BEL PIXEL: 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 PIXEL
Largest movements
- Tangible fixed assets -€9,707
down €9,707 (-16.4%), from €59,128 to €49,421
of which Furniture and vehicles: -€9,030
- Receivables within one year -€1,871
down €1,871 (-35.8%), from €5,224 to €3,353
of which Trade receivables: -€1,619
- Profit (loss) carried forward -€12,425
down €12,425 (-25.7%), from €48,272 to €35,847
- Other debts +€10,000
new in 2025: €10,000
- Debts after one year -€9,894
down €9,894 (-26.5%), from €37,363 to €27,469
- Reserves +€9,000
up €9,000 (+484%), from €1,860 to €10,860
of which Distributable reserves: +€9,000
- Trade debts -€7,984
down €7,984 (-58.3%), from €13,701 to €5,717
- Depreciation +€7,003
up €7,003 (+96.9%), from €7,225 to €14,228
- Gross operating margin -€2,991
down €2,991 (-3.7%), from €81,471 to €78,480
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 | €146,509 | €136,016 | -€10,493 | -7.2% |
| Fixed assets | 21/28 | €59,128 | €49,421 | -€9,707 | -16.4% |
| Tangible fixed assets | 22/27 | €59,128 | €49,421 | -€9,707 | -16.4% |
| Plant, machinery and equipment | 23 | €2,816 | €2,139 | -€677 | -24.1% |
| Furniture and vehicles | 24 | €56,312 | €47,282 | -€9,030 | -16.0% |
| Current assets | 29/58 | €87,381 | €86,595 | -€786 | -0.9% |
| Amounts receivable within one year | 40/41 | €5,224 | €3,353 | -€1,871 | -35.8% |
| Trade receivables | 40 | €4,972 | €3,353 | -€1,619 | -32.6% |
| Other amounts receivable | 41 | €252 | - | -€252 | |
| Cash at bank and in hand | 54/58 | €81,817 | €82,893 | +€1,076 | +1.3% |
| Deferred charges and accrued income | 490/1 | €341 | €349 | +€8 | +2.5% |
| Total equity and liabilities | 10/49 | €146,509 | €136,016 | -€10,493 | -7.2% |
| Equity | 10/15 | €68,732 | €65,307 | -€3,425 | -5.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €10,860 | +€9,000 | +484% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €9,000 | +€9,000 | |
| Profit (loss) carried forward | 14 | €48,272 | €35,847 | -€12,425 | -25.7% |
| Amounts payable | 17/49 | €77,777 | €70,709 | -€7,068 | -9.1% |
| Amounts payable after more than one year | 17 | €37,363 | €27,469 | -€9,894 | -26.5% |
| Financial debts | 170/4 | €37,363 | €27,469 | -€9,894 | -26.5% |
| Amounts payable within one year | 42/48 | €40,414 | €43,240 | +€2,826 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €9,507 | €10,837 | +€1,331 | +14.0% |
| Trade debts | 44 | €13,701 | €5,717 | -€7,984 | -58.3% |
| Suppliers | 440/4 | €13,701 | €5,717 | -€7,984 | -58.3% |
| Advances received on contracts in progress | 46 | €2,431 | - | -€2,431 | |
| Taxes, remuneration and social security | 45 | €14,775 | €16,686 | +€1,911 | +12.9% |
| Taxes | 450/3 | €7,837 | €10,835 | +€2,998 | +38.3% |
| Remuneration and social security | 454/9 | €6,939 | €5,851 | -€1,087 | -15.7% |
| Other amounts payable | 47/48 | - | €10,000 | +€10,000 | |
| Remuneration, social security and pensions | 62 | €45,554 | €46,109 | +€554 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,225 | €14,228 | +€7,003 | +96.9% |
| Other operating charges | 640/8 | €1,192 | €748 | -€443 | -37.2% |
| Gross operating margin | 9900 | €81,471 | €78,480 | -€2,991 | -3.7% |
| Operating profit (loss) | 9901 | €27,500 | €17,395 | -€10,105 | -36.7% |
| Financial income | 75/76B | €0 | €9 | +€8 | +84,900% |
| Recurring financial income | 75 | €0 | €9 | +€8 | +84,900% |
| Financial charges | 65/66B | €1,769 | €2,355 | +€586 | +33.1% |
| Recurring financial charges | 65 | €1,769 | €2,355 | +€586 | +33.1% |
| Profit (loss) for the period before taxes | 9903 | €25,731 | €15,049 | -€10,682 | -41.5% |
| Income taxes | 67/77 | €4,681 | €4,188 | -€493 | -10.5% |
| Profit (loss) for the period | 9904 | €21,050 | €10,861 | -€10,189 | -48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,050 | €10,861 | -€10,189 | -48.4% |
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 27 October 2026 via checked.be.