BEL PIET: 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 PIET
Largest movements
- Cash +€53,871
up €53,871 (+99.0%), from €54,422 to €108,293
mainly Net result for the year (+€88,893) and Depreciation (+€69,369)
- Tangible fixed assets -€28,710
down €28,710 (-2.9%), from €1.0m to €976,624
of which Land and buildings: -€36,425
- Receivables within one year +€21,317
up €21,317 (+42.1%), from €50,668 to €71,984
of which Trade receivables: +€23,948
- Profit (loss) carried forward +€63,893
up €63,893 (+9.9%), from €642,586 to €706,480
- Debts after one year -€42,171
down €42,171 (-11.8%), from €356,402 to €314,231
- Reserves +€25,000
up €25,000 (+27.4%), from €91,202 to €116,202
- Gross operating margin +€53,026
up €53,026 (+36.0%), from €147,444 to €200,470
- Taxes +€12,534
up €12,534 (+88.1%), from €14,224 to €26,758
- Depreciation +€2,983
up €2,983 (+4.5%), from €66,386 to €69,369
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,175,755 | €1,225,698 | +€49,943 | +4.2% |
| Fixed assets | 21/28 | €1,005,335 | €976,624 | -€28,710 | -2.9% |
| Tangible fixed assets | 22/27 | €1,005,335 | €976,624 | -€28,710 | -2.9% |
| Land and buildings | 22 | €960,544 | €924,119 | -€36,425 | -3.8% |
| Plant, machinery and equipment | 23 | €10,682 | €27,513 | +€16,831 | +158% |
| Furniture and vehicles | 24 | €34,109 | €24,992 | -€9,117 | -26.7% |
| Current assets | 29/58 | €170,421 | €249,074 | +€78,654 | +46.2% |
| Stocks and contracts in progress | 3 | €62,332 | €65,998 | +€3,666 | +5.9% |
| Stocks | 30/36 | €53,832 | €58,748 | +€4,916 | +9.1% |
| Contracts in progress | 37 | €8,500 | €7,250 | -€1,250 | -14.7% |
| Amounts receivable within one year | 40/41 | €50,668 | €71,984 | +€21,317 | +42.1% |
| Trade receivables | 40 | €35,343 | €59,291 | +€23,948 | +67.8% |
| Other amounts receivable | 41 | €15,324 | €12,693 | -€2,631 | -17.2% |
| Current investments | 50/53 | - | €250 | +€250 | |
| Cash at bank and in hand | 54/58 | €54,422 | €108,293 | +€53,871 | +99.0% |
| Deferred charges and accrued income | 490/1 | €2,999 | €2,549 | -€450 | -15.0% |
| Total equity and liabilities | 10/49 | €1,175,755 | €1,225,698 | +€49,943 | +4.2% |
| Equity | 10/15 | €738,788 | €827,682 | +€88,893 | +12.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €91,202 | €116,202 | +€25,000 | +27.4% |
| Distributable reserves | 133 | €91,202 | €116,202 | +€25,000 | +27.4% |
| Profit (loss) carried forward | 14 | €642,586 | €706,480 | +€63,893 | +9.9% |
| Amounts payable | 17/49 | €436,967 | €398,016 | -€38,950 | -8.9% |
| Amounts payable after more than one year | 17 | €356,402 | €314,231 | -€42,171 | -11.8% |
| Financial debts | 170/4 | €356,402 | €314,231 | -€42,171 | -11.8% |
| Amounts payable within one year | 42/48 | €79,754 | €83,048 | +€3,294 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €43,825 | €44,910 | +€1,085 | +2.5% |
| Trade debts | 44 | €27,774 | €24,695 | -€3,079 | -11.1% |
| Suppliers | 440/4 | €27,774 | €24,695 | -€3,079 | -11.1% |
| Advances received on contracts in progress | 46 | €1,293 | €480 | -€813 | -62.9% |
| Taxes, remuneration and social security | 45 | €3,250 | €9,118 | +€5,868 | +181% |
| Taxes | 450/3 | €3,250 | €9,118 | +€5,868 | +181% |
| Other amounts payable | 47/48 | €3,611 | €3,844 | +€233 | +6.4% |
| Accrued charges and deferred income | 492/3 | €811 | €738 | -€73 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,386 | €69,369 | +€2,983 | +4.5% |
| Other operating charges | 640/8 | €4,419 | €4,821 | +€402 | +9.1% |
| Gross operating margin | 9900 | €147,444 | €200,470 | +€53,026 | +36.0% |
| Operating profit (loss) | 9901 | €76,639 | €126,280 | +€49,641 | +64.8% |
| Financial income | 75/76B | €3,379 | €2,679 | -€701 | -20.7% |
| Recurring financial income | 75 | €3,379 | €2,679 | -€701 | -20.7% |
| Financial charges | 65/66B | €14,845 | €13,307 | -€1,538 | -10.4% |
| Recurring financial charges | 65 | €14,845 | €13,307 | -€1,538 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €65,173 | €115,651 | +€50,478 | +77.5% |
| Income taxes | 67/77 | €14,224 | €26,758 | +€12,534 | +88.1% |
| Profit (loss) for the period | 9904 | €50,950 | €88,893 | +€37,944 | +74.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,950 | €88,893 | +€37,944 | +74.5% |
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 28 October 2026 via checked.be.