BeLightning: 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.
BeLightning
Largest movements
- Receivables within one year +€22.7m
up €22.7m (+228.5%), from €9.9m to €32.7m
of which Trade receivables: +€24.8m
- Current investments -€10.7m
down €10.7m (-46.1%), from €23.2m to €12.5m
- Tangible fixed assets -€4.3m
down €4.3m (-4.8%), from €88.9m to €84.6m
of which Assets under construction and advance payments: -€37.5m
- Intangible fixed assets +€3.6m
up €3.6m (+14.5%), from €25.1m to €28.8m
- Advances received +€27.7m
up €27.7m (+394.7%), from €7.0m to €34.8m
- Trade debts -€6.2m
down €6.2m (-84.1%), from €7.3m to €1.2m
- Investment grants -€5.1m
down €5.1m (-7.7%), from €66.0m to €61.0m
- Profit (loss) carried forward -€3.4m
down €3.4m (-1268.2%), from -€266,148 to -€3.6m
- Provisions -€1.7m
down €1.7m (-7.7%), from €22.0m to €20.3m
- Depreciation +€7.5m
up €7.5m (+249.3%), from €3.0m to €10.5m
- Financial income +€2.9m
up €2.9m (+105.5%), from €2.8m to €5.7m
- Gross operating margin +€278,582
up €278,582 (+79.0%), from -€352,442 to -€73,860
- Other operating charges -€20,834
down €20,834 (-32.3%), from €64,570 to €43,736
- Financial charges -€9,163
down €9,163 (-10.4%), from €87,735 to €78,573
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 | €147,184,148 | €158,575,980 | +€11.4m | +7.7% |
| Fixed assets | 21/28 | €114,033,171 | €113,417,309 | -€615,862 | -0.5% |
| Intangible fixed assets | 21 | €25,144,888 | €28,791,422 | +€3.6m | +14.5% |
| Tangible fixed assets | 22/27 | €88,888,083 | €84,625,687 | -€4.3m | -4.8% |
| Land and buildings | 22 | €4,614,202 | €8,667,576 | +€4.1m | +87.8% |
| Plant, machinery and equipment | 23 | €45,693,858 | €74,858,111 | +€29.2m | +63.8% |
| Furniture and vehicles | 24 | €339 | €0 | -€339 | -100.0% |
| Assets under construction and advance payments | 27 | €38,579,684 | €1,100,000 | -€37.5m | -97.1% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €33,150,977 | €45,158,671 | +€12.0m | +36.2% |
| Amounts receivable within one year | 40/41 | €9,940,407 | €32,655,245 | +€22.7m | +228.5% |
| Trade receivables | 40 | €7,079,153 | €31,835,668 | +€24.8m | +349.7% |
| Other amounts receivable | 41 | €2,861,253 | €819,577 | -€2.0m | -71.4% |
| Current investments | 50/53 | €23,183,479 | €12,501,684 | -€10.7m | -46.1% |
| Cash at bank and in hand | 54/58 | €2,850 | €1,642 | -€1,208 | -42.4% |
| Deferred charges and accrued income | 490/1 | €24,242 | €100 | -€24,142 | -99.6% |
| Total equity and liabilities | 10/49 | €147,184,148 | €158,575,980 | +€11.4m | +7.7% |
| Equity | 10/15 | €95,782,101 | €87,321,347 | -€8.5m | -8.8% |
| Contributions | 10/11 | €30,000,000 | €30,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€266,148 | -€3,641,422 | -€3.4m | -1268.2% |
| Investment grants | 15 | €66,048,249 | €60,962,770 | -€5.1m | -7.7% |
| Provisions and deferred taxes | 16 | €22,016,083 | €20,320,923 | -€1.7m | -7.7% |
| Deferred taxes | 168 | €22,016,083 | €20,320,923 | -€1.7m | -7.7% |
| Amounts payable | 17/49 | €29,385,964 | €50,933,710 | +€21.5m | +73.3% |
| Amounts payable after more than one year | 17 | €15,000,000 | €15,000,000 | = | 0.0% |
| Financial debts | 170/4 | €15,000,000 | €15,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €14,345,659 | €35,933,710 | +€21.6m | +150.5% |
| Trade debts | 44 | €7,318,096 | €1,165,151 | -€6.2m | -84.1% |
| Suppliers