BEL Electronics: what changed
Two fiscal 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 Electronics
Largest movements
- Tangible fixed assets -€11,636
down €11,636 (-9.7%), from €119,365 to €107,729
of which Land and buildings: -€21,467
- Cash +€3,781
up €3,781 (+74.2%), from €5,096 to €8,877
mainly Depreciation (+€23,636) and Other debts (+€14,870)
- Debts after one year -€22,847
down €22,847 (-47.0%), from €48,635 to €25,789
- Other debts +€14,870
up €14,870 (+21.0%), from €70,717 to €85,588
- Reserves +€4,123
up €4,123 (+26.1%), from €15,801 to €19,924
of which Distributable reserves: +€4,123
- Tax, wage and social debts -€3,521
down €3,521 (-100.0%), from €3,521 to €0
- Purchases and services -€10,327
down €10,327 (-11.7%), from €88,260 to €77,933
- Gross operating margin +€2,311
up €2,311 (+7.3%), from €31,572 to €33,884
- Taxes +€1,117
up €1,117 (+127.3%), from €878 to €1,995
- Financial charges -€1,092
down €1,092 (-38.6%), from €2,832 to €1,740
- Depreciation +€965
up €965 (+4.3%), from €22,671 to €23,636
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 | €164,518 | €156,810 | -€7,708 | -4.7% |
| Fixed assets | 21/28 | €119,365 | €107,729 | -€11,636 | -9.7% |
| Tangible fixed assets | 22/27 | €119,365 | €107,729 | -€11,636 | -9.7% |
| Land and buildings | 22 | €109,999 | €88,533 | -€21,467 | -19.5% |
| Plant, machinery and equipment | 23 | €1,983 | €1,208 | -€775 | -39.1% |
| Furniture and vehicles | 24 | €7,383 | €17,988 | +€10,605 | +143.6% |
| Current assets | 29/58 | €45,152 | €49,080 | +€3,928 | +8.7% |
| Amounts receivable within one year | 40/41 | €40,056 | €40,203 | +€147 | +0.4% |
| Trade receivables | 40 | €40,056 | €39,211 | -€845 | -2.1% |
| Other amounts receivable | 41 | - | €992 | +€992 | |
| Cash at bank and in hand | 54/58 | €5,096 | €8,877 | +€3,781 | +74.2% |
| Total equity and liabilities | 10/49 | €164,518 | €156,810 | -€7,708 | -4.7% |
| Equity | 10/15 | €41,311 | €45,433 | +€4,123 | +10.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €15,801 | €19,924 | +€4,123 | +26.1% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €13,301 | €17,424 | +€4,123 | +31.0% |
| Profit (loss) carried forward | 14 | €510 | €510 | = | 0.0% |
| Amounts payable | 17/49 | €123,207 | €111,376 | -€11,831 | -9.6% |
| Amounts payable after more than one year | 17 | €48,635 | €25,789 | -€22,847 | -47.0% |
| Financial debts | 170/4 | €48,635 | €25,789 | -€22,847 | -47.0% |
| Amounts payable within one year | 42/48 | €74,572 | €85,588 | +€11,016 | +14.8% |
| Trade debts | 44 | €334 | €0 | -€334 | -100.0% |
| Suppliers | 440/4 | €334 | €0 | -€334 | -100.0% |
| Taxes, remuneration and social security | 45 | €3,521 | €0 | -€3,521 | -100.0% |
| Taxes | 450/3 | €3,521 | €0 | -€3,521 | -100.0% |
| Other amounts payable | 47/48 | €70,717 | €85,588 | +€14,870 | +21.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €88,260 | €77,933 | -€10,327 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,671 | €23,636 | +€965 | +4.3% |
| Other operating charges | 640/8 | €2,684 | €2,516 | -€168 | -6.2% |
| Gross operating margin | 9900 | €31,572 | €33,884 | +€2,311 | +7.3% |
| Operating profit (loss) | 9901 | €6,218 | €7,731 | +€1,514 | +24.3% |
| Financial income | 75/76B | €594 | €126 | -€468 | -78.7% |
| Recurring financial income | 75 | €594 | €126 | -€468 | -78.7% |
| Financial charges | 65/66B | €2,832 | €1,740 | -€1,092 | -38.6% |
| Recurring financial charges | 65 | €2,832 | €1,740 | -€1,092 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | €3,980 | €6,118 | +€2,138 | +53.7% |
| Income taxes | 67/77 | €878 | €1,995 | +€1,117 | +127.3% |
| Profit (loss) for the period | 9904 | €3,103 | €4,123 | +€1,020 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,103 | €4,123 | +€1,020 | +32.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.