BELI22: what changed
Two fiscal 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.
BELI22
Largest movements
- Tangible fixed assets +€388,694
up €388,694 (+67.4%), from €576,912 to €965,605
of which Assets under construction and advance payments: +€413,368
- Deferred charges and accrued income +€66,897
up €66,897 (+2522.2%), from €2,652 to €69,549
- Cash +€22,195
up €22,195 (+804.1%), from €2,760 to €24,955
mainly Debts after one year (+€375,512) and Trade debts (+€79,729)
- Debts after one year +€375,512
up €375,512 (+65.8%), from €570,763 to €946,276
of which Financial debts: +€378,432
- Trade debts +€79,729
up €79,729 (+6183.7%), from €1,289 to €81,018
- Gross operating margin +€33,047
up €33,047 (+137.2%), from €24,082 to €57,129
- Financial charges +€3,724
up €3,724 (+21.5%), from €17,295 to €21,019
- Other operating charges +€1,291
up €1,291 (+33.4%), from €3,866 to €5,156
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.
Cash bridge derived
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 | €582,324 | €1,060,110 | +€477,786 | +82.0% |
| Fixed assets | 21/28 | €576,912 | €965,605 | +€388,694 | +67.4% |
| Tangible fixed assets | 22/27 | €576,912 | €965,605 | +€388,694 | +67.4% |
| Land and buildings | 22 | €560,650 | €535,975 | -€24,674 | -4.4% |
| Assets under construction and advance payments | 27 | €16,262 | €429,630 | +€413,368 | +2542.0% |
| Current assets | 29/58 | €5,413 | €94,504 | +€89,092 | +1646.0% |
| Cash at bank and in hand | 54/58 | €2,760 | €24,955 | +€22,195 | +804.1% |
| Deferred charges and accrued income | 490/1 | €2,652 | €69,549 | +€66,897 | +2522.2% |
| Total equity and liabilities | 10/49 | €582,324 | €1,060,110 | +€477,786 | +82.0% |
| Equity | 10/15 | -€22,459 | -€16,180 | +€6,279 | +28.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€25,459 | -€19,180 | +€6,279 | +24.7% |
| Amounts payable | 17/49 | €604,783 | €1,076,290 | +€471,507 | +78.0% |
| Amounts payable after more than one year | 17 | €570,763 | €946,276 | +€375,512 | +65.8% |
| Financial debts | 170/4 | €276,873 | €655,306 | +€378,432 | +136.7% |
| Other amounts payable | 178/9 | €293,890 | €290,970 | -€2,920 | -1.0% |
| Amounts payable within one year | 42/48 | €34,019 | €130,014 | +€95,995 | +282.2% |
| Current portion of amounts payable after more than one year | 42 | €13,256 | €21,568 | +€8,312 | +62.7% |
| Trade debts | 44 | €1,289 | €81,018 | +€79,729 | +6183.7% |
| Suppliers | 440/4 | €1,289 | €81,018 | +€79,729 | +6183.7% |
| Other amounts payable | 47/48 | €19,474 | €27,428 | +€7,954 | +40.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,674 | €24,674 | = | 0.0% |
| Other operating charges | 640/8 | €3,866 | €5,156 | +€1,291 | +33.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €24,082 | €57,129 | +€33,047 | +137.2% |
| Operating profit (loss) | 9901 | -€4,458 | €27,298 | +€31,756 | |
| Financial charges | 65/66B | €17,295 | €21,019 | +€3,724 | +21.5% |
| Recurring financial charges | 65 | €17,295 | €21,019 | +€3,724 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | -€21,753 | €6,279 | +€28,032 | |
| Profit (loss) for the period | 9904 | -€21,753 | €6,279 | +€28,032 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,753 | €6,279 | +€28,032 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.