BELARLINA: 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.
BELARLINA
Largest movements
- Receivables within one year +€45,777
up €45,777 (+64.2%), from €71,274 to €117,051
of which Trade receivables: +€44,465
- Intangible fixed assets +€34,776
up €34,776 (+468%), from €7,424 to €42,200
- Tangible fixed assets -€16,324
down €16,324 (-8.5%), from €193,030 to €176,706
of which Land and buildings: -€14,279
- Cash -€11,922
down €11,922 (-7.1%), from €168,674 to €156,752
mainly Contributions, distributions and other (-€85,687) and Receivables within one year (-€45,777)
- Trade debts +€40,181
up €40,181 (+78.2%), from €51,394 to €91,575
- Tax, wage and social debts +€17,267
up €17,267 (+34.2%), from €50,464 to €67,731
of which Taxes: +€22,910
- Debts after one year -€15,363
down €15,363 (-8.6%), from €179,256 to €163,892
- Profit (loss) carried forward +€8,091
up €8,091 (+59.4%), from €13,631 to €21,722
- Investment grants -€5,687
no longer reported in 2025 (was €5,687)
- Staff costs -€51,325
down €51,325 (-18.8%), from €273,499 to €222,174
- Taxes +€18,706
up €18,706 (+209%), from €8,947 to €27,653
- Depreciation -€16,263
down €16,263 (-37.9%), from €42,925 to €26,662
- Financial charges -€15,904
down €15,904 (-73.8%), from €21,539 to €5,635
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 | €451,237 | €499,722 | +€48,485 | +10.7% |
| Formation expenses | 20 | €6,750 | €4,500 | -€2,250 | -33.3% |
| Fixed assets | 21/28 | €200,732 | €219,306 | +€18,574 | +9.3% |
| Intangible fixed assets | 21 | €7,424 | €42,200 | +€34,776 | +468% |
| Tangible fixed assets | 22/27 | €193,030 | €176,706 | -€16,324 | -8.5% |
| Land and buildings | 22 | €176,279 | €162,000 | -€14,279 | -8.1% |
| Plant, machinery and equipment | 23 | €2,337 | €2,295 | -€42 | -1.8% |
| Furniture and vehicles | 24 | €6,227 | €4,023 | -€2,204 | -35.4% |
| Other tangible fixed assets | 26 | €8,187 | €8,389 | +€202 | +2.5% |
| Financial fixed assets | 28 | €278 | €399 | +€121 | +43.6% |
| Current assets | 29/58 | €243,755 | €275,916 | +€32,162 | +13.2% |
| Stocks and contracts in progress | 3 | €3,051 | €1,134 | -€1,917 | -62.8% |
| Stocks | 30/36 | €3,051 | €1,134 | -€1,917 | -62.8% |
| Amounts receivable within one year | 40/41 | €71,274 | €117,051 | +€45,777 | +64.2% |
| Trade receivables | 40 | €46,295 | €90,761 | +€44,465 | +96.0% |
| Other amounts receivable | 41 | €24,978 | €26,291 | +€1,312 | +5.3% |
| Cash at bank and in hand | 54/58 | €168,674 | €156,752 | -€11,922 | -7.1% |
| Deferred charges and accrued income | 490/1 | €755 | €979 | +€224 | +29.6% |
| Total equity and liabilities | 10/49 | €451,237 | €499,722 | +€48,485 | +10.7% |
| Equity | 10/15 | €40,257 | €42,660 | +€2,404 | +6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,338 | €2,338 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,338 | €2,338 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,338 | €2,338 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,631 | €21,722 | +€8,091 | +59.4% |
| Investment grants | 15 | €5,687 | - | -€5,687 | |
| Amounts payable | 17/49 | €410,980 | €457,062 | +€46,082 | +11.2% |
| Amounts payable after more than one year | 17 | €179,256 | €163,892 | -€15,363 | -8.6% |
| Financial debts | 170/4 | €179,256 | €163,892 | -€15,363 | -8.6% |
| Amounts payable within one year | 42/48 | €231,725 | €290,300 | +€58,575 | +25.3% |
| Current portion of amounts payable after more than one year | 42 | €16,326 | €15,363 | -€962 | -5.9% |
| Trade debts | 44 | €51,394 | €91,575 | +€40,181 | +78.2% |
| Suppliers | 440/4 | €51,394 | €91,575 | +€40,181 | +78.2% |
| Advances received on contracts in progress | 46 | - | €1,648 | +€1,648 | |
| Taxes, remuneration and social security | 45 | €50,464 | €67,731 | +€17,267 | +34.2% |
| Taxes | 450/3 | €19,535 | €42,445 | +€22,910 | +117% |
| Remuneration and social security | 454/9 | €30,929 | €25,286 | -€5,643 | -18.2% |
| Other amounts payable | 47/48 | €113,540 | €113,982 | +€442 | +0.4% |
| Accrued charges and deferred income | 492/3 | - | €2,870 | +€2,870 | |
| Remuneration, social security and pensions | 62 | €273,499 | €222,174 | -€51,325 | -18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,925 | €26,662 | -€16,263 | -37.9% |
| Other operating charges | 640/8 | €3,890 | €4,051 | +€161 | +4.1% |
| Gross operating margin | 9900 | €368,887 | €368,573 | -€314 | -0.1% |
| Operating profit (loss) | 9901 | €48,573 | €115,687 | +€67,113 | +138% |
| Financial income | 75/76B | €5,690 | €5,692 | +€2 | 0.0% |
| Recurring financial income | 75 | €5,690 | €5,692 | +€2 | 0.0% |
| Financial charges | 65/66B | €21,539 | €5,635 | -€15,904 | -73.8% |
| Recurring financial charges | 65 | €21,539 | €5,635 | -€15,904 | -73.8% |
| Profit (loss) for the period before taxes | 9903 | €32,725 | €115,744 | +€83,019 | +254% |
| Income taxes | 67/77 | €8,947 | €27,653 | +€18,706 | +209% |
| Profit (loss) for the period | 9904 | €23,777 | €88,091 | +€64,313 | +270% |
| Profit (loss) for the period to be appropriated | 9905 | €23,777 | €88,091 | +€64,313 | +270% |
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 21 October 2026 via checked.be.