BEL IS IMMO: 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.
What changed
BEL IS IMMO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€384,324
2024 · -€188,037+€572,361
Equity
€9.1m
2024 · €8.7m+€384,324
Cash
€39,432
2024 · €400,770-€361,338
Balance sheet total
€28.5m
2024 · €28.7m-€212,094
Largest movements
Assets
- Receivables within one year +€912,122
up €912,122 (+22.6%), from €4.0m to €4.9m
of which Other amounts receivable: +€744,029
- Tangible fixed assets -€762,680
down €762,680 (-3.3%), from €23.5m to €22.7m
of which Land and buildings: -€829,355
- Cash -€361,338
down €361,338 (-90.2%), from €400,770 to €39,432
mainly Receivables within one year (-€912,122) and Short-term financial debts (-€635,227)
Equity and liabilities
- Short-term financial debts -€635,227
down €635,227 (-3.7%), from €17.4m to €16.7m
- Profit (loss) carried forward +€463,714
up €463,714 (+6.6%), from -€7.0m to -€6.6m
Income statement
- Turnover +€468,658
up €468,658 (+16.8%), from €2.8m to €3.3m
- Financial charges -€320,896
down €320,896 (-30.3%), from €1.1m to €738,495
- Gross operating margin +€227,144
up €227,144 (+10.7%), from €2.1m to €2.3m
- Purchases and services +€163,837
up €163,837 (+21.8%), from €752,910 to €916,748
- Other operating charges -€40,459
down €40,459 (-14.3%), from €283,470 to €243,011
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.
Result 2024
-€188,037
Gross operating margin
+€227,144
Staff costs
-€5,263
Depreciation
+€8,783
Other operating charges
+€40,459
Other operating items
-€15
Financial income
-€19,422
Financial charges
+€320,896
Taxes
-€219
Result 2025
€384,324
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€508,758
Investment
-€251,082
Financing
-€619,014
Cash 2024
€400,770
From operations (derived)
+€508,758
Net result for the year
+€384,324
Depreciation
+€1.0m
Receivables within one year
-€912,122
Deferred charges and accrued income
+€198
Provisions
-€40,879
Trade debts
-€24,715
Tax, wage and social debts
-€65,651
Other debts
+€100,000
Accrued charges and deferred income
+€53,842
Investment (derived)
-€251,082
Investment in fixed assets (net)
-€251,082
Financing
-€619,014
Debts after one year
+€18,246
Current portion of long-term debt
-€2,033
Short-term financial debts
-€635,227
Cash 2025
€39,432
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,718,597 | €28,506,504 | -€212,094 | -0.7% |
| Fixed assets | 21/28 | €24,281,751 | €23,519,071 | -€762,680 | -3.1% |
| Tangible fixed assets | 22/27 | €23,461,751 | €22,699,071 | -€762,680 | -3.3% |
| Land and buildings | 22 | €23,014,351 | €22,184,996 | -€829,355 | -3.6% |
| Furniture and vehicles | 24 | €405 | €68,954 | +€68,549 | +16,919% |
| Leasing and similar rights | 25 | €1,874 | - | -€1,874 | |
| Other tangible fixed assets | 26 | €445,121 | €445,121 | = | 0.0% |
| Financial fixed assets | 28 | €820,000 | €820,000 | = | 0.0% |
| Current assets | 29/58 | €4,436,846 | €4,987,433 | +€550,586 | +12.4% |
| Amounts receivable within one year | 40/41 | €4,035,879 | €4,948,001 | +€912,122 | +22.6% |
| Trade receivables | 40 | €753,674 | €921,768 | +€168,093 | +22.3% |
| Other amounts receivable | 41 | €3,282,204 | €4,026,233 | +€744,029 | +22.7% |
| Cash at bank and in hand | 54/58 | €400,770 | €39,432 | -€361,338 | -90.2% |
| Deferred charges and accrued income | 490/1 | €198 | - | -€198 | |
| Total equity and liabilities | 10/49 | €28,718,597 | €28,506,504 | -€212,094 | -0.7% |
