BELAGE: 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.
BELAGE
Largest movements
- Cash +€73,977
up €73,977 (+21.6%), from €343,171 to €417,148
mainly Net result for the year (+€308,943) and Receivables within one year (+€46,296)
- Reserves +€119,469
up €119,469 (+3.0%), from €4.0m to €4.1m
- Financial income +€172,265
up €172,265 (+132%), from €130,709 to €302,974
- Financial charges -€120,832
down €120,832 (-99.2%), from €121,825 to €993
- Gross operating margin -€10,766
down €10,766 (-46.3%), from €23,246 to €12,480
- Other operating charges -€301
down €301 (-71.9%), from €419 to €118
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 | €6,086,661 | €6,118,791 | +€32,129 | +0.5% |
| Fixed assets | 21/28 | €4,425,300 | €4,425,300 | = | 0.0% |
| Financial fixed assets | 28 | €4,425,300 | €4,425,300 | = | 0.0% |
| Current assets | 29/58 | €1,661,361 | €1,693,491 | +€32,129 | +1.9% |
| Amounts receivable after more than one year | 29 | €148,281 | €152,729 | +€4,448 | +3.0% |
| Other amounts receivable | 291 | €148,281 | €152,729 | +€4,448 | +3.0% |
| Amounts receivable within one year | 40/41 | €1,169,909 | €1,123,614 | -€46,296 | -4.0% |
| Trade receivables | 40 | €749,386 | €702,491 | -€46,896 | -6.3% |
| Other amounts receivable | 41 | €420,523 | €421,123 | +€600 | +0.1% |
| Cash at bank and in hand | 54/58 | €343,171 | €417,148 | +€73,977 | +21.6% |
| Total equity and liabilities | 10/49 | €6,086,661 | €6,118,791 | +€32,129 | +0.5% |
| Equity | 10/15 | €5,597,983 | €5,717,452 | +€119,469 | +2.1% |
| Contributions | 10/11 | €1,639,800 | €1,639,800 | = | 0.0% |
| Reserves | 13 | €3,958,183 | €4,077,652 | +€119,469 | +3.0% |
| Distributable reserves | 133 | €3,958,183 | €4,077,652 | +€119,469 | +3.0% |
| Amounts payable | 17/49 | €488,678 | €401,339 | -€87,340 | -17.9% |
| Amounts payable after more than one year | 17 | €21,337 | - | -€21,337 | |
| Financial debts | 170/4 | €21,337 | - | -€21,337 | |
| Amounts payable within one year | 42/48 | €467,341 | €401,339 | -€66,003 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €42,062 | €21,337 | -€20,725 | -49.3% |
| Trade debts | 44 | €386,396 | €340,884 | -€45,512 | -11.8% |
| Suppliers | 440/4 | €386,396 | €340,884 | -€45,512 | -11.8% |
| Taxes, remuneration and social security | 45 | €1,423 | €1,657 | +€234 | +16.5% |
| Taxes | 450/3 | €1,423 | €1,657 | +€234 | +16.5% |
| Other amounts payable | 47/48 | €37,461 | €37,461 | = | 0.0% |
| Other operating charges | 640/8 | €419 | €118 | -€301 | -71.9% |
| Gross operating margin | 9900 | €23,246 | €12,480 | -€10,766 | -46.3% |
| Operating profit (loss) | 9901 | €22,827 | €12,362 | -€10,464 | -45.8% |
| Financial income | 75/76B | €130,709 | €302,974 | +€172,265 | +132% |
| Recurring financial income | 75 | €130,709 | €302,974 | +€172,265 | +132% |
| Financial charges | 65/66B | €121,825 | €993 | -€120,832 | -99.2% |
| Recurring financial charges | 65 | €121,825 | €993 | -€120,832 | -99.2% |
| Profit (loss) for the period before taxes | 9903 | €31,711 | €314,343 | +€282,632 | +891% |
| Income taxes | 67/77 | €5,285 | €5,400 | +€115 | +2.2% |
| Profit (loss) for the period | 9904 | €26,426 | €308,943 | +€282,517 | +1,069% |
| Profit (loss) for the period to be appropriated | 9905 | €26,426 | €308,943 | +€282,517 | +1,069% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.