BEL & CO: 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 & CO
Largest movements
- Tangible fixed assets +€12,571
up €12,571 (+53.1%), from €23,695 to €36,266
of which Furniture and vehicles: +€12,399
- Cash -€2,905
down €2,905 (-3.5%), from €84,069 to €81,163
mainly Investment in fixed assets (net) (-€35,034) and Trade debts (-€13,128)
- Reserves +€14,196
up €14,196 (+67.6%), from €20,998 to €35,194
- Debts after one year +€13,724
up €13,724 (+191%), from €7,192 to €20,916
- Trade debts -€13,128
down €13,128 (-81.9%), from €16,028 to €2,900
- Other debts -€8,232
down €8,232 (-27.9%), from €29,470 to €21,237
- Tax, wage and social debts +€3,639
up €3,639 (+30.5%), from €11,925 to €15,564
of which Taxes: +€4,339
- Gross operating margin -€19,769
down €19,769 (-29.2%), from €67,678 to €47,909
- Other operating charges -€7,084
down €7,084 (-68.5%), from €10,340 to €3,256
- Depreciation -€3,961
down €3,961 (-15.0%), from €26,424 to €22,463
- Taxes -€1,892
down €1,892 (-23.2%), from €8,158 to €6,266
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 | €117,420 | €128,065 | +€10,645 | +9.1% |
| Fixed assets | 21/28 | €23,695 | €36,266 | +€12,571 | +53.1% |
| Tangible fixed assets | 22/27 | €23,695 | €36,266 | +€12,571 | +53.1% |
| Land and buildings | 22 | €4,075 | €3,986 | -€89 | -2.2% |
| Plant, machinery and equipment | 23 | €797 | €1,058 | +€261 | +32.7% |
| Furniture and vehicles | 24 | €18,823 | €31,222 | +€12,399 | +65.9% |
| Current assets | 29/58 | €93,725 | €91,799 | -€1,926 | -2.1% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,156 | €7,964 | +€807 | +11.3% |
| Trade receivables | 40 | €6,781 | €7,164 | +€383 | +5.6% |
| Other amounts receivable | 41 | €375 | €800 | +€425 | +113% |
| Cash at bank and in hand | 54/58 | €84,069 | €81,163 | -€2,905 | -3.5% |
| Deferred charges and accrued income | 490/1 | - | €172 | +€172 | |
| Total equity and liabilities | 10/49 | €117,420 | €128,065 | +€10,645 | +9.1% |
| Equity | 10/15 | €29,198 | €43,394 | +€14,196 | +48.6% |
| Contributions | 10/11 | €8,200 | €8,200 | = | 0.0% |
| Reserves | 13 | €20,998 | €35,194 | +€14,196 | +67.6% |
| Distributable reserves | 133 | €20,998 | €35,194 | +€14,196 | +67.6% |
| Amounts payable | 17/49 | €88,222 | €84,671 | -€3,552 | -4.0% |
| Amounts payable after more than one year | 17 | €7,192 | €20,916 | +€13,724 | +191% |
| Financial debts | 170/4 | €7,192 | €20,916 | +€13,724 | +191% |
| Amounts payable within one year | 42/48 | €81,030 | €63,755 | -€17,275 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €12,607 | €13,054 | +€446 | +3.5% |
| Trade debts | 44 | €16,028 | €2,900 | -€13,128 | -81.9% |
| Suppliers | 440/4 | €16,028 | €2,900 | -€13,128 | -81.9% |
| Advances received on contracts in progress | 46 | €11,000 | €11,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €11,925 | €15,564 | +€3,639 | +30.5% |
| Taxes | 450/3 | €11,225 | €15,564 | +€4,339 | +38.7% |
| Remuneration and social security | 454/9 | €700 | - | -€700 | |
| Other amounts payable | 47/48 | €29,470 | €21,237 | -€8,232 | -27.9% |
| Non-recurring operating income | 76A | €6,033 | €2,000 | -€4,033 | -66.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,424 | €22,463 | -€3,961 | -15.0% |
| Other operating charges | 640/8 | €10,340 | €3,256 | -€7,084 | -68.5% |
| Gross operating margin | 9900 | €67,678 | €47,909 | -€19,769 | -29.2% |
| Operating profit (loss) | 9901 | €30,914 | €22,190 | -€8,724 | -28.2% |
| Financial income | 75/76B | €21 | €5 | -€15 | -74.6% |
| Recurring financial income | 75 | €21 | €5 | -€15 | -74.6% |
| Financial charges | 65/66B | €2,122 | €1,733 | -€389 | -18.3% |
| Recurring financial charges | 65 | €2,122 | €1,733 | -€389 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €28,812 | €20,462 | -€8,350 | -29.0% |
| Income taxes | 67/77 | €8,158 | €6,266 | -€1,892 | -23.2% |
| Profit (loss) for the period | 9904 | €20,655 | €14,196 | -€6,458 | -31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,655 | €14,196 | -€6,458 | -31.3% |
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 13 October 2026 via checked.be.