BELIGHTED: 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.
BELIGHTED
Largest movements
- Receivables within one year -€132,215
down €132,215 (-94.7%), from €139,620 to €7,406
of which Trade receivables: -€127,868
- Current investments +€40,138
up €40,138 (+4.5%), from €888,959 to €929,097
- Profit (loss) carried forward -€152,734
down €152,734 (-162.5%), from -€93,992 to -€246,726
- Accrued charges and deferred income +€34,811
up €34,811 (+11.0%), from €316,525 to €351,336
- Other debts +€31,380
new in 2025: €31,380
- Gross operating margin -€418,057
down €418,057, from €377,789 to -€40,268
- Staff costs -€208,937
down €208,937 (-72.2%), from €289,333 to €80,396
- Other operating charges -€36,949
no longer reported in 2025 (was €36,949)
- Financial charges -€7,047
down €7,047 (-93.4%), from €7,542 to €495
- Depreciation -€4,560
down €4,560 (-60.2%), from €7,570 to €3,010
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 | €1,052,217 | €962,522 | -€89,695 | -8.5% |
| Fixed assets | 21/28 | €4,666 | €1,266 | -€3,400 | -72.9% |
| Tangible fixed assets | 22/27 | €3,741 | €731 | -€3,010 | -80.5% |
| Plant, machinery and equipment | 23 | €3,741 | €731 | -€3,010 | -80.5% |
| Financial fixed assets | 28 | €925 | €535 | -€390 | -42.2% |
| Current assets | 29/58 | €1,047,551 | €961,256 | -€86,295 | -8.2% |
| Amounts receivable within one year | 40/41 | €139,620 | €7,406 | -€132,215 | -94.7% |
| Trade receivables | 40 | €134,880 | €7,012 | -€127,868 | -94.8% |
| Other amounts receivable | 41 | €4,741 | €394 | -€4,347 | -91.7% |
| Current investments | 50/53 | €888,959 | €929,097 | +€40,138 | +4.5% |
| Cash at bank and in hand | 54/58 | €16,968 | €22,562 | +€5,594 | +33.0% |
| Deferred charges and accrued income | 490/1 | €2,004 | €2,191 | +€187 | +9.4% |
| Total equity and liabilities | 10/49 | €1,052,217 | €962,522 | -€89,695 | -8.5% |
| Equity | 10/15 | €721,354 | €568,620 | -€152,734 | -21.2% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €806,346 | €806,346 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €804,486 | €804,486 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,992 | -€246,726 | -€152,734 | -162.5% |
| Amounts payable | 17/49 | €330,863 | €393,902 | +€63,039 | +19.1% |
| Amounts payable within one year | 42/48 | €14,337 | €42,566 | +€28,229 | +196.9% |
| Trade debts | 44 | €2,327 | €335 | -€1,992 | -85.6% |
| Suppliers | 440/4 | €2,327 | €335 | -€1,992 | -85.6% |
| Taxes, remuneration and social security | 45 | €12,010 | €10,850 | -€1,160 | -9.7% |
| Taxes | 450/3 | €3,094 | €1,621 | -€1,473 | -47.6% |
| Remuneration and social security | 454/9 | €8,916 | €9,229 | +€313 | +3.5% |
| Other amounts payable | 47/48 | - | €31,380 | +€31,380 | |
| Accrued charges and deferred income | 492/3 | €316,525 | €351,336 | +€34,811 | +11.0% |
| Remuneration, social security and pensions | 62 | €289,333 | €80,396 | -€208,937 | -72.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,570 | €3,010 | -€4,560 | -60.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,400 | - | -€4,400 | |
| Other operating charges | 640/8 | €36,949 | - | -€36,949 | |
| Non-recurring operating charges | 66A | - | €31,380 | +€31,380 | |
| Gross operating margin | 9900 | €377,789 | -€40,268 | -€418,057 | |
| Operating profit (loss) | 9901 | €39,538 | -€155,054 | -€194,591 | |
| Financial income | 75/76B | €2,286 | €2,814 | +€528 | +23.1% |
| Recurring financial income | 75 | €2,286 | €2,814 | +€528 | +23.1% |
| Financial charges | 65/66B | €7,542 | €495 | -€7,047 | -93.4% |
| Recurring financial charges | 65 | €7,542 | €495 | -€7,047 | -93.4% |
| Profit (loss) for the period before taxes | 9903 | €34,282 | -€152,734 | -€187,016 | |
| Income taxes | 67/77 | €3,121 | - | -€3,121 | |
| Profit (loss) for the period | 9904 | €31,161 | -€152,734 | -€183,895 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,161 | -€152,734 | -€183,895 |
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 4 October 2026 via checked.be.