BELENUS: 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.
BELENUS
Largest movements
- Tangible fixed assets -€265,268
down €265,268 (-3.2%), from €8.3m to €8.0m
of which Land and buildings: -€251,976
- Receivables after one year -€100,000
down €100,000 (-36.2%), from €276,170 to €176,170
- Cash +€90,925
up €90,925 (+158.3%), from €57,430 to €148,355
mainly Depreciation (+€304,246) and Receivables after one year (+€100,000)
- Debts after one year -€401,746
down €401,746 (-9.7%), from €4.2m to €3.8m
of which Financial debts: -€562,396
- Trade debts +€89,097
up €89,097 (+270.5%), from €32,936 to €122,033
- Gross operating margin -€192,001
down €192,001 (-37.5%), from €512,026 to €320,025
- Financial income +€132,276
up €132,276 (+888.3%), from €14,891 to €147,167
- Taxes -€30,791
down €30,791 (-100.0%), from €30,792 to €1
- Financial charges -€16,940
down €16,940 (-13.0%), from €130,133 to €113,194
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 | €8,681,458 | €8,344,895 | -€336,563 | -3.9% |
| Fixed assets | 21/28 | €8,269,233 | €8,004,295 | -€264,938 | -3.2% |
| Tangible fixed assets | 22/27 | €8,252,177 | €7,986,908 | -€265,268 | -3.2% |
| Land and buildings | 22 | €8,214,944 | €7,962,969 | -€251,976 | -3.1% |
| Plant, machinery and equipment | 23 | €12,338 | €1,864 | -€10,474 | -84.9% |
| Furniture and vehicles | 24 | €23,459 | €20,684 | -€2,775 | -11.8% |
| Other tangible fixed assets | 26 | €1,435 | €1,391 | -€44 | -3.0% |
| Financial fixed assets | 28 | €17,057 | €17,387 | +€330 | +1.9% |
| Current assets | 29/58 | €412,225 | €340,600 | -€71,625 | -17.4% |
| Amounts receivable after more than one year | 29 | €276,170 | €176,170 | -€100,000 | -36.2% |
| Other amounts receivable | 291 | €276,170 | €176,170 | -€100,000 | -36.2% |
| Amounts receivable within one year | 40/41 | €70,608 | €13,497 | -€57,111 | -80.9% |
| Trade receivables | 40 | €15,104 | €9,112 | -€5,992 | -39.7% |
| Other amounts receivable | 41 | €55,504 | €4,385 | -€51,119 | -92.1% |
| Current investments | 50/53 | €2,578 | €2,578 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €57,430 | €148,355 | +€90,925 | +158.3% |
| Deferred charges and accrued income | 490/1 | €5,439 | - | -€5,439 | |
| Total equity and liabilities | 10/49 | €8,681,458 | €8,344,895 | -€336,563 | -3.9% |
| Equity | 10/15 | €3,947,183 | €3,904,484 | -€42,699 | -1.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,926,778 | €3,884,079 | -€42,699 | -1.1% |
| Amounts payable | 17/49 | €4,734,275 | €4,440,411 | -€293,864 | -6.2% |
| Amounts payable after more than one year | 17 | €4,153,632 | €3,751,886 | -€401,746 | -9.7% |
| Financial debts | 170/4 | €4,153,096 | €3,590,700 | -€562,396 | -13.5% |
| Other amounts payable | 178/9 | €536 | €161,186 | +€160,650 | +29988.8% |
| Amounts payable within one year | 42/48 | €580,643 | €688,526 | +€107,882 | +18.6% |
| Current portion of amounts payable after more than one year | 42 | €533,073 | €487,907 | -€45,166 | -8.5% |
| Trade debts | 44 | €32,936 | €122,033 | +€89,097 | +270.5% |
| Suppliers | 440/4 | €32,936 | €122,033 | +€89,097 | +270.5% |
| Taxes, remuneration and social security | 45 | €8,043 | €16,199 | +€8,156 | +101.4% |
| Taxes | 450/3 | €8,043 | €16,199 | +€8,156 | +101.4% |
| Other amounts payable | 47/48 | €6,592 | €62,387 | +€55,796 | +846.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €305,596 | €304,246 | -€1,351 | -0.4% |
| Other operating charges | 640/8 | €93,987 | €92,450 | -€1,536 | -1.6% |
| Gross operating margin | 9900 | €512,026 | €320,025 | -€192,001 | -37.5% |
| Operating profit (loss) | 9901 | €112,443 | -€76,671 | -€189,114 | |
| Financial income | 75/76B | €14,891 | €147,167 | +€132,276 | +888.3% |
| Recurring financial income | 75 | €14,891 | €147,167 | +€132,276 | +888.3% |
| Financial charges | 65/66B | €130,133 | €113,194 | -€16,940 | -13.0% |
| Recurring financial charges | 65 | €130,133 | €113,194 | -€16,940 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,800 | -€42,698 | -€39,898 | -1425.0% |
| Income taxes | 67/77 | €30,792 | €1 | -€30,791 | -100.0% |
| Profit (loss) for the period | 9904 | -€33,592 | -€42,699 | -€9,107 | -27.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,592 | -€42,699 | -€9,107 | -27.1% |
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 11 October 2026 via checked.be.