BEL'SY: 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'SY
Largest movements
- Tangible fixed assets -€5,357
down €5,357 (-21.8%), from €24,611 to €19,253
of which Plant, machinery and equipment: -€2,738
- Receivables within one year +€2,943
up €2,943 (+126%), from €2,328 to €5,271
of which Trade receivables: +€2,928
- Stocks and contracts -€1,574
down €1,574 (-48.3%), from €3,261 to €1,687
- Cash +€846
up €846 (+4.8%), from €17,780 to €18,626
mainly Depreciation (+€8,221) and Advances received (+€1,787)
- Debts after one year -€5,000
no longer reported in 2025 (was €5,000)
- Advances received +€1,787
up €1,787 (+3,135%), from €57 to €1,844
- Profit (loss) carried forward +€1,470
up €1,470 (+22.4%), from -€6,557 to -€5,088
- Tax, wage and social debts -€1,275
down €1,275 (-44.7%), from €2,852 to €1,577
- Gross operating margin +€11,066
up €11,066, from -€571 to €10,495
- Other operating charges +€309
up €309 (+113%), from €273 to €581
- Depreciation +€141
up €141 (+1.7%), from €8,080 to €8,221
- Financial charges -€107
down €107 (-32.5%), from €330 to €222
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 | €51,585 | €48,566 | -€3,019 | -5.9% |
| Fixed assets | 21/28 | €28,216 | €22,982 | -€5,233 | -18.5% |
| Tangible fixed assets | 22/27 | €24,611 | €19,253 | -€5,357 | -21.8% |
| Land and buildings | 22 | €11,104 | €8,692 | -€2,412 | -21.7% |
| Plant, machinery and equipment | 23 | €13,217 | €10,479 | -€2,738 | -20.7% |
| Furniture and vehicles | 24 | €289 | €81 | -€208 | -71.8% |
| Financial fixed assets | 28 | €3,605 | €3,729 | +€124 | +3.4% |
| Current assets | 29/58 | €23,370 | €25,584 | +€2,214 | +9.5% |
| Stocks and contracts in progress | 3 | €3,261 | €1,687 | -€1,574 | -48.3% |
| Stocks | 30/36 | €3,261 | €1,687 | -€1,574 | -48.3% |
| Amounts receivable within one year | 40/41 | €2,328 | €5,271 | +€2,943 | +126% |
| Trade receivables | 40 | €2,328 | €5,256 | +€2,928 | +126% |
| Other amounts receivable | 41 | - | €15 | +€15 | |
| Cash at bank and in hand | 54/58 | €17,780 | €18,626 | +€846 | +4.8% |
| Total equity and liabilities | 10/49 | €51,585 | €48,566 | -€3,019 | -5.9% |
| Equity | 10/15 | €35,443 | €36,912 | +€1,470 | +4.1% |
| Contributions | 10/11 | €42,000 | €42,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,557 | -€5,088 | +€1,470 | +22.4% |
| Amounts payable | 17/49 | €16,143 | €11,654 | -€4,489 | -27.8% |
| Amounts payable after more than one year | 17 | €5,000 | - | -€5,000 | |
| Financial debts | 170/4 | €5,000 | - | -€5,000 | |
| Amounts payable within one year | 42/48 | €11,143 | €11,654 | +€511 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €986 | €1,250 | +€264 | +26.8% |
| Trade debts | 44 | €3,282 | €3,251 | -€31 | -0.9% |
| Suppliers | 440/4 | €3,282 | €3,251 | -€31 | -0.9% |
| Advances received on contracts in progress | 46 | €57 | €1,844 | +€1,787 | +3,135% |
| Taxes, remuneration and social security | 45 | €2,852 | €1,577 | -€1,275 | -44.7% |
| Taxes | 450/3 | €2,852 | €1,577 | -€1,275 | -44.7% |
| Other amounts payable | 47/48 | €3,966 | €3,732 | -€234 | -5.9% |
| Non-recurring operating income | 76A | - | €160 | +€160 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,080 | €8,221 | +€141 | +1.7% |
| Other operating charges | 640/8 | €273 | €581 | +€309 | +113% |
| Gross operating margin | 9900 | -€571 | €10,495 | +€11,066 | |
| Operating profit (loss) | 9901 | -€8,925 | €1,692 | +€10,616 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -20.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -20.0% |
| Financial charges | 65/66B | €330 | €222 | -€107 | -32.5% |
| Recurring financial charges | 65 | €330 | €222 | -€107 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | -€9,254 | €1,470 | +€10,724 | |
| Profit (loss) for the period | 9904 | -€9,254 | €1,470 | +€10,724 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,254 | €1,470 | +€10,724 |
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 17 October 2026 via checked.be.