BEL-SERVICES: 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-SERVICES
Largest movements
- Receivables within one year +€78,351
up €78,351 (+42.1%), from €185,942 to €264,293
of which Trade receivables: +€82,428
- Cash -€25,956
down €25,956 (-44.9%), from €57,785 to €31,829
mainly Receivables within one year (-€78,351) and Debts after one year (-€22,198)
- Tangible fixed assets -€8,370
down €8,370 (-15.7%), from €53,437 to €45,067
of which Furniture and vehicles: -€6,852
- Profit (loss) carried forward +€37,713
up €37,713 (+16.0%), from €236,190 to €273,903
- Debts after one year -€22,198
down €22,198 (-52.6%), from €42,187 to €19,989
- Trade debts +€15,229
up €15,229 (+103.5%), from €14,709 to €29,938
- Current portion of long-term debt +€11,099
new in 2025: €11,099
- Gross operating margin +€12,786
up €12,786 (+18.7%), from €68,528 to €81,314
- Taxes +€10,051
up €10,051 (+82.2%), from €12,226 to €22,277
- Other operating charges +€1,851
up €1,851 (+112.5%), from €1,646 to €3,497
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 | €319,437 | €362,943 | +€43,506 | +13.6% |
| Fixed assets | 21/28 | €62,350 | €52,480 | -€9,870 | -15.8% |
| Intangible fixed assets | 21 | €5,097 | €3,597 | -€1,500 | -29.4% |
| Tangible fixed assets | 22/27 | €53,437 | €45,067 | -€8,370 | -15.7% |
| Plant, machinery and equipment | 23 | €3,829 | €3,202 | -€627 | -16.4% |
| Furniture and vehicles | 24 | €42,219 | €35,367 | -€6,852 | -16.2% |
| Other tangible fixed assets | 26 | €7,389 | €6,498 | -€891 | -12.1% |
| Financial fixed assets | 28 | €3,816 | €3,816 | = | 0.0% |
| Current assets | 29/58 | €257,087 | €310,463 | +€53,376 | +20.8% |
| Amounts receivable within one year | 40/41 | €185,942 | €264,293 | +€78,351 | +42.1% |
| Trade receivables | 40 | €172,938 | €255,366 | +€82,428 | +47.7% |
| Other amounts receivable | 41 | €13,004 | €8,927 | -€4,077 | -31.4% |
| Cash at bank and in hand | 54/58 | €57,785 | €31,829 | -€25,956 | -44.9% |
| Deferred charges and accrued income | 490/1 | €13,360 | €14,341 | +€981 | +7.3% |
| Total equity and liabilities | 10/49 | €319,437 | €362,943 | +€43,506 | +13.6% |
| Equity | 10/15 | €241,050 | €278,763 | +€37,713 | +15.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €236,190 | €273,903 | +€37,713 | +16.0% |
| Amounts payable | 17/49 | €78,387 | €84,180 | +€5,793 | +7.4% |
| Amounts payable after more than one year | 17 | €42,187 | €19,989 | -€22,198 | -52.6% |
| Financial debts | 170/4 | €42,187 | €19,989 | -€22,198 | -52.6% |
| Amounts payable within one year | 42/48 | €36,200 | €64,191 | +€27,991 | +77.3% |
| Current portion of amounts payable after more than one year | 42 | - | €11,099 | +€11,099 | |
| Trade debts | 44 | €14,709 | €29,938 | +€15,229 | +103.5% |
| Suppliers | 440/4 | €14,709 | €29,938 | +€15,229 | +103.5% |
| Taxes, remuneration and social security | 45 | €18,193 | €19,856 | +€1,663 | +9.1% |
| Taxes | 450/3 | €15,381 | €17,212 | +€1,831 | +11.9% |
| Remuneration and social security | 454/9 | €2,812 | €2,644 | -€168 | -6.0% |
| Other amounts payable | 47/48 | €3,298 | €3,298 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,276 | €16,727 | +€451 | +2.8% |
| Other operating charges | 640/8 | €1,646 | €3,497 | +€1,851 | +112.5% |
| Gross operating margin | 9900 | €68,528 | €81,314 | +€12,786 | +18.7% |
| Operating profit (loss) | 9901 | €50,606 | €61,090 | +€10,484 | +20.7% |
| Financial income | 75/76B | €70 | €294 | +€224 | +320.0% |
| Recurring financial income | 75 | €70 | €294 | +€224 | +320.0% |
| Financial charges | 65/66B | €959 | €1,394 | +€435 | +45.4% |
| Recurring financial charges | 65 | €959 | €1,394 | +€435 | +45.4% |
| Profit (loss) for the period before taxes | 9903 | €49,717 | €59,990 | +€10,273 | +20.7% |
| Income taxes | 67/77 | €12,226 | €22,277 | +€10,051 | +82.2% |
| Profit (loss) for the period | 9904 | €37,491 | €37,713 | +€222 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €37,491 | €37,713 | +€222 | +0.6% |
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 10 October 2026 via checked.be.