| Equity | 10/15 | €8,695,087 | €9,079,411 | +€384,324 | +4.4% |
| Contributions | 10/11 | €13,000,000 | €13,000,000 | = | 0.0% |
| Capital | 10 | €13,000,000 | €13,000,000 | = | 0.0% |
| Issued capital | 100 | €13,000,000 | €13,000,000 | = | 0.0% |
| Reserves | 13 | €2,711,787 | €2,632,397 | -€79,390 | -2.9% |
| Non-distributable reserves | 130/1 | €269,000 | €269,000 | = | 0.0% |
| Legal reserve | 130 | €269,000 | €269,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,086,260 | €2,006,870 | -€79,390 | -3.8% |
| Distributable reserves | 133 | €356,527 | €356,527 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,016,700 | -€6,552,986 | +€463,714 | +6.6% |
| Provisions and deferred taxes | 16 | €817,711 | €776,831 | -€40,879 | -5.0% |
| Deferred taxes | 168 | €817,711 | €776,831 | -€40,879 | -5.0% |
| Amounts payable | 17/49 | €19,205,800 | €18,650,261 | -€555,538 | -2.9% |
| Amounts payable after more than one year | 17 | €683,709 | €701,955 | +€18,246 | +2.7% |
| Financial debts | 170/4 | €659,579 | €679,055 | +€19,476 | +3.0% |
| Other amounts payable | 178/9 | €24,130 | €22,900 | -€1,230 | -5.1% |
| Amounts payable within one year | 42/48 | €17,925,245 | €17,297,619 | -€627,626 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €2,033 | - | -€2,033 | |
| Financial debts | 43 | €17,382,700 | €16,747,473 | -€635,227 | -3.7% |
| Other loans | 439 | €17,382,700 | €16,747,473 | -€635,227 | -3.7% |
| Trade debts | 44 | €346,594 | €321,879 | -€24,715 | -7.1% |
| Suppliers | 440/4 | €346,594 | €321,879 | -€24,715 | -7.1% |
| Taxes, remuneration and social security | 45 | €193,918 | €128,267 | -€65,651 | -33.9% |
| Taxes | 450/3 | €179,713 | €111,225 | -€68,488 | -38.1% |
| Remuneration and social security | 454/9 | €14,205 | €17,042 | +€2,837 | +20.0% |
| Other amounts payable | 47/48 | - | €100,000 | +€100,000 | |
| Accrued charges and deferred income | 492/3 | €596,846 | €650,687 | +€53,842 | +9.0% |
| Turnover | 70 | €2,781,647 | €3,250,305 | +€468,658 | +16.8% |
| Non-recurring operating income | 76A | €93,000 | €15,324 | -€77,676 | -83.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €752,910 | €916,748 | +€163,837 | +21.8% |
| Remuneration, social security and pensions | 62 | €90,821 | €96,085 | +€5,263 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,022,545 | €1,013,762 | -€8,783 | -0.9% |
| Other operating charges | 640/8 | €283,470 | €243,011 | -€40,459 | -14.3% |
| Non-recurring operating charges | 66A | - | €15 | +€15 | |
| Gross operating margin | 9900 | €2,121,737 | €2,348,881 | +€227,144 | +10.7% |
| Operating profit (loss) | 9901 | €724,901 | €996,008 | +€271,107 | +37.4% |
| Financial income | 75/76B | €105,736 | €86,314 | -€19,422 | -18.4% |
| Recurring financial income | 75 | €105,736 | €86,314 | -€19,422 | -18.4% |
| Financial charges | 65/66B | €1,059,390 | €738,495 | -€320,896 | -30.3% |
| Recurring financial charges | 65 | €1,059,390 | €738,495 | -€320,896 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | -€228,754 | €343,827 | +€572,580 | |
| Transfer from deferred taxes | 780 | €40,879 | €40,879 | = | 0.0% |
| Income taxes | 67/77 | €163 | €382 | +€219 | +135% |
| Profit (loss) for the period | 9904 | -€188,037 | €384,324 | +€572,361 | |
| Transfer from tax-exempt reserves | 789 | €79,390 | €79,390 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€108,647 | €463,714 | +€572,361 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.