BELHAJ: 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.
BELHAJ
Largest movements
- Tangible fixed assets -€1,931
down €1,931 (-89.0%), from €2,169 to €238
of which Furniture and vehicles: -€1,370
- Cash +€1,649
up €1,649 (+9.0%), from €18,230 to €19,879
mainly Depreciation (+€1,931) and Net result for the year (+€1,173)
- Receivables within one year +€612
up €612 (+12.4%), from €4,953 to €5,565
- Deferred charges and accrued income +€467
up €467 (+416%), from €112 to €580
- Reserves +€1,173
up €1,173 (+10.8%), from €10,886 to €12,059
- Trade debts -€764
down €764 (-14.1%), from €5,404 to €4,640
- Tax, wage and social debts +€279
up €279 (+6.1%), from €4,564 to €4,844
of which Remuneration and social security: +€267
- Gross operating margin -€3,151
down €3,151 (-9.2%), from €34,321 to €31,170
- Depreciation -€725
down €725 (-27.3%), from €2,656 to €1,931
- Taxes -€602
down €602 (-41.0%), from €1,469 to €867
- Staff costs +€430
up €430 (+1.7%), from €24,844 to €25,274
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 | €27,055 | €27,742 | +€688 | +2.5% |
| Fixed assets | 21/28 | €2,169 | €238 | -€1,931 | -89.0% |
| Tangible fixed assets | 22/27 | €2,169 | €238 | -€1,931 | -89.0% |
| Plant, machinery and equipment | 23 | €746 | €185 | -€561 | -75.2% |
| Furniture and vehicles | 24 | €1,423 | €53 | -€1,370 | -96.3% |
| Current assets | 29/58 | €24,886 | €27,504 | +€2,619 | +10.5% |
| Stocks and contracts in progress | 3 | €1,590 | €1,481 | -€110 | -6.9% |
| Stocks | 30/36 | €1,590 | €1,481 | -€110 | -6.9% |
| Amounts receivable within one year | 40/41 | €4,953 | €5,565 | +€612 | +12.4% |
| Other amounts receivable | 41 | €4,953 | €5,565 | +€612 | +12.4% |
| Cash at bank and in hand | 54/58 | €18,230 | €19,879 | +€1,649 | +9.0% |
| Deferred charges and accrued income | 490/1 | €112 | €580 | +€467 | +416% |
| Total equity and liabilities | 10/49 | €27,055 | €27,742 | +€688 | +2.5% |
| Equity | 10/15 | €17,086 | €18,259 | +€1,173 | +6.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €10,886 | €12,059 | +€1,173 | +10.8% |
| Distributable reserves | 133 | €10,886 | €12,059 | +€1,173 | +10.8% |
| Amounts payable | 17/49 | €9,968 | €9,483 | -€485 | -4.9% |
| Amounts payable within one year | 42/48 | €9,968 | €9,483 | -€485 | -4.9% |
| Trade debts | 44 | €5,404 | €4,640 | -€764 | -14.1% |
| Suppliers | 440/4 | €5,404 | €4,640 | -€764 | -14.1% |
| Taxes, remuneration and social security | 45 | €4,564 | €4,844 | +€279 | +6.1% |
| Taxes | 450/3 | €2,379 | €2,391 | +€12 | +0.5% |
| Remuneration and social security | 454/9 | €2,185 | €2,452 | +€267 | +12.2% |
| Remuneration, social security and pensions | 62 | €24,844 | €25,274 | +€430 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,656 | €1,931 | -€725 | -27.3% |
| Other operating charges | 640/8 | €1,735 | €1,970 | +€235 | +13.5% |
| Gross operating margin | 9900 | €34,321 | €31,170 | -€3,151 | -9.2% |
| Operating profit (loss) | 9901 | €5,087 | €1,995 | -€3,092 | -60.8% |
| Financial income | 75/76B | €98 | €215 | +€117 | +119% |
| Recurring financial income | 75 | €98 | €215 | +€117 | +119% |
| Financial charges | 65/66B | €171 | €170 | -€1 | -0.6% |
| Recurring financial charges | 65 | €171 | €170 | -€1 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €5,014 | €2,039 | -€2,974 | -59.3% |
| Income taxes | 67/77 | €1,469 | €867 | -€602 | -41.0% |
| Profit (loss) for the period | 9904 | €3,544 | €1,173 | -€2,372 | -66.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,544 | €1,173 | -€2,372 | -66.9% |
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 26 October 2026 via checked.be.