Belbois: 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.
Belbois
Largest movements
- Cash -€115,529
down €115,529 (-67.1%), from €172,092 to €56,563
mainly Trade debts (-€97,364) and Receivables within one year (-€25,694)
- Receivables within one year +€25,694
up €25,694 (+54.9%), from €46,816 to €72,511
of which Other amounts receivable: +€40,647
- Tangible fixed assets -€22,970
down €22,970 (-12.7%), from €180,577 to €157,607
of which Furniture and vehicles: -€14,470
- Trade debts -€97,364
down €97,364 (-79.2%), from €123,010 to €25,646
- Debts after one year -€21,254
down €21,254 (-30.2%), from €70,264 to €49,010
- Reserves +€9,189
up €9,189 (+6.0%), from €153,582 to €162,771
- Other debts -€4,334
down €4,334 (-65.8%), from €6,584 to €2,250
- Taxes +€19,888
up €19,888, from -€8,360 to €11,529
- Financial charges -€4,612
down €4,612 (-81.0%), from €5,696 to €1,084
- Gross operating margin +€2,423
up €2,423 (+5.5%), from €44,210 to €46,633
- Depreciation +€1,778
up €1,778 (+8.4%), from €21,192 to €22,970
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 | €399,485 | €286,681 | -€112,805 | -28.2% |
| Fixed assets | 21/28 | €180,577 | €157,607 | -€22,970 | -12.7% |
| Tangible fixed assets | 22/27 | €180,577 | €157,607 | -€22,970 | -12.7% |
| Land and buildings | 22 | €148,296 | €139,796 | -€8,500 | -5.7% |
| Furniture and vehicles | 24 | €32,281 | €17,811 | -€14,470 | -44.8% |
| Current assets | 29/58 | €218,908 | €129,073 | -€89,835 | -41.0% |
| Amounts receivable within one year | 40/41 | €46,816 | €72,511 | +€25,694 | +54.9% |
| Trade receivables | 40 | €42,917 | €27,964 | -€14,953 | -34.8% |
| Other amounts receivable | 41 | €3,899 | €44,547 | +€40,647 | +1,042% |
| Cash at bank and in hand | 54/58 | €172,092 | €56,563 | -€115,529 | -67.1% |
| Total equity and liabilities | 10/49 | €399,485 | €286,681 | -€112,805 | -28.2% |
| Equity | 10/15 | €178,582 | €187,771 | +€9,189 | +5.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Contributions outside capital | 11 | €25,000 | - | -€25,000 | |
| Other | 1109/19 | €25,000 | - | -€25,000 | |
| Reserves | 13 | €153,582 | €162,771 | +€9,189 | +6.0% |
| Distributable reserves | 133 | €153,582 | €162,771 | +€9,189 | +6.0% |
| Amounts payable | 17/49 | €220,903 | €98,910 | -€121,993 | -55.2% |
| Amounts payable after more than one year | 17 | €70,264 | €49,010 | -€21,254 | -30.2% |
| Financial debts | 170/4 | €70,264 | €49,010 | -€21,254 | -30.2% |
| Amounts payable within one year | 42/48 | €150,640 | €49,900 | -€100,739 | -66.9% |
| Current portion of amounts payable after more than one year | 42 | €21,045 | €21,254 | +€209 | +1.0% |
| Trade debts | 44 | €123,010 | €25,646 | -€97,364 | -79.2% |
| Suppliers | 440/4 | €123,010 | €25,646 | -€97,364 | -79.2% |
| Taxes, remuneration and social security | 45 | - | €750 | +€750 | |
| Taxes | 450/3 | - | €750 | +€750 | |
| Other amounts payable | 47/48 | €6,584 | €2,250 | -€4,334 | -65.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,192 | €22,970 | +€1,778 | +8.4% |
| Other operating charges | 640/8 | €1,751 | €1,862 | +€111 | +6.3% |
| Gross operating margin | 9900 | €44,210 | €46,633 | +€2,423 | +5.5% |
| Operating profit (loss) | 9901 | €21,267 | €21,801 | +€534 | +2.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,696 | €1,084 | -€4,612 | -81.0% |
| Recurring financial charges | 65 | €5,696 | €1,084 | -€4,612 | -81.0% |
| Profit (loss) for the period before taxes | 9903 | €15,571 | €20,717 | +€5,146 | +33.0% |
| Income taxes | 67/77 | -€8,360 | €11,529 | +€19,888 | |
| Profit (loss) for the period | 9904 | €23,931 | €9,189 | -€14,742 | -61.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,931 | €9,189 | -€14,742 | -61.6% |
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 21 October 2026 via checked.be.