BELAW: what changed
Two fiscal 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.
BELAW
Largest movements
- Cash +€22,117
up €22,117 (+63.4%), from €34,888 to €57,005
mainly Net result for the year (+€64,513) and Other debts (+€54,107)
- Receivables within one year +€17,909
new in 2025: €17,909
of which Trade receivables: +€9,711
- Tangible fixed assets -€7,580
down €7,580 (-21.2%), from €35,724 to €28,145
- Profit (loss) carried forward -€55,785
no longer reported in 2025 (was €55,785)
- Other debts +€54,107
up €54,107 (+8581.7%), from €631 to €54,738
- Tax, wage and social debts +€23,169
up €23,169 (+264.9%), from €8,748 to €31,917
- Trade debts +€10,954
up €10,954 (+2436.6%), from €450 to €11,404
- Gross operating margin -€4,774
down €4,774 (-4.9%), from €98,220 to €93,446
- Depreciation +€3,018
up €3,018 (+48.3%), from €6,246 to €9,264
- Other operating charges +€2,439
up €2,439 (+900.4%), from €271 to €2,710
- Taxes -€1,846
down €1,846 (-9.9%), from €18,648 to €16,802
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 | €70,613 | €103,059 | +€32,446 | +45.9% |
| Fixed assets | 21/28 | €35,724 | €28,145 | -€7,580 | -21.2% |
| Tangible fixed assets | 22/27 | €35,724 | €28,145 | -€7,580 | -21.2% |
| Furniture and vehicles | 24 | €35,724 | €28,145 | -€7,580 | -21.2% |
| Current assets | 29/58 | €34,888 | €74,914 | +€40,026 | +114.7% |
| Amounts receivable within one year | 40/41 | - | €17,909 | +€17,909 | |
| Trade receivables | 40 | - | €9,711 | +€9,711 | |
| Other amounts receivable | 41 | - | €8,198 | +€8,198 | |
| Cash at bank and in hand | 54/58 | €34,888 | €57,005 | +€22,117 | +63.4% |
| Total equity and liabilities | 10/49 | €70,613 | €103,059 | +€32,446 | +45.9% |
| Equity | 10/15 | €60,785 | €5,000 | -€55,785 | -91.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,785 | - | -€55,785 | |
| Amounts payable | 17/49 | €9,828 | €98,059 | +€88,231 | +897.8% |
| Amounts payable within one year | 42/48 | €9,828 | €98,059 | +€88,231 | +897.8% |
| Trade debts | 44 | €450 | €11,404 | +€10,954 | +2436.6% |
| Suppliers | 440/4 | €450 | €11,404 | +€10,954 | +2436.6% |
| Taxes, remuneration and social security | 45 | €8,748 | €31,917 | +€23,169 | +264.9% |
| Taxes | 450/3 | €8,748 | €31,917 | +€23,169 | +264.9% |
| Other amounts payable | 47/48 | €631 | €54,738 | +€54,107 | +8581.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,246 | €9,264 | +€3,018 | +48.3% |
| Other operating charges | 640/8 | €271 | €2,710 | +€2,439 | +900.4% |
| Gross operating margin | 9900 | €98,220 | €93,446 | -€4,774 | -4.9% |
| Operating profit (loss) | 9901 | €91,703 | €81,472 | -€10,231 | -11.2% |
| Financial income | 75/76B | €41 | €104 | +€63 | +153.4% |
| Recurring financial income | 75 | €41 | €104 | +€63 | +153.4% |
| Financial charges | 65/66B | €140 | €261 | +€121 | +86.6% |
| Recurring financial charges | 65 | €140 | €261 | +€121 | +86.6% |
| Profit (loss) for the period before taxes | 9903 | €91,604 | €81,315 | -€10,289 | -11.2% |
| Income taxes | 67/77 | €18,648 | €16,802 | -€1,846 | -9.9% |
| Profit (loss) for the period | 9904 | €72,956 | €64,513 | -€8,443 | -11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €72,956 | €64,513 | -€8,443 | -11.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.