BELAP: 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.
BELAP
Largest movements
- Cash +€53,650
up €53,650 (+31.3%), from €171,445 to €225,095
mainly Net result for the year (+€352,001) and Receivables within one year (+€25,402)
- Receivables within one year -€25,402
down €25,402 (-10.5%), from €242,325 to €216,923
of which Trade receivables: -€24,309
- Reserves +€88,059
up €88,059 (+22.5%), from €391,941 to €480,000
of which Distributable reserves: +€90,000
- Debts after one year -€50,000
down €50,000 (-12.5%), from €400,000 to €350,000
- Trade debts -€19,340
down €19,340 (-31.3%), from €61,764 to €42,424
- Gross operating margin +€21,847
up €21,847 (+5.5%), from €395,701 to €417,548
- Depreciation +€7,845
up €7,845 (+91.4%), from €8,579 to €16,424
- Taxes +€4,840
up €4,840 (+21.9%), from €22,123 to €26,963
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 | €1,176,076 | €1,199,726 | +€23,651 | +2.0% |
| Fixed assets | 21/28 | €755,286 | €751,498 | -€3,788 | -0.5% |
| Intangible fixed assets | 21 | €55,445 | €49,795 | -€5,651 | -10.2% |
| Tangible fixed assets | 22/27 | €4,532 | €6,394 | +€1,863 | +41.1% |
| Furniture and vehicles | 24 | €4,532 | €6,394 | +€1,863 | +41.1% |
| Financial fixed assets | 28 | €695,309 | €695,309 | = | 0.0% |
| Current assets | 29/58 | €420,790 | €448,228 | +€27,439 | +6.5% |
| Amounts receivable within one year | 40/41 | €242,325 | €216,923 | -€25,402 | -10.5% |
| Trade receivables | 40 | €176,547 | €152,238 | -€24,309 | -13.8% |
| Other amounts receivable | 41 | €65,778 | €64,685 | -€1,093 | -1.7% |
| Cash at bank and in hand | 54/58 | €171,445 | €225,095 | +€53,650 | +31.3% |
| Deferred charges and accrued income | 490/1 | €7,020 | €6,211 | -€809 | -11.5% |
| Total equity and liabilities | 10/49 | €1,176,076 | €1,199,726 | +€23,651 | +2.0% |
| Equity | 10/15 | €418,237 | €500,238 | +€82,001 | +19.6% |
| Contributions | 10/11 | €19,410 | €19,410 | = | 0.0% |
| Reserves | 13 | €391,941 | €480,000 | +€88,059 | +22.5% |
| Non-distributable reserves | 130/1 | €1,941 | - | -€1,941 | |
| Reserves not available under the articles | 1311 | €1,941 | - | -€1,941 | |
| Distributable reserves | 133 | €390,000 | €480,000 | +€90,000 | +23.1% |
| Profit (loss) carried forward | 14 | €6,885 | €828 | -€6,058 | -88.0% |
| Amounts payable | 17/49 | €757,839 | €699,488 | -€58,351 | -7.7% |
| Amounts payable after more than one year | 17 | €400,000 | €350,000 | -€50,000 | -12.5% |
| Financial debts | 170/4 | €400,000 | €350,000 | -€50,000 | -12.5% |
| Amounts payable within one year | 42/48 | €354,354 | €346,118 | -€8,236 | -2.3% |
| Financial debts | 43 | €155 | €1,648 | +€1,494 | +966.1% |
| Credit institutions | 430/8 | €155 | €1,648 | +€1,494 | +966.1% |
| Trade debts | 44 | €61,764 | €42,424 | -€19,340 | -31.3% |
| Suppliers | 440/4 | €61,764 | €42,424 | -€19,340 | -31.3% |
| Advances received on contracts in progress | 46 | €2,013 | - | -€2,013 | |
| Other amounts payable | 47/48 | €290,422 | €302,046 | +€11,624 | +4.0% |
| Accrued charges and deferred income | 492/3 | €3,485 | €3,370 | -€115 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,579 | €16,424 | +€7,845 | +91.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,538 | - | -€2,538 | |
| Other operating charges | 640/8 | €528 | €828 | +€301 | +56.9% |
| Gross operating margin | 9900 | €395,701 | €417,548 | +€21,847 | +5.5% |
| Operating profit (loss) | 9901 | €384,057 | €400,296 | +€16,239 | +4.2% |
| Financial income | 75/76B | €2,179 | €661 | -€1,519 | -69.7% |
| Recurring financial income | 75 | €2,179 | €661 | -€1,519 | -69.7% |
| Financial charges | 65/66B | €20,549 | €21,993 | +€1,443 | +7.0% |
| Recurring financial charges | 65 | €20,549 | €21,993 | +€1,443 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €365,687 | €378,964 | +€13,278 | +3.6% |
| Income taxes | 67/77 | €22,123 | €26,963 | +€4,840 | +21.9% |
| Profit (loss) for the period | 9904 | €343,564 | €352,001 | +€8,438 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €343,564 | €352,001 | +€8,438 | +2.5% |
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 12 October 2026 via checked.be.