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 +€37,841
up €37,841 (+8.7%), from €436,459 to €474,300
- Cash +€8,030
up €8,030 (+95.7%), from €8,391 to €16,421
mainly Net result for the year (+€59,737) and Depreciation (+€27,758)
- Receivables within one year +€7,345
up €7,345 (+107.8%), from €6,812 to €14,157
- Reserves +€59,737
up €59,737 (+27.8%), from €214,774 to €274,510
- Tax, wage and social debts -€14,754
down €14,754 (-56.3%), from €26,216 to €11,462
- Other debts +€8,060
up €8,060 (+5.1%), from €157,107 to €165,167
- Depreciation +€10,619
up €10,619 (+62.0%), from €17,139 to €27,758
- Taxes -€2,625
down €2,625 (-8.6%), from €30,656 to €28,031
- Gross operating margin +€1,917
up €1,917 (+1.6%), from €116,409 to €118,326
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 | €457,931 | €511,283 | +€53,352 | +11.7% |
| Fixed assets | 21/28 | €436,459 | €474,300 | +€37,841 | +8.7% |
| Tangible fixed assets | 22/27 | €436,459 | €474,300 | +€37,841 | +8.7% |
| Land and buildings | 22 | €436,459 | €474,300 | +€37,841 | +8.7% |
| Current assets | 29/58 | €21,472 | €36,982 | +€15,511 | +72.2% |
| Stocks and contracts in progress | 3 | €6,246 | €6,246 | = | 0.0% |
| Stocks | 30/36 | €6,246 | €6,246 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,812 | €14,157 | +€7,345 | +107.8% |
| Trade receivables | 40 | €6,812 | €14,157 | +€7,345 | +107.8% |
| Cash at bank and in hand | 54/58 | €8,391 | €16,421 | +€8,030 | +95.7% |
| Deferred charges and accrued income | 490/1 | €23 | €159 | +€136 | +590.9% |
| Total equity and liabilities | 10/49 | €457,931 | €511,283 | +€53,352 | +11.7% |
| Equity | 10/15 | €243,460 | €303,197 | +€59,737 | +24.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €214,774 | €274,510 | +€59,737 | +27.8% |
| Distributable reserves | 133 | €214,774 | €274,510 | +€59,737 | +27.8% |
| Profit (loss) carried forward | 14 | €10,086 | €10,086 | = | 0.0% |
| Amounts payable | 17/49 | €214,471 | €208,086 | -€6,385 | -3.0% |
| Amounts payable after more than one year | 17 | €30,000 | €30,000 | = | 0.0% |
| Other amounts payable | 178/9 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €184,464 | €178,086 | -€6,378 | -3.5% |
| Trade debts | 44 | €1,141 | €1,457 | +€316 | +27.7% |
| Suppliers | 440/4 | €1,141 | €1,457 | +€316 | +27.7% |
| Taxes, remuneration and social security | 45 | €26,216 | €11,462 | -€14,754 | -56.3% |
| Taxes | 450/3 | €26,216 | €11,462 | -€14,754 | -56.3% |
| Other amounts payable | 47/48 | €157,107 | €165,167 | +€8,060 | +5.1% |
| Accrued charges and deferred income | 492/3 | €7 | - | -€7 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,139 | €27,758 | +€10,619 | +62.0% |
| Other operating charges | 640/8 | €2,888 | €2,588 | -€300 | -10.4% |
| Gross operating margin | 9900 | €116,409 | €118,326 | +€1,917 | +1.6% |
| Operating profit (loss) | 9901 | €96,382 | €87,979 | -€8,403 | -8.7% |
| Financial charges | 65/66B | €197 | €211 | +€14 | +7.0% |
| Recurring financial charges | 65 | €197 | €211 | +€14 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €96,185 | €87,768 | -€8,417 | -8.8% |
| Income taxes | 67/77 | €30,656 | €28,031 | -€2,625 | -8.6% |
| Profit (loss) for the period | 9904 | €65,528 | €59,737 | -€5,792 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,528 | €59,737 | -€5,792 | -8.8% |
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 12 October 2026 via checked.be.