BEL@RT: 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@RT
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts -€607,998
down €607,998 (-82.8%), from €734,561 to €126,563
- Current portion of long-term debt +€311,158
up €311,158 (+241%), from €129,276 to €440,434
- Reserves +€154,734
up €154,734 (+11.9%), from €1.3m to €1.5m
of which Distributable reserves: +€154,734
- Debts after one year +€92,004
up €92,004 (+6.9%), from €1.3m to €1.4m
of which Other amounts payable: +€532,438
- Gross operating margin +€70,957
up €70,957 (+48.6%), from €145,926 to €216,883
- Financial income +€35,000
up €35,000, from €0 to €35,000
- Taxes +€25,876
up €25,876 (+146%), from €17,666 to €43,542
- Financial charges -€5,550
down €5,550 (-23.7%), from €23,421 to €17,870
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 | €4,956,434 | €4,938,614 | -€17,820 | -0.4% |
| Fixed assets | 21/28 | €4,507,956 | €4,480,278 | -€27,678 | -0.6% |
| Tangible fixed assets | 22/27 | €1,086,473 | €1,058,795 | -€27,678 | -2.5% |
| Land and buildings | 22 | €1,086,473 | €1,058,795 | -€27,678 | -2.5% |
| Financial fixed assets | 28 | €3,421,483 | €3,421,483 | = | 0.0% |
| Current assets | 29/58 | €448,478 | €458,336 | +€9,858 | +2.2% |
| Amounts receivable within one year | 40/41 | €409,030 | €442,107 | +€33,077 | +8.1% |
| Trade receivables | 40 | €2,178 | €2,178 | = | 0.0% |
| Other amounts receivable | 41 | €406,852 | €439,929 | +€33,077 | +8.1% |
| Cash at bank and in hand | 54/58 | €31,785 | €6,769 | -€25,016 | -78.7% |
| Deferred charges and accrued income | 490/1 | €7,663 | €9,460 | +€1,797 | +23.5% |
| Total equity and liabilities | 10/49 | €4,956,434 | €4,938,614 | -€17,820 | -0.4% |
| Equity | 10/15 | €1,945,089 | €2,099,823 | +€154,734 | +8.0% |
| Contributions | 10/11 | €644,000 | €644,000 | = | 0.0% |
| Reserves | 13 | €1,301,089 | €1,455,823 | +€154,734 | +11.9% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €1,244,839 | €1,399,573 | +€154,734 | +12.4% |
| Provisions and deferred taxes | 16 | €25,000 | €25,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €25,000 | €25,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable | 17/49 | €2,986,344 | €2,813,791 | -€172,554 | -5.8% |
| Amounts payable after more than one year | 17 | €1,340,434 | €1,432,438 | +€92,004 | +6.9% |
| Financial debts | 170/4 | €1,340,434 | €900,000 | -€440,434 | -32.9% |
| Other amounts payable | 178/9 | - | €532,438 | +€532,438 | |
| Amounts payable within one year | 42/48 | €1,381,798 | €1,119,991 | -€261,807 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €129,276 | €440,434 | +€311,158 | +241% |
| Trade debts | 44 | €11,569 | €5,831 | -€5,739 | -49.6% |
| Suppliers | 440/4 | €11,569 | €5,831 | -€5,739 | -49.6% |
| Advances received on contracts in progress | 46 | €269,254 | €269,254 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €237,137 | €277,909 | +€40,772 | +17.2% |
| Taxes | 450/3 | €235,687 | €275,466 | +€39,779 | +16.9% |
| Remuneration and social security | 454/9 | €1,450 | €2,443 | +€993 | +68.5% |
| Other amounts payable | 47/48 | €734,561 | €126,563 | -€607,998 | -82.8% |
| Accrued charges and deferred income | 492/3 | €264,112 | €261,362 | -€2,750 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,779 | €27,678 | -€101 | -0.4% |
| Other operating charges | 640/8 | €7,957 | €8,058 | +€102 | +1.3% |
| Gross operating margin | 9900 | €145,926 | €216,883 | +€70,957 | +48.6% |
| Operating profit (loss) | 9901 | €110,190 | €181,146 | +€70,956 | +64.4% |
| Financial income | 75/76B | €0 | €35,000 | +€35,000 | |
| Recurring financial income | 75 | €0 | €35,000 | +€35,000 | |
| Financial charges | 65/66B | €23,421 | €17,870 | -€5,550 | -23.7% |
| Recurring financial charges | 65 | €23,421 | €17,870 | -€5,550 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €86,769 | €198,276 | +€111,507 | +129% |
| Income taxes | 67/77 | €17,666 | €43,542 | +€25,876 | +146% |
| Profit (loss) for the period | 9904 | €69,103 | €154,734 | +€85,631 | +124% |
| Profit (loss) for the period to be appropriated | 9905 | €69,103 | €154,734 | +€85,631 | +124% |
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 1 November 2026 via checked.be.