BELEM INVEST: 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.
BELEM INVEST
Largest movements
- Receivables within one year -€15,601
down €15,601 (-32.3%), from €48,308 to €32,708
of which Other amounts receivable: -€10,640
- Profit (loss) carried forward -€44,856
down €44,856 (-26.6%), from -€168,782 to -€213,638
- Debts after one year +€20,235
up €20,235 (+1.8%), from €1.2m to €1.2m
of which Other amounts payable: +€62,600
- Depreciation -€37,867
down €37,867 (-42.5%), from €89,167 to €51,300
- Gross operating margin +€13,533
up €13,533 (+39.8%), from €33,995 to €47,527
- Financial charges +€2,872
up €2,872 (+8.9%), from €32,447 to €35,320
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 | €1,193,137 | €1,160,493 | -€32,644 | -2.7% |
| Fixed assets | 21/28 | €1,126,312 | €1,118,806 | -€7,506 | -0.7% |
| Tangible fixed assets | 22/27 | €1,126,312 | €1,118,806 | -€7,506 | -0.7% |
| Land and buildings | 22 | €1,121,844 | €1,115,574 | -€6,270 | -0.6% |
| Plant, machinery and equipment | 23 | €962 | €731 | -€231 | -24.0% |
| Furniture and vehicles | 24 | €3,506 | €2,501 | -€1,005 | -28.7% |
| Current assets | 29/58 | €66,825 | €41,687 | -€25,138 | -37.6% |
| Amounts receivable within one year | 40/41 | €48,308 | €32,708 | -€15,601 | -32.3% |
| Trade receivables | 40 | €6,292 | €1,331 | -€4,961 | -78.8% |
| Other amounts receivable | 41 | €42,016 | €31,377 | -€10,640 | -25.3% |
| Cash at bank and in hand | 54/58 | €18,517 | €8,979 | -€9,537 | -51.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,193,137 | €1,160,493 | -€32,644 | -2.7% |
| Equity | 10/15 | -€18,782 | -€63,638 | -€44,856 | -239% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€168,782 | -€213,638 | -€44,856 | -26.6% |
| Amounts payable | 17/49 | €1,211,918 | €1,224,131 | +€12,212 | +1.0% |
| Amounts payable after more than one year | 17 | €1,155,153 | €1,175,388 | +€20,235 | +1.8% |
| Financial debts | 170/4 | €919,053 | €876,688 | -€42,365 | -4.6% |
| Other amounts payable | 178/9 | €236,100 | €298,700 | +€62,600 | +26.5% |
| Amounts payable within one year | 42/48 | €56,766 | €48,743 | -€8,023 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €47,143 | €48,676 | +€1,533 | +3.3% |
| Trade debts | 44 | €9,623 | €67 | -€9,556 | -99.3% |
| Suppliers | 440/4 | €9,623 | €67 | -€9,556 | -99.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,167 | €51,300 | -€37,867 | -42.5% |
| Other operating charges | 640/8 | €6,155 | €5,764 | -€391 | -6.4% |
| Gross operating margin | 9900 | €33,995 | €47,527 | +€13,533 | +39.8% |
| Operating profit (loss) | 9901 | -€61,327 | -€9,536 | +€51,791 | +84.5% |
| Financial charges | 65/66B | €32,447 | €35,320 | +€2,872 | +8.9% |
| Recurring financial charges | 65 | €32,447 | €35,320 | +€2,872 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | -€93,774 | -€44,856 | +€48,918 | +52.2% |
| Profit (loss) for the period | 9904 | -€93,774 | -€44,856 | +€48,918 | +52.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,774 | -€44,856 | +€48,918 | +52.2% |
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 1 November 2026 via checked.be.