Belba: 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.
What changed
Belba
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5,903
2024 · €18,454-€12,551
Equity
€12,667
2024 · €6,764+€5,903
Cash
€19,661
2024 · €17,010+€2,651
Balance sheet total
€387,028
2024 · €395,648-€8,620
Largest movements
Assets
- Tangible fixed assets -€11,289
down €11,289 (-3.0%), from €374,142 to €362,854
of which Land and buildings: -€13,804
Equity and liabilities
- Debts after one year -€23,345
down €23,345 (-6.3%), from €370,279 to €346,935
- Reserves +€5,903
up €5,903 (+335%), from €1,764 to €7,667
Income statement
- Gross operating margin -€10,526
down €10,526 (-24.6%), from €42,840 to €32,314
- Taxes +€1,675
up €1,675 (+247%), from €678 to €2,353
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.
Result 2024
€18,454
Gross operating margin
-€10,526
Depreciation
-€363
Other operating charges
-€44
Financial charges
+€58
Taxes
-€1,675
Result 2025
€5,903
raises the resultlowers the result
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.
From operations
+€30,466
Investment
-€4,680
Financing
-€23,135
Cash 2024
€17,010
From operations (derived)
+€30,466
Net result for the year
+€5,903
Depreciation
+€15,969
Receivables within one year
+€791
Deferred charges and accrued income
-€809
Trade debts
+€3,756
Tax, wage and social debts
+€2,353
Other debts
+€128
Accrued charges and deferred income
+€2,375
Investment (derived)
-€4,680
Investment in fixed assets (net)
-€4,680
Financing
-€23,135
Debts after one year
-€23,345
Current portion of long-term debt
+€209
Cash 2025
€19,661
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €395,648 | €387,028 | -€8,620 | -2.2% |
| Fixed assets | 21/28 | €374,142 | €362,854 | -€11,289 | -3.0% |
| Tangible fixed assets | 22/27 | €374,142 | €362,854 | -€11,289 | -3.0% |
| Land and buildings | 22 | €367,033 | €353,229 | -€13,804 | -3.8% |
| Plant, machinery and equipment | 23 | €1,604 | €617 | -€987 | -61.6% |
| Furniture and vehicles | 24 | €5,505 | €9,008 | +€3,503 | +63.6% |
| Current assets | 29/58 | €21,506 | €24,174 | +€2,668 | +12.4% |
| Amounts receivable within one year | 40/41 | €3,814 | €3,023 | -€791 | -20.7% |
| Trade receivables | 40 | €2,492 | €3,023 | +€531 | +21.3% |
| Other amounts receivable | 41 | €1,322 | €0 | -€1,322 | -100% |
| Cash at bank and in hand | 54/58 | €17,010 | €19,661 | +€2,651 | +15.6% |
| Deferred charges and accrued income | 490/1 | €682 | €1,490 | +€809 | +119% |
| Total equity and liabilities | 10/49 | €395,648 | €387,028 | -€8,620 | -2.2% |
| Equity | 10/15 | €6,764 | €12,667 | +€5,903 | +87.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,764 | €7,667 | +€5,903 | +335% |
| Distributable reserves | 133 | €1,764 | €7,667 | +€5,903 | +335% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €388,884 | €374,361 | -€14,523 | -3.7% |
| Amounts payable after more than one year | 17 | €370,279 | €346,935 | -€23,345 | -6.3% |
| Financial debts | 170/4 | €370,279 | €346,935 | -€23,345 | -6.3% |
| Amounts payable within one year | 42/48 | €16,355 | €22,801 | +€6,446 | +39.4% |
| Current portion of amounts payable after more than one year | 42 | €16,135 | €16,345 | +€209 | +1.3% |
| Trade debts | 44 | €116 | €3,872 | +€3,756 | +3,234% |
| Suppliers | 440/4 | €116 | €3,872 | +€3,756 | +3,234% |
| Taxes, remuneration and social security | 45 | - | €2,353 | +€2,353 | |
| Taxes | 450/3 | - | €2,353 | +€2,353 | |
| Other amounts payable | 47/48 | €103 | €232 | +€128 | +124% |
| Accrued charges and deferred income | 492/3 | €2,250 | €4,625 | +€2,375 | +106% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,605 | €15,969 | +€363 | +2.3% |
| Other operating charges | 640/8 | €1,775 | €1,819 | +€44 | +2.5% |
| Gross operating margin | 9900 | €42,840 | €32,314 | -€10,526 | -24.6% |
| Operating profit (loss) | 9901 | €25,460 | €14,526 | -€10,934 | -42.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €6,328 | €6,271 | -€58 | -0.9% |
| Recurring financial charges | 65 | €6,328 | €6,271 | -€58 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €19,132 | €8,256 | -€10,876 | -56.8% |
| Income taxes | 67/77 | €678 | €2,353 | +€1,675 | +247% |
| Profit (loss) for the period | 9904 | €18,454 | €5,903 | -€12,551 | -68.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,454 | €5,903 | -€12,551 | -68.0% |
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 18 October 2026 via checked.be.