BELAT: 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.
BELAT
Largest movements
- Receivables after one year -€261,000
no longer reported in 2025 (was €261,000)
- Financial fixed assets +€259,000
new in 2025: €259,000
- Stocks and contracts +€151,433
up €151,433 (+33.7%), from €448,901 to €600,335
- Tangible fixed assets +€78,794
up €78,794 (+92.5%), from €85,144 to €163,938
of which Leasing and similar rights: +€56,480
- Cash -€51,274
down €51,274 (-24.8%), from €206,998 to €155,724
mainly Investment in fixed assets (net) (-€361,623) and Stocks and contracts (-€151,433)
- Profit (loss) carried forward +€75,473
up €75,473 (+13.1%), from €578,072 to €653,545
- Debts after one year +€45,730
up €45,730 (+16.9%), from €270,000 to €315,730
- Trade debts +€34,126
up €34,126 (+22.8%), from €149,452 to €183,578
- Other debts -€18,235
down €18,235 (-11.5%), from €159,259 to €141,023
- Tax, wage and social debts +€17,191
up €17,191 (+20.6%), from €83,471 to €100,662
of which Remuneration and social security: +€15,446
- Gross operating margin +€115,514
up €115,514 (+32.0%), from €360,426 to €475,940
- Staff costs +€59,127
up €59,127 (+21.6%), from €273,471 to €332,598
- Financial income -€30,798
down €30,798 (-83.5%), from €36,886 to €6,088
- Other operating charges -€9,752
down €9,752 (-72.2%), from €13,510 to €3,757
- Taxes +€7,219
up €7,219 (+36.8%), from €19,611 to €26,831
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 | €1,270,713 | €1,430,374 | +€159,661 | +12.6% |
| Fixed assets | 21/28 | €85,144 | €422,938 | +€337,794 | +397% |
| Tangible fixed assets | 22/27 | €85,144 | €163,938 | +€78,794 | +92.5% |
| Land and buildings | 22 | €33,026 | €30,516 | -€2,510 | -7.6% |
| Plant, machinery and equipment | 23 | €37,479 | €69,331 | +€31,853 | +85.0% |
| Furniture and vehicles | 24 | €14,640 | €7,611 | -€7,029 | -48.0% |
| Leasing and similar rights | 25 | - | €56,480 | +€56,480 | |
| Financial fixed assets | 28 | - | €259,000 | +€259,000 | |
| Current assets | 29/58 | €1,185,569 | €1,007,436 | -€178,133 | -15.0% |
| Amounts receivable after more than one year | 29 | €261,000 | - | -€261,000 | |
| Other amounts receivable | 291 | €261,000 | - | -€261,000 | |
| Stocks and contracts in progress | 3 | €448,901 | €600,335 | +€151,433 | +33.7% |
| Stocks | 30/36 | €448,901 | €600,335 | +€151,433 | +33.7% |
| Amounts receivable within one year | 40/41 | €263,993 | €247,178 | -€16,815 | -6.4% |
| Trade receivables | 40 | €263,604 | €246,120 | -€17,484 | -6.6% |
| Other amounts receivable | 41 | €389 | €1,058 | +€670 | +172% |
| Cash at bank and in hand | 54/58 | €206,998 | €155,724 | -€51,274 | -24.8% |
| Deferred charges and accrued income | 490/1 | €4,677 | €4,200 | -€477 | -10.2% |
| Total equity and liabilities | 10/49 | €1,270,713 | €1,430,374 | +€159,661 | +12.6% |
| Equity | 10/15 | €598,532 | €674,005 | +€75,473 | +12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €578,072 | €653,545 | +€75,473 | +13.1% |
| Amounts payable | 17/49 | €672,181 | €756,369 | +€84,188 | +12.5% |
| Amounts payable after more than one year | 17 | €270,000 | €315,730 | +€45,730 | +16.9% |
| Financial debts | 170/4 | €270,000 | €315,730 | +€45,730 | +16.9% |
| Amounts payable within one year | 42/48 | €402,181 | €440,639 | +€38,458 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | - | €10,376 | +€10,376 | |
| Financial debts | 43 | €10,000 | €5,000 | -€5,000 | -50.0% |
| Other loans | 439 | €10,000 | €5,000 | -€5,000 | -50.0% |
| Trade debts | 44 | €149,452 | €183,578 | +€34,126 | +22.8% |
| Suppliers | 440/4 | €149,452 | €183,578 | +€34,126 | +22.8% |
| Taxes, remuneration and social security | 45 | €83,471 | €100,662 | +€17,191 | +20.6% |
| Taxes | 450/3 | €42,378 | €44,123 | +€1,745 | +4.1% |
| Remuneration and social security | 454/9 | €41,093 | €56,539 | +€15,446 | +37.6% |
| Other amounts payable | 47/48 | €159,259 | €141,023 | -€18,235 | -11.5% |
| Non-recurring operating income | 76A | - | €413 | +€413 | |
| Remuneration, social security and pensions | 62 | €273,471 | €332,598 | +€59,127 | +21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,842 | €23,829 | +€2,987 | +14.3% |
| Other operating charges | 640/8 | €13,510 | €3,757 | -€9,752 | -72.2% |
| Gross operating margin | 9900 | €360,426 | €475,940 | +€115,514 | +32.0% |
| Operating profit (loss) | 9901 | €52,603 | €115,756 | +€63,153 | +120% |
| Financial income | 75/76B | €36,886 | €6,088 | -€30,798 | -83.5% |
| Recurring financial income | 75 | €36,886 | €6,088 | -€30,798 | -83.5% |
| Financial charges | 65/66B | €17,953 | €19,540 | +€1,587 | +8.8% |
| Recurring financial charges | 65 | €17,953 | €19,540 | +€1,587 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €71,535 | €102,304 | +€30,768 | +43.0% |
| Income taxes | 67/77 | €19,611 | €26,831 | +€7,219 | +36.8% |
| Profit (loss) for the period | 9904 | €51,924 | €75,473 | +€23,549 | +45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €51,924 | €75,473 | +€23,549 | +45.4% |
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 14 October 2026 via checked.be.