BELBO: 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.
BELBO
Largest movements
- Tangible fixed assets -€10,422
down €10,422 (-89.6%), from €11,636 to €1,215
- Financial fixed assets +€1,650
new in 2025: €1,650
- Deferred charges and accrued income -€1,236
no longer reported in 2025 (was €1,236)
- Cash +€855
up €855 (+43.3%), from €1,975 to €2,831
mainly Debts after one year (+€83,892) and Short-term financial debts (+€29,422)
- Tax, wage and social debts -€121,769
down €121,769 (-55.1%), from €221,167 to €99,397
of which Remuneration and social security: -€122,182
- Debts after one year +€83,892
new in 2025: €83,892
- Short-term financial debts +€29,422
new in 2025: €29,422
- Profit (loss) carried forward -€6,335
down €6,335 (-2.5%), from -€251,218 to -€257,553
- Other debts +€4,738
new in 2025: €4,738
- Staff costs -€273,965
down €273,965 (-49.5%), from €553,609 to €279,644
- Gross operating margin -€63,198
down €63,198 (-15.4%), from €410,729 to €347,531
- Other operating charges +€57,727
up €57,727 (+1187.8%), from €4,860 to €62,588
- Financial income +€11,764
up €11,764 (+143282.7%), from €8 to €11,772
of which Non-recurring financial income: +€11,424
- Financial charges +€6,506
up €6,506 (+44.0%), from €14,795 to €21,300
of which Financial charges: +€6,681
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 | €14,848 | €5,695 | -€9,153 | -61.6% |
| Fixed assets | 21/28 | €11,636 | €2,865 | -€8,772 | -75.4% |
| Tangible fixed assets | 22/27 | €11,636 | €1,215 | -€10,422 | -89.6% |
| Furniture and vehicles | 24 | €11,636 | €1,215 | -€10,422 | -89.6% |
| Financial fixed assets | 28 | - | €1,650 | +€1,650 | |
| Current assets | 29/58 | €3,212 | €2,831 | -€381 | -11.9% |
| Cash at bank and in hand | 54/58 | €1,975 | €2,831 | +€855 | +43.3% |
| Deferred charges and accrued income | 490/1 | €1,236 | - | -€1,236 | |
| Total equity and liabilities | 10/49 | €14,848 | €5,695 | -€9,153 | -61.6% |
| Equity | 10/15 | -€218,158 | -€224,493 | -€6,335 | -2.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €26,860 | €26,860 | = | 0.0% |
| Distributable reserves | 133 | €26,860 | €26,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€251,218 | -€257,553 | -€6,335 | -2.5% |
| Amounts payable | 17/49 | €233,006 | €230,188 | -€2,818 | -1.2% |
| Amounts payable after more than one year | 17 | - | €83,892 | +€83,892 | |
| Financial debts | 170/4 | - | €83,892 | +€83,892 | |
| Amounts payable within one year | 42/48 | €233,006 | €146,296 | -€86,710 | -37.2% |
| Financial debts | 43 | - | €29,422 | +€29,422 | |
| Other loans | 439 | - | €29,422 | +€29,422 | |
| Trade debts | 44 | €11,839 | €12,738 | +€899 | +7.6% |
| Suppliers | 440/4 | €11,839 | €12,738 | +€899 | +7.6% |
| Taxes, remuneration and social security | 45 | €221,167 | €99,397 | -€121,769 | -55.1% |
| Taxes | 450/3 | - | €413 | +€413 | |
| Remuneration and social security | 454/9 | €221,167 | €98,985 | -€122,182 | -55.2% |
| Other amounts payable | 47/48 | - | €4,738 | +€4,738 | |
| Remuneration, social security and pensions | 62 | €553,609 | €279,644 | -€273,965 | -49.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €639 | €1,695 | +€1,056 | +165.2% |
| Other operating charges | 640/8 | €4,860 | €62,588 | +€57,727 | +1187.8% |
| Gross operating margin | 9900 | €410,729 | €347,531 | -€63,198 | -15.4% |
| Operating profit (loss) | 9901 | -€148,379 | €3,606 | +€151,984 | |
| Financial income | 75/76B | €8 | €11,772 | +€11,764 | +143282.7% |
| Recurring financial income | 75 | €8 | €347 | +€339 | +4132.2% |
| Non-recurring financial income | 76B | - | €11,424 | +€11,424 | |
| Financial charges | 65/66B | €14,795 | €21,300 | +€6,506 | +44.0% |
| Recurring financial charges | 65 | €12,710 | €19,391 | +€6,681 | +52.6% |
| Non-recurring financial charges | 66B | €2,085 | €1,909 | -€175 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | -€163,165 | -€5,923 | +€157,242 | +96.4% |
| Income taxes | 67/77 | - | €413 | +€413 | |
| Profit (loss) for the period | 9904 | -€163,165 | -€6,335 | +€156,830 | +96.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€163,165 | -€6,335 | +€156,830 | +96.1% |
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 3 October 2026 via checked.be.