BELGIAN LION: 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.
What changed
BELGIAN LION
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-
not filed
Equity
€62,000
2024 · €62,000
Cash
€3.3m
2024 · €1.9m+€1.5m
Balance sheet total
€15.49bn
2024 · €10.84bn+€4.65bn
Largest movements
Assets
- Receivables after one year +€4.24bn
up €4.24bn (+44.6%), from €9.50bn to €13.74bn
- Current investments +€249.0m
up €249.0m (+70.4%), from €353.8m to €602.8m
Equity and liabilities
- Debts after one year +€4.50bn
up €4.50bn (+42.8%), from €10.52bn to €15.02bn
Income statement
No income-statement line moved by more than 1% of the activity.
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,839,674,722 | €15,490,156,512 | +€4.65bn | +42.9% |
| Current assets | 29/58 | €10,839,674,722 | €15,490,156,512 | +€4.65bn | +42.9% |
| Amounts receivable after more than one year | 29 | €9,498,873,746 | €13,737,575,961 | +€4.24bn | +44.6% |
| Other amounts receivable | 291 | €9,498,873,746 | €13,737,575,961 | +€4.24bn | +44.6% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €296,110,354 | €310,344,900 | +€14.2m | +4.8% |
| Other amounts receivable | 41 | €296,110,354 | €310,344,900 | +€14.2m | +4.8% |
| Current investments | 50/53 | €353,752,795 | €602,799,108 | +€249.0m | +70.4% |
| Other investments | 51/53 | €353,752,795 | €602,799,108 | +€249.0m | +70.4% |
| Cash at bank and in hand | 54/58 | €1,857,870 | €3,310,385 | +€1.5m | +78.2% |
| Deferred charges and accrued income | 490/1 | €689,079,957 | €836,126,159 | +€147.0m | +21.3% |
| Total equity and liabilities | 10/49 | €10,839,674,722 | €15,490,156,512 | +€4.65bn | +42.9% |
| Equity | 10/15 | €62,000 | €62,000 | = | 0.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Provisions and deferred taxes | 16 | €17,152 | €42,396 | +€25,245 | +147% |
| Provisions for liabilities and charges | 160/5 | €17,152 | €42,396 | +€25,245 | +147% |
| Other liabilities and charges | 164/5 | €17,152 | €42,396 | +€25,245 | +147% |
| Amounts payable | 17/49 | €10,839,595,571 | €15,490,052,116 | +€4.65bn | +42.9% |
| Amounts payable after more than one year | 17 | €10,519,250,000 | €15,019,250,000 | +€4.50bn | +42.8% |
| Financial debts | 170/4 | €10,519,250,000 | €15,019,250,000 | +€4.50bn | +42.8% |
| Subordinated loans | 170 | €3,521,750,000 | €3,836,750,000 | +€315.0m | +8.9% |
| Unsubordinated bonds | 171 | €6,997,500,000 | €11,182,500,000 | +€4.19bn | +59.8% |
| Amounts payable within one year | 42/48 | €280,757,096 | €416,847,853 | +€136.1m | +48.5% |
| Other amounts payable | 47/48 | €280,757,096 | €416,847,853 | +€136.1m | +48.5% |
| Accrued charges and deferred income | 492/3 | €39,588,475 | €53,954,263 | +€14.4m | +36.3% |
| Operating charges | 60/66A | €5,278,192 | €7,104,603 | +€1.8m | +34.6% |
| Services and other goods | 61 | €5,262,042 | €7,078,360 | +€1.8m | +34.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €15,174 | €25,245 | +€10,071 | +66.4% |
| Other operating charges | 640/8 | €977 | €998 | +€21 | +2.2% |
| Operating profit (loss) | 9901 | -€5,278,192 | -€7,104,603 | -€1.8m | -34.6% |
| Financial income | 75/76B | €419,123,789 | €520,299,626 | +€101.2m | +24.1% |
| Recurring financial income | 75 | €419,123,789 | €520,299,626 | +€101.2m | +24.1% |
| Income from current assets | 751 | €252,373,161 | €334,817,626 | +€82.4m | +32.7% |
| Other financial income | 752/9 | €166,750,628 | €185,482,000 | +€18.7m | +11.2% |
| Financial charges | 65/66B | €413,845,597 | €513,195,022 | +€99.3m | +24.0% |
| Recurring financial charges | 65 | €413,845,597 | €513,195,022 | +€99.3m | +24.0% |
| Debt charges | 650 | €413,845,597 | €494,732,494 | +€80.9m | +19.5% |
| Other financial charges | 652/9 | €0 | €18,462,528 | +€18.5m |
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.