BelEst Consulting: 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 Consulting
Largest movements
- Receivables within one year +€42,756
up €42,756 (+213%), from €20,118 to €62,874
of which Other amounts receivable: +€28,457
- Cash -€19,132
down €19,132 (-44.1%), from €43,394 to €24,262
mainly Receivables within one year (-€42,756) and Contributions, distributions and other (-€36,585)
- Tangible fixed assets -€7,961
down €7,961 (-21.6%), from €36,796 to €28,835
of which Other tangible fixed assets: -€4,273
- Other debts +€29,268
up €29,268 (+1,951%), from €1,500 to €30,768
- Reserves -€7,000
down €7,000 (-12.4%), from €56,500 to €49,500
of which Distributable reserves: -€7,000
- Debts after one year -€5,980
down €5,980 (-55.6%), from €10,757 to €4,777
- Current portion of long-term debt +€1,677
up €1,677 (+13.1%), from €12,802 to €14,479
- Gross operating margin +€25,341
up €25,341 (+87.9%), from €28,818 to €54,159
- Taxes +€4,813
up €4,813 (+119%), from €4,052 to €8,865
- Financial charges +€2,666
up €2,666 (+226%), from €1,180 to €3,846
- Financial income +€821
new in 2025: €821
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 | €102,912 | €119,737 | +€16,825 | +16.3% |
| Fixed assets | 21/28 | €36,796 | €28,835 | -€7,961 | -21.6% |
| Tangible fixed assets | 22/27 | €36,796 | €28,835 | -€7,961 | -21.6% |
| Plant, machinery and equipment | 23 | €9,488 | €6,705 | -€2,783 | -29.3% |
| Furniture and vehicles | 24 | €12,157 | €11,252 | -€905 | -7.4% |
| Other tangible fixed assets | 26 | €15,151 | €10,878 | -€4,273 | -28.2% |
| Current assets | 29/58 | €66,116 | €90,902 | +€24,786 | +37.5% |
| Amounts receivable within one year | 40/41 | €20,118 | €62,874 | +€42,756 | +213% |
| Trade receivables | 40 | €16,093 | €30,392 | +€14,299 | +88.9% |
| Other amounts receivable | 41 | €4,025 | €32,482 | +€28,457 | +707% |
| Cash at bank and in hand | 54/58 | €43,394 | €24,262 | -€19,132 | -44.1% |
| Deferred charges and accrued income | 490/1 | €2,604 | €3,766 | +€1,162 | +44.6% |
| Total equity and liabilities | 10/49 | €102,912 | €119,737 | +€16,825 | +16.3% |
| Equity | 10/15 | €62,637 | €55,277 | -€7,360 | -11.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €56,500 | €49,500 | -€7,000 | -12.4% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Legal reserve | 130 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €56,000 | €49,000 | -€7,000 | -12.5% |
| Profit (loss) carried forward | 14 | €1,137 | €777 | -€360 | -31.7% |
| Amounts payable | 17/49 | €40,275 | €64,460 | +€24,185 | +60.0% |
| Amounts payable after more than one year | 17 | €10,757 | €4,777 | -€5,980 | -55.6% |
| Financial debts | 170/4 | €10,757 | €4,777 | -€5,980 | -55.6% |
| Amounts payable within one year | 42/48 | €29,518 | €59,683 | +€30,165 | +102% |
| Current portion of amounts payable after more than one year | 42 | €12,802 | €14,479 | +€1,677 | +13.1% |
| Trade debts | 44 | €3,852 | €3,504 | -€348 | -9.0% |
| Suppliers | 440/4 | €3,852 | €3,504 | -€348 | -9.0% |
| Taxes, remuneration and social security | 45 | €11,364 | €10,932 | -€432 | -3.8% |
| Taxes | 450/3 | €11,364 | €10,932 | -€432 | -3.8% |
| Other amounts payable | 47/48 | €1,500 | €30,768 | +€29,268 | +1,951% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,601 | €12,339 | -€262 | -2.1% |
| Other operating charges | 640/8 | €574 | €705 | +€131 | +22.8% |
| Gross operating margin | 9900 | €28,818 | €54,159 | +€25,341 | +87.9% |
| Operating profit (loss) | 9901 | €15,643 | €41,115 | +€25,472 | +163% |
| Financial income | 75/76B | - | €821 | +€821 | |
| Recurring financial income | 75 | - | €821 | +€821 | |
| Financial charges | 65/66B | €1,180 | €3,846 | +€2,666 | +226% |
| Recurring financial charges | 65 | €1,180 | €3,846 | +€2,666 | +226% |
| Profit (loss) for the period before taxes | 9903 | €14,463 | €38,090 | +€23,627 | +163% |
| Income taxes | 67/77 | €4,052 | €8,865 | +€4,813 | +119% |
| Profit (loss) for the period | 9904 | €10,411 | €29,225 | +€18,814 | +181% |
| Profit (loss) for the period to be appropriated | 9905 | €10,411 | €29,225 | +€18,814 | +181% |
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 17 October 2026 via checked.be.