BEL PIERRE: 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.
BEL PIERRE
Largest movements
- Receivables within one year +€191,828
up €191,828 (+240.5%), from €79,759 to €271,587
of which Trade receivables: +€173,678
- Tangible fixed assets +€115,776
up €115,776 (+107.8%), from €107,417 to €223,193
of which Assets under construction and advance payments: +€69,999
- Cash -€43,517
down €43,517 (-9.7%), from €450,654 to €407,137
mainly Receivables within one year (-€191,828) and Investment in fixed assets (net) (-€144,302)
- Other debts +€131,088
new in 2025: €131,088
- Trade debts +€125,324
up €125,324 (+242.4%), from €51,699 to €177,023
- Tax, wage and social debts +€28,662
up €28,662 (+66.6%), from €43,020 to €71,682
of which Taxes: +€16,428
- Reserves -€12,833
down €12,833 (-2.1%), from €611,406 to €598,573
of which Distributable reserves: -€12,873
- Staff costs +€104,052
up €104,052 (+42.4%), from €245,507 to €349,559
- Gross operating margin +€96,782
up €96,782 (+21.1%), from €458,310 to €555,092
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 | €732,632 | €1,004,165 | +€271,533 | +37.1% |
| Fixed assets | 21/28 | €120,117 | €235,956 | +€115,839 | +96.4% |
| Tangible fixed assets | 22/27 | €107,417 | €223,193 | +€115,776 | +107.8% |
| Land and buildings | 22 | €29,700 | €27,000 | -€2,700 | -9.1% |
| Plant, machinery and equipment | 23 | €56,373 | €79,559 | +€23,187 | +41.1% |
| Furniture and vehicles | 24 | €1,289 | €26,579 | +€25,290 | +1962.4% |
| Assets under construction and advance payments | 27 | €20,056 | €90,055 | +€69,999 | +349.0% |
| Financial fixed assets | 28 | €12,700 | €12,763 | +€63 | +0.5% |
| Current assets | 29/58 | €612,514 | €768,209 | +€155,694 | +25.4% |
| Stocks and contracts in progress | 3 | €54,280 | €63,094 | +€8,814 | +16.2% |
| Stocks | 30/36 | €54,280 | €63,094 | +€8,814 | +16.2% |
| Amounts receivable within one year | 40/41 | €79,759 | €271,587 | +€191,828 | +240.5% |
| Trade receivables | 40 | €63,060 | €236,738 | +€173,678 | +275.4% |
| Other amounts receivable | 41 | €16,699 | €34,848 | +€18,150 | +108.7% |
| Cash at bank and in hand | 54/58 | €450,654 | €407,137 | -€43,517 | -9.7% |
| Deferred charges and accrued income | 490/1 | €27,822 | €26,391 | -€1,431 | -5.1% |
| Total equity and liabilities | 10/49 | €732,632 | €1,004,165 | +€271,533 | +37.1% |
| Equity | 10/15 | €636,746 | €623,913 | -€12,833 | -2.0% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €611,406 | €598,573 | -€12,833 | -2.1% |
| Tax-exempt reserves | 132 | - | €40 | +€40 | |
| Distributable reserves | 133 | €611,406 | €598,533 | -€12,873 | -2.1% |
| Profit (loss) carried forward | 14 | €551 | €551 | = | 0.0% |
| Amounts payable | 17/49 | €95,886 | €380,252 | +€284,366 | +296.6% |
| Amounts payable within one year | 42/48 | €94,719 | €379,792 | +€285,073 | +301.0% |
| Trade debts | 44 | €51,699 | €177,023 | +€125,324 | +242.4% |
| Suppliers | 440/4 | €51,699 | €177,023 | +€125,324 | +242.4% |
| Taxes, remuneration and social security | 45 | €43,020 | €71,682 | +€28,662 | +66.6% |
| Taxes | 450/3 | €26,961 | €43,390 | +€16,428 | +60.9% |
| Remuneration and social security | 454/9 | €16,058 | €28,292 | +€12,234 | +76.2% |
| Other amounts payable | 47/48 | - | €131,088 | +€131,088 | |
| Accrued charges and deferred income | 492/3 | €1,167 | €459 | -€708 | -60.6% |
| Remuneration, social security and pensions | 62 | €245,507 | €349,559 | +€104,052 | +42.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,517 | €28,463 | +€2,946 | +11.5% |
| Other operating charges | 640/8 | €5,302 | €3,694 | -€1,608 | -30.3% |
| Non-recurring operating charges | 66A | - | €830 | +€830 | |
| Gross operating margin | 9900 | €458,310 | €555,092 | +€96,782 | +21.1% |
| Operating profit (loss) | 9901 | €181,985 | €172,546 | -€9,438 | -5.2% |
| Financial income | 75/76B | €2,795 | €3,780 | +€986 | +35.3% |
| Recurring financial income | 75 | €2,795 | €3,780 | +€986 | +35.3% |
| Financial charges | 65/66B | €547 | €610 | +€63 | +11.6% |
| Recurring financial charges | 65 | €547 | €610 | +€63 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €184,232 | €175,717 | -€8,516 | -4.6% |
| Income taxes | 67/77 | €60,882 | €58,214 | -€2,668 | -4.4% |
| Profit (loss) for the period | 9904 | €123,351 | €117,502 | -€5,848 | -4.7% |
| Transfer to tax-exempt reserves | 689 | - | €40 | +€40 | |
| Profit (loss) for the period to be appropriated | 9905 | €123,351 | €117,462 | -€5,888 | -4.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.