BELéPOQUE: 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.
BELéPOQUE
Largest movements
- Stocks and contracts +€4.1m
up €4.1m (+76.5%), from €5.3m to €9.3m
of which Contracts in progress: +€7.8m
- Receivables within one year +€617,560
up €617,560 (+125.5%), from €492,046 to €1.1m
of which Trade receivables: +€920,536
- Receivables after one year +€598,885
new in 2025: €598,885
- Cash -€431,943
down €431,943 (-41.3%), from €1.0m to €613,445
mainly Stocks and contracts (-€4.1m) and Contributions, distributions and other (-€1.6m)
- Debts after one year +€2.4m
new in 2025: €2.4m
- Short-term financial debts +€2.1m
up €2.1m (+44.3%), from €4.8m to €6.9m
- Tax, wage and social debts +€629,326
up €629,326, from €0 to €629,326
- Other debts -€352,525
down €352,525 (-17.9%), from €2.0m to €1.6m
- Trade debts -€155,248
down €155,248 (-14.3%), from €1.1m to €929,837
- Gross operating margin +€2.4m
up €2.4m, from -€21,054 to €2.4m
- Taxes +€629,326
up €629,326, from €0 to €629,326
- Financial charges +€28,603
up €28,603 (+1008.7%), from €2,836 to €31,438
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 | €7,871,815 | €12,707,189 | +€4.8m | +61.4% |
| Fixed assets | 21/28 | €1,037,616 | €1,037,616 | = | 0.0% |
| Financial fixed assets | 28 | €1,037,616 | €1,037,616 | = | 0.0% |
| Current assets | 29/58 | €6,834,199 | €11,669,572 | +€4.8m | +70.8% |
| Amounts receivable after more than one year | 29 | - | €598,885 | +€598,885 | |
| Other amounts receivable | 291 | - | €598,885 | +€598,885 | |
| Stocks and contracts in progress | 3 | €5,296,765 | €9,347,330 | +€4.1m | +76.5% |
| Stocks | 30/36 | €5,296,765 | €1,571,712 | -€3.7m | -70.3% |
| Contracts in progress | 37 | €0 | €7,775,617 | +€7.8m | |
| Amounts receivable within one year | 40/41 | €492,046 | €1,109,606 | +€617,560 | +125.5% |
| Trade receivables | 40 | €174,908 | €1,095,444 | +€920,536 | +526.3% |
| Other amounts receivable | 41 | €317,138 | €14,162 | -€302,976 | -95.5% |
| Cash at bank and in hand | 54/58 | €1,045,388 | €613,445 | -€431,943 | -41.3% |
| Deferred charges and accrued income | 490/1 | - | €306 | +€306 | |
| Total equity and liabilities | 10/49 | €7,871,815 | €12,707,189 | +€4.8m | +61.4% |
| Equity | 10/15 | -€20,913 | €109,935 | +€130,848 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,318 | €89,530 | +€130,848 | |
| Amounts payable | 17/49 | €7,892,728 | €12,597,254 | +€4.7m | +59.6% |
| Amounts payable after more than one year | 17 | - | €2,449,254 | +€2.4m | |
| Other amounts payable | 178/9 | - | €2,449,254 | +€2.4m | |
| Amounts payable within one year | 42/48 | €7,892,728 | €10,109,664 | +€2.2m | +28.1% |
| Financial debts | 43 | €4,761,857 | €6,872,220 | +€2.1m | +44.3% |
| Credit institutions | 430/8 | €4,761,857 | €6,872,220 | +€2.1m | +44.3% |
| Trade debts | 44 | €1,085,085 | €929,837 | -€155,248 | -14.3% |
| Suppliers | 440/4 | €1,085,085 | €929,837 | -€155,248 | -14.3% |
| Advances received on contracts in progress | 46 | €73,256 | €58,275 | -€14,981 | -20.4% |
| Taxes, remuneration and social security | 45 | €0 | €629,326 | +€629,326 | |
| Taxes | 450/3 | €0 | €629,326 | +€629,326 | |
| Other amounts payable | 47/48 | €1,972,531 | €1,620,006 | -€352,525 | -17.9% |
| Accrued charges and deferred income | 492/3 | €0 | €38,337 | +€38,337 | |
| Other operating charges | 640/8 | €1,030 | €1,060 | +€31 | +3.0% |
| Gross operating margin | 9900 | -€21,054 | €2,404,653 | +€2.4m | |
| Operating profit (loss) | 9901 | -€22,083 | €2,403,592 | +€2.4m | |
| Financial income | 75/76B | €2,876 | €8,021 | +€5,145 | +178.9% |
| Recurring financial income | 75 | €2,876 | €8,021 | +€5,145 | +178.9% |
| Financial charges | 65/66B | €2,836 | €31,438 | +€28,603 | +1008.7% |
| Recurring financial charges | 65 | €2,836 | €31,438 | +€28,603 | +1008.7% |
| Profit (loss) for the period before taxes | 9903 | -€22,043 | €2,380,174 | +€2.4m | |
| Income taxes | 67/77 | €0 | €629,326 | +€629,326 | |
| Profit (loss) for the period | 9904 | -€22,043 | €1,750,848 | +€1.8m | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,043 | €1,750,848 | +€1.8m |
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 8 October 2026 via checked.be.