Bel-Immo: 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-Immo
Largest movements
- Stocks and contracts -€129,024
no longer reported in 2025 (was €129,024)
- Receivables within one year +€121,031
up €121,031 (+113.2%), from €106,873 to €227,904
- Tangible fixed assets +€40,254
up €40,254 (+2465.0%), from €1,633 to €41,887
- Other debts +€16,114
new in 2025: €16,114
- Trade debts +€11,013
up €11,013 (+44.3%), from €24,835 to €35,848
- Profit (loss) carried forward +€4,676
up €4,676 (+13.5%), from -€34,640 to -€29,964
- Gross operating margin -€81,076
down €81,076 (-80.6%), from €100,533 to €19,457
- Turnover -€51,766
down €51,766 (-19.9%), from €259,766 to €208,000
- Purchases and services -€26,739
down €26,739 (-12.3%), from €218,066 to €191,327
- Depreciation +€13,314
up €13,314 (+3082.1%), from €432 to €13,746
- Other operating charges -€2,599
no longer reported in 2025 (was €2,599)
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 | €240,195 | €271,998 | +€31,803 | +13.2% |
| Fixed assets | 21/28 | €1,633 | €41,887 | +€40,254 | +2465.0% |
| Tangible fixed assets | 22/27 | €1,633 | €41,887 | +€40,254 | +2465.0% |
| Furniture and vehicles | 24 | €1,633 | €41,887 | +€40,254 | +2465.0% |
| Current assets | 29/58 | €238,562 | €230,111 | -€8,451 | -3.5% |
| Stocks and contracts in progress | 3 | €129,024 | - | -€129,024 | |
| Stocks | 30/36 | €129,024 | - | -€129,024 | |
| Amounts receivable within one year | 40/41 | €106,873 | €227,904 | +€121,031 | +113.2% |
| Other amounts receivable | 41 | €106,873 | €227,904 | +€121,031 | +113.2% |
| Cash at bank and in hand | 54/58 | €2,665 | €2,207 | -€458 | -17.2% |
| Total equity and liabilities | 10/49 | €240,195 | €271,998 | +€31,803 | +13.2% |
| Equity | 10/15 | €215,360 | €220,036 | +€4,676 | +2.2% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,640 | -€29,964 | +€4,676 | +13.5% |
| Amounts payable | 17/49 | €24,835 | €51,962 | +€27,126 | +109.2% |
| Amounts payable within one year | 42/48 | €24,835 | €51,962 | +€27,126 | +109.2% |
| Trade debts | 44 | €24,835 | €35,848 | +€11,013 | +44.3% |
| Suppliers | 440/4 | €24,835 | €35,848 | +€11,013 | +44.3% |
| Other amounts payable | 47/48 | - | €16,114 | +€16,114 | |
| Turnover | 70 | €259,766 | €208,000 | -€51,766 | -19.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €218,066 | €191,327 | -€26,739 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €432 | €13,746 | +€13,314 | +3082.1% |
| Other operating charges | 640/8 | €2,599 | - | -€2,599 | |
| Gross operating margin | 9900 | €100,533 | €19,457 | -€81,076 | -80.6% |
| Operating profit (loss) | 9901 | €97,502 | €5,711 | -€91,791 | -94.1% |
| Financial charges | 65/66B | €2,763 | €1,035 | -€1,728 | -62.5% |
| Recurring financial charges | 65 | €2,763 | €1,035 | -€1,728 | -62.5% |
| Profit (loss) for the period before taxes | 9903 | €94,740 | €4,676 | -€90,064 | -95.1% |
| Profit (loss) for the period | 9904 | €94,740 | €4,676 | -€90,064 | -95.1% |
| Profit (loss) for the period to be appropriated | 9905 | €94,740 | €4,676 | -€90,064 | -95.1% |
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.