BELA: 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.
BELA
Largest movements
- Tangible fixed assets +€40,782
up €40,782 (+48.7%), from €83,657 to €124,438
of which Furniture and vehicles: +€42,640
- Cash +€12,930
up €12,930 (+5.2%), from €249,274 to €262,204
mainly Other debts (+€191,800) and Net result for the year (+€50,165)
- Deferred charges and accrued income +€4,506
up €4,506 (+80.4%), from €5,606 to €10,113
- Other debts +€191,800
new in 2025: €191,800
- Reserves -€141,650
down €141,650 (-52.8%), from €268,153 to €126,503
- Debts after one year +€29,445
up €29,445 (+112%), from €26,202 to €55,647
- Trade debts -€23,910
down €23,910 (-63.9%), from €37,402 to €13,491
- Gross operating margin +€50,511
up €50,511 (+34.4%), from €146,661 to €197,172
- Staff costs +€25,558
up €25,558 (+38.8%), from €65,951 to €91,509
- Depreciation +€11,106
up €11,106 (+59.0%), from €18,820 to €29,926
- Financial income -€3,027
down €3,027 (-97.3%), from €3,111 to €84
- Taxes +€2,495
up €2,495 (+14.7%), from €16,942 to €19,437
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 | €376,383 | €438,093 | +€61,710 | +16.4% |
| Fixed assets | 21/28 | €87,623 | €128,405 | +€40,782 | +46.5% |
| Tangible fixed assets | 22/27 | €83,657 | €124,438 | +€40,782 | +48.7% |
| Plant, machinery and equipment | 23 | €17,136 | €15,278 | -€1,859 | -10.8% |
| Furniture and vehicles | 24 | €66,520 | €109,161 | +€42,640 | +64.1% |
| Financial fixed assets | 28 | €3,966 | €3,966 | = | 0.0% |
| Current assets | 29/58 | €288,760 | €309,688 | +€20,929 | +7.2% |
| Stocks and contracts in progress | 3 | €3,826 | €3,746 | -€80 | -2.1% |
| Stocks | 30/36 | €3,826 | €3,746 | -€80 | -2.1% |
| Amounts receivable within one year | 40/41 | €30,053 | €33,625 | +€3,572 | +11.9% |
| Trade receivables | 40 | €23,358 | €27,254 | +€3,895 | +16.7% |
| Other amounts receivable | 41 | €6,695 | €6,372 | -€323 | -4.8% |
| Cash at bank and in hand | 54/58 | €249,274 | €262,204 | +€12,930 | +5.2% |
| Deferred charges and accrued income | 490/1 | €5,606 | €10,113 | +€4,506 | +80.4% |
| Total equity and liabilities | 10/49 | €376,383 | €438,093 | +€61,710 | +16.4% |
| Equity | 10/15 | €292,453 | €150,818 | -€141,635 | -48.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €268,153 | €126,503 | -€141,650 | -52.8% |
| Distributable reserves | 133 | €268,153 | €126,503 | -€141,650 | -52.8% |
| Profit (loss) carried forward | 14 | €5,708 | €5,724 | +€15 | +0.3% |
| Amounts payable | 17/49 | €83,930 | €287,275 | +€203,345 | +242% |
| Amounts payable after more than one year | 17 | €26,202 | €55,647 | +€29,445 | +112% |
| Financial debts | 170/4 | €26,202 | €55,647 | +€29,445 | +112% |
| Amounts payable within one year | 42/48 | €57,728 | €231,628 | +€173,900 | +301% |
| Current portion of amounts payable after more than one year | 42 | €19,303 | €22,129 | +€2,826 | +14.6% |
| Trade debts | 44 | €37,402 | €13,491 | -€23,910 | -63.9% |
| Suppliers | 440/4 | €37,402 | €13,491 | -€23,910 | -63.9% |
| Taxes, remuneration and social security | 45 | €1,024 | €4,207 | +€3,184 | +311% |
| Taxes | 450/3 | €1,024 | €4,207 | +€3,184 | +311% |
| Other amounts payable | 47/48 | - | €191,800 | +€191,800 | |
| Non-recurring operating income | 76A | - | €10,500 | +€10,500 | |
| Remuneration, social security and pensions | 62 | €65,951 | €91,509 | +€25,558 | +38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,820 | €29,926 | +€11,106 | +59.0% |
| Other operating charges | 640/8 | €4,379 | €2,633 | -€1,746 | -39.9% |
| Non-recurring operating charges | 66A | €275 | €192 | -€84 | -30.4% |
| Gross operating margin | 9900 | €146,661 | €197,172 | +€50,511 | +34.4% |
| Operating profit (loss) | 9901 | €57,236 | €72,912 | +€15,676 | +27.4% |
| Financial income | 75/76B | €3,111 | €84 | -€3,027 | -97.3% |
| Recurring financial income | 75 | €3,111 | €84 | -€3,027 | -97.3% |
| Financial charges | 65/66B | €1,560 | €3,394 | +€1,834 | +118% |
| Recurring financial charges | 65 | €1,560 | €3,394 | +€1,834 | +118% |
| Profit (loss) for the period before taxes | 9903 | €58,787 | €69,602 | +€10,815 | +18.4% |
| Income taxes | 67/77 | €16,942 | €19,437 | +€2,495 | +14.7% |
| Profit (loss) for the period | 9904 | €41,845 | €50,165 | +€8,321 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,845 | €50,165 | +€8,321 | +19.9% |
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 28 October 2026 via checked.be.