BEL - SET: what changed
Two fiscal 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 - SET
Largest movements
- Tangible fixed assets -€13,932
down €13,932 (-48.9%), from €28,478 to €14,546
of which Furniture and vehicles: -€12,100
- Receivables within one year -€7,501
down €7,501 (-96.1%), from €7,808 to €306
of which Other amounts receivable: -€4,113
- Current portion of long-term debt -€5,970
down €5,970 (-64.9%), from €9,202 to €3,232
- Other debts -€5,749
down €5,749 (-79.9%), from €7,194 to €1,445
- Trade debts -€3,901
down €3,901 (-90.5%), from €4,311 to €410
- Profit (loss) carried forward -€3,857
down €3,857 (-4.9%), from €79,226 to €75,369
- Debts after one year -€3,232
down €3,232 (-30.2%), from €10,712 to €7,480
- Financial income -€36,966
no longer reported in 2025 (was €36,966)
- Gross operating margin -€15,823
down €15,823 (-56.1%), from €28,198 to €12,375
- Taxes -€7,369
down €7,369 (-88.8%), from €8,299 to €930
- Financial charges -€563
down €563 (-37.2%), from €1,513 to €950
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €176,826 | €155,414 | -€21,412 | -12.1% |
| Fixed assets | 21/28 | €168,577 | €154,645 | -€13,932 | -8.3% |
| Tangible fixed assets | 22/27 | €28,478 | €14,546 | -€13,932 | -48.9% |
| Plant, machinery and equipment | 23 | €2,757 | €925 | -€1,832 | -66.5% |
| Furniture and vehicles | 24 | €25,721 | €13,621 | -€12,100 | -47.0% |
| Financial fixed assets | 28 | €140,099 | €140,099 | = | 0.0% |
| Current assets | 29/58 | €8,249 | €769 | -€7,480 | -90.7% |
| Amounts receivable within one year | 40/41 | €7,808 | €306 | -€7,501 | -96.1% |
| Trade receivables | 40 | €3,388 | - | -€3,388 | |
| Other amounts receivable | 41 | €4,420 | €306 | -€4,113 | -93.1% |
| Deferred charges and accrued income | 490/1 | €441 | €462 | +€22 | +4.9% |
| Total equity and liabilities | 10/49 | €176,826 | €155,414 | -€21,412 | -12.1% |
| Equity | 10/15 | €137,089 | €133,232 | -€3,857 | -2.8% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €51,666 | €51,666 | = | 0.0% |
| Distributable reserves | 133 | €51,666 | €51,666 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,226 | €75,369 | -€3,857 | -4.9% |
| Amounts payable | 17/49 | €39,736 | €22,182 | -€17,555 | -44.2% |
| Amounts payable after more than one year | 17 | €10,712 | €7,480 | -€3,232 | -30.2% |
| Financial debts | 170/4 | €10,712 | €7,480 | -€3,232 | -30.2% |
| Amounts payable within one year | 42/48 | €29,025 | €14,702 | -€14,323 | -49.3% |
| Current portion of amounts payable after more than one year | 42 | €9,202 | €3,232 | -€5,970 | -64.9% |
| Financial debts | 43 | €61 | €428 | +€367 | +602.9% |
| Credit institutions | 430/8 | €61 | €428 | +€367 | +602.9% |
| Trade debts | 44 | €4,311 | €410 | -€3,901 | -90.5% |
| Suppliers | 440/4 | €4,311 | €410 | -€3,901 | -90.5% |
| Taxes, remuneration and social security | 45 | €8,258 | €9,188 | +€930 | +11.3% |
| Taxes | 450/3 | €8,258 | €9,188 | +€930 | +11.3% |
| Other amounts payable | 47/48 | €7,194 | €1,445 | -€5,749 | -79.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,734 | €13,932 | +€198 | +1.4% |
| Other operating charges | 640/8 | €397 | €419 | +€22 | +5.6% |
| Gross operating margin | 9900 | €28,198 | €12,375 | -€15,823 | -56.1% |
| Operating profit (loss) | 9901 | €14,066 | -€1,977 | -€16,043 | |
| Financial income | 75/76B | €36,966 | - | -€36,966 | |
| Recurring financial income | 75 | €36,966 | - | -€36,966 | |
| Financial charges | 65/66B | €1,513 | €950 | -€563 | -37.2% |
| Recurring financial charges | 65 | €1,513 | €950 | -€563 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | €49,520 | -€2,927 | -€52,447 | |
| Income taxes | 67/77 | €8,299 | €930 | -€7,369 | -88.8% |
| Profit (loss) for the period | 9904 | €41,221 | -€3,857 | -€45,078 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,221 | -€3,857 | -€45,078 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.