BEL MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables after one year -€22,604
down €22,604 (-3.2%), from €704,798 to €682,195
- Cash +€19,540
up €19,540 (+46.9%), from €41,668 to €61,208
mainly Net result for the year (+€61,741) and Receivables after one year (+€22,604)
- Debts after one year -€68,314
down €68,314 (-10.8%), from €632,965 to €564,651
- Reserves +€51,741
up €51,741 (+11.0%), from €469,815 to €521,556
of which Distributable reserves: +€51,741
- Tax, wage and social debts +€13,985
up €13,985 (+159.4%), from €8,775 to €22,760
of which Taxes: +€13,985
- Gross operating margin -€645,548
down €645,548 (-85.1%), from €758,231 to €112,683
- Taxes +€15,082
up €15,082 (+340.1%), from €4,435 to €19,517
- Financial charges +€8,619
up €8,619 (+30.7%), from €28,061 to €36,681
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 | €1,299,102 | €1,317,642 | +€18,540 | +1.4% |
| Fixed assets | 21/28 | €316,124 | €315,856 | -€268 | -0.1% |
| Tangible fixed assets | 22/27 | €64,924 | €64,656 | -€268 | -0.4% |
| Land and buildings | 22 | €53,524 | €53,256 | -€268 | -0.5% |
| Other tangible fixed assets | 26 | €11,400 | €11,400 | = | 0.0% |
| Financial fixed assets | 28 | €251,200 | €251,200 | = | 0.0% |
| Current assets | 29/58 | €982,978 | €1,001,785 | +€18,807 | +1.9% |
| Amounts receivable after more than one year | 29 | €704,798 | €682,195 | -€22,604 | -3.2% |
| Other amounts receivable | 291 | €704,798 | €682,195 | -€22,604 | -3.2% |
| Amounts receivable within one year | 40/41 | €236,511 | €249,425 | +€12,914 | +5.5% |
| Trade receivables | 40 | €45,205 | €51,525 | +€6,321 | +14.0% |
| Other amounts receivable | 41 | €191,307 | €197,900 | +€6,593 | +3.4% |
| Cash at bank and in hand | 54/58 | €41,668 | €61,208 | +€19,540 | +46.9% |
| Deferred charges and accrued income | 490/1 | - | €8,957 | +€8,957 | |
| Total equity and liabilities | 10/49 | €1,299,102 | €1,317,642 | +€18,540 | +1.4% |
| Equity | 10/15 | €488,415 | €540,156 | +€51,741 | +10.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €469,815 | €521,556 | +€51,741 | +11.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €469,815 | €521,556 | +€51,741 | +11.0% |
| Amounts payable | 17/49 | €810,687 | €777,486 | -€33,201 | -4.1% |
| Amounts payable after more than one year | 17 | €632,965 | €564,651 | -€68,314 | -10.8% |
| Financial debts | 170/4 | €632,965 | €564,651 | -€68,314 | -10.8% |
| Amounts payable within one year | 42/48 | €173,099 | €203,901 | +€30,802 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €67,542 | €69,639 | +€2,097 | +3.1% |
| Trade debts | 44 | €282 | €2,560 | +€2,278 | +806.4% |
| Suppliers | 440/4 | €282 | €2,560 | +€2,278 | +806.4% |
| Taxes, remuneration and social security | 45 | €8,775 | €22,760 | +€13,985 | +159.4% |
| Taxes | 450/3 | €8,775 | €22,760 | +€13,985 | +159.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €96,500 | €108,943 | +€12,443 | +12.9% |
| Accrued charges and deferred income | 492/3 | €4,623 | €8,934 | +€4,311 | +93.3% |
| Non-recurring operating income | 76A | €704,798 | - | -€704,798 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,967 | €268 | -€6,699 | -96.2% |
| Other operating charges | 640/8 | €3,441 | €3,435 | -€6 | -0.2% |
| Non-recurring operating charges | 66A | €711,470 | - | -€711,470 | |
| Gross operating margin | 9900 | €758,231 | €112,683 | -€645,548 | -85.1% |
| Operating profit (loss) | 9901 | €36,354 | €108,981 | +€72,627 | +199.8% |
| Financial income | 75/76B | €7,876 | €8,958 | +€1,081 | +13.7% |
| Recurring financial income | 75 | €7,876 | €8,958 | +€1,081 | +13.7% |
| Financial charges | 65/66B | €28,061 | €36,681 | +€8,619 | +30.7% |
| Recurring financial charges | 65 | €28,061 | €36,681 | +€8,619 | +30.7% |
| Profit (loss) for the period before taxes | 9903 | €16,169 | €81,258 | +€65,089 | +402.6% |
| Income taxes | 67/77 | €4,435 | €19,517 | +€15,082 | +340.1% |
| Profit (loss) for the period | 9904 | €11,734 | €61,741 | +€50,007 | +426.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,734 | €61,741 | +€50,007 | +426.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.