BELHYPERION: 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
BELHYPERION
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€166.1m
2024 · €58.0m+€108.0m
Equity
€1.43bn
2024 · €1.26bn+€166.1m
Cash
€152.2m
2024 · €20.3m+€131.9m
Balance sheet total
€1.99bn
2024 · €1.74bn+€250.4m
Largest movements
Assets
- Current investments +€156.7m
up €156.7m (+9.8%), from €1.60bn to €1.75bn
- Cash +€131.9m
up €131.9m (+651%), from €20.3m to €152.2m
mainly Net result for the year (+€166.1m) and Other debts (+€131.2m)
- Receivables within one year -€67.2m
down €67.2m (-53.9%), from €124.6m to €57.4m
of which Other amounts receivable: -€66.4m
Equity and liabilities
- Profit (loss) carried forward +€157.8m
up €157.8m (+26.0%), from €606.2m to €763.9m
- Other debts +€131.2m
up €131.2m (+31.2%), from €420.2m to €551.4m
- Short-term financial debts -€48.1m
no longer reported in 2025 (was €48.1m)
Income statement
- Financial income +€190.4m
up €190.4m (+185%), from €102.9m to €293.3m
- Taxes +€52.5m
up €52.5m (+756%), from €6.9m to €59.4m
of which Taxes: +€50.3m
- Financial charges +€27.6m
up €27.6m (+82.4%), from €33.5m to €61.1m
- Services and other goods +€1.9m
up €1.9m (+55.6%), from €3.4m to €5.3m
- Staff costs +€225,828
up €225,828 (+52.6%), from €429,370 to €655,199
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
€58.0m
Turnover
+€39,879
Other operating income
+€4,646
Services and other goods
-€1.9m
Staff costs
-€225,828
Depreciation
-€48,365
Other operating charges
-€201,541
Other operating items
+€8,109
Financial income
+€190.4m
Financial charges
-€27.6m
Taxes
-€52.5m
Result 2025
€166.1m
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
+€346.8m
Investment
-€166.8m
Financing
-€48.1m
Cash 2024
€20.3m
From operations (derived)
+€346.8m
Net result for the year
+€166.1m
Depreciation
+€106,827
Receivables within one year
+€67.2m
Deferred charges and accrued income
-€19.0m
Trade debts
-€2.4m
Tax, wage and social debts
+€3.6m
Other debts
+€131.2m
Accrued charges and deferred income
+€6,735
Investment (derived)
-€166.8m
Investment in fixed assets (net)
-€10.1m
Current investments
-€156.7m
Financing
-€48.1m
Short-term financial debts
-€48.1m
Cash 2025
€152.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,741,812,073 | €1,992,211,975 | +€250.4m | +14.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €287,613 | €10,287,612 | +€10.0m | +3,477% |
| Intangible fixed assets | 21 | €99,824 | €148,639 | +€48,815 | +48.9% |
| Tangible fixed assets | 22/27 | €187,788 | €138,976 | -€48,812 | -26.0% |
| Furniture and vehicles | 24 | €20,456 | €22,797 | +€2,341 | +11.4% |
| Other tangible fixed assets | 26 | €119,332 | €116,179 | -€3,154 | -2.6% |
| Assets under construction and advance payments | 27 | €48,000 | - | -€48,000 | |
| Financial fixed assets | 28 | - | €9,999,997 | +€10.0m | |
| Affiliated companies | 280/1 | - | €9,999,997 | +€10.0m | |
| Participating interests | 280 | - | €9,999,997 | +€10.0m | |
| Current assets | 29/58 | €1,741,524,460 | €1,981,924,362 | +€240.4m | +13.8% |
| Amounts receivable within one year | 40/41 | €124,559,700 | €57,372,485 | -€67.2m | -53.9% |
| Trade receivables | 40 | €3,066,186 | €2,315,008 | -€751,177 | -24.5% |
| Other amounts receivable | 41 | €121,493,514 | €55,057,477 | -€66.4m | -54.7% |
| Current investments | 50/53 | €1,596,295,939 | €1,752,983,512 | +€156.7m | +9.8% |
| Other investments | 51/53 | €1,596,295,939 | €1,752,983,512 | +€156.7m | +9.8% |
| Cash at bank and in hand | 54/58 | €20,266,344 | €152,163,756 | +€131.9m | +651% |
| Deferred charges and accrued income | 490/1 | €402,477 | €19,404,610 | +€19.0m | +4,721% |
| Total equity and liabilities | 10/49 | €1,741,812,073 | €1,992,211,975 | +€250.4m | +14.4% |
