BELBOG: 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.
BELBOG
Largest movements
- Cash +€14,237
up €14,237 (+173.1%), from €8,223 to €22,460
mainly Tax, wage and social debts (+€8,959) and Receivables within one year (+€7,404)
- Receivables within one year -€7,404
down €7,404 (-3.4%), from €220,897 to €213,493
of which Trade receivables: -€15,875
- Tax, wage and social debts +€8,959
up €8,959 (+28.2%), from €31,781 to €40,740
of which Taxes: +€8,412
- Trade debts -€3,936
down €3,936 (-49.4%), from €7,963 to €4,027
- Gross operating margin -€63,412
down €63,412 (-55.4%), from €114,429 to €51,017
- Staff costs -€39,614
down €39,614 (-42.2%), from €93,958 to €54,344
- Taxes -€5,916
down €5,916 (-72.4%), from €8,175 to €2,259
- Financial income +€2,405
up €2,405 (+31.3%), from €7,684 to €10,089
- Depreciation -€2,188
down €2,188 (-57.4%), from €3,812 to €1,624
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 | €234,740 | €240,106 | +€5,366 | +2.3% |
| Fixed assets | 21/28 | €3,518 | €2,454 | -€1,064 | -30.2% |
| Tangible fixed assets | 22/27 | €3,518 | €2,454 | -€1,064 | -30.2% |
| Plant, machinery and equipment | 23 | €181 | €0 | -€181 | -100.0% |
| Furniture and vehicles | 24 | €3,337 | €2,454 | -€883 | -26.5% |
| Current assets | 29/58 | €231,222 | €237,651 | +€6,430 | +2.8% |
| Amounts receivable within one year | 40/41 | €220,897 | €213,493 | -€7,404 | -3.4% |
| Trade receivables | 40 | €18,520 | €2,645 | -€15,875 | -85.7% |
| Other amounts receivable | 41 | €202,377 | €210,848 | +€8,471 | +4.2% |
| Cash at bank and in hand | 54/58 | €8,223 | €22,460 | +€14,237 | +173.1% |
| Deferred charges and accrued income | 490/1 | €2,102 | €1,698 | -€404 | -19.2% |
| Total equity and liabilities | 10/49 | €234,740 | €240,106 | +€5,366 | +2.3% |
| Equity | 10/15 | €194,996 | €195,339 | +€343 | +0.2% |
| Contributions | 10/11 | €16,305 | €16,305 | = | 0.0% |
| Reserves | 13 | €178,691 | €179,034 | +€343 | +0.2% |
| Non-distributable reserves | 130/1 | €948 | €948 | = | 0.0% |
| Reserves not available under the articles | 1311 | €948 | €948 | = | 0.0% |
| Distributable reserves | 133 | €177,743 | €178,086 | +€343 | +0.2% |
| Amounts payable | 17/49 | €39,744 | €44,766 | +€5,023 | +12.6% |
| Amounts payable within one year | 42/48 | €39,744 | €44,766 | +€5,023 | +12.6% |
| Trade debts | 44 | €7,963 | €4,027 | -€3,936 | -49.4% |
| Suppliers | 440/4 | €7,963 | €4,027 | -€3,936 | -49.4% |
| Taxes, remuneration and social security | 45 | €31,781 | €40,740 | +€8,959 | +28.2% |
| Taxes | 450/3 | €17,044 | €25,456 | +€8,412 | +49.4% |
| Remuneration and social security | 454/9 | €14,737 | €15,284 | +€547 | +3.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €93,958 | €54,344 | -€39,614 | -42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,812 | €1,624 | -€2,188 | -57.4% |
| Other operating charges | 640/8 | €3,779 | €2,326 | -€1,452 | -38.4% |
| Gross operating margin | 9900 | €114,429 | €51,017 | -€63,412 | -55.4% |
| Operating profit (loss) | 9901 | €12,880 | -€7,278 | -€20,157 | |
| Financial income | 75/76B | €7,684 | €10,089 | +€2,405 | +31.3% |
| Recurring financial income | 75 | €7,684 | €10,089 | +€2,405 | +31.3% |
| Financial charges | 65/66B | €471 | €209 | -€262 | -55.6% |
| Recurring financial charges | 65 | €471 | €209 | -€262 | -55.6% |
| Profit (loss) for the period before taxes | 9903 | €20,093 | €2,602 | -€17,491 | -87.0% |
| Income taxes | 67/77 | €8,175 | €2,259 | -€5,916 | -72.4% |
| Profit (loss) for the period | 9904 | €11,917 | €343 | -€11,574 | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,917 | €343 | -€11,574 | -97.1% |
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 9 October 2026 via checked.be.