Belieco: 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.
Belieco
Largest movements
- Current investments +€44,105
up €44,105 (+368%), from €12,000 to €56,105
- Cash -€18,463
down €18,463 (-20.6%), from €89,567 to €71,104
mainly Current investments (-€44,105) and Tax, wage and social debts (-€21,229)
- Receivables within one year -€13,767
down €13,767 (-89.7%), from €15,344 to €1,577
of which Trade receivables: -€14,086
- Tangible fixed assets -€8,884
down €8,884 (-52.5%), from €16,917 to €8,034
- Profit (loss) carried forward +€25,967
up €25,967 (+24.6%), from €105,697 to €131,663
- Tax, wage and social debts -€21,229
down €21,229 (-87.2%), from €24,339 to €3,110
- Trade debts -€1,747
down €1,747 (-97.4%), from €1,793 to €46
- Gross operating margin -€37,996
down €37,996 (-50.4%), from €75,423 to €37,427
- Taxes -€7,294
down €7,294 (-50.0%), from €14,596 to €7,302
- Depreciation -€5,864
down €5,864 (-66.9%), from €8,762 to €2,899
- Other operating charges +€1,101
up €1,101 (+354%), from €311 to €1,411
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 | €133,829 | €136,819 | +€2,991 | +2.2% |
| Fixed assets | 21/28 | €16,917 | €8,034 | -€8,884 | -52.5% |
| Tangible fixed assets | 22/27 | €16,917 | €8,034 | -€8,884 | -52.5% |
| Furniture and vehicles | 24 | €16,917 | €8,034 | -€8,884 | -52.5% |
| Current assets | 29/58 | €116,911 | €128,786 | +€11,875 | +10.2% |
| Amounts receivable within one year | 40/41 | €15,344 | €1,577 | -€13,767 | -89.7% |
| Trade receivables | 40 | €14,086 | - | -€14,086 | |
| Other amounts receivable | 41 | €1,259 | €1,577 | +€319 | +25.3% |
| Current investments | 50/53 | €12,000 | €56,105 | +€44,105 | +368% |
| Cash at bank and in hand | 54/58 | €89,567 | €71,104 | -€18,463 | -20.6% |
| Total equity and liabilities | 10/49 | €133,829 | €136,819 | +€2,991 | +2.2% |
| Equity | 10/15 | €107,697 | €133,663 | +€25,967 | +24.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,697 | €131,663 | +€25,967 | +24.6% |
| Amounts payable | 17/49 | €26,132 | €3,156 | -€22,976 | -87.9% |
| Amounts payable within one year | 42/48 | €26,132 | €3,156 | -€22,976 | -87.9% |
| Trade debts | 44 | €1,793 | €46 | -€1,747 | -97.4% |
| Suppliers | 440/4 | €1,793 | €46 | -€1,747 | -97.4% |
| Taxes, remuneration and social security | 45 | €24,339 | €3,110 | -€21,229 | -87.2% |
| Taxes | 450/3 | €24,339 | €3,110 | -€21,229 | -87.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,762 | €2,899 | -€5,864 | -66.9% |
| Other operating charges | 640/8 | €311 | €1,411 | +€1,101 | +354% |
| Gross operating margin | 9900 | €75,423 | €37,427 | -€37,996 | -50.4% |
| Operating profit (loss) | 9901 | €66,351 | €33,117 | -€33,233 | -50.1% |
| Financial income | 75/76B | €50 | €219 | +€169 | +337% |
| Recurring financial income | 75 | €50 | €219 | +€169 | +337% |
| Financial charges | 65/66B | €55 | €67 | +€12 | +22.5% |
| Recurring financial charges | 65 | €55 | €67 | +€12 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €66,346 | €33,268 | -€33,077 | -49.9% |
| Income taxes | 67/77 | €14,596 | €7,302 | -€7,294 | -50.0% |
| Profit (loss) for the period | 9904 | €51,750 | €25,967 | -€25,783 | -49.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,750 | €25,967 | -€25,783 | -49.8% |
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.