BELEAD: 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.
BELEAD
Largest movements
- Cash +€27,988
up €27,988 (+37.7%), from €74,320 to €102,308
mainly Receivables within one year (+€21,701) and Trade debts (+€19,159)
- Receivables within one year -€21,701
down €21,701 (-72.3%), from €29,995 to €8,295
- Tangible fixed assets +€1,506
up €1,506 (+14.9%), from €10,084 to €11,589
of which Other tangible fixed assets: +€9,997
- Trade debts +€19,159
up €19,159 (+829%), from €2,310 to €21,469
- Tax, wage and social debts -€11,911
down €11,911 (-39.7%), from €29,978 to €18,067
of which Taxes: -€10,219
- Profit (loss) carried forward +€8,021
up €8,021 (+14.1%), from €56,771 to €64,792
- Current portion of long-term debt -€5,643
down €5,643 (-91.6%), from €6,159 to €516
- Other debts -€1,333
down €1,333 (-12.4%), from €10,763 to €9,430
- Gross operating margin +€3,634
up €3,634 (+4.7%), from €78,129 to €81,762
- Staff costs +€3,136
up €3,136 (+5.4%), from €57,555 to €60,691
- Other operating charges +€2,648
up €2,648 (+250%), from €1,058 to €3,706
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 | €114,642 | €122,419 | +€7,778 | +6.8% |
| Fixed assets | 21/28 | €10,249 | €11,755 | +€1,506 | +14.7% |
| Tangible fixed assets | 22/27 | €10,084 | €11,589 | +€1,506 | +14.9% |
| Furniture and vehicles | 24 | €10,084 | €1,592 | -€8,492 | -84.2% |
| Other tangible fixed assets | 26 | - | €9,997 | +€9,997 | |
| Financial fixed assets | 28 | €165 | €165 | = | 0.0% |
| Current assets | 29/58 | €104,393 | €110,665 | +€6,272 | +6.0% |
| Amounts receivable within one year | 40/41 | €29,995 | €8,295 | -€21,701 | -72.3% |
| Trade receivables | 40 | €29,995 | €8,295 | -€21,701 | -72.3% |
| Cash at bank and in hand | 54/58 | €74,320 | €102,308 | +€27,988 | +37.7% |
| Deferred charges and accrued income | 490/1 | €77 | €63 | -€15 | -18.9% |
| Total equity and liabilities | 10/49 | €114,642 | €122,419 | +€7,778 | +6.8% |
| Equity | 10/15 | €64,917 | €72,938 | +€8,021 | +12.4% |
| Contributions | 10/11 | €6,286 | €6,286 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,771 | €64,792 | +€8,021 | +14.1% |
| Amounts payable | 17/49 | €49,725 | €49,481 | -€243 | -0.5% |
| Amounts payable after more than one year | 17 | €516 | - | -€516 | |
| Financial debts | 170/4 | €516 | - | -€516 | |
| Amounts payable within one year | 42/48 | €49,209 | €49,481 | +€272 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €6,159 | €516 | -€5,643 | -91.6% |
| Trade debts | 44 | €2,310 | €21,469 | +€19,159 | +829% |
| Suppliers | 440/4 | €2,310 | €21,469 | +€19,159 | +829% |
| Taxes, remuneration and social security | 45 | €29,978 | €18,067 | -€11,911 | -39.7% |
| Taxes | 450/3 | €20,494 | €10,275 | -€10,219 | -49.9% |
| Remuneration and social security | 454/9 | €9,484 | €7,791 | -€1,692 | -17.8% |
| Other amounts payable | 47/48 | €10,763 | €9,430 | -€1,333 | -12.4% |
| Remuneration, social security and pensions | 62 | €57,555 | €60,691 | +€3,136 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,353 | €8,494 | +€142 | +1.7% |
| Other operating charges | 640/8 | €1,058 | €3,706 | +€2,648 | +250% |
| Gross operating margin | 9900 | €78,129 | €81,762 | +€3,634 | +4.7% |
| Operating profit (loss) | 9901 | €11,162 | €8,871 | -€2,292 | -20.5% |
| Financial income | 75/76B | €0 | €28 | +€28 | +140,800% |
| Recurring financial income | 75 | €0 | €28 | +€28 | +140,800% |
| Financial charges | 65/66B | €459 | €565 | +€106 | +23.2% |
| Recurring financial charges | 65 | €459 | €565 | +€106 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €10,703 | €8,334 | -€2,370 | -22.1% |
| Income taxes | 67/77 | €327 | €313 | -€14 | -4.3% |
| Profit (loss) for the period | 9904 | €10,377 | €8,021 | -€2,356 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,377 | €8,021 | -€2,356 | -22.7% |
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 14 October 2026 via checked.be.