Bel Cons: 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 Cons
Largest movements
- Receivables within one year -€31,135
down €31,135 (-18.1%), from €172,347 to €141,212
of which Trade receivables: -€16,339
- Cash -€17,506
down €17,506 (-88.6%), from €19,769 to €2,263
mainly Trade debts (-€37,706) and Short-term financial debts (-€16,569)
- Trade debts -€37,706
down €37,706 (-75.6%), from €49,858 to €12,152
- Short-term financial debts -€16,569
no longer reported in 2025 (was €16,569)
- Profit (loss) carried forward +€13,115
up €13,115 (+13.4%), from €98,212 to €111,327
- Tax, wage and social debts -€7,636
down €7,636 (-34.1%), from €22,417 to €14,781
- Depreciation -€10,172
down €10,172 (-81.7%), from €12,455 to €2,283
- Other operating charges +€1,254
up €1,254 (+218.2%), from €574 to €1,828
- Taxes +€932
up €932 (+27.1%), from €3,432 to €4,364
- Gross operating margin +€695
up €695 (+3.7%), from €18,659 to €19,354
- Financial income -€276
down €276 (-4.2%), from €6,637 to €6,361
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 | €195,116 | €146,320 | -€48,796 | -25.0% |
| Fixed assets | 21/28 | €1,813 | €2,845 | +€1,032 | +56.9% |
| Tangible fixed assets | 22/27 | €1,647 | €2,679 | +€1,032 | +62.7% |
| Plant, machinery and equipment | 23 | €1,450 | €290 | -€1,160 | -80.0% |
| Furniture and vehicles | 24 | €197 | €2,389 | +€2,192 | +1112.6% |
| Financial fixed assets | 28 | €166 | €166 | +€0 | +0.2% |
| Current assets | 29/58 | €193,303 | €143,475 | -€49,828 | -25.8% |
| Amounts receivable within one year | 40/41 | €172,347 | €141,212 | -€31,135 | -18.1% |
| Trade receivables | 40 | €71,360 | €55,021 | -€16,339 | -22.9% |
| Other amounts receivable | 41 | €100,987 | €86,191 | -€14,796 | -14.7% |
| Cash at bank and in hand | 54/58 | €19,769 | €2,263 | -€17,506 | -88.6% |
| Deferred charges and accrued income | 490/1 | €1,188 | - | -€1,188 | |
| Total equity and liabilities | 10/49 | €195,116 | €146,320 | -€48,796 | -25.0% |
| Equity | 10/15 | €106,272 | €119,387 | +€13,115 | +12.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | - | €6,200 | +€6,200 | |
| Other | 1109/19 | - | €6,200 | +€6,200 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98,212 | €111,327 | +€13,115 | +13.4% |
| Amounts payable | 17/49 | €88,844 | €26,933 | -€61,911 | -69.7% |
| Amounts payable within one year | 42/48 | €88,844 | €26,933 | -€61,911 | -69.7% |
| Financial debts | 43 | €16,569 | - | -€16,569 | |
| Credit institutions | 430/8 | €16,569 | - | -€16,569 | |
| Trade debts | 44 | €49,858 | €12,152 | -€37,706 | -75.6% |
| Suppliers | 440/4 | €49,858 | €12,152 | -€37,706 | -75.6% |
| Taxes, remuneration and social security | 45 | €22,417 | €14,781 | -€7,636 | -34.1% |
| Taxes | 450/3 | €22,417 | €14,781 | -€7,636 | -34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,455 | €2,283 | -€10,172 | -81.7% |
| Other operating charges | 640/8 | €574 | €1,828 | +€1,254 | +218.2% |
| Gross operating margin | 9900 | €18,659 | €19,354 | +€695 | +3.7% |
| Operating profit (loss) | 9901 | €5,629 | €15,243 | +€9,614 | +170.8% |
| Financial income | 75/76B | €6,637 | €6,361 | -€276 | -4.2% |
| Recurring financial income | 75 | €6,637 | €6,361 | -€276 | -4.2% |
| Financial charges | 65/66B | €4,350 | €4,125 | -€225 | -5.2% |
| Recurring financial charges | 65 | €4,350 | €4,125 | -€225 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €7,916 | €17,479 | +€9,563 | +120.8% |
| Income taxes | 67/77 | €3,432 | €4,364 | +€932 | +27.1% |
| Profit (loss) for the period | 9904 | €4,484 | €13,115 | +€8,631 | +192.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,484 | €13,115 | +€8,631 | +192.5% |
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.