| Equity | 10/15 | €1,262,180,547 | €1,428,249,337 | +€166.1m | +13.2% |
| Contributions | 10/11 | €621,307,973 | €621,307,973 | = | 0.0% |
| Capital | 10 | €613,926,181 | €613,926,181 | = | 0.0% |
| Issued capital | 100 | €613,926,181 | €613,926,181 | = | 0.0% |
| Contributions outside capital | 11 | €7,381,792 | €7,381,792 | = | 0.0% |
| Share premium | 1100/10 | €7,381,792 | €7,381,792 | = | 0.0% |
| Reserves | 13 | €34,712,565 | €43,016,004 | +€8.3m | +23.9% |
| Non-distributable reserves | 130/1 | €34,712,565 | €43,016,004 | +€8.3m | +23.9% |
| Legal reserve | 130 | €34,712,565 | €43,016,004 | +€8.3m | +23.9% |
| Profit (loss) carried forward | 14 | €606,160,010 | €763,925,360 | +€157.8m | +26.0% |
| Amounts payable | 17/49 | €479,631,525 | €563,962,638 | +€84.3m | +17.6% |
| Amounts payable within one year | 42/48 | €479,631,525 | €563,955,903 | +€84.3m | +17.6% |
| Financial debts | 43 | €48,082,944 | - | -€48.1m | |
| Credit institutions | 430/8 | €48,082,944 | - | -€48.1m | |
| Trade debts | 44 | €7,876,074 | €5,479,611 | -€2.4m | -30.4% |
| Suppliers | 440/4 | €7,876,074 | €5,479,611 | -€2.4m | -30.4% |
| Taxes, remuneration and social security | 45 | €3,473,458 | €7,040,646 | +€3.6m | +103% |
| Taxes | 450/3 | €3,464,295 | €6,974,855 | +€3.5m | +101% |
| Remuneration and social security | 454/9 | €9,163 | €65,791 | +€56,628 | +618% |
| Other amounts payable | 47/48 | €420,199,050 | €551,435,646 | +€131.2m | +31.2% |
| Accrued charges and deferred income | 492/3 | - | €6,735 | +€6,735 | |
| Operating income | 70/76A | €2,160,588 | €2,205,130 | +€44,543 | +2.1% |
| Turnover | 70 | €2,155,676 | €2,195,556 | +€39,879 | +1.8% |
| Other operating income | 74 | €4,911 | €9,558 | +€4,646 | +94.6% |
| Non-recurring operating income | 76A | - | €17 | +€17 | |
| Operating charges | 60/66A | €6,575,094 | €8,935,583 | +€2.4m | +35.9% |
| Services and other goods | 61 | €3,404,568 | €5,297,414 | +€1.9m | +55.6% |
| Remuneration, social security and pensions | 62 | €429,370 | €655,199 | +€225,828 | +52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,462 | €106,827 | +€48,365 | +82.7% |
| Other operating charges | 640/8 | €2,674,601 | €2,876,142 | +€201,541 | +7.5% |
| Non-recurring operating charges | 66A | €8,092 | - | -€8,092 | |
| Operating profit (loss) | 9901 | -€4,414,506 | -€6,730,452 | -€2.3m | -52.5% |
| Financial income | 75/76B | €102,906,539 | €293,331,129 | +€190.4m | +185% |
| Recurring financial income | 75 | €102,906,539 | €293,331,129 | +€190.4m | +185% |
| Income from current assets | 751 | €63,362,882 | €57,559,281 | -€5.8m | -9.2% |
| Other financial income | 752/9 | €39,543,657 | €235,771,848 | +€196.2m | +496% |
| Financial charges | 65/66B | €33,520,482 | €61,143,251 | +€27.6m | +82.4% |
| Recurring financial charges | 65 | €33,520,482 | €61,143,251 | +€27.6m | +82.4% |
| Debt charges | 650 | €15,729,580 | €10,695,215 | -€5.0m | -32.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€3,323,590 | -€44,222,322 | -€40.9m | -1,231% |
| Other financial charges | 652/9 | €21,114,492 | €94,670,358 | +€73.6m | +348% |
| Profit (loss) for the period before taxes | 9903 | €64,971,551 | €225,457,426 | +€160.5m | +247% |
| Income taxes | 67/77 | €6,938,327 | €59,388,636 | +€52.5m | +756% |
| Taxes | 670/3 | €9,051,430 | €59,388,636 | +€50.3m | +556% |
| Tax adjustments and reversals of tax provisions | 77 | €2,113,103 | - | -€2.1m | |
| Profit (loss) for the period | 9904 | €58,033,224 | €166,068,790 | +€108.0m | +186% |
| Profit (loss) for the period to be appropriated | 9905 | €58,033,224 | €166,068,790 | +€108.0m | +186% |
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 30 October 2026 via checked.be.