BELHO: 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.
BELHO
Largest movements
- Receivables within one year +€173,939
up €173,939 (+2,986%), from €5,825 to €179,764
of which Trade receivables: +€122,049
- Tangible fixed assets -€56,041
down €56,041 (-4.6%), from €1.2m to €1.2m
of which Land and buildings: -€60,142
- Cash -€25,782
down €25,782 (-23.7%), from €108,570 to €82,788
mainly Contributions, distributions and other (-€540,000) and Receivables within one year (-€173,939)
- Profit (loss) carried forward -€421,914
down €421,914 (-78.3%), from €538,857 to €116,943
- Debts after one year +€264,225
up €264,225 (+46.6%), from €566,968 to €831,193
- Other debts +€188,997
up €188,997 (+12,798%), from €1,477 to €190,474
- Trade debts +€50,609
up €50,609 (+142%), from €35,516 to €86,126
- Tax, wage and social debts +€49,283
up €49,283 (+70.4%), from €70,022 to €119,305
of which Taxes: +€35,942
- Gross operating margin -€63,891
down €63,891 (-8.5%), from €749,078 to €685,188
- Taxes -€19,340
down €19,340 (-47.0%), from €41,147 to €21,807
- Other operating charges +€8,222
up €8,222 (+73.5%), from €11,183 to €19,406
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 | €1,372,200 | €1,464,914 | +€92,714 | +6.8% |
| Fixed assets | 21/28 | €1,229,269 | €1,173,227 | -€56,041 | -4.6% |
| Tangible fixed assets | 22/27 | €1,229,129 | €1,173,087 | -€56,041 | -4.6% |
| Land and buildings | 22 | €1,185,415 | €1,125,273 | -€60,142 | -5.1% |
| Plant, machinery and equipment | 23 | €31,952 | €37,360 | +€5,408 | +16.9% |
| Furniture and vehicles | 24 | €11,762 | €10,455 | -€1,307 | -11.1% |
| Financial fixed assets | 28 | €140 | €140 | = | 0.0% |
| Current assets | 29/58 | €142,931 | €291,687 | +€148,755 | +104% |
| Stocks and contracts in progress | 3 | €26,135 | €29,135 | +€3,000 | +11.5% |
| Stocks | 30/36 | €26,135 | €29,135 | +€3,000 | +11.5% |
| Amounts receivable within one year | 40/41 | €5,825 | €179,764 | +€173,939 | +2,986% |
| Trade receivables | 40 | €2,570 | €124,619 | +€122,049 | +4,749% |
| Other amounts receivable | 41 | €3,255 | €55,145 | +€51,890 | +1,594% |
| Cash at bank and in hand | 54/58 | €108,570 | €82,788 | -€25,782 | -23.7% |
| Deferred charges and accrued income | 490/1 | €2,401 | - | -€2,401 | |
| Total equity and liabilities | 10/49 | €1,372,200 | €1,464,914 | +€92,714 | +6.8% |
| Equity | 10/15 | €618,067 | €156,153 | -€461,914 | -74.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,610 | €20,610 | -€40,000 | -66.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | - | -€40,000 | |
| Profit (loss) carried forward | 14 | €538,857 | €116,943 | -€421,914 | -78.3% |
| Amounts payable | 17/49 | €754,133 | €1,308,761 | +€554,628 | +73.5% |
| Amounts payable after more than one year | 17 | €566,968 | €831,193 | +€264,225 | +46.6% |
| Financial debts | 170/4 | €566,968 | €831,193 | +€264,225 | +46.6% |
| Amounts payable within one year | 42/48 | €187,165 | €477,568 | +€290,403 | +155% |
| Current portion of amounts payable after more than one year | 42 | €80,150 | €81,663 | +€1,513 | +1.9% |
| Trade debts | 44 | €35,516 | €86,126 | +€50,609 | +142% |
| Suppliers | 440/4 | €35,516 | €86,126 | +€50,609 | +142% |
| Taxes, remuneration and social security | 45 | €70,022 | €119,305 | +€49,283 | +70.4% |
| Taxes | 450/3 | €30,412 | €66,354 | +€35,942 | +118% |
| Remuneration and social security | 454/9 | €39,610 | €52,952 | +€13,341 | +33.7% |
| Other amounts payable | 47/48 | €1,477 | €190,474 | +€188,997 | +12,798% |
| Remuneration, social security and pensions | 62 | €444,570 | €450,188 | +€5,619 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,357 | €89,758 | -€599 | -0.7% |
| Other operating charges | 640/8 | €11,183 | €19,406 | +€8,222 | +73.5% |
| Gross operating margin | 9900 | €749,078 | €685,188 | -€63,891 | -8.5% |
| Operating profit (loss) | 9901 | €202,969 | €125,836 | -€77,133 | -38.0% |
| Financial income | 75/76B | €2,462 | €146 | -€2,316 | -94.1% |
| Recurring financial income | 75 | €2,462 | €146 | -€2,316 | -94.1% |
| Financial charges | 65/66B | €28,833 | €26,090 | -€2,744 | -9.5% |
| Recurring financial charges | 65 | €28,833 | €26,090 | -€2,744 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €176,598 | €99,893 | -€76,705 | -43.4% |
| Income taxes | 67/77 | €41,147 | €21,807 | -€19,340 | -47.0% |
| Profit (loss) for the period | 9904 | €135,451 | €78,086 | -€57,365 | -42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €135,451 | €78,086 | -€57,365 | -42.4% |
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 16 October 2026 via checked.be.