BEL POL GROUP: 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 POL GROUP
Largest movements
- Receivables after one year +€46,793
new in 2025: €46,793
- Tangible fixed assets -€41,629
down €41,629 (-74.9%), from €55,603 to €13,974
of which Furniture and vehicles: -€42,413
- Cash +€22,566
up €22,566 (+8.2%), from €273,895 to €296,462
mainly Net result for the year (+€83,077) and Investment in fixed assets (net) (+€29,668)
- Profit (loss) carried forward +€83,077
up €83,077 (+51.1%), from €162,581 to €245,658
- Other debts -€43,234
down €43,234 (-37.2%), from €116,250 to €73,016
- Trade debts -€9,386
down €9,386 (-11.0%), from €85,502 to €76,116
- Tax, wage and social debts -€6,786
down €6,786 (-11.7%), from €57,936 to €51,150
of which Taxes: -€11,821
- Staff costs +€37,901
new in 2025: €37,901
- Other operating charges +€9,416
up €9,416 (+362%), from €2,603 to €12,020
- Taxes -€6,958
down €6,958 (-18.2%), from €38,305 to €31,347
- Depreciation -€5,434
down €5,434 (-31.8%), from €17,085 to €11,651
- Financial charges +€2,317
up €2,317 (+212%), from €1,093 to €3,410
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 | €440,869 | €464,613 | +€23,743 | +5.4% |
| Fixed assets | 21/28 | €55,603 | €14,284 | -€41,319 | -74.3% |
| Tangible fixed assets | 22/27 | €55,603 | €13,974 | -€41,629 | -74.9% |
| Plant, machinery and equipment | 23 | €3,298 | €4,082 | +€784 | +23.8% |
| Furniture and vehicles | 24 | €52,305 | €9,892 | -€42,413 | -81.1% |
| Financial fixed assets | 28 | - | €310 | +€310 | |
| Current assets | 29/58 | €385,266 | €450,328 | +€65,062 | +16.9% |
| Amounts receivable after more than one year | 29 | - | €46,793 | +€46,793 | |
| Trade receivables | 290 | - | €46,793 | +€46,793 | |
| Amounts receivable within one year | 40/41 | €108,626 | €106,227 | -€2,399 | -2.2% |
| Trade receivables | 40 | €108,626 | €94,879 | -€13,747 | -12.7% |
| Other amounts receivable | 41 | - | €11,348 | +€11,348 | |
| Cash at bank and in hand | 54/58 | €273,895 | €296,462 | +€22,566 | +8.2% |
| Deferred charges and accrued income | 490/1 | €2,744 | €846 | -€1,898 | -69.2% |
| Total equity and liabilities | 10/49 | €440,869 | €464,613 | +€23,743 | +5.4% |
| Equity | 10/15 | €181,181 | €264,258 | +€83,077 | +45.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €162,581 | €245,658 | +€83,077 | +51.1% |
| Amounts payable | 17/49 | €259,688 | €200,355 | -€59,333 | -22.8% |
| Amounts payable within one year | 42/48 | €259,688 | €200,355 | -€59,333 | -22.8% |
| Financial debts | 43 | - | €72 | +€72 | |
| Credit institutions | 430/8 | - | €72 | +€72 | |
| Trade debts | 44 | €85,502 | €76,116 | -€9,386 | -11.0% |
| Suppliers | 440/4 | €85,502 | €76,116 | -€9,386 | -11.0% |
| Taxes, remuneration and social security | 45 | €57,936 | €51,150 | -€6,786 | -11.7% |
| Taxes | 450/3 | €57,936 | €46,115 | -€11,821 | -20.4% |
| Remuneration and social security | 454/9 | - | €5,036 | +€5,036 | |
| Other amounts payable | 47/48 | €116,250 | €73,016 | -€43,234 | -37.2% |
| Remuneration, social security and pensions | 62 | - | €37,901 | +€37,901 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,085 | €11,651 | -€5,434 | -31.8% |
| Other operating charges | 640/8 | €2,603 | €12,020 | +€9,416 | +362% |
| Gross operating margin | 9900 | €178,753 | €176,831 | -€1,922 | -1.1% |
| Operating profit (loss) | 9901 | €159,065 | €115,259 | -€43,806 | -27.5% |
| Financial income | 75/76B | €626 | €2,575 | +€1,949 | +311% |
| Recurring financial income | 75 | €626 | €2,575 | +€1,949 | +311% |
| Financial charges | 65/66B | €1,093 | €3,410 | +€2,317 | +212% |
| Recurring financial charges | 65 | €1,093 | €3,410 | +€2,317 | +212% |
| Profit (loss) for the period before taxes | 9903 | €158,597 | €114,424 | -€44,174 | -27.9% |
| Income taxes | 67/77 | €38,305 | €31,347 | -€6,958 | -18.2% |
| Profit (loss) for the period | 9904 | €120,293 | €83,077 | -€37,216 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €120,293 | €83,077 | -€37,216 | -30.9% |
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 26 October 2026 via checked.be.