BELEO: 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.
BELEO
Largest movements
- Cash +€154,193
up €154,193 (+284.3%), from €54,236 to €208,428
mainly Current investments (+€138,746) and Receivables after one year (+€14,520)
- Current investments -€138,746
down €138,746 (-77.6%), from €178,706 to €39,960
- Receivables after one year -€14,520
down €14,520 (-37.7%), from €38,520 to €24,000
of which Trade receivables: -€38,520
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€60,784
up €60,784 (+504.0%), from €12,061 to €72,845
- Financial charges +€42,601
up €42,601 (+14115.0%), from €302 to €42,902
- Gross operating margin -€13,652
down €13,652 (-114.7%), from -€11,901 to -€25,552
- Depreciation -€4,167
down €4,167 (-67.6%), from €6,167 to €2,000
- Taxes +€2,270
new in 2025: €2,270
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 | €275,855 | €274,638 | -€1,217 | -0.4% |
| Fixed assets | 21/28 | €3,500 | €1,500 | -€2,000 | -57.1% |
| Tangible fixed assets | 22/27 | €3,500 | €1,500 | -€2,000 | -57.1% |
| Furniture and vehicles | 24 | €3,500 | €1,500 | -€2,000 | -57.1% |
| Current assets | 29/58 | €272,355 | €273,138 | +€783 | +0.3% |
| Amounts receivable after more than one year | 29 | €38,520 | €24,000 | -€14,520 | -37.7% |
| Trade receivables | 290 | €38,520 | €0 | -€38,520 | -100.0% |
| Other amounts receivable | 291 | - | €24,000 | +€24,000 | |
| Amounts receivable within one year | 40/41 | €498 | €749 | +€251 | +50.5% |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | €498 | €749 | +€251 | +50.5% |
| Current investments | 50/53 | €178,706 | €39,960 | -€138,746 | -77.6% |
| Cash at bank and in hand | 54/58 | €54,236 | €208,428 | +€154,193 | +284.3% |
| Deferred charges and accrued income | 490/1 | €394 | €0 | -€394 | -100.0% |
| Total equity and liabilities | 10/49 | €275,855 | €274,638 | -€1,217 | -0.4% |
| Equity | 10/15 | €273,299 | €273,410 | +€111 | 0.0% |
| Reserves | 13 | €35,159 | €35,159 | = | 0.0% |
| Distributable reserves | 133 | €35,159 | €35,159 | = | 0.0% |
| Profit (loss) carried forward | 14 | €238,139 | €238,251 | +€111 | 0.0% |
| Amounts payable | 17/49 | €2,556 | €1,228 | -€1,328 | -52.0% |
| Amounts payable within one year | 42/48 | €1,393 | €687 | -€707 | -50.7% |
| Trade debts | 44 | €1,210 | €687 | -€523 | -43.2% |
| Suppliers | 440/4 | €149 | €687 | +€538 | +361.9% |
| Bills of exchange payable | 441 | €1,061 | - | -€1,061 | |
| Taxes, remuneration and social security | 45 | €184 | €0 | -€184 | -100.0% |
| Taxes | 450/3 | €184 | €0 | -€184 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,163 | €541 | -€622 | -53.4% |
| Non-recurring operating income | 76A | €12,804 | €10,940 | -€1,864 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,167 | €2,000 | -€4,167 | -67.6% |
| Other operating charges | 640/8 | - | €8 | +€8 | |
| Gross operating margin | 9900 | -€11,901 | -€25,552 | -€13,652 | -114.7% |
| Operating profit (loss) | 9901 | -€18,067 | -€27,561 | -€9,493 | -52.5% |
| Financial income | 75/76B | €12,061 | €72,845 | +€60,784 | +504.0% |
| Recurring financial income | 75 | €12,061 | €72,845 | +€60,784 | +504.0% |
| Financial charges | 65/66B | €302 | €42,902 | +€42,601 | +14115.0% |
| Recurring financial charges | 65 | €302 | €42,902 | +€42,601 | +14115.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,308 | €2,381 | +€8,690 | |
| Income taxes | 67/77 | - | €2,270 | +€2,270 | |
| Profit (loss) for the period | 9904 | -€6,308 | €111 | +€6,419 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,308 | €111 | +€6,419 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.