Bel TP: 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 TP
Largest movements
- Receivables within one year +€50,097
up €50,097 (+167.8%), from €29,847 to €79,944
of which Other amounts receivable: +€48,089
- Tangible fixed assets +€11,363
up €11,363 (+25.7%), from €44,203 to €55,567
of which Plant, machinery and equipment: +€19,063
- Cash -€3,767
down €3,767 (-22.5%), from €16,716 to €12,949
mainly Receivables within one year (-€50,097) and Investment in fixed assets (net) (-€23,500)
- Profit (loss) carried forward +€24,955
up €24,955 (+51.1%), from €48,872 to €73,828
- Debts after one year +€16,771
up €16,771 (+152.1%), from €11,025 to €27,795
- Trade debts +€11,995
up €11,995 (+93.6%), from €12,819 to €24,814
- Current portion of long-term debt +€4,169
up €4,169 (+162.8%), from €2,560 to €6,729
- Depreciation +€2,777
up €2,777 (+29.7%), from €9,360 to €12,137
- Gross operating margin +€2,001
up €2,001 (+4.7%), from €42,461 to €44,461
- Other operating charges -€614
down €614 (-37.7%), from €1,629 to €1,016
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 | €90,842 | €149,027 | +€58,185 | +64.1% |
| Fixed assets | 21/28 | €44,203 | €55,567 | +€11,363 | +25.7% |
| Tangible fixed assets | 22/27 | €44,203 | €55,567 | +€11,363 | +25.7% |
| Plant, machinery and equipment | 23 | €16,903 | €35,967 | +€19,063 | +112.8% |
| Furniture and vehicles | 24 | €27,300 | €19,600 | -€7,700 | -28.2% |
| Current assets | 29/58 | €46,639 | €93,461 | +€46,822 | +100.4% |
| Amounts receivable within one year | 40/41 | €29,847 | €79,944 | +€50,097 | +167.8% |
| Trade receivables | 40 | €16,944 | €18,952 | +€2,007 | +11.8% |
| Other amounts receivable | 41 | €12,903 | €60,993 | +€48,089 | +372.7% |
| Cash at bank and in hand | 54/58 | €16,716 | €12,949 | -€3,767 | -22.5% |
| Deferred charges and accrued income | 490/1 | €75 | €567 | +€492 | +656.9% |
| Total equity and liabilities | 10/49 | €90,842 | €149,027 | +€58,185 | +64.1% |
| Equity | 10/15 | €51,272 | €76,228 | +€24,955 | +48.7% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,872 | €73,828 | +€24,955 | +51.1% |
| Amounts payable | 17/49 | €39,570 | €72,799 | +€33,230 | +84.0% |
| Amounts payable after more than one year | 17 | €11,025 | €27,795 | +€16,771 | +152.1% |
| Financial debts | 170/4 | €11,025 | €27,795 | +€16,771 | +152.1% |
| Amounts payable within one year | 42/48 | €28,545 | €45,004 | +€16,459 | +57.7% |
| Current portion of amounts payable after more than one year | 42 | €2,560 | €6,729 | +€4,169 | +162.8% |
| Trade debts | 44 | €12,819 | €24,814 | +€11,995 | +93.6% |
| Suppliers | 440/4 | €12,819 | €24,814 | +€11,995 | +93.6% |
| Taxes, remuneration and social security | 45 | €13,166 | €13,460 | +€295 | +2.2% |
| Taxes | 450/3 | €13,166 | €13,460 | +€295 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,360 | €12,137 | +€2,777 | +29.7% |
| Other operating charges | 640/8 | €1,629 | €1,016 | -€614 | -37.7% |
| Gross operating margin | 9900 | €42,461 | €44,461 | +€2,001 | +4.7% |
| Operating profit (loss) | 9901 | €31,472 | €31,309 | -€163 | -0.5% |
| Financial income | 75/76B | €135 | €100 | -€35 | -25.7% |
| Recurring financial income | 75 | €135 | €100 | -€35 | -25.7% |
| Financial charges | 65/66B | €612 | €652 | +€39 | +6.4% |
| Recurring financial charges | 65 | €612 | €652 | +€39 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €30,994 | €30,757 | -€237 | -0.8% |
| Income taxes | 67/77 | €6,108 | €5,802 | -€306 | -5.0% |
| Profit (loss) for the period | 9904 | €24,886 | €24,955 | +€70 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,886 | €24,955 | +€70 | +0.3% |
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 2 October 2026 via checked.be.