BEL - OR: 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 - OR
Largest movements
- Receivables within one year -€88,544
down €88,544 (-30.9%), from €286,700 to €198,156
of which Trade receivables: -€72,166
- Cash +€10,950
up €10,950 (+168.6%), from €6,494 to €17,444
mainly Receivables within one year (+€88,544) and Short-term financial debts (+€47,508)
- Trade debts -€87,361
down €87,361 (-23.2%), from €376,910 to €289,549
- Debts after one year -€62,180
no longer reported in 2025 (was €62,180)
- Short-term financial debts +€47,508
up €47,508 (+40.8%), from €116,316 to €163,824
of which Credit institutions: +€51,163
- Other debts +€28,327
up €28,327 (+95.5%), from €29,675 to €58,002
- Current portion of long-term debt -€11,465
down €11,465 (-15.6%), from €73,645 to €62,180
- Gross operating margin +€8,368
up €8,368 (+2.2%), from €376,376 to €384,744
- Financial charges +€6,209
up €6,209 (+54.4%), from €11,408 to €17,617
- Depreciation -€4,491
down €4,491 (-79.3%), from €5,666 to €1,175
- Financial income -€3,864
down €3,864 (-59.0%), from €6,549 to €2,685
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 | €1,082,572 | €1,003,700 | -€78,871 | -7.3% |
| Fixed assets | 21/28 | €203,468 | €202,293 | -€1,175 | -0.6% |
| Tangible fixed assets | 22/27 | €3,468 | €2,293 | -€1,175 | -33.9% |
| Plant, machinery and equipment | 23 | €2,612 | €1,694 | -€918 | -35.1% |
| Furniture and vehicles | 24 | €856 | €599 | -€257 | -30.0% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €879,103 | €801,407 | -€77,696 | -8.8% |
| Amounts receivable after more than one year | 29 | €300,000 | €300,000 | = | 0.0% |
| Other amounts receivable | 291 | €300,000 | €300,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €251,771 | €250,365 | -€1,407 | -0.6% |
| Stocks | 30/36 | €251,771 | €250,365 | -€1,407 | -0.6% |
| Amounts receivable within one year | 40/41 | €286,700 | €198,156 | -€88,544 | -30.9% |
| Trade receivables | 40 | €76,309 | €4,143 | -€72,166 | -94.6% |
| Other amounts receivable | 41 | €210,392 | €194,013 | -€16,378 | -7.8% |
| Cash at bank and in hand | 54/58 | €6,494 | €17,444 | +€10,950 | +168.6% |
| Deferred charges and accrued income | 490/1 | €34,138 | €35,442 | +€1,304 | +3.8% |
| Total equity and liabilities | 10/49 | €1,082,572 | €1,003,700 | -€78,871 | -7.3% |
| Equity | 10/15 | €361,128 | €363,063 | +€1,935 | +0.5% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €336,327 | €338,263 | +€1,935 | +0.6% |
| Non-distributable reserves | 130/1 | €332,607 | €334,543 | +€1,935 | +0.6% |
| Reserves not available under the articles | 1311 | €332,607 | €334,543 | +€1,935 | +0.6% |
| Distributable reserves | 133 | €3,720 | €3,720 | = | 0.0% |
| Amounts payable | 17/49 | €721,444 | €640,637 | -€80,807 | -11.2% |
| Amounts payable after more than one year | 17 | €62,180 | - | -€62,180 | |
| Financial debts | 170/4 | €62,180 | - | -€62,180 | |
| Amounts payable within one year | 42/48 | €659,264 | €640,637 | -€18,627 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €73,645 | €62,180 | -€11,465 | -15.6% |
| Financial debts | 43 | €116,316 | €163,824 | +€47,508 | +40.8% |
| Credit institutions | 430/8 | €89,707 | €140,870 | +€51,163 | +57.0% |
| Other loans | 439 | €26,609 | €22,955 | -€3,655 | -13.7% |
| Trade debts | 44 | €376,910 | €289,549 | -€87,361 | -23.2% |
| Suppliers | 440/4 | €376,910 | €289,549 | -€87,361 | -23.2% |
| Taxes, remuneration and social security | 45 | €62,718 | €67,081 | +€4,363 | +7.0% |
| Taxes | 450/3 | €10,225 | €13,499 | +€3,274 | +32.0% |
| Remuneration and social security | 454/9 | €52,493 | €53,582 | +€1,089 | +2.1% |
| Other amounts payable | 47/48 | €29,675 | €58,002 | +€28,327 | +95.5% |
| Remuneration, social security and pensions | 62 | €359,981 | €360,590 | +€609 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,666 | €1,175 | -€4,491 | -79.3% |
| Other operating charges | 640/8 | €1,496 | €1,429 | -€67 | -4.5% |
| Gross operating margin | 9900 | €376,376 | €384,744 | +€8,368 | +2.2% |
| Operating profit (loss) | 9901 | €9,233 | €21,550 | +€12,317 | +133.4% |
| Financial income | 75/76B | €6,549 | €2,685 | -€3,864 | -59.0% |
| Recurring financial income | 75 | €6,549 | €2,685 | -€3,864 | -59.0% |
| Financial charges | 65/66B | €11,408 | €17,617 | +€6,209 | +54.4% |
| Recurring financial charges | 65 | €11,408 | €17,617 | +€6,209 | +54.4% |
| Profit (loss) for the period before taxes | 9903 | €4,375 | €6,618 | +€2,244 | +51.3% |
| Income taxes | 67/77 | €4,011 | €4,683 | +€671 | +16.7% |
| Profit (loss) for the period | 9904 | €363 | €1,935 | +€1,572 | +433.1% |
| Profit (loss) for the period to be appropriated | 9905 | €363 | €1,935 | +€1,572 | +433.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.