BEL MBA: 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 MBA
NACE 73.300, Public relations and communication consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€447,338
2024 · €527,042-€79,704
Equity
€2.6m
2024 · €2.9m-€338,191
Cash
€626,357
2024 · €427,301+€199,056
Balance sheet total
€5.6m
2024 · €5.3m+€229,907
Largest movements
Assets
- Cash +€199,056
up €199,056 (+46.6%), from €427,301 to €626,357
mainly Other debts (+€780,736) and Net result for the year (+€447,338)
Equity and liabilities
- Other debts +€780,736
up €780,736 (+6,992%), from €11,166 to €791,902
- Reserves -€338,191
down €338,191 (-24.1%), from €1.4m to €1.1m
of which Distributable reserves: -€328,167
- Debts after one year -€235,857
down €235,857 (-11.4%), from €2.1m to €1.8m
of which Other amounts payable: -€119,308
Income statement
- Financial income -€70,915
down €70,915 (-16.1%), from €440,601 to €369,687
- Taxes +€7,852
up €7,852 (+10.0%), from €78,276 to €86,128
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
€527,042
Gross operating margin
+€2,083
Staff costs
-€1,731
Depreciation
-€124
Other operating charges
-€659
Financial income
-€70,915
Financial charges
-€506
Taxes
-€7,852
Result 2025
€447,338
raises the resultlowers the result
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
+€1.3m
Investment
-€54,088
Financing
-€1.0m
Cash 2024
€427,301
From operations (derived)
+€1.3m
Net result for the year
+€447,338
Depreciation
+€54,709
Receivables within one year
-€24,837
Deferred charges and accrued income
-€6,635
Provisions
-€3,341
Trade debts
+€7,987
Tax, wage and social debts
+€14,252
Other debts
+€780,736
Accrued charges and deferred income
+€122
Investment (derived)
-€54,088
Investment in fixed assets (net)
-€54,088
Financing
-€1.0m
Debts after one year
-€235,857
Current portion of long-term debt
+€4,200
Contributions, distributions and other
-€785,529
Cash 2025
€626,357
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,347,011 | €5,576,918 | +€229,907 | +4.3% |
| Fixed assets | 21/28 | €4,918,925 | €4,918,304 | -€621 | 0.0% |
| Tangible fixed assets | 22/27 | €3,928,692 | €3,932,571 | +€3,879 | +0.1% |
| Land and buildings | 22 | €3,872,779 | €3,877,539 | +€4,761 | +0.1% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | 0.0% |
| Furniture and vehicles | 24 | €55,913 | €51,455 | -€4,459 | -8.0% |
| Other tangible fixed assets | 26 | - | €3,577 | +€3,577 | |
| Financial fixed assets | 28 | €990,233 | €985,733 | -€4,500 | -0.5% |
| Current assets | 29/58 | €428,086 | €658,614 | +€230,528 | +53.9% |
| Amounts receivable within one year | 40/41 | €138 | €24,976 | +€24,837 | +17,964% |
| Other amounts receivable | 41 | €138 | €24,976 | +€24,837 | +17,964% |
| Cash at bank and in hand | 54/58 | €427,301 | €626,357 | +€199,056 | +46.6% |
| Deferred charges and accrued income | 490/1 | €647 | €7,282 | +€6,635 | +1,025% |
| Total equity and liabilities | 10/49 | €5,347,011 | €5,576,918 | +€229,907 | +4.3% |
| Equity | 10/15 | €2,924,829 | €2,586,638 | -€338,191 | -11.6% |
| Contributions | 10/11 | €81,805 | €81,805 | = | 0.0% |
| Capital | 10 | €81,805 | €81,805 | = | 0.0% |
| Issued capital | 100 | €81,805 | €81,805 | = | 0.0% |
| Reserves | 13 | €1,402,371 | €1,064,180 | -€338,191 | -24.1% |
| Non-distributable reserves | 130/1 | €56,218 | €56,218 | = | 0.0% |
| Legal reserve | 130 | €56,218 | €56,218 | = | 0.0% |
| Tax-exempt reserves | 132 | €260,625 | €250,600 | -€10,024 | -3.8% |
| Distributable reserves | 133 | €1,085,529 | €757,362 | -€328,167 | -30.2% |
| Profit (loss) carried forward | 14 | €1,440,653 | €1,440,653 | = | 0.0% |
| Provisions and deferred taxes | 16 | €86,875 | €83,533 | -€3,341 | -3.8% |
| Deferred taxes | 168 | €86,875 | €83,533 | -€3,341 | -3.8% |
| Amounts payable | 17/49 | €2,335,307 | €2,906,746 | +€571,439 | +24.5% |
| Amounts payable after more than one year | 17 | €2,072,341 | €1,836,484 | -€235,857 | -11.4% |
| Financial debts | 170/4 | €726,576 | €610,027 | -€116,549 | -16.0% |
| Other amounts payable | 178/9 | €1,345,765 | €1,226,457 | -€119,308 | -8.9% |
| Amounts payable within one year | 42/48 | €259,955 | €1,067,129 | +€807,174 | +311% |
| Current portion of amounts payable after more than one year | 42 | €129,238 | €133,438 | +€4,200 | +3.2% |
| Trade debts | 44 | €71,944 | €79,931 | +€7,987 | +11.1% |
| Suppliers | 440/4 | €71,944 | €79,931 | +€7,987 | +11.1% |
| Taxes, remuneration and social security | 45 | €47,606 | €61,858 | +€14,252 | +29.9% |
| Taxes | 450/3 | €47,606 | €61,858 | +€14,252 | +29.9% |
| Other amounts payable | 47/48 | €11,166 | €791,902 | +€780,736 | +6,992% |
| Accrued charges and deferred income | 492/3 | €3,011 | €3,133 | +€122 | +4.1% |
| Remuneration, social security and pensions | 62 | - | €1,731 | +€1,731 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,585 | €54,709 | +€124 | +0.2% |
| Other operating charges | 640/8 | €6,789 | €7,447 | +€659 | +9.7% |
| Gross operating margin | 9900 | €331,799 | €333,881 | +€2,083 | +0.6% |
| Operating profit (loss) | 9901 | €270,425 | €269,994 | -€431 | -0.2% |
| Financial income | 75/76B | €440,601 | €369,687 | -€70,915 | -16.1% |
| Recurring financial income | 75 | €440,601 | €369,687 | -€70,915 | -16.1% |
| Financial charges | 65/66B | €109,050 | €109,556 | +€506 | +0.5% |
| Recurring financial charges | 65 | €109,005 | €109,556 | +€551 | +0.5% |
| Non-recurring financial charges | 66B | €45 | - | -€45 | |
| Profit (loss) for the period before taxes | 9903 | €601,977 | €530,125 | -€71,852 | -11.9% |
| Transfer from deferred taxes | 780 | €3,341 | €3,341 | = | 0.0% |
| Income taxes | 67/77 | €78,276 | €86,128 | +€7,852 | +10.0% |
| Profit (loss) for the period | 9904 | €527,042 | €447,338 | -€79,704 | -15.1% |
| Transfer from tax-exempt reserves | 789 | €10,024 | €10,024 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €537,066 | €457,362 | -€79,704 | -14.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.