BeL Energy: what changed
BeL Energy
Largest movements
- Receivables within one year +€50,212
up €50,212 (+55.5%), from €90,444 to €140,656
of which Trade receivables: +€30,496
- Cash +€22,287
up €22,287 (+936%), from €2,381 to €24,668
mainly Trade debts (+€62,118) and Net result for the year (+€33,155)
- Stocks and contracts +€17,389
up €17,389 (+39.9%), from €43,529 to €60,917
- Tangible fixed assets -€15,621
down €15,621 (-19.0%), from €82,040 to €66,419
- Trade debts +€62,118
up €62,118 (+205%), from €30,256 to €92,375
- Profit (loss) carried forward +€33,155
up €33,155 (+52.0%), from €63,715 to €96,870
- Debts after one year -€14,524
down €14,524 (-53.3%), from €27,231 to €12,707
- Other debts -€12,805
down €12,805 (-17.5%), from €73,325 to €60,520
- Tax, wage and social debts +€5,190
up €5,190 (+34.6%), from €14,992 to €20,182
of which Taxes: +€9,117
- Gross operating margin +€81,039
up €81,039 (+66.9%), from €121,189 to €202,227
- Staff costs +€56,192
up €56,192 (+69.6%), from €80,697 to €136,889
- Taxes +€11,368
up €11,368 (+650%), from €1,749 to €13,117
- Depreciation -€3,631
down €3,631 (-18.9%), from €19,252 to €15,621
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €228,672 | €305,466 | +€76,794 | +33.6% |
| Fixed assets | 21/28 | €84,040 | €68,419 | -€15,621 | -18.6% |
| Tangible fixed assets | 22/27 | €82,040 | €66,419 | -€15,621 | -19.0% |
| Land and buildings | 22 | €51,832 | €49,903 | -€1,929 | -3.7% |
| Plant, machinery and equipment | 23 | €13,867 | €7,067 | -€6,800 | -49.0% |
| Furniture and vehicles | 24 | €16,341 | €9,450 | -€6,892 | -42.2% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €144,632 | €237,047 | +€92,415 | +63.9% |
| Stocks and contracts in progress | 3 | €43,529 | €60,917 | +€17,389 | +39.9% |
| Stocks | 30/36 | €43,529 | €60,917 | +€17,389 | +39.9% |
| Amounts receivable within one year | 40/41 | €90,444 | €140,656 | +€50,212 | +55.5% |
| Trade receivables | 40 | €78,737 | €109,233 | +€30,496 | +38.7% |
| Other amounts receivable | 41 | €11,706 | €31,422 | +€19,716 | +168% |
| Cash at bank and in hand | 54/58 | €2,381 | €24,668 | +€22,287 | +936% |
| Deferred charges and accrued income | 490/1 | €8,278 | €10,806 | +€2,527 | +30.5% |
| Total equity and liabilities | 10/49 | €228,672 | €305,466 | +€76,794 | +33.6% |
| Equity | 10/15 | €68,715 | €101,870 | +€33,155 | +48.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,715 | €96,870 | +€33,155 | +52.0% |
| Amounts payable | 17/49 | €159,957 | €203,596 | +€43,639 | +27.3% |
| Amounts payable after more than one year | 17 | €27,231 | €12,707 | -€14,524 | -53.3% |
| Financial debts | 170/4 | €27,231 | €12,707 | -€14,524 | -53.3% |
| Amounts payable within one year | 42/48 | €132,726 | €187,600 | +€54,874 | +41.3% |
| Current portion of amounts payable after more than one year | 42 | €14,132 | €14,524 | +€392 | +2.8% |
| Financial debts | 43 | €21 | - | -€21 | |
| Credit institutions | 430/8 | €21 | - | -€21 | |
| Trade debts | 44 | €30,256 | €92,375 | +€62,118 | +205% |
| Suppliers | 440/4 | €30,256 | €92,375 | +€62,118 | +205% |
| Taxes, remuneration and social security | 45 | €14,992 | €20,182 | +€5,190 | +34.6% |
| Taxes | 450/3 | €1,749 | €10,866 | +€9,117 | +521% |
| Remuneration and social security | 454/9 | €13,243 | €9,315 | -€3,927 | -29.7% |
| Other amounts payable | 47/48 | €73,325 | €60,520 | -€12,805 | -17.5% |
| Accrued charges and deferred income | 492/3 | - | €3,288 | +€3,288 | |
| Remuneration, social security and pensions | 62 | €80,697 | €136,889 | +€56,192 | +69.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,252 | €15,621 | -€3,631 | -18.9% |
| Other operating charges | 640/8 | €423 | €857 | +€434 | +103% |
| Gross operating margin | 9900 | €121,189 | €202,227 | +€81,039 | +66.9% |
| Operating profit (loss) | 9901 | €20,817 | €48,860 | +€28,043 | +135% |
| Financial income | 75/76B | €19 | €270 | +€251 | +1,350% |
| Recurring financial income | 75 | €19 | €270 | +€251 | +1,350% |
| Financial charges | 65/66B | €1,519 | €2,857 | +€1,338 | +88.1% |
| Recurring financial charges | 65 | €1,519 | €2,857 | +€1,338 | +88.1% |
| Profit (loss) for the period before taxes | 9903 | €19,317 | €46,273 | +€26,956 | +140% |
| Income taxes | 67/77 | €1,749 | €13,117 | +€11,368 | +650% |
| Profit (loss) for the period | 9904 | €17,568 | €33,155 | +€15,587 | +88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,568 | €33,155 | +€15,587 | +88.7% |
Next steps
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 1 November 2026 via checked.be.