BELHOUSE: 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
BELHOUSE
NACE 69.203, Activities of company auditors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€495,629
2024 · -€1,526+€497,155
Equity
€955,168
2024 · €459,539+€495,629
Cash
€14,825
2024 · €3,684+€11,141
Balance sheet total
€3.8m
2024 · €4.5m-€756,008
Largest movements
Assets
- Tangible fixed assets -€758,344
down €758,344 (-17.1%), from €4.4m to €3.7m
of which Land and buildings: -€757,575
Equity and liabilities
- Other debts -€800,129
down €800,129 (-43.0%), from €1.9m to €1.1m
- Current portion of long-term debt -€391,933
down €391,933 (-69.0%), from €567,704 to €175,771
- Reserves +€336,528
up €336,528 (+733%), from €45,919 to €382,447
of which Tax-exempt reserves: +€334,880
- Debts after one year -€172,851
down €172,851 (-11.1%), from €1.6m to €1.4m
- Profit (loss) carried forward +€159,101
up €159,101, from -€127,798 to €31,303
Income statement
- Gross operating margin +€644,265
up €644,265 (+362%), from €177,991 to €822,256
- Financial charges +€29,329
up €29,329 (+39.0%), from €75,139 to €104,468
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
-€1,526
Gross operating margin
+€644,265
Depreciation
+€886
Other operating charges
+€4,091
Financial income
-€7,475
Financial charges
-€29,329
Deferred taxes and other
-€115,284
Result 2025
€495,629
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
-€94,642
Investment
+€670,567
Financing
-€564,784
Cash 2024
€3,684
From operations (derived)
-€94,642
Net result for the year
+€495,629
Depreciation
+€87,777
Receivables within one year
+€8,806
Provisions
+€111,627
Smaller working-capital items
+€1,648
Other debts
-€800,129
Investment (derived)
+€670,567
Investment in fixed assets (net)
+€670,567
Financing
-€564,784
Debts after one year
-€172,851
Current portion of long-term debt
-€391,933
Cash 2025
€14,825
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,539,019 | €3,783,011 | -€756,008 | -16.7% |
| Fixed assets | 21/28 | €4,431,911 | €3,673,567 | -€758,344 | -17.1% |
| Tangible fixed assets | 22/27 | €4,431,911 | €3,673,567 | -€758,344 | -17.1% |
| Land and buildings | 22 | €4,428,967 | €3,671,392 | -€757,575 | -17.1% |
| Plant, machinery and equipment | 23 | €1,780 | €1,302 | -€478 | -26.8% |
| Furniture and vehicles | 24 | €1,164 | €873 | -€291 | -25.0% |
| Current assets | 29/58 | €107,108 | €109,444 | +€2,335 | +2.2% |
| Amounts receivable within one year | 40/41 | €103,425 | €94,619 | -€8,806 | -8.5% |
| Trade receivables | 40 | €8,380 | - | -€8,380 | |
| Other amounts receivable | 41 | €95,045 | €94,619 | -€426 | -0.4% |
| Cash at bank and in hand | 54/58 | €3,684 | €14,825 | +€11,141 | +302% |
| Total equity and liabilities | 10/49 | €4,539,019 | €3,783,011 | -€756,008 | -16.7% |
| Equity | 10/15 | €459,539 | €955,168 | +€495,629 | +108% |
| Contributions | 10/11 | €541,417 | €541,417 | = | 0.0% |
| Capital | 10 | €541,417 | €541,417 | = | 0.0% |
| Issued capital | 100 | €541,417 | €541,417 | = | 0.0% |
| Reserves | 13 | €45,919 | €382,447 | +€336,528 | +733% |
| Non-distributable reserves | 130/1 | - | €1,648 | +€1,648 | |
| Legal reserve | 130 | - | €1,648 | +€1,648 | |
| Tax-exempt reserves | 132 | €45,919 | €380,800 | +€334,880 | +729% |
| Profit (loss) carried forward | 14 | -€127,798 | €31,303 | +€159,101 | |
| Provisions and deferred taxes | 16 | €86,259 | €197,885 | +€111,627 | +129% |
| Provisions for liabilities and charges | 160/5 | €70,952 | €70,952 | = | 0.0% |
| Pensions and similar obligations | 160 | €70,952 | €70,952 | = | 0.0% |
| Deferred taxes | 168 | €15,306 | €126,933 | +€111,627 | +729% |
| Amounts payable | 17/49 | €3,993,222 | €2,629,958 | -€1.4m | -34.1% |
| Amounts payable after more than one year | 17 | €1,558,567 | €1,385,716 | -€172,851 | -11.1% |
| Financial debts | 170/4 | €1,558,567 | €1,385,716 | -€172,851 | -11.1% |
| Amounts payable within one year | 42/48 | €2,427,465 | €1,236,464 | -€1.2m | -49.1% |
| Current portion of amounts payable after more than one year | 42 | €567,704 | €175,771 | -€391,933 | -69.0% |
| Trade debts | 44 | €522 | €670 | +€149 | +28.5% |
| Suppliers | 440/4 | €522 | €670 | +€149 | +28.5% |
| Taxes, remuneration and social security | 45 | €633 | €1,545 | +€912 | +144% |
| Taxes | 450/3 | €633 | €1,545 | +€912 | +144% |
| Other amounts payable | 47/48 | €1,858,606 | €1,058,478 | -€800,129 | -43.0% |
| Accrued charges and deferred income | 492/3 | €7,190 | €7,778 | +€587 | +8.2% |
| Non-recurring operating income | 76A | €2,566 | €678,214 | +€675,648 | +26,334% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,663 | €87,777 | -€886 | -1.0% |
| Other operating charges | 640/8 | €29,060 | €24,969 | -€4,091 | -14.1% |
| Gross operating margin | 9900 | €177,991 | €822,256 | +€644,265 | +362% |
| Operating profit (loss) | 9901 | €60,268 | €709,511 | +€649,242 | +1,077% |
| Financial income | 75/76B | €9,688 | €2,213 | -€7,475 | -77.2% |
| Recurring financial income | 75 | €9,688 | €2,213 | -€7,475 | -77.2% |
| Financial charges | 65/66B | €75,139 | €104,468 | +€29,329 | +39.0% |
| Recurring financial charges | 65 | €75,139 | €104,468 | +€29,329 | +39.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,183 | €607,256 | +€612,439 | |
| Transfer from deferred taxes | 780 | €3,657 | €675 | -€2,982 | -81.5% |
| Transfer to deferred taxes | 680 | - | €112,302 | +€112,302 | |
| Profit (loss) for the period | 9904 | -€1,526 | €495,629 | +€497,155 | |
| Transfer from tax-exempt reserves | 789 | €10,971 | €2,025 | -€8,946 | -81.5% |
| Transfer to tax-exempt reserves | 689 | - | €336,906 | +€336,906 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,445 | €160,749 | +€151,304 | +1,602% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.