Belest: 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.
Belest
Largest movements
- Financial fixed assets -€80,100
no longer reported in 2025 (was €80,100)
- Tangible fixed assets -€25,241
down €25,241 (-14.9%), from €169,167 to €143,926
of which Land and buildings: -€34,933
- Receivables within one year +€21,018
up €21,018 (+1,524%), from €1,379 to €22,397
of which Trade receivables: +€18,413
- Deferred charges and accrued income -€8,145
down €8,145 (-95.4%), from €8,541 to €395
- Cash +€7,523
up €7,523 (+50.7%), from €14,852 to €22,374
mainly Other debts (+€114,864) and Investment in fixed assets (net) (+€67,386)
- Other debts +€114,864
up €114,864 (+88.5%), from €129,775 to €244,640
- Short-term financial debts -€96,592
down €96,592 (-96.6%), from €100,000 to €3,408
- Profit (loss) carried forward -€70,514
down €70,514 (-36.0%), from -€196,119 to -€266,633
- Debts after one year -€35,906
down €35,906 (-40.0%), from €89,774 to €53,867
of which Financial debts: -€35,906
- Accrued charges and deferred income +€14,955
new in 2025: €14,955
- Financial charges -€181,126
down €181,126 (-64.6%), from €280,454 to €99,328
of which Non-recurring financial charges: -€177,496
- Gross operating margin +€16,839
up €16,839 (+28.0%), from €60,149 to €76,989
- Other operating charges -€4,763
down €4,763 (-32.3%), from €14,739 to €9,976
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 | €274,038 | €189,092 | -€84,946 | -31.0% |
| Fixed assets | 21/28 | €249,267 | €143,926 | -€105,341 | -42.3% |
| Tangible fixed assets | 22/27 | €169,167 | €143,926 | -€25,241 | -14.9% |
| Land and buildings | 22 | €158,630 | €123,697 | -€34,933 | -22.0% |
| Plant, machinery and equipment | 23 | €7,930 | €5,991 | -€1,939 | -24.4% |
| Furniture and vehicles | 24 | €2,608 | €14,238 | +€11,630 | +446% |
| Financial fixed assets | 28 | €80,100 | - | -€80,100 | |
| Current assets | 29/58 | €24,771 | €45,167 | +€20,395 | +82.3% |
| Amounts receivable within one year | 40/41 | €1,379 | €22,397 | +€21,018 | +1,524% |
| Trade receivables | 40 | €1,379 | €19,792 | +€18,413 | +1,335% |
| Other amounts receivable | 41 | - | €2,606 | +€2,606 | |
| Cash at bank and in hand | 54/58 | €14,852 | €22,374 | +€7,523 | +50.7% |
| Deferred charges and accrued income | 490/1 | €8,541 | €395 | -€8,145 | -95.4% |
| Total equity and liabilities | 10/49 | €274,038 | €189,092 | -€84,946 | -31.0% |
| Equity | 10/15 | -€111,798 | -€182,311 | -€70,514 | -63.1% |
| Contributions | 10/11 | €44,600 | €44,600 | = | 0.0% |
| Reserves | 13 | €39,722 | €39,722 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,460 | €21,711 | +€17,251 | +387% |
| Reserves not available under the articles | 1311 | €4,460 | €21,711 | +€17,251 | +387% |
| Distributable reserves | 133 | €35,262 | €18,011 | -€17,251 | -48.9% |
| Profit (loss) carried forward | 14 | -€196,119 | -€266,633 | -€70,514 | -36.0% |
| Amounts payable | 17/49 | €385,836 | €371,404 | -€14,432 | -3.7% |
| Amounts payable after more than one year | 17 | €89,774 | €53,867 | -€35,906 | -40.0% |
| Financial debts | 170/4 | €35,906 | - | -€35,906 | |
| Other amounts payable | 178/9 | €53,867 | €53,867 | = | 0.0% |
| Amounts payable within one year | 42/48 | €296,062 | €302,582 | +€6,520 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €41,469 | €35,906 | -€5,562 | -13.4% |
| Financial debts | 43 | €100,000 | €3,408 | -€96,592 | -96.6% |
| Credit institutions | 430/8 | €100,000 | €3,408 | -€96,592 | -96.6% |
| Trade debts | 44 | €18,629 | €8,571 | -€10,058 | -54.0% |
| Suppliers | 440/4 | €18,629 | €8,571 | -€10,058 | -54.0% |
| Taxes, remuneration and social security | 45 | €6,189 | €10,056 | +€3,867 | +62.5% |
| Taxes | 450/3 | €6,189 | €10,056 | +€3,867 | +62.5% |
| Other amounts payable | 47/48 | €129,775 | €244,640 | +€114,864 | +88.5% |
| Accrued charges and deferred income | 492/3 | - | €14,955 | +€14,955 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,860 | €37,956 | +€96 | +0.3% |
| Other operating charges | 640/8 | €14,739 | €9,976 | -€4,763 | -32.3% |
| Gross operating margin | 9900 | €60,149 | €76,989 | +€16,839 | +28.0% |
| Operating profit (loss) | 9901 | €7,550 | €29,057 | +€21,507 | +285% |
| Financial income | 75/76B | €0 | €2 | +€2 | +1,000% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +1,000% |
| Financial charges | 65/66B | €280,454 | €99,328 | -€181,126 | -64.6% |
| Recurring financial charges | 65 | €14,882 | €11,252 | -€3,630 | -24.4% |
| Non-recurring financial charges | 66B | €265,572 | €88,076 | -€177,496 | -66.8% |
| Profit (loss) for the period before taxes | 9903 | -€272,904 | -€70,269 | +€202,635 | +74.3% |
| Income taxes | 67/77 | €5 | €245 | +€240 | +5,091% |
| Profit (loss) for the period | 9904 | -€272,908 | -€70,514 | +€202,395 | +74.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€272,908 | -€70,514 | +€202,395 | +74.2% |
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 18 October 2026 via checked.be.