BEL-RELARM: 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-RELARM
Largest movements
- Current investments +€35,000
up €35,000 (+8.0%), from €435,000 to €470,000
- Tangible fixed assets -€9,373
down €9,373 (-10.8%), from €86,441 to €77,068
- Other debts +€29,354
up €29,354 (+15,053%), from €195 to €29,549
- Gross operating margin +€6,814
up €6,814 (+19.8%), from €34,434 to €41,249
- Financial income -€4,541
down €4,541 (-33.3%), from €13,625 to €9,084
- Taxes +€813
up €813 (+9.0%), from €9,055 to €9,868
- Depreciation -€514
down €514 (-5.2%), from €9,886 to €9,373
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 | €550,277 | €581,702 | +€31,425 | +5.7% |
| Fixed assets | 21/28 | €86,616 | €77,068 | -€9,547 | -11.0% |
| Tangible fixed assets | 22/27 | €86,441 | €77,068 | -€9,373 | -10.8% |
| Land and buildings | 22 | €86,441 | €77,068 | -€9,373 | -10.8% |
| Financial fixed assets | 28 | €175 | - | -€175 | |
| Current assets | 29/58 | €463,661 | €504,634 | +€40,973 | +8.8% |
| Amounts receivable within one year | 40/41 | €32 | €2,857 | +€2,825 | +8,745% |
| Other amounts receivable | 41 | €32 | €2,857 | +€2,825 | +8,745% |
| Current investments | 50/53 | €435,000 | €470,000 | +€35,000 | +8.0% |
| Cash at bank and in hand | 54/58 | €28,629 | €31,777 | +€3,148 | +11.0% |
| Total equity and liabilities | 10/49 | €550,277 | €581,702 | +€31,425 | +5.7% |
| Equity | 10/15 | €546,177 | €546,177 | = | 0.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €484,677 | €484,677 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €478,527 | €478,527 | = | 0.0% |
| Amounts payable | 17/49 | €4,100 | €35,525 | +€31,425 | +766% |
| Amounts payable within one year | 42/48 | €270 | €30,535 | +€30,265 | +11,209% |
| Trade debts | 44 | €75 | €986 | +€911 | +1,214% |
| Suppliers | 440/4 | €75 | €986 | +€911 | +1,214% |
| Other amounts payable | 47/48 | €195 | €29,549 | +€29,354 | +15,053% |
| Accrued charges and deferred income | 492/3 | €3,830 | €4,990 | +€1,160 | +30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,886 | €9,373 | -€514 | -5.2% |
| Other operating charges | 640/8 | €1,499 | €1,543 | +€44 | +2.9% |
| Gross operating margin | 9900 | €34,434 | €41,249 | +€6,814 | +19.8% |
| Operating profit (loss) | 9901 | €23,049 | €30,333 | +€7,284 | +31.6% |
| Financial income | 75/76B | €13,625 | €9,084 | -€4,541 | -33.3% |
| Recurring financial income | 75 | €13,625 | €9,084 | -€4,541 | -33.3% |
| Financial charges | 65/66B | €268 | €269 | +€2 | +0.6% |
| Recurring financial charges | 65 | €268 | €269 | +€2 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €36,406 | €39,147 | +€2,741 | +7.5% |
| Income taxes | 67/77 | €9,055 | €9,868 | +€813 | +9.0% |
| Profit (loss) for the period | 9904 | €27,351 | €29,279 | +€1,928 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,351 | €29,279 | +€1,928 | +7.0% |
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 13 October 2026 via checked.be.