BELENKA: 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.
BELENKA
Largest movements
- Tangible fixed assets +€827,935
up €827,935 (+221%), from €374,760 to €1.2m
of which Land and buildings: +€853,291
- Cash -€163,304
down €163,304 (-54.4%), from €300,138 to €136,834
mainly Investment in fixed assets (net) (-€899,078) and Net result for the year (-€78,533)
- Receivables within one year -€41,552
down €41,552 (-77.4%), from €53,686 to €12,134
of which Trade receivables: -€47,211
- Other debts +€760,147
up €760,147 (+402,983%), from €189 to €760,336
- Profit (loss) carried forward -€77,434
down €77,434 (-10,887%), from -€711 to -€78,145
- Trade debts -€25,495
down €25,495 (-59.5%), from €42,863 to €17,368
- Current portion of long-term debt -€20,000
down €20,000 (-66.7%), from €30,000 to €10,000
- Gross operating margin -€340,195
down €340,195 (-99.1%), from €343,176 to €2,981
- Depreciation +€27,667
up €27,667 (+63.6%), from €43,475 to €71,143
- Other operating charges -€15,561
down €15,561 (-70.3%), from €22,125 to €6,564
- Financial charges -€6,552
down €6,552 (-56.6%), from €11,577 to €5,025
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 | €728,584 | €1,351,663 | +€623,080 | +85.5% |
| Fixed assets | 21/28 | €374,760 | €1,202,696 | +€827,935 | +221% |
| Tangible fixed assets | 22/27 | €374,760 | €1,202,696 | +€827,935 | +221% |
| Land and buildings | 22 | €155,906 | €1,009,197 | +€853,291 | +547% |
| Furniture and vehicles | 24 | €4,054 | €2,565 | -€1,489 | -36.7% |
| Leasing and similar rights | 25 | €214,800 | €190,933 | -€23,867 | -11.1% |
| Current assets | 29/58 | €353,824 | €148,968 | -€204,856 | -57.9% |
| Amounts receivable within one year | 40/41 | €53,686 | €12,134 | -€41,552 | -77.4% |
| Trade receivables | 40 | €53,382 | €6,171 | -€47,211 | -88.4% |
| Other amounts receivable | 41 | €303 | €5,963 | +€5,659 | +1,865% |
| Cash at bank and in hand | 54/58 | €300,138 | €136,834 | -€163,304 | -54.4% |
| Total equity and liabilities | 10/49 | €728,584 | €1,351,663 | +€623,080 | +85.5% |
| Equity | 10/15 | €566,767 | €488,234 | -€78,533 | -13.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €548,886 | €547,787 | -€1,099 | -0.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €247,027 | €245,928 | -€1,099 | -0.4% |
| Distributable reserves | 133 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€711 | -€78,145 | -€77,434 | -10,887% |
| Provisions and deferred taxes | 16 | €76,092 | €75,726 | -€366 | -0.5% |
| Deferred taxes | 168 | €76,092 | €75,726 | -€366 | -0.5% |
| Amounts payable | 17/49 | €85,724 | €787,704 | +€701,979 | +819% |
| Amounts payable after more than one year | 17 | €10,000 | - | -€10,000 | |
| Financial debts | 170/4 | €10,000 | - | -€10,000 | |
| Amounts payable within one year | 42/48 | €75,724 | €787,704 | +€711,979 | +940% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €10,000 | -€20,000 | -66.7% |
| Trade debts | 44 | €42,863 | €17,368 | -€25,495 | -59.5% |
| Suppliers | 440/4 | €42,863 | €17,368 | -€25,495 | -59.5% |
| Taxes, remuneration and social security | 45 | €2,673 | - | -€2,673 | |
| Taxes | 450/3 | €2,673 | - | -€2,673 | |
| Other amounts payable | 47/48 | €189 | €760,336 | +€760,147 | +402,983% |
| Non-recurring operating income | 76A | €304,369 | - | -€304,369 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,475 | €71,143 | +€27,667 | +63.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,500 | - | +€1,500 | |
| Other operating charges | 640/8 | €22,125 | €6,564 | -€15,561 | -70.3% |
| Gross operating margin | 9900 | €343,176 | €2,981 | -€340,195 | -99.1% |
| Operating profit (loss) | 9901 | €279,076 | -€74,726 | -€353,802 | |
| Financial income | 75/76B | €878 | €1,216 | +€338 | +38.6% |
| Recurring financial income | 75 | €878 | €1,216 | +€338 | +38.6% |
| Financial charges | 65/66B | €11,577 | €5,025 | -€6,552 | -56.6% |
| Recurring financial charges | 65 | €11,577 | €5,025 | -€6,552 | -56.6% |
| Profit (loss) for the period before taxes | 9903 | €268,377 | -€78,535 | -€346,911 | |
| Transfer from deferred taxes | 780 | - | €366 | +€366 | |
| Transfer to deferred taxes | 680 | €76,092 | - | -€76,092 | |
| Income taxes | 67/77 | €0 | €365 | +€365 | +3,649,000% |
| Profit (loss) for the period | 9904 | €192,284 | -€78,533 | -€270,818 | |
| Transfer from tax-exempt reserves | 789 | - | €1,099 | +€1,099 | |
| Transfer to tax-exempt reserves | 689 | €228,277 | - | -€228,277 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,993 | -€77,434 | -€41,441 | -115% |
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 19 October 2026 via checked.be.