BEL SITE: 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 SITE
Largest movements
- Receivables within one year +€112,864
up €112,864 (+194%), from €58,093 to €170,956
of which Trade receivables: +€112,571
- Tangible fixed assets +€70,839
up €70,839 (+272%), from €26,032 to €96,871
- Cash -€34,529
down €34,529 (-52.5%), from €65,797 to €31,268
mainly Receivables within one year (-€112,864) and Investment in fixed assets (net) (-€87,701)
- Advances received +€96,457
up €96,457 (+441%), from €21,867 to €118,324
- Other debts +€21,851
up €21,851 (+38.8%), from €56,301 to €78,152
- Tax, wage and social debts +€17,377
up €17,377 (+129%), from €13,500 to €30,877
of which Remuneration and social security: +€11,004
- Profit (loss) carried forward +€13,782
up €13,782 (+545%), from €2,528 to €16,310
- Gross operating margin +€25,880
up €25,880 (+209%), from €12,363 to €38,243
- Depreciation +€7,448
up €7,448 (+79.1%), from €9,414 to €16,862
- Other operating charges +€2,602
up €2,602 (+152%), from €1,714 to €4,316
- Financial income -€2,030
down €2,030 (-95.0%), from €2,138 to €108
- Taxes +€1,647
up €1,647 (+109%), from €1,507 to €3,154
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 | €163,617 | €313,191 | +€149,574 | +91.4% |
| Fixed assets | 21/28 | €27,671 | €98,510 | +€70,839 | +256% |
| Tangible fixed assets | 22/27 | €26,032 | €96,871 | +€70,839 | +272% |
| Furniture and vehicles | 24 | €26,032 | €96,871 | +€70,839 | +272% |
| Financial fixed assets | 28 | €1,639 | €1,639 | = | 0.0% |
| Current assets | 29/58 | €135,946 | €214,681 | +€78,735 | +57.9% |
| Amounts receivable within one year | 40/41 | €58,093 | €170,956 | +€112,864 | +194% |
| Trade receivables | 40 | €45,040 | €157,611 | +€112,571 | +250% |
| Other amounts receivable | 41 | €13,053 | €13,346 | +€293 | +2.2% |
| Cash at bank and in hand | 54/58 | €65,797 | €31,268 | -€34,529 | -52.5% |
| Deferred charges and accrued income | 490/1 | €12,057 | €12,457 | +€400 | +3.3% |
| Total equity and liabilities | 10/49 | €163,617 | €313,191 | +€149,574 | +91.4% |
| Equity | 10/15 | €70,738 | €84,520 | +€13,782 | +19.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,610 | €49,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €47,750 | €47,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,528 | €16,310 | +€13,782 | +545% |
| Amounts payable | 17/49 | €92,879 | €228,671 | +€135,791 | +146% |
| Amounts payable within one year | 42/48 | €92,879 | €228,671 | +€135,791 | +146% |
| Trade debts | 44 | €1,211 | €1,317 | +€106 | +8.8% |
| Suppliers | 440/4 | €1,211 | €1,317 | +€106 | +8.8% |
| Advances received on contracts in progress | 46 | €21,867 | €118,324 | +€96,457 | +441% |
| Taxes, remuneration and social security | 45 | €13,500 | €30,877 | +€17,377 | +129% |
| Taxes | 450/3 | €13,500 | €19,873 | +€6,373 | +47.2% |
| Remuneration and social security | 454/9 | - | €11,004 | +€11,004 | |
| Other amounts payable | 47/48 | €56,301 | €78,152 | +€21,851 | +38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,414 | €16,862 | +€7,448 | +79.1% |
| Other operating charges | 640/8 | €1,714 | €4,316 | +€2,602 | +152% |
| Gross operating margin | 9900 | €12,363 | €38,243 | +€25,880 | +209% |
| Operating profit (loss) | 9901 | €1,236 | €17,065 | +€15,829 | +1,281% |
| Financial income | 75/76B | €2,138 | €108 | -€2,030 | -95.0% |
| Recurring financial income | 75 | €2,138 | €108 | -€2,030 | -95.0% |
| Financial charges | 65/66B | €432 | €236 | -€196 | -45.3% |
| Recurring financial charges | 65 | €432 | €236 | -€196 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €2,942 | €16,937 | +€13,995 | +476% |
| Income taxes | 67/77 | €1,507 | €3,154 | +€1,647 | +109% |
| Profit (loss) for the period | 9904 | €1,435 | €13,782 | +€12,348 | +861% |
| Profit (loss) for the period to be appropriated | 9905 | €1,435 | €13,782 | +€12,348 | +861% |
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 21 October 2026 via checked.be.