BELAR A2L: 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.
BELAR A2L
Largest movements
- Receivables within one year +€146,400
up €146,400 (+533%), from €27,482 to €173,882
of which Other amounts receivable: +€94,152
- Tangible fixed assets -€116,307
no longer reported in 2025 (was €116,307)
of which Furniture and vehicles: -€62,550
- Cash -€37,162
down €37,162 (-27.1%), from €137,289 to €100,126
mainly Receivables within one year (-€146,400) and Contributions, distributions and other (-€81,551)
- Deferred charges and accrued income -€13,638
no longer reported in 2025 (was €13,638)
- Intangible fixed assets -€10,519
no longer reported in 2025 (was €10,519)
- Reserves +€140,000
up €140,000 (+7,527%), from €1,860 to €141,860
of which Distributable reserves: +€140,000
- Other debts -€67,507
down €67,507 (-52.8%), from €127,909 to €60,402
- Profit (loss) carried forward -€48,017
down €48,017 (-82.1%), from €58,487 to €10,470
- Trade debts -€41,634
down €41,634 (-97.8%), from €42,556 to €922
- Investment grants -€31,551
no longer reported in 2025 (was €31,551)
- Staff costs -€112,715
down €112,715 (-91.8%), from €122,811 to €10,095
- Gross operating margin -€64,834
down €64,834 (-28.3%), from €228,790 to €163,956
- Depreciation -€45,852
no longer reported in 2025 (was €45,852)
- Taxes +€30,147
up €30,147 (+254%), from €11,865 to €42,011
- Financial income +€21,034
up €21,034 (+200%), from €10,517 to €31,551
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 | €317,205 | €274,008 | -€43,197 | -13.6% |
| Fixed assets | 21/28 | €129,826 | - | -€129,826 | |
| Intangible fixed assets | 21 | €10,519 | - | -€10,519 | |
| Tangible fixed assets | 22/27 | €116,307 | - | -€116,307 | |
| Furniture and vehicles | 24 | €62,550 | - | -€62,550 | |
| Other tangible fixed assets | 26 | €53,757 | - | -€53,757 | |
| Financial fixed assets | 28 | €3,000 | - | -€3,000 | |
| Current assets | 29/58 | €187,379 | €274,008 | +€86,629 | +46.2% |
| Stocks and contracts in progress | 3 | €8,970 | - | -€8,970 | |
| Stocks | 30/36 | €8,970 | - | -€8,970 | |
| Amounts receivable within one year | 40/41 | €27,482 | €173,882 | +€146,400 | +533% |
| Trade receivables | 40 | €12,211 | €64,458 | +€52,247 | +428% |
| Other amounts receivable | 41 | €15,271 | €109,424 | +€94,152 | +617% |
| Cash at bank and in hand | 54/58 | €137,289 | €100,126 | -€37,162 | -27.1% |
| Deferred charges and accrued income | 490/1 | €13,638 | - | -€13,638 | |
| Total equity and liabilities | 10/49 | €317,205 | €274,008 | -€43,197 | -13.6% |
| Equity | 10/15 | €110,498 | €170,930 | +€60,432 | +54.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €141,860 | +€140,000 | +7,527% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €140,000 | +€140,000 | |
| Profit (loss) carried forward | 14 | €58,487 | €10,470 | -€48,017 | -82.1% |
| Investment grants | 15 | €31,551 | - | -€31,551 | |
| Amounts payable | 17/49 | €206,707 | €103,078 | -€103,629 | -50.1% |
| Amounts payable within one year | 42/48 | €206,707 | €103,078 | -€103,629 | -50.1% |
| Trade debts | 44 | €42,556 | €922 | -€41,634 | -97.8% |
| Suppliers | 440/4 | €42,556 | €922 | -€41,634 | -97.8% |
| Taxes, remuneration and social security | 45 | €36,242 | €41,754 | +€5,512 | +15.2% |
| Taxes | 450/3 | €21,934 | €41,640 | +€19,707 | +89.8% |
| Remuneration and social security | 454/9 | €14,309 | €114 | -€14,195 | -99.2% |
| Other amounts payable | 47/48 | €127,909 | €60,402 | -€67,507 | -52.8% |
| Remuneration, social security and pensions | 62 | €122,811 | €10,095 | -€112,715 | -91.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,852 | - | -€45,852 | |
| Other operating charges | 640/8 | €846 | €1,041 | +€196 | +23.2% |
| Gross operating margin | 9900 | €228,790 | €163,956 | -€64,834 | -28.3% |
| Operating profit (loss) | 9901 | €59,282 | €152,820 | +€93,538 | +158% |
| Financial income | 75/76B | €10,517 | €31,551 | +€21,034 | +200% |
| Recurring financial income | 75 | €10,517 | €31,551 | +€21,034 | +200% |
| Financial charges | 65/66B | €984 | €377 | -€608 | -61.8% |
| Recurring financial charges | 65 | €984 | €377 | -€608 | -61.8% |
| Profit (loss) for the period before taxes | 9903 | €68,815 | €183,994 | +€115,179 | +167% |
| Income taxes | 67/77 | €11,865 | €42,011 | +€30,147 | +254% |
| Profit (loss) for the period | 9904 | €56,950 | €141,983 | +€85,033 | +149% |
| Profit (loss) for the period to be appropriated | 9905 | €56,950 | €141,983 | +€85,033 | +149% |
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 17 October 2026 via checked.be.