Bel.Mo: 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.Mo
Largest movements
- Financial fixed assets +€90,000
new in 2025: €90,000
- Current investments +€60,000
new in 2025: €60,000
- Receivables within one year -€49,850
down €49,850 (-96.4%), from €51,738 to €1,888
- Tangible fixed assets -€14,632
down €14,632 (-10.4%), from €141,177 to €126,545
of which Land and buildings: -€14,265
- Cash -€10,543
down €10,543 (-23.6%), from €44,629 to €34,086
mainly Investment in fixed assets (net) (-€90,000) and Current investments (-€60,000)
- Other debts +€64,462
up €64,462 (+147.2%), from €43,804 to €108,266
- Profit (loss) carried forward +€6,604
up €6,604 (+4.1%), from €162,433 to €169,037
- Financial income +€2,170
new in 2025: €2,170
- Gross operating margin +€2,008
up €2,008 (+7.8%), from €25,829 to €27,837
- Taxes +€1,307
up €1,307 (+119.2%), from €1,097 to €2,404
- Depreciation -€1,118
down €1,118 (-7.1%), from €15,750 to €14,632
- Other operating charges +€312
up €312 (+5.2%), from €6,009 to €6,321
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 | €237,544 | €312,519 | +€74,975 | +31.6% |
| Fixed assets | 21/28 | €141,177 | €216,545 | +€75,368 | +53.4% |
| Tangible fixed assets | 22/27 | €141,177 | €126,545 | -€14,632 | -10.4% |
| Land and buildings | 22 | €140,543 | €126,278 | -€14,265 | -10.1% |
| Furniture and vehicles | 24 | €634 | €267 | -€367 | -57.9% |
| Financial fixed assets | 28 | - | €90,000 | +€90,000 | |
| Current assets | 29/58 | €96,367 | €95,974 | -€393 | -0.4% |
| Amounts receivable within one year | 40/41 | €51,738 | €1,888 | -€49,850 | -96.4% |
| Other amounts receivable | 41 | €51,738 | €1,888 | -€49,850 | -96.4% |
| Current investments | 50/53 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €44,629 | €34,086 | -€10,543 | -23.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €237,544 | €312,519 | +€74,975 | +31.6% |
| Equity | 10/15 | €189,701 | €196,305 | +€6,604 | +3.5% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €2,479 | €2,479 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,479 | €2,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | €162,433 | €169,037 | +€6,604 | +4.1% |
| Amounts payable | 17/49 | €47,843 | €116,214 | +€68,371 | +142.9% |
| Amounts payable within one year | 42/48 | €46,179 | €111,767 | +€65,588 | +142.0% |
| Taxes, remuneration and social security | 45 | €2,375 | €3,501 | +€1,126 | +47.4% |
| Taxes | 450/3 | €2,375 | €3,501 | +€1,126 | +47.4% |
| Other amounts payable | 47/48 | €43,804 | €108,266 | +€64,462 | +147.2% |
| Accrued charges and deferred income | 492/3 | €1,664 | €4,447 | +€2,783 | +167.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,750 | €14,632 | -€1,118 | -7.1% |
| Other operating charges | 640/8 | €6,009 | €6,321 | +€312 | +5.2% |
| Gross operating margin | 9900 | €25,829 | €27,837 | +€2,008 | +7.8% |
| Operating profit (loss) | 9901 | €4,069 | €6,884 | +€2,814 | +69.2% |
| Financial income | 75/76B | - | €2,170 | +€2,170 | |
| Recurring financial income | 75 | - | €2,170 | +€2,170 | |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.4% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €4,026 | €9,009 | +€4,983 | +123.8% |
| Income taxes | 67/77 | €1,097 | €2,404 | +€1,307 | +119.2% |
| Profit (loss) for the period | 9904 | €2,929 | €6,604 | +€3,676 | +125.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,929 | €6,604 | +€3,676 | +125.5% |
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 30 September 2026 via checked.be.