BEL STORY PROJECTS: what changed
BEL STORY PROJECTS
Largest movements
- Stocks and contracts -€220,577
down €220,577 (-21.6%), from €1.0m to €802,483
of which Stocks: -€205,577
- Receivables within one year +€57,275
up €57,275 (+1,227%), from €4,669 to €61,944
of which Trade receivables: +€50,000
- Cash +€36,997
up €36,997 (+477%), from €7,759 to €44,756
mainly Short-term financial debts (+€345,267) and Stocks and contracts (+€220,577)
- Current portion of long-term debt -€456,232
down €456,232 (-100%), from €456,232 to €0
- Short-term financial debts +€345,267
up €345,267 (+218%), from €158,500 to €503,767
- Other debts -€50,187
down €50,187 (-89.1%), from €56,341 to €6,154
- Profit (loss) carried forward +€29,007
up €29,007 (+44.7%), from -€64,887 to -€35,880
- Financial income -€58,097
down €58,097 (-100.0%), from €58,113 to €16
- Gross operating margin +€56,556
up €56,556 (+1,468%), from €3,854 to €60,410
- Financial charges -€9,823
down €9,823 (-24.3%), from €40,370 to €30,547
- Other operating charges -€776
down €776 (-58.8%), from €1,320 to €544
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,036,160 | €909,566 | -€126,595 | -12.2% |
| Fixed assets | 21/28 | €607 | €278 | -€329 | -54.2% |
| Tangible fixed assets | 22/27 | €607 | €278 | -€329 | -54.2% |
| Land and buildings | 22 | €607 | €278 | -€329 | -54.2% |
| Current assets | 29/58 | €1,035,553 | €909,288 | -€126,266 | -12.2% |
| Stocks and contracts in progress | 3 | €1,023,060 | €802,483 | -€220,577 | -21.6% |
| Stocks | 30/36 | €968,060 | €762,483 | -€205,577 | -21.2% |
| Contracts in progress | 37 | €55,000 | €40,000 | -€15,000 | -27.3% |
| Amounts receivable within one year | 40/41 | €4,669 | €61,944 | +€57,275 | +1,227% |
| Trade receivables | 40 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 41 | €4,669 | €11,944 | +€7,275 | +156% |
| Cash at bank and in hand | 54/58 | €7,759 | €44,756 | +€36,997 | +477% |
| Deferred charges and accrued income | 490/1 | €66 | €104 | +€38 | +58.1% |
| Total equity and liabilities | 10/49 | €1,036,160 | €909,566 | -€126,595 | -12.2% |
| Equity | 10/15 | €160,497 | €189,504 | +€29,007 | +18.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €25,384 | €25,384 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €20,000 | +€20,000 | |
| Reserves not available under the articles | 1311 | - | €20,000 | +€20,000 | |
| Distributable reserves | 133 | €25,384 | €5,384 | -€20,000 | -78.8% |
| Profit (loss) carried forward | 14 | -€64,887 | -€35,880 | +€29,007 | +44.7% |
| Amounts payable | 17/49 | €875,663 | €720,061 | -€155,601 | -17.8% |
| Amounts payable after more than one year | 17 | €200,000 | €200,000 | = | 0.0% |
| Financial debts | 170/4 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €675,663 | €520,061 | -€155,601 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €456,232 | €0 | -€456,232 | -100% |
| Financial debts | 43 | €158,500 | €503,767 | +€345,267 | +218% |
| Credit institutions | 430/8 | €158,500 | €503,767 | +€345,267 | +218% |
| Trade debts | 44 | €994 | €5,777 | +€4,783 | +481% |
| Suppliers | 440/4 | €994 | €5,777 | +€4,783 | +481% |
| Taxes, remuneration and social security | 45 | €3,596 | €4,364 | +€768 | +21.4% |
| Taxes | 450/3 | €3,596 | €4,364 | +€768 | +21.4% |
| Other amounts payable | 47/48 | €56,341 | €6,154 | -€50,187 | -89.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €329 | €329 | = | 0.0% |
| Other operating charges | 640/8 | €1,320 | €544 | -€776 | -58.8% |
| Gross operating margin | 9900 | €3,854 | €60,410 | +€56,556 | +1,468% |
| Operating profit (loss) | 9901 | €2,205 | €59,537 | +€57,333 | +2,600% |
| Financial income | 75/76B | €58,113 | €16 | -€58,097 | -100.0% |
| Recurring financial income | 75 | €58,113 | €16 | -€58,097 | -100.0% |
| Financial charges | 65/66B | €40,370 | €30,547 | -€9,823 | -24.3% |
| Recurring financial charges | 65 | €40,370 | €30,547 | -€9,823 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €19,948 | €29,007 | +€9,059 | +45.4% |
| Profit (loss) for the period | 9904 | €19,948 | €29,007 | +€9,059 | +45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,948 | €29,007 | +€9,059 | +45.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.