BELAIR: 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.
BELAIR
Largest movements
- Receivables within one year -€58,207
down €58,207 (-92.7%), from €62,762 to €4,555
of which Trade receivables: -€34,780
- Tangible fixed assets -€21,814
down €21,814 (-73.4%), from €29,714 to €7,900
of which Plant, machinery and equipment: -€17,624
- Deferred charges and accrued income +€16,659
up €16,659 (+552%), from €3,020 to €19,678
- Stocks and contracts +€10,824
up €10,824 (+44.6%), from €24,293 to €35,116
- Cash +€6,357
up €6,357 (+18.1%), from €35,093 to €41,450
mainly Receivables within one year (+€58,207) and Tax, wage and social debts (+€48,611)
- Tax, wage and social debts +€48,611
up €48,611 (+80.5%), from €60,351 to €108,962
of which Remuneration and social security: +€61,277
- Trade debts -€45,723
down €45,723 (-19.6%), from €233,761 to €188,038
- Debts after one year -€31,900
down €31,900 (-100%), from €31,900 to €0
- Profit (loss) carried forward -€15,941
down €15,941 (-4.3%), from -€372,366 to -€388,307
- Staff costs +€53,793
up €53,793 (+10.5%), from €512,380 to €566,173
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €172,068 | €125,591 | -€46,478 | -27.0% |
| Fixed assets | 21/28 | €46,901 | €24,791 | -€22,110 | -47.1% |
| Intangible fixed assets | 21 | €427 | €0 | -€427 | -100% |
| Tangible fixed assets | 22/27 | €29,714 | €7,900 | -€21,814 | -73.4% |
| Plant, machinery and equipment | 23 | €24,017 | €6,393 | -€17,624 | -73.4% |
| Furniture and vehicles | 24 | €5,697 | €1,508 | -€4,189 | -73.5% |
| Financial fixed assets | 28 | €16,760 | €16,891 | +€130 | +0.8% |
| Current assets | 29/58 | €125,167 | €100,799 | -€24,367 | -19.5% |
| Stocks and contracts in progress | 3 | €24,293 | €35,116 | +€10,824 | +44.6% |
| Stocks | 30/36 | €24,293 | €35,116 | +€10,824 | +44.6% |
| Amounts receivable within one year | 40/41 | €62,762 | €4,555 | -€58,207 | -92.7% |
| Trade receivables | 40 | €39,330 | €4,549 | -€34,780 | -88.4% |
| Other amounts receivable | 41 | €23,432 | €5 | -€23,427 | -100.0% |
| Cash at bank and in hand | 54/58 | €35,093 | €41,450 | +€6,357 | +18.1% |
| Deferred charges and accrued income | 490/1 | €3,020 | €19,678 | +€16,659 | +552% |
| Total equity and liabilities | 10/49 | €172,068 | €125,591 | -€46,478 | -27.0% |
| Equity | 10/15 | -€187,366 | -€203,307 | -€15,941 | -8.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €135,000 | €135,000 | = | 0.0% |
| Distributable reserves | 133 | €135,000 | €135,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€372,366 | -€388,307 | -€15,941 | -4.3% |
| Amounts payable | 17/49 | €359,434 | €328,897 | -€30,537 | -8.5% |
| Amounts payable after more than one year | 17 | €31,900 | €0 | -€31,900 | -100% |
| Financial debts | 170/4 | €31,900 | €0 | -€31,900 | -100% |
| Amounts payable within one year | 42/48 | €327,534 | €328,897 | +€1,363 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €33,422 | €31,897 | -€1,525 | -4.6% |
| Trade debts | 44 | €233,761 | €188,038 | -€45,723 | -19.6% |
| Suppliers | 440/4 | €233,761 | €188,038 | -€45,723 | -19.6% |
| Taxes, remuneration and social security | 45 | €60,351 | €108,962 | +€48,611 | +80.5% |
| Taxes | 450/3 | €33,889 | €21,223 | -€12,666 | -37.4% |
| Remuneration and social security | 454/9 | €26,462 | €87,739 | +€61,277 | +232% |
| Remuneration, social security and pensions | 62 | €512,380 | €566,173 | +€53,793 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,697 | €22,241 | -€456 | -2.0% |
| Other operating charges | 640/8 | €4,405 | €4,377 | -€28 | -0.6% |
| Gross operating margin | 9900 | €580,098 | €585,436 | +€5,339 | +0.9% |
| Operating profit (loss) | 9901 | €40,616 | -€7,354 | -€47,970 | |
| Financial income | 75/76B | €1,930 | €298 | -€1,632 | -84.6% |
| Recurring financial income | 75 | €1,930 | €298 | -€1,632 | -84.6% |
| Financial charges | 65/66B | €6,145 | €8,721 | +€2,576 | +41.9% |
| Recurring financial charges | 65 | €6,145 | €8,721 | +€2,576 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €36,400 | -€15,777 | -€52,178 | |
| Income taxes | 67/77 | €117 | €163 | +€46 | +39.4% |
| Profit (loss) for the period | 9904 | €36,283 | -€15,941 | -€52,224 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,283 | -€15,941 | -€52,224 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.