BELEOL: 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.
BELEOL
Largest movements
- Current investments -€2.6m
down €2.6m (-77.5%), from €3.3m to €741,033
- Receivables within one year -€641,927
down €641,927 (-10.3%), from €6.2m to €5.6m
of which Other amounts receivable: -€639,958
- Cash +€220,564
up €220,564 (+998%), from €22,102 to €242,666
mainly Current investments (+€2.6m) and Receivables within one year (+€641,927)
- Other debts -€3.0m
no longer reported in 2025 (was €3.0m)
- Reserves +€289,691
up €289,691 (+7.6%), from €3.8m to €4.1m
of which Distributable reserves: +€289,691
- Tax, wage and social debts -€242,877
no longer reported in 2025 (was €242,877)
- Financial income -€1.0m
down €1.0m (-71.9%), from €1.4m to €400,890
- Taxes -€21,564
down €21,564 (-18.3%), from €118,128 to €96,564
- Financial charges -€19,773
down €19,773 (-85.0%), from €23,269 to €3,496
- Gross operating margin -€13,062
down €13,062, from €9,260 to -€3,802
- Other operating charges +€6,067
new in 2025: €6,067
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 | €19,620,775 | €16,639,774 | -€3.0m | -15.2% |
| Formation expenses | 20 | €1,889 | €618 | -€1,271 | -67.3% |
| Fixed assets | 21/28 | €10,086,500 | €10,086,500 | = | 0.0% |
| Financial fixed assets | 28 | €10,086,500 | €10,086,500 | = | 0.0% |
| Current assets | 29/58 | €9,532,386 | €6,552,656 | -€3.0m | -31.3% |
| Amounts receivable within one year | 40/41 | €6,210,884 | €5,568,957 | -€641,927 | -10.3% |
| Trade receivables | 40 | €13,219 | €11,250 | -€1,969 | -14.9% |
| Other amounts receivable | 41 | €6,197,666 | €5,557,707 | -€639,958 | -10.3% |
| Current investments | 50/53 | €3,299,400 | €741,033 | -€2.6m | -77.5% |
| Cash at bank and in hand | 54/58 | €22,102 | €242,666 | +€220,564 | +998% |
| Total equity and liabilities | 10/49 | €19,620,775 | €16,639,774 | -€3.0m | -15.2% |
| Equity | 10/15 | €16,349,059 | €16,638,750 | +€289,691 | +1.8% |
| Contributions | 10/11 | €12,522,961 | €12,522,961 | = | 0.0% |
| Reserves | 13 | €3,826,097 | €4,115,789 | +€289,691 | +7.6% |
| Non-distributable reserves | 130/1 | €7,903 | €7,903 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,903 | €7,903 | = | 0.0% |
| Distributable reserves | 133 | €3,818,195 | €4,107,886 | +€289,691 | +7.6% |
| Amounts payable | 17/49 | €3,271,716 | €1,025 | -€3.3m | -100.0% |
| Amounts payable within one year | 42/48 | €3,271,577 | €882 | -€3.3m | -100.0% |
| Trade debts | 44 | €10,739 | €882 | -€9,857 | -91.8% |
| Suppliers | 440/4 | €10,739 | €882 | -€9,857 | -91.8% |
| Taxes, remuneration and social security | 45 | €242,877 | - | -€242,877 | |
| Taxes | 450/3 | €242,877 | - | -€242,877 | |
| Other amounts payable | 47/48 | €3,017,961 | - | -€3.0m | |
| Accrued charges and deferred income | 492/3 | €140 | €143 | +€3 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,271 | €1,271 | = | 0.0% |
| Other operating charges | 640/8 | - | €6,067 | +€6,067 | |
| Gross operating margin | 9900 | €9,260 | -€3,802 | -€13,062 | |
| Operating profit (loss) | 9901 | €7,989 | -€11,139 | -€19,129 | |
| Financial income | 75/76B | €1,428,243 | €400,890 | -€1.0m | -71.9% |
| Recurring financial income | 75 | €1,428,243 | €400,890 | -€1.0m | -71.9% |
| Financial charges | 65/66B | €23,269 | €3,496 | -€19,773 | -85.0% |
| Recurring financial charges | 65 | €23,269 | €3,496 | -€19,773 | -85.0% |
| Profit (loss) for the period before taxes | 9903 | €1,412,963 | €386,255 | -€1.0m | -72.7% |
| Income taxes | 67/77 | €118,128 | €96,564 | -€21,564 | -18.3% |
| Profit (loss) for the period | 9904 | €1,294,835 | €289,691 | -€1.0m | -77.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,294,835 | €289,691 | -€1.0m | -77.6% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.