beLIEVE: 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.
beLIEVE
Largest movements
- Receivables after one year +€114,450
up €114,450 (+186%), from €61,673 to €176,124
- Cash -€81,016
down €81,016 (-25.6%), from €315,931 to €234,915
mainly Contributions, distributions and other (-€165,397) and Receivables after one year (-€114,450)
- Receivables within one year -€16,935
down €16,935 (-34.4%), from €49,298 to €32,363
of which Trade receivables: -€21,297
- Tangible fixed assets -€15,792
down €15,792 (-20.6%), from €76,781 to €60,989
of which Furniture and vehicles: -€15,352
- Current investments +€10,000
up €10,000 (+3.4%), from €290,000 to €300,000
- Other debts +€86,140
up €86,140 (+108%), from €79,440 to €165,579
- Reserves -€69,527
down €69,527 (-10.5%), from €663,633 to €594,107
of which Distributable reserves: -€63,345
- Gross operating margin -€175,598
down €175,598 (-53.5%), from €328,075 to €152,477
- Taxes -€67,981
down €67,981 (-66.1%), from €102,859 to €34,878
- Financial income -€6,506
down €6,506 (-46.9%), from €13,882 to €7,376
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 | €800,659 | €810,045 | +€9,386 | +1.2% |
| Fixed assets | 21/28 | €76,781 | €60,989 | -€15,792 | -20.6% |
| Tangible fixed assets | 22/27 | €76,781 | €60,989 | -€15,792 | -20.6% |
| Plant, machinery and equipment | 23 | €1,718 | €1,278 | -€440 | -25.6% |
| Furniture and vehicles | 24 | €75,063 | €59,711 | -€15,352 | -20.5% |
| Current assets | 29/58 | €723,877 | €749,055 | +€25,178 | +3.5% |
| Amounts receivable after more than one year | 29 | €61,673 | €176,124 | +€114,450 | +186% |
| Other amounts receivable | 291 | €61,673 | €176,124 | +€114,450 | +186% |
| Stocks and contracts in progress | 3 | €121 | €121 | = | 0.0% |
| Stocks | 30/36 | €121 | €121 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €49,298 | €32,363 | -€16,935 | -34.4% |
| Trade receivables | 40 | €49,298 | €28,001 | -€21,297 | -43.2% |
| Other amounts receivable | 41 | - | €4,362 | +€4,362 | |
| Current investments | 50/53 | €290,000 | €300,000 | +€10,000 | +3.4% |
| Cash at bank and in hand | 54/58 | €315,931 | €234,915 | -€81,016 | -25.6% |
| Deferred charges and accrued income | 490/1 | €6,854 | €5,533 | -€1,321 | -19.3% |
| Total equity and liabilities | 10/49 | €800,659 | €810,045 | +€9,386 | +1.2% |
| Equity | 10/15 | €665,633 | €596,107 | -€69,527 | -10.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €663,633 | €594,107 | -€69,527 | -10.5% |
| Tax-exempt reserves | 132 | €33,845 | €27,664 | -€6,181 | -18.3% |
| Distributable reserves | 133 | €629,789 | €566,443 | -€63,345 | -10.1% |
| Provisions and deferred taxes | 16 | €7,948 | €5,888 | -€2,060 | -25.9% |
| Deferred taxes | 168 | €7,948 | €5,888 | -€2,060 | -25.9% |
| Amounts payable | 17/49 | €127,077 | €208,050 | +€80,973 | +63.7% |
| Amounts payable within one year | 42/48 | €124,081 | €205,406 | +€81,325 | +65.5% |
| Trade debts | 44 | €400 | €2,130 | +€1,729 | +432% |
| Suppliers | 440/4 | €400 | €2,130 | +€1,729 | +432% |
| Taxes, remuneration and social security | 45 | €44,241 | €37,697 | -€6,544 | -14.8% |
| Taxes | 450/3 | €44,241 | €37,697 | -€6,544 | -14.8% |
| Other amounts payable | 47/48 | €79,440 | €165,579 | +€86,140 | +108% |
| Accrued charges and deferred income | 492/3 | €2,996 | €2,644 | -€352 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,896 | €20,502 | +€606 | +3.0% |
| Other operating charges | 640/8 | €387 | €1,592 | +€1,204 | +311% |
| Non-recurring operating charges | 66A | - | €8,753 | +€8,753 | |
| Gross operating margin | 9900 | €328,075 | €152,477 | -€175,598 | -53.5% |
| Operating profit (loss) | 9901 | €307,792 | €121,630 | -€186,162 | -60.5% |
| Financial income | 75/76B | €13,882 | €7,376 | -€6,506 | -46.9% |
| Recurring financial income | 75 | €13,882 | €7,376 | -€6,506 | -46.9% |
| Financial charges | 65/66B | €204 | €318 | +€115 | +56.3% |
| Recurring financial charges | 65 | €204 | €318 | +€115 | +56.3% |
| Profit (loss) for the period before taxes | 9903 | €321,471 | €128,688 | -€192,783 | -60.0% |
| Transfer from deferred taxes | 780 | €2,060 | €2,060 | = | 0.0% |
| Income taxes | 67/77 | €102,859 | €34,878 | -€67,981 | -66.1% |
| Profit (loss) for the period | 9904 | €220,672 | €95,870 | -€124,802 | -56.6% |
| Transfer from tax-exempt reserves | 789 | €6,181 | €6,181 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €226,853 | €102,052 | -€124,802 | -55.0% |
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 16 October 2026 via checked.be.