BELHOPRO: 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
BELHOPRO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€11,089
2024 · €44,213-€33,125
Equity
€4.7m
2024 · €4.6m+€11,089
Cash
€3,940
2024 · €7,800-€3,861
Balance sheet total
€8.2m
2024 · €8.7m-€471,063
Largest movements
Assets
- Receivables within one year -€370,754
down €370,754 (-13.0%), from €2.9m to €2.5m
of which Other amounts receivable: -€359,073
- Tangible fixed assets -€94,906
down €94,906 (-4.8%), from €2.0m to €1.9m
of which Land and buildings: -€94,743
Equity and liabilities
- Current portion of long-term debt -€1.3m
down €1.3m (-44.1%), from €3.0m to €1.7m
- Other debts +€964,484
up €964,484 (+290%), from €332,875 to €1.3m
Income statement
- Gross operating margin -€118,067
down €118,067 (-33.0%), from €357,429 to €239,362
- Financial charges -€75,551
down €75,551 (-41.1%), from €183,667 to €108,116
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.
Result 2024
€44,213
Gross operating margin
-€118,067
Depreciation
+€3,042
Other operating charges
+€3,297
Other operating items
+€3,099
Financial income
+€1
Financial charges
+€75,551
Taxes
-€48
Result 2025
€11,089
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.4m
Investment
€0
Financing
-€1.4m
Cash 2024
€7,800
From operations (derived)
+€1.4m
Net result for the year
+€11,089
Depreciation
+€94,906
Receivables within one year
+€370,754
Deferred charges and accrued income
+€1,542
Trade debts
-€51,618
Tax, wage and social debts
-€39,741
Other debts
+€964,484
Accrued charges and deferred income
+€32,551
Financing
-€1.4m
Current portion of long-term debt
-€1.3m
Short-term financial debts
-€55,363
Cash 2025
€3,940
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,680,220 | €8,209,156 | -€471,063 | -5.4% |
| Fixed assets | 21/28 | €4,636,343 | €4,541,436 | -€94,906 | -2.0% |
| Tangible fixed assets | 22/27 | €1,991,998 | €1,897,091 | -€94,906 | -4.8% |
| Land and buildings | 22 | €1,991,808 | €1,897,065 | -€94,743 | -4.8% |
| Plant, machinery and equipment | 23 | €189 | €26 | -€163 | -86.3% |
| Financial fixed assets | 28 | €2,644,345 | €2,644,345 | = | 0.0% |
| Current assets | 29/58 | €4,043,877 | €3,667,720 | -€376,157 | -9.3% |
| Stocks and contracts in progress | 3 | €1,163,884 | €1,163,884 | = | 0.0% |
| Stocks | 30/36 | €1,163,884 | €1,163,884 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,861,971 | €2,491,217 | -€370,754 | -13.0% |
| Trade receivables | 40 | €46,122 | €34,441 | -€11,681 | -25.3% |
| Other amounts receivable | 41 | €2,815,849 | €2,456,776 | -€359,073 | -12.8% |
| Cash at bank and in hand | 54/58 | €7,800 | €3,940 | -€3,861 | -49.5% |
| Deferred charges and accrued income | 490/1 | €10,221 | €8,679 | -€1,542 | -15.1% |
| Total equity and liabilities | 10/49 | €8,680,220 | €8,209,156 | -€471,063 | -5.4% |
| Equity | 10/15 | €4,647,309 | €4,658,398 | +€11,089 | +0.2% |
| Contributions | 10/11 | €463,070 | €463,070 | = | 0.0% |
| Capital | 10 | €463,070 | €463,070 | = | 0.0% |
| Issued capital | 100 | €463,070 | €463,070 | = | 0.0% |
| Reserves | 13 | €4,184,239 | €4,195,328 | +€11,089 | +0.3% |
| Non-distributable reserves | 130/1 | €46,307 | €46,307 | = | 0.0% |
| Legal reserve | 130 | €46,307 | €46,307 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,494,809 | €1,494,809 | = | 0.0% |
| Distributable reserves | 133 | €2,643,123 | €2,654,212 | +€11,089 | +0.4% |
| Provisions and deferred taxes | 16 | €498,270 | €498,270 | = | 0.0% |
| Deferred taxes | 168 | €498,270 | €498,270 | = | 0.0% |
| Amounts payable | 17/49 | €3,534,641 | €3,052,489 | -€482,152 | -13.6% |
| Amounts payable within one year | 42/48 | €3,534,641 | €3,019,937 | -€514,703 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €3,021,315 | €1,688,850 | -€1.3m | -44.1% |
| Financial debts | 43 | €55,363 | - | -€55,363 | |
| Credit institutions | 430/8 | €55,363 | - | -€55,363 | |
| Trade debts | 44 | €84,268 | €32,649 | -€51,618 | -61.3% |
| Suppliers | 440/4 | €84,268 | €32,649 | -€51,618 | -61.3% |
| Taxes, remuneration and social security | 45 | €40,820 | €1,079 | -€39,741 | -97.4% |
| Taxes | 450/3 | €39,656 | €1,079 | -€38,577 | -97.3% |
| Remuneration and social security | 454/9 | €1,164 | - | -€1,164 | |
| Other amounts payable | 47/48 | €332,875 | €1,297,359 | +€964,484 | +290% |
| Accrued charges and deferred income | 492/3 | - | €32,551 | +€32,551 | |
| Non-recurring operating income | 76A | €165,555 | €5,000 | -€160,555 | -97.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,948 | €94,906 | -€3,042 | -3.1% |
| Other operating charges | 640/8 | €24,845 | €21,547 | -€3,297 | -13.3% |
| Non-recurring operating charges | 66A | €3,099 | - | -€3,099 | |
| Gross operating margin | 9900 | €357,429 | €239,362 | -€118,067 | -33.0% |
| Operating profit (loss) | 9901 | €231,537 | €122,909 | -€108,629 | -46.9% |
| Financial income | 75/76B | €0 | €1 | +€1 | +700% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +700% |
| Financial charges | 65/66B | €183,667 | €108,116 | -€75,551 | -41.1% |
| Recurring financial charges | 65 | €183,667 | €108,116 | -€75,551 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | €47,870 | €14,794 | -€33,077 | -69.1% |
| Income taxes | 67/77 | €3,657 | €3,705 | +€48 | +1.3% |
| Profit (loss) for the period | 9904 | €44,213 | €11,089 | -€33,125 | -74.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,213 | €11,089 | -€33,125 | -74.9% |
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 28 October 2026 via checked.be.