BELERX: 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.
BELERX
Largest movements
- Cash +€366,230
up €366,230 (+98.6%), from €371,374 to €737,604
mainly Net result for the year (+€636,027) and Trade debts (+€47,482)
- Current investments +€73,898
up €73,898 (+7.9%), from €933,526 to €1.0m
- Receivables within one year -€37,328
down €37,328 (-7.0%), from €532,505 to €495,177
of which Other amounts receivable: -€93,290
- Reserves +€636,027
up €636,027 (+28.4%), from €2.2m to €2.9m
of which Distributable reserves: +€636,027
- Other debts -€316,642
no longer reported in 2025 (was €316,642)
- Trade debts +€47,482
up €47,482 (+514.4%), from €9,230 to €56,712
- Financial income +€88,755
up €88,755 (+269.8%), from €32,890 to €121,645
- Gross operating margin +€75,982
up €75,982 (+10.6%), from €717,404 to €793,386
- Taxes -€12,486
down €12,486 (-4.6%), from €270,651 to €258,165
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 | €2,623,707 | €2,990,520 | +€366,813 | +14.0% |
| Fixed assets | 21/28 | €25,848 | €19,923 | -€5,925 | -22.9% |
| Tangible fixed assets | 22/27 | €25,608 | €19,683 | -€5,925 | -23.1% |
| Plant, machinery and equipment | 23 | €2,901 | €1,683 | -€1,217 | -42.0% |
| Furniture and vehicles | 24 | €16,169 | €12,442 | -€3,727 | -23.1% |
| Other tangible fixed assets | 26 | €6,539 | €5,558 | -€981 | -15.0% |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €2,597,859 | €2,970,597 | +€372,738 | +14.3% |
| Amounts receivable after more than one year | 29 | €750,000 | €721,410 | -€28,590 | -3.8% |
| Other amounts receivable | 291 | €750,000 | €721,410 | -€28,590 | -3.8% |
| Amounts receivable within one year | 40/41 | €532,505 | €495,177 | -€37,328 | -7.0% |
| Trade receivables | 40 | €1,416 | €57,378 | +€55,962 | +3952.0% |
| Other amounts receivable | 41 | €531,089 | €437,799 | -€93,290 | -17.6% |
| Current investments | 50/53 | €933,526 | €1,007,424 | +€73,898 | +7.9% |
| Cash at bank and in hand | 54/58 | €371,374 | €737,604 | +€366,230 | +98.6% |
| Deferred charges and accrued income | 490/1 | €10,453 | €8,982 | -€1,471 | -14.1% |
| Total equity and liabilities | 10/49 | €2,623,707 | €2,990,520 | +€366,813 | +14.0% |
| Equity | 10/15 | €2,255,906 | €2,891,933 | +€636,027 | +28.2% |
| Contributions | 10/11 | €18,660 | €18,660 | = | 0.0% |
| Reserves | 13 | €2,237,246 | €2,873,273 | +€636,027 | +28.4% |
| Tax-exempt reserves | 132 | €2,106 | €2,106 | = | 0.0% |
| Distributable reserves | 133 | €2,235,140 | €2,871,167 | +€636,027 | +28.5% |
| Amounts payable | 17/49 | €367,801 | €98,587 | -€269,214 | -73.2% |
| Amounts payable within one year | 42/48 | €367,801 | €98,587 | -€269,214 | -73.2% |
| Trade debts | 44 | €9,230 | €56,712 | +€47,482 | +514.4% |
| Suppliers | 440/4 | €9,230 | €56,712 | +€47,482 | +514.4% |
| Taxes, remuneration and social security | 45 | €41,929 | €41,875 | -€54 | -0.1% |
| Taxes | 450/3 | €41,929 | €41,875 | -€54 | -0.1% |
| Other amounts payable | 47/48 | €316,642 | - | -€316,642 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,343 | €6,006 | -€338 | -5.3% |
| Other operating charges | 640/8 | €9,175 | €10,634 | +€1,459 | +15.9% |
| Gross operating margin | 9900 | €717,404 | €793,386 | +€75,982 | +10.6% |
| Operating profit (loss) | 9901 | €701,885 | €776,746 | +€74,861 | +10.7% |
| Financial income | 75/76B | €32,890 | €121,645 | +€88,755 | +269.8% |
| Recurring financial income | 75 | €32,890 | €121,645 | +€88,755 | +269.8% |
| Financial charges | 65/66B | €3,604 | €4,200 | +€596 | +16.5% |
| Recurring financial charges | 65 | €3,604 | €4,200 | +€596 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €731,171 | €894,192 | +€163,020 | +22.3% |
| Income taxes | 67/77 | €270,651 | €258,165 | -€12,486 | -4.6% |
| Profit (loss) for the period | 9904 | €460,521 | €636,027 | +€175,506 | +38.1% |
| Transfer from tax-exempt reserves | 789 | €231,550 | - | -€231,550 | |
| Profit (loss) for the period to be appropriated | 9905 | €692,071 | €636,027 | -€56,044 | -8.1% |
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 12 October 2026 via checked.be.