BELARU: 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.
BELARU
Largest movements
- Cash +€340,774
up €340,774 (+70.3%), from €484,950 to €825,724
mainly Net result for the year (+€238,228) and Tax, wage and social debts (+€104,577)
- Reserves +€238,228
up €238,228 (+68.2%), from €349,053 to €587,281
- Tax, wage and social debts +€104,577
up €104,577 (+60.0%), from €174,265 to €278,842
- Gross operating margin -€163,155
down €163,155 (-32.3%), from €505,473 to €342,319
- Taxes -€51,649
down €51,649 (-33.1%), from €156,225 to €104,576
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 | €528,637 | €871,169 | +€342,532 | +64.8% |
| Fixed assets | 21/28 | €3,211 | €1,968 | -€1,243 | -38.7% |
| Tangible fixed assets | 22/27 | €3,211 | €1,968 | -€1,243 | -38.7% |
| Furniture and vehicles | 24 | €3,211 | €1,968 | -€1,243 | -38.7% |
| Current assets | 29/58 | €525,426 | €869,201 | +€343,775 | +65.4% |
| Amounts receivable within one year | 40/41 | €37,599 | €40,212 | +€2,613 | +6.9% |
| Trade receivables | 40 | €37,599 | €40,212 | +€2,613 | +6.9% |
| Cash at bank and in hand | 54/58 | €484,950 | €825,724 | +€340,774 | +70.3% |
| Deferred charges and accrued income | 490/1 | €2,877 | €3,265 | +€389 | +13.5% |
| Total equity and liabilities | 10/49 | €528,637 | €871,169 | +€342,532 | +64.8% |
| Equity | 10/15 | €351,553 | €589,781 | +€238,228 | +67.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €349,053 | €587,281 | +€238,228 | +68.2% |
| Distributable reserves | 133 | €349,053 | €587,281 | +€238,228 | +68.2% |
| Amounts payable | 17/49 | €177,084 | €281,388 | +€104,304 | +58.9% |
| Amounts payable within one year | 42/48 | €177,084 | €281,361 | +€104,277 | +58.9% |
| Trade debts | 44 | €2,800 | €2,512 | -€289 | -10.3% |
| Suppliers | 440/4 | €2,800 | €2,512 | -€289 | -10.3% |
| Taxes, remuneration and social security | 45 | €174,265 | €278,842 | +€104,577 | +60.0% |
| Taxes | 450/3 | €174,265 | €278,842 | +€104,577 | +60.0% |
| Other amounts payable | 47/48 | €18 | €7 | -€11 | -61.9% |
| Accrued charges and deferred income | 492/3 | - | €27 | +€27 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €517 | €1,243 | +€725 | +140% |
| Other operating charges | 640/8 | €336 | €128 | -€208 | -62.0% |
| Gross operating margin | 9900 | €505,473 | €342,319 | -€163,155 | -32.3% |
| Operating profit (loss) | 9901 | €504,620 | €340,948 | -€163,672 | -32.4% |
| Financial income | 75/76B | €723 | €2,086 | +€1,364 | +189% |
| Recurring financial income | 75 | €723 | €2,086 | +€1,364 | +189% |
| Financial charges | 65/66B | €65 | €231 | +€166 | +256% |
| Recurring financial charges | 65 | €65 | €231 | +€166 | +256% |
| Profit (loss) for the period before taxes | 9903 | €505,278 | €342,804 | -€162,474 | -32.2% |
| Income taxes | 67/77 | €156,225 | €104,576 | -€51,649 | -33.1% |
| Profit (loss) for the period | 9904 | €349,053 | €238,228 | -€110,825 | -31.8% |
| Profit (loss) for the period to be appropriated | 9905 | €349,053 | €238,228 | -€110,825 | -31.8% |
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 30 October 2026 via checked.be.