BEL ESPACE: 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 ESPACE
Largest movements
- Tangible fixed assets +€418,442
up €418,442 (+27.7%), from €1.5m to €1.9m
of which Land and buildings: +€423,437
- Stocks and contracts -€91,651
no longer reported in 2025 (was €91,651)
- Other debts +€421,617
up €421,617 (+61.7%), from €683,205 to €1.1m
- Current portion of long-term debt -€82,345
no longer reported in 2025 (was €82,345)
- Profit (loss) carried forward -€51,784
down €51,784 (-45.8%), from €113,065 to €61,281
- Trade debts +€35,259
up €35,259 (+491.6%), from €7,172 to €42,431
- Gross operating margin -€71,086
down €71,086 (-70.9%), from €100,273 to €29,187
- Financial charges -€5,719
down €5,719 (-40.6%), from €14,079 to €8,360
- Taxes -€5,308
no longer reported in 2025 (was €5,308)
- Depreciation +€4,637
up €4,637 (+9.2%), from €50,622 to €55,259
- Other operating charges +€1,258
up €1,258 (+7.8%), from €16,093 to €17,351
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 | €1,617,394 | €1,937,385 | +€319,991 | +19.8% |
| Fixed assets | 21/28 | €1,508,378 | €1,926,820 | +€418,442 | +27.7% |
| Tangible fixed assets | 22/27 | €1,508,378 | €1,926,820 | +€418,442 | +27.7% |
| Land and buildings | 22 | €1,463,104 | €1,886,542 | +€423,437 | +28.9% |
| Other tangible fixed assets | 26 | €45,274 | €40,279 | -€4,995 | -11.0% |
| Current assets | 29/58 | €109,017 | €10,565 | -€98,452 | -90.3% |
| Stocks and contracts in progress | 3 | €91,651 | - | -€91,651 | |
| Stocks | 30/36 | €91,651 | - | -€91,651 | |
| Cash at bank and in hand | 54/58 | €17,365 | €10,565 | -€6,801 | -39.2% |
| Total equity and liabilities | 10/49 | €1,617,394 | €1,937,385 | +€319,991 | +19.8% |
| Equity | 10/15 | €120,507 | €68,723 | -€51,784 | -43.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,242 | €1,242 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,242 | €1,242 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,242 | €1,242 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,065 | €61,281 | -€51,784 | -45.8% |
| Amounts payable | 17/49 | €1,496,888 | €1,868,662 | +€371,775 | +24.8% |
| Amounts payable after more than one year | 17 | €713,084 | €713,084 | = | 0.0% |
| Financial debts | 170/4 | €709,203 | €709,203 | = | 0.0% |
| Other amounts payable | 178/9 | €3,881 | €3,881 | = | 0.0% |
| Amounts payable within one year | 42/48 | €783,804 | €1,154,829 | +€371,025 | +47.3% |
| Current portion of amounts payable after more than one year | 42 | €82,345 | - | -€82,345 | |
| Trade debts | 44 | €7,172 | €42,431 | +€35,259 | +491.6% |
| Suppliers | 440/4 | €7,172 | €42,431 | +€35,259 | +491.6% |
| Taxes, remuneration and social security | 45 | €11,082 | €7,576 | -€3,506 | -31.6% |
| Taxes | 450/3 | €11,082 | €7,576 | -€3,506 | -31.6% |
| Other amounts payable | 47/48 | €683,205 | €1,104,822 | +€421,617 | +61.7% |
| Accrued charges and deferred income | 492/3 | - | €750 | +€750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,622 | €55,259 | +€4,637 | +9.2% |
| Other operating charges | 640/8 | €16,093 | €17,351 | +€1,258 | +7.8% |
| Gross operating margin | 9900 | €100,273 | €29,187 | -€71,086 | -70.9% |
| Operating profit (loss) | 9901 | €33,558 | -€43,424 | -€76,982 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €14,079 | €8,360 | -€5,719 | -40.6% |
| Recurring financial charges | 65 | €14,079 | €8,360 | -€5,719 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | €19,479 | -€51,784 | -€71,263 | |
| Income taxes | 67/77 | €5,308 | - | -€5,308 | |
| Profit (loss) for the period | 9904 | €14,171 | -€51,784 | -€65,955 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,171 | -€51,784 | -€65,955 |
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 8 October 2026 via checked.be.