BEL-SA: 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-SA
Largest movements
- Financial fixed assets +€50,510
new in 2025: €50,510
- Receivables within one year -€31,534
down €31,534 (-50.2%), from €62,785 to €31,251
of which Trade receivables: -€31,271
- Cash -€2,288
down €2,288 (-100.0%), from €2,288 to €0
mainly Investment in fixed assets (net) (-€51,730) and Trade debts (-€4,478)
- Profit (loss) carried forward +€16,405
up €16,405 (+40.4%), from €40,594 to €56,998
- Tax, wage and social debts +€5,093
up €5,093 (+39.1%), from €13,040 to €18,133
of which Taxes: +€4,896
- Trade debts -€4,478
down €4,478 (-71.7%), from €6,249 to €1,771
- Staff costs +€53,562
up €53,562 (+298.3%), from €17,954 to €71,516
- Gross operating margin +€27,500
up €27,500 (+38.7%), from €71,048 to €98,549
- Taxes -€5,559
down €5,559 (-53.5%), from €10,391 to €4,832
- Depreciation +€1,004
up €1,004 (+174.3%), from €576 to €1,581
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.
Cash bridge derived
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 | €68,102 | €84,735 | +€16,633 | +24.4% |
| Fixed assets | 21/28 | €3,029 | €53,179 | +€50,150 | +1655.7% |
| Tangible fixed assets | 22/27 | €3,029 | €2,669 | -€360 | -11.9% |
| Plant, machinery and equipment | 23 | €3,029 | €1,827 | -€1,202 | -39.7% |
| Furniture and vehicles | 24 | - | €841 | +€841 | |
| Financial fixed assets | 28 | - | €50,510 | +€50,510 | |
| Current assets | 29/58 | €65,073 | €31,556 | -€33,517 | -51.5% |
| Amounts receivable within one year | 40/41 | €62,785 | €31,251 | -€31,534 | -50.2% |
| Trade receivables | 40 | €58,852 | €27,581 | -€31,271 | -53.1% |
| Other amounts receivable | 41 | €3,933 | €3,670 | -€262 | -6.7% |
| Cash at bank and in hand | 54/58 | €2,288 | €0 | -€2,288 | -100.0% |
| Deferred charges and accrued income | 490/1 | - | €305 | +€305 | |
| Total equity and liabilities | 10/49 | €68,102 | €84,735 | +€16,633 | +24.4% |
| Equity | 10/15 | €47,594 | €63,998 | +€16,405 | +34.5% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,594 | €56,998 | +€16,405 | +40.4% |
| Amounts payable | 17/49 | €20,508 | €20,737 | +€229 | +1.1% |
| Amounts payable within one year | 42/48 | €20,508 | €20,737 | +€229 | +1.1% |
| Trade debts | 44 | €6,249 | €1,771 | -€4,478 | -71.7% |
| Suppliers | 440/4 | €6,249 | €1,771 | -€4,478 | -71.7% |
| Taxes, remuneration and social security | 45 | €13,040 | €18,133 | +€5,093 | +39.1% |
| Taxes | 450/3 | €10,393 | €15,289 | +€4,896 | +47.1% |
| Remuneration and social security | 454/9 | €2,647 | €2,844 | +€197 | +7.4% |
| Other amounts payable | 47/48 | €1,220 | €833 | -€387 | -31.7% |
| Remuneration, social security and pensions | 62 | €17,954 | €71,516 | +€53,562 | +298.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €576 | €1,581 | +€1,004 | +174.3% |
| Other operating charges | 640/8 | €267 | €408 | +€140 | +52.4% |
| Non-recurring operating charges | 66A | - | €2,000 | +€2,000 | |
| Gross operating margin | 9900 | €71,048 | €98,549 | +€27,500 | +38.7% |
| Operating profit (loss) | 9901 | €52,251 | €23,045 | -€29,206 | -55.9% |
| Financial charges | 65/66B | €434 | €976 | +€542 | +124.9% |
| Recurring financial charges | 65 | €434 | €976 | +€542 | +124.9% |
| Profit (loss) for the period before taxes | 9903 | €51,817 | €22,069 | -€29,748 | -57.4% |
| Income taxes | 67/77 | €10,391 | €4,832 | -€5,559 | -53.5% |
| Profit (loss) for the period | 9904 | €41,427 | €17,238 | -€24,189 | -58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,427 | €17,238 | -€24,189 | -58.4% |
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 11 October 2026 via checked.be.