16,540 | -21.2% |
| Tangible fixed assets | 22/27 | €36,747 | €40,258 | +€3,511 | +9.6% |
| Furniture and vehicles | 24 | €32,656 | €36,683 | +€4,027 | +12.3% |
| Other tangible fixed assets | 26 | €4,091 | €3,575 | -€516 | -12.6% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €1,946,518 | €1,428,155 | -€518,363 | -26.6% |
| Amounts receivable after more than one year | 29 | - | €52,290 | +€52,290 | |
| Other amounts receivable | 291 | - | €52,290 | +€52,290 | |
| Amounts receivable within one year | 40/41 | €152,928 | €380,405 | +€227,477 | +149% |
| Trade receivables | 40 | - | €275,071 | +€275,071 | |
| Other amounts receivable | 41 | €152,928 | €105,334 | -€47,594 | -31.1% |
| Cash at bank and in hand | 54/58 | €1,793,590 | €897,395 | -€896,196 | -50.0% |
| Deferred charges and accrued income | 490/1 | - | €98,065 | +€98,065 | |
| Total equity and liabilities | 10/49 | €2,066,383 | €1,534,991 | -€531,392 | -25.7% |
| Equity | 10/15 | €118,564 | €122,685 | +€4,121 | +3.5% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,564 | €57,685 | +€4,121 | +7.7% |
| Amounts payable | 17/49 | €1,947,818 | €1,412,305 | -€535,513 | -27.5% |
| Amounts payable after more than one year | 17 | €48,100 | €48,100 | = | 0.0% |
| Financial debts | 170/4 | €48,100 | €48,100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,899,718 | €1,364,205 | -€535,513 | -28.2% |
| Trade debts | 44 | €156,716 | €51,540 | -€105,176 | -67.1% |
| Suppliers | 440/4 | €156,716 | €51,540 | -€105,176 | -67.1% |
| Taxes, remuneration and social security | 45 | €24,593 | €19,390 | -€5,204 | -21.2% |
| Taxes | 450/3 | €12,650 | €3,708 | -€8,942 | -70.7% |
| Remuneration and social security | 454/9 | €11,943 | €15,681 | +€3,738 | +31.3% |
| Other amounts payable | 47/48 | €1,718,409 | €1,293,276 | -€425,133 | -24.7% |
| Remuneration, social security and pensions | 62 | €63,124 | €97,663 | +€34,539 | +54.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,941 | €29,485 | +€10,544 | +55.7% |
| Other operating charges | 640/8 | €2,511 | €4,464 | +€1,953 | +77.8% |
| Gross operating margin | 9900 | €118,202 | €138,030 | +€19,828 | +16.8% |
| Operating profit (loss) | 9901 | €33,626 | €6,418 | -€27,208 | -80.9% |
| Financial income | 75/76B | €125 | €2,181 | +€2,056 | +1,644% |
| Recurring financial income | 75 | €125 | €2,181 | +€2,056 | +1,644% |
| Financial charges | 65/66B | €581 | €4,234 | +€3,653 | +629% |
| Recurring financial charges | 65 | €581 | €4,234 | +€3,653 | +629% |
| Profit (loss) for the period before taxes | 9903 | €33,170 | €4,365 | -€28,805 | -86.8% |
| Income taxes | 67/77 | €14,696 | €245 | -€14,451 | -98.3% |
| Profit (loss) for the period | 9904 | €18,474 | €4,121 | -€14,353 | -77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,474 | €4,121 | -€14,353 | -77.7% |
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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 8 November 2026 via checked.be.