Beleco: 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.
Beleco
Largest movements
- Receivables within one year +€70,012
up €70,012 (+110.5%), from €63,364 to €133,375
of which Trade receivables: +€36,371
- Stocks and contracts +€32,508
up €32,508 (+12.4%), from €263,145 to €295,653
- Cash +€20,529
up €20,529 (+42.6%), from €48,239 to €68,768
mainly Trade debts (+€79,496) and Net result for the year (+€35,302)
- Tangible fixed assets -€9,364
down €9,364 (-19.5%), from €47,959 to €38,595
of which Other tangible fixed assets: -€5,449
- Trade debts +€79,496
up €79,496 (+109.6%), from €72,506 to €152,002
of which Bills of exchange payable: +€152,002
- Reserves +€35,300
up €35,300 (+56.2%), from €62,815 to €98,115
of which Distributable reserves: +€35,300
- Debts after one year -€29,198
down €29,198 (-14.7%), from €199,198 to €170,000
- Current portion of long-term debt +€27,073
up €27,073 (+380.0%), from €7,125 to €34,198
- Tax, wage and social debts +€13,224
up €13,224 (+38.1%), from €34,732 to €47,956
of which Taxes: +€7,835
- Gross operating margin -€18,423
down €18,423 (-7.8%), from €237,230 to €218,807
- Staff costs +€18,068
up €18,068 (+14.6%), from €124,080 to €142,148
- Depreciation -€12,317
down €12,317 (-39.2%), from €31,426 to €19,109
- Financial charges -€11,710
down €11,710 (-73.6%), from €15,909 to €4,199
- Financial income -€8,222
down €8,222 (-78.3%), from €10,505 to €2,282
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 | €436,675 | €553,719 | +€117,045 | +26.8% |
| Fixed assets | 21/28 | €60,546 | €50,679 | -€9,867 | -16.3% |
| Intangible fixed assets | 21 | €566 | - | -€566 | |
| Tangible fixed assets | 22/27 | €47,959 | €38,595 | -€9,364 | -19.5% |
| Plant, machinery and equipment | 23 | €239 | - | -€239 | |
| Furniture and vehicles | 24 | €21,544 | €17,868 | -€3,676 | -17.1% |
| Other tangible fixed assets | 26 | €26,176 | €20,727 | -€5,449 | -20.8% |
| Financial fixed assets | 28 | €12,021 | €12,085 | +€63 | +0.5% |
| Current assets | 29/58 | €376,128 | €503,040 | +€126,912 | +33.7% |
| Stocks and contracts in progress | 3 | €263,145 | €295,653 | +€32,508 | +12.4% |
| Stocks | 30/36 | €263,145 | €295,653 | +€32,508 | +12.4% |
| Amounts receivable within one year | 40/41 | €63,364 | €133,375 | +€70,012 | +110.5% |
| Trade receivables | 40 | €54,675 | €91,046 | +€36,371 | +66.5% |
| Other amounts receivable | 41 | €8,689 | €42,329 | +€33,640 | +387.2% |
| Cash at bank and in hand | 54/58 | €48,239 | €68,768 | +€20,529 | +42.6% |
| Deferred charges and accrued income | 490/1 | €1,381 | €5,244 | +€3,863 | +279.7% |
| Total equity and liabilities | 10/49 | €436,675 | €553,719 | +€117,045 | +26.8% |
| Equity | 10/15 | €112,815 | €148,117 | +€35,302 | +31.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €62,815 | €98,115 | +€35,300 | +56.2% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €57,815 | €93,115 | +€35,300 | +61.1% |
| Profit (loss) carried forward | 14 | - | €2 | +€2 | |
| Amounts payable | 17/49 | €323,860 | €405,602 | +€81,743 | +25.2% |
| Amounts payable after more than one year | 17 | €199,198 | €170,000 | -€29,198 | -14.7% |
| Financial debts | 170/4 | €199,198 | €170,000 | -€29,198 | -14.7% |
| Amounts payable within one year | 42/48 | €124,363 | €234,156 | +€109,793 | +88.3% |
| Current portion of amounts payable after more than one year | 42 | €7,125 | €34,198 | +€27,073 | +380.0% |
| Financial debts | 43 | €10,000 | - | -€10,000 | |
| Other loans | 439 | €10,000 | - | -€10,000 | |
| Trade debts | 44 | €72,506 | €152,002 | +€79,496 | +109.6% |
| Suppliers | 440/4 | €72,506 | - | -€72,506 | |
| Bills of exchange payable | 441 | - | €152,002 | +€152,002 | |
| Taxes, remuneration and social security | 45 | €34,732 | €47,956 | +€13,224 | +38.1% |
| Taxes | 450/3 | €16,203 | €24,038 | +€7,835 | +48.4% |
| Remuneration and social security | 454/9 | €18,529 | €23,918 | +€5,390 | +29.1% |
| Accrued charges and deferred income | 492/3 | €299 | €1,446 | +€1,147 | +384.0% |
| Remuneration, social security and pensions | 62 | €124,080 | €142,148 | +€18,068 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,426 | €19,109 | -€12,317 | -39.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,456 | +€2,456 | |
| Other operating charges | 640/8 | €1,106 | €1,136 | +€30 | +2.7% |
| Gross operating margin | 9900 | €237,230 | €218,807 | -€18,423 | -7.8% |
| Operating profit (loss) | 9901 | €80,618 | €53,958 | -€26,660 | -33.1% |
| Financial income | 75/76B | €10,505 | €2,282 | -€8,222 | -78.3% |
| Recurring financial income | 75 | €10,505 | €2,282 | -€8,222 | -78.3% |
| Financial charges | 65/66B | €15,909 | €4,199 | -€11,710 | -73.6% |
| Recurring financial charges | 65 | €15,909 | €4,199 | -€11,710 | -73.6% |
| Profit (loss) for the period before taxes | 9903 | €75,214 | €52,042 | -€23,172 | -30.8% |
| Income taxes | 67/77 | €11,250 | €16,740 | +€5,490 | +48.8% |
| Profit (loss) for the period | 9904 | €63,964 | €35,302 | -€28,662 | -44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €63,964 | €35,302 | -€28,662 | -44.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.