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 -€71,077
down €71,077 (-5.7%), from €1.3m to €1.2m
of which Plant, machinery and equipment: -€47,153
- Cash +€59,863
up €59,863 (+22.1%), from €271,033 to €330,897
mainly Net result for the year (+€174,545) and Depreciation (+€117,574)
- Stocks and contracts +€32,500
up €32,500 (+23.6%), from €137,500 to €170,000
- Receivables within one year +€27,364
up €27,364 (+44.3%), from €61,821 to €89,185
of which Other amounts receivable: +€52,051
- Current investments +€24,037
up €24,037 (+46.9%), from €51,200 to €75,237
- Reserves +€174,545
up €174,545 (+13.6%), from €1.3m to €1.5m
of which Distributable reserves: +€174,545
- Trade debts -€80,892
down €80,892 (-63.4%), from €127,576 to €46,684
- Debts after one year -€33,904
down €33,904 (-9.3%), from €364,421 to €330,516
- Gross operating margin +€20,339
up €20,339 (+2.5%), from €805,389 to €825,729
- Staff costs +€9,246
up €9,246 (+2.2%), from €424,540 to €433,785
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 | €1,916,852 | €1,989,487 | +€72,634 | +3.8% |
| Fixed assets | 21/28 | €1,252,936 | €1,181,859 | -€71,077 | -5.7% |
| Tangible fixed assets | 22/27 | €1,252,936 | €1,181,859 | -€71,077 | -5.7% |
| Land and buildings | 22 | €991,975 | €985,167 | -€6,808 | -0.7% |
| Plant, machinery and equipment | 23 | €215,041 | €167,888 | -€47,153 | -21.9% |
| Furniture and vehicles | 24 | €45,919 | €28,804 | -€17,115 | -37.3% |
| Current assets | 29/58 | €663,917 | €807,628 | +€143,711 | +21.6% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €137,500 | €170,000 | +€32,500 | +23.6% |
| Stocks | 30/36 | €137,500 | €170,000 | +€32,500 | +23.6% |
| Amounts receivable within one year | 40/41 | €61,821 | €89,185 | +€27,364 | +44.3% |
| Trade receivables | 40 | €46,105 | €21,419 | -€24,687 | -53.5% |
| Other amounts receivable | 41 | €15,715 | €67,766 | +€52,051 | +331% |
| Current investments | 50/53 | €51,200 | €75,237 | +€24,037 | +46.9% |
| Cash at bank and in hand | 54/58 | €271,033 | €330,897 | +€59,863 | +22.1% |
| Deferred charges and accrued income | 490/1 | €17,363 | €17,310 | -€53 | -0.3% |
| Total equity and liabilities | 10/49 | €1,916,852 | €1,989,487 | +€72,634 | +3.8% |
| Equity | 10/15 | €1,335,449 | €1,523,476 | +€188,026 | +14.1% |
| Contributions | 10/11 | €48,587 | €48,587 | = | 0.0% |
| Reserves | 13 | €1,284,793 | €1,459,338 | +€174,545 | +13.6% |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €1,209,793 | €1,384,338 | +€174,545 | +14.4% |
| Investment grants | 15 | €2,069 | €15,550 | +€13,482 | +652% |
| Provisions and deferred taxes | 16 | €109 | €818 | +€710 | +652% |
| Deferred taxes | 168 | €109 | €818 | +€710 | +652% |
| Amounts payable | 17/49 | €581,294 | €465,193 | -€116,102 | -20.0% |
| Amounts payable after more than one year | 17 | €364,421 | €330,516 | -€33,904 | -9.3% |
| Financial debts | 170/4 | €364,421 | €330,516 | -€33,904 | -9.3% |
| Amounts payable within one year | 42/48 | €216,874 | €134,677 | -€82,197 | -37.9% |
| Current portion of amounts payable after more than one year | 42 | €39,092 | €33,904 | -€5,187 | -13.3% |
| Trade debts | 44 | €127,576 | €46,684 | -€80,892 | -63.4% |
| Suppliers | 440/4 | €127,576 | €46,684 | -€80,892 | -63.4% |
| Taxes, remuneration and social security | 45 | €34,209 | €43,163 | +€8,955 | +26.2% |
| Taxes | 450/3 | €18,241 | €18,429 | +€188 | +1.0% |
| Remuneration and social security | 454/9 | €15,968 | €24,735 | +€8,767 | +54.9% |
| Other amounts payable | 47/48 | €15,997 | €10,925 | -€5,073 | -31.7% |
| Remuneration, social security and pensions | 62 | €424,540 | €433,785 | +€9,246 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,426 | €117,574 | +€7,147 | +6.5% |
| Other operating charges | 640/8 | €14,834 | €15,300 | +€466 | +3.1% |
| Non-recurring operating charges | 66A | €427 | €13,236 | +€12,808 | +2,997% |
| Gross operating margin | 9900 | €805,389 | €825,729 | +€20,339 | +2.5% |
| Operating profit (loss) | 9901 | €255,162 | €245,834 | -€9,328 | -3.7% |
| Financial income | 75/76B | €16,588 | €13,448 | -€3,140 | -18.9% |
| Recurring financial income | 75 | €11,611 | €13,448 | +€1,837 | +15.8% |
| Non-recurring financial income | 76B | €4,977 | €0 | -€4,977 | -100% |
| Financial charges | 65/66B | €4,983 | €11,328 | +€6,344 | +127% |
| Recurring financial charges | 65 | €4,983 | €11,328 | +€6,344 | +127% |
| Profit (loss) for the period before taxes | 9903 | €266,767 | €247,954 | -€18,813 | -7.1% |
| Transfer from deferred taxes | 780 | €253 | €438 | +€185 | +73.0% |
| Income taxes | 67/77 | €79,217 | €73,847 | -€5,369 | -6.8% |
| Profit (loss) for the period | 9904 | €187,804 | €174,545 | -€13,259 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €187,804 | €174,545 | -€13,259 | -7.1% |
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 14 October 2026 via checked.be.