BEL POWER: 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 POWER
Largest movements
- Tangible fixed assets +€176,631
up €176,631 (+7,250%), from €2,436 to €179,067
of which Land and buildings: +€173,629
- Cash +€10,012
up €10,012 (+6.5%), from €153,547 to €163,559
mainly Debts after one year (+€140,688) and Net result for the year (+€78,160)
- Debts after one year +€140,688
new in 2025: €140,688
- Tax, wage and social debts +€24,663
up €24,663 (+78.9%), from €31,267 to €55,929
of which Taxes: +€23,388
- Trade debts +€11,537
up €11,537 (+12.8%), from €89,984 to €101,521
- Current portion of long-term debt +€7,781
new in 2025: €7,781
- Gross operating margin +€89,797
up €89,797 (+35.3%), from €254,267 to €344,064
- Staff costs +€28,766
up €28,766 (+16.1%), from €178,573 to €207,339
- Taxes +€10,378
up €10,378 (+53.4%), from €19,418 to €29,795
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 | €241,683 | €431,750 | +€190,067 | +78.6% |
| Fixed assets | 21/28 | €2,799 | €179,430 | +€176,631 | +6,310% |
| Tangible fixed assets | 22/27 | €2,436 | €179,067 | +€176,631 | +7,250% |
| Land and buildings | 22 | - | €173,629 | +€173,629 | |
| Plant, machinery and equipment | 23 | €840 | €325 | -€515 | -61.3% |
| Furniture and vehicles | 24 | €1,596 | €5,113 | +€3,517 | +220% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €238,884 | €252,320 | +€13,436 | +5.6% |
| Amounts receivable within one year | 40/41 | €84,939 | €88,330 | +€3,391 | +4.0% |
| Trade receivables | 40 | €80,285 | €83,654 | +€3,369 | +4.2% |
| Other amounts receivable | 41 | €4,654 | €4,676 | +€22 | +0.5% |
| Cash at bank and in hand | 54/58 | €153,547 | €163,559 | +€10,012 | +6.5% |
| Deferred charges and accrued income | 490/1 | €398 | €431 | +€33 | +8.3% |
| Total equity and liabilities | 10/49 | €241,683 | €431,750 | +€190,067 | +78.6% |
| Equity | 10/15 | €116,320 | €119,479 | +€3,160 | +2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €97,720 | €100,879 | +€3,160 | +3.2% |
| Distributable reserves | 133 | €97,720 | €100,879 | +€3,160 | +3.2% |
| Amounts payable | 17/49 | €125,363 | €312,271 | +€186,907 | +149% |
| Amounts payable after more than one year | 17 | - | €140,688 | +€140,688 | |
| Financial debts | 170/4 | - | €140,688 | +€140,688 | |
| Amounts payable within one year | 42/48 | €125,363 | €170,242 | +€44,879 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | - | €7,781 | +€7,781 | |
| Financial debts | 43 | €1,960 | €1,250 | -€710 | -36.2% |
| Credit institutions | 430/8 | €1,960 | €1,250 | -€710 | -36.2% |
| Trade debts | 44 | €89,984 | €101,521 | +€11,537 | +12.8% |
| Suppliers | 440/4 | €89,984 | €101,521 | +€11,537 | +12.8% |
| Taxes, remuneration and social security | 45 | €31,267 | €55,929 | +€24,663 | +78.9% |
| Taxes | 450/3 | €15,981 | €39,369 | +€23,388 | +146% |
| Remuneration and social security | 454/9 | €15,286 | €16,560 | +€1,274 | +8.3% |
| Other amounts payable | 47/48 | €2,152 | €3,761 | +€1,609 | +74.7% |
| Accrued charges and deferred income | 492/3 | - | €1,340 | +€1,340 | |
| Remuneration, social security and pensions | 62 | €178,573 | €207,339 | +€28,766 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,169 | €4,246 | -€2,924 | -40.8% |
| Other operating charges | 640/8 | €1,124 | €1,461 | +€338 | +30.1% |
| Non-recurring operating charges | 66A | - | €20,536 | +€20,536 | |
| Gross operating margin | 9900 | €254,267 | €344,064 | +€89,797 | +35.3% |
| Operating profit (loss) | 9901 | €67,401 | €110,482 | +€43,081 | +63.9% |
| Financial income | 75/76B | €142 | €812 | +€669 | +470% |
| Recurring financial income | 75 | €142 | €812 | +€669 | +470% |
| Financial charges | 65/66B | €142 | €3,338 | +€3,196 | +2,244% |
| Recurring financial charges | 65 | €142 | €3,338 | +€3,196 | +2,244% |
| Profit (loss) for the period before taxes | 9903 | €67,401 | €107,955 | +€40,555 | +60.2% |
| Income taxes | 67/77 | €19,418 | €29,795 | +€10,378 | +53.4% |
| Profit (loss) for the period | 9904 | €47,983 | €78,160 | +€30,177 | +62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,983 | €78,160 | +€30,177 | +62.9% |
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 22 October 2026 via checked.be.