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
- Cash -€21,222
down €21,222 (-47.6%), from €44,583 to €23,361
mainly Debts after one year (-€19,154) and Receivables within one year (-€14,708)
- Receivables within one year +€14,708
up €14,708 (+21.4%), from €68,825 to €83,534
of which Other amounts receivable: +€9,786
- Deferred charges and accrued income +€9,672
up €9,672 (+114%), from €8,469 to €18,141
- Stocks and contracts +€5,100
up €5,100 (+32.5%), from €15,700 to €20,800
- Other debts +€25,166
up €25,166 (+9.5%), from €264,032 to €289,199
- Debts after one year -€19,154
down €19,154 (-62.8%), from €30,480 to €11,326
- Current portion of long-term debt -€8,504
down €8,504 (-30.7%), from €27,657 to €19,154
- Tax, wage and social debts +€5,946
up €5,946 (+12.7%), from €46,762 to €52,709
of which Remuneration and social security: +€4,489
- Profit (loss) carried forward +€2,636
up €2,636 (+0.9%), from -€308,305 to -€305,669
- Gross operating margin +€71,529
up €71,529 (+25.7%), from €278,141 to €349,670
- Staff costs -€31,002
down €31,002 (-9.9%), from €312,748 to €281,746
- Financial charges +€11,194
up €11,194 (+361%), from €3,102 to €14,296
- Other operating charges +€4,426
up €4,426 (+174%), from €2,544 to €6,970
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 | €198,679 | €205,369 | +€6,691 | +3.4% |
| Fixed assets | 21/28 | €61,102 | €59,533 | -€1,569 | -2.6% |
| Intangible fixed assets | 21 | €979 | €729 | -€250 | -25.5% |
| Tangible fixed assets | 22/27 | €42,123 | €40,805 | -€1,319 | -3.1% |
| Land and buildings | 22 | €4,061 | €3,599 | -€462 | -11.4% |
| Plant, machinery and equipment | 23 | €16,837 | €14,877 | -€1,959 | -11.6% |
| Furniture and vehicles | 24 | €0 | €3,496 | +€3,496 | |
| Other tangible fixed assets | 26 | €21,226 | €18,833 | -€2,393 | -11.3% |
| Financial fixed assets | 28 | €18,000 | €18,000 | = | 0.0% |
| Current assets | 29/58 | €137,577 | €145,836 | +€8,259 | +6.0% |
| Stocks and contracts in progress | 3 | €15,700 | €20,800 | +€5,100 | +32.5% |
| Stocks | 30/36 | €15,700 | €20,800 | +€5,100 | +32.5% |
| Amounts receivable within one year | 40/41 | €68,825 | €83,534 | +€14,708 | +21.4% |
| Trade receivables | 40 | €27,622 | €32,545 | +€4,923 | +17.8% |
| Other amounts receivable | 41 | €41,203 | €50,989 | +€9,786 | +23.7% |
| Cash at bank and in hand | 54/58 | €44,583 | €23,361 | -€21,222 | -47.6% |
| Deferred charges and accrued income | 490/1 | €8,469 | €18,141 | +€9,672 | +114% |
| Total equity and liabilities | 10/49 | €198,679 | €205,369 | +€6,691 | +3.4% |
| Equity | 10/15 | -€226,505 | -€223,869 | +€2,636 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,200 | €63,200 | = | 0.0% |
| Distributable reserves | 133 | €63,200 | €63,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€308,305 | -€305,669 | +€2,636 | +0.9% |
| Amounts payable | 17/49 | €425,183 | €429,239 | +€4,055 | +1.0% |
| Amounts payable after more than one year | 17 | €30,480 | €11,326 | -€19,154 | -62.8% |
| Financial debts | 170/4 | €30,480 | €11,326 | -€19,154 | -62.8% |
| Amounts payable within one year | 42/48 | €392,416 | €415,625 | +€23,209 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €27,657 | €19,154 | -€8,504 | -30.7% |
| Trade debts | 44 | €53,964 | €54,564 | +€600 | +1.1% |
| Suppliers | 440/4 | €53,964 | €54,564 | +€600 | +1.1% |
| Taxes, remuneration and social security | 45 | €46,762 | €52,709 | +€5,946 | +12.7% |
| Taxes | 450/3 | €18,417 | €19,874 | +€1,457 | +7.9% |
| Remuneration and social security | 454/9 | €28,346 | €32,835 | +€4,489 | +15.8% |
| Other amounts payable | 47/48 | €264,032 | €289,199 | +€25,166 | +9.5% |
| Accrued charges and deferred income | 492/3 | €2,288 | €2,288 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €312,748 | €281,746 | -€31,002 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,509 | €7,929 | +€420 | +5.6% |
| Other operating charges | 640/8 | €2,544 | €6,970 | +€4,426 | +174% |
| Non-recurring operating charges | 66A | - | €38,313 | +€38,313 | |
| Gross operating margin | 9900 | €278,141 | €349,670 | +€71,529 | +25.7% |
| Operating profit (loss) | 9901 | -€44,660 | €14,713 | +€59,373 | |
| Financial income | 75/76B | €2,420 | €2,218 | -€202 | -8.3% |
| Recurring financial income | 75 | €2,420 | €2,218 | -€202 | -8.3% |
| Financial charges | 65/66B | €3,102 | €14,296 | +€11,194 | +361% |
| Recurring financial charges | 65 | €3,102 | €14,296 | +€11,194 | +361% |
| Profit (loss) for the period before taxes | 9903 | -€45,341 | €2,636 | +€47,977 | |
| Profit (loss) for the period | 9904 | -€45,341 | €2,636 | +€47,977 | |
| Profit (loss) for the period to be appropriated | 9905 | -€45,341 | €2,636 | +€47,977 |
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 13 October 2026 via checked.be.