BEL REFLEX: 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 REFLEX
Largest movements
- Receivables within one year +€32,797
up €32,797 (+19.7%), from €166,599 to €199,396
of which Trade receivables: +€31,699
- Cash -€2,219
down €2,219 (-100.0%), from €2,219 to €0
mainly Receivables within one year (-€32,797) and Investment in fixed assets (net) (-€6,230)
- Short-term financial debts +€19,991
new in 2026: €19,991
- Trade debts +€12,323
up €12,323 (+11.4%), from €108,564 to €120,887
- Tax, wage and social debts -€2,500
down €2,500 (-35.7%), from €6,996 to €4,496
- Purchases and services +€233,721
up €233,721 (+23.2%), from €1.0m to €1.2m
- Turnover +€204,169
up €204,169 (+19.8%), from €1.0m to €1.2m
- Gross operating margin -€15,991
down €15,991 (-55.7%), from €28,719 to €12,728
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €178,188 | €207,762 | +€29,574 | +16.6% |
| Fixed assets | 21/28 | €6,061 | €5,124 | -€938 | -15.5% |
| Tangible fixed assets | 22/27 | €6,061 | €4,344 | -€1,718 | -28.3% |
| Plant, machinery and equipment | 23 | €1,958 | €2,544 | +€585 | +29.9% |
| Furniture and vehicles | 24 | €4,103 | €1,800 | -€2,303 | -56.1% |
| Financial fixed assets | 28 | - | €780 | +€780 | |
| Current assets | 29/58 | €172,126 | €202,638 | +€30,512 | +17.7% |
| Amounts receivable within one year | 40/41 | €166,599 | €199,396 | +€32,797 | +19.7% |
| Trade receivables | 40 | €79,881 | €111,580 | +€31,699 | +39.7% |
| Other amounts receivable | 41 | €86,718 | €87,816 | +€1,098 | +1.3% |
| Cash at bank and in hand | 54/58 | €2,219 | €0 | -€2,219 | -100.0% |
| Deferred charges and accrued income | 490/1 | €3,308 | €3,242 | -€67 | -2.0% |
| Total equity and liabilities | 10/49 | €178,188 | €207,762 | +€29,574 | +16.6% |
| Equity | 10/15 | €60,592 | €60,028 | -€565 | -0.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €752 | €752 | = | 0.0% |
| Non-distributable reserves | 130/1 | €752 | €752 | = | 0.0% |
| Reserves not available under the articles | 1311 | €752 | €752 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,640 | €53,075 | -€565 | -1.1% |
| Amounts payable | 17/49 | €117,595 | €147,734 | +€30,139 | +25.6% |
| Amounts payable within one year | 42/48 | €117,595 | €147,734 | +€30,139 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €2,036 | €2,360 | +€325 | +15.9% |
| Financial debts | 43 | - | €19,991 | +€19,991 | |
| Credit institutions | 430/8 | - | €19,991 | +€19,991 | |
| Trade debts | 44 | €108,564 | €120,887 | +€12,323 | +11.4% |
| Suppliers | 440/4 | €108,564 | €120,887 | +€12,323 | +11.4% |
| Taxes, remuneration and social security | 45 | €6,996 | €4,496 | -€2,500 | -35.7% |
| Remuneration and social security | 454/9 | €6,996 | €4,496 | -€2,500 | -35.7% |
| Turnover | 70 | €1,032,808 | €1,236,978 | +€204,169 | +19.8% |
| Non-recurring operating income | 76A | €3,205 | €16,766 | +€13,561 | +423.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,007,294 | €1,241,016 | +€233,721 | +23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,640 | €7,167 | -€473 | -6.2% |
| Other operating charges | 640/8 | €2,110 | €2,103 | -€7 | -0.3% |
| Gross operating margin | 9900 | €28,719 | €12,728 | -€15,991 | -55.7% |
| Operating profit (loss) | 9901 | €18,969 | €3,458 | -€15,512 | -81.8% |
| Financial income | 75/76B | €60 | €39 | -€21 | -34.7% |
| Recurring financial income | 75 | €60 | €39 | -€21 | -34.7% |
| Financial charges | 65/66B | €3,561 | €2,041 | -€1,520 | -42.7% |
| Recurring financial charges | 65 | €3,561 | €2,041 | -€1,520 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | €15,468 | €1,456 | -€14,012 | -90.6% |
| Income taxes | 67/77 | €4,802 | €2,021 | -€2,781 | -57.9% |
| Profit (loss) for the period | 9904 | €10,667 | -€565 | -€11,232 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,667 | -€565 | -€11,232 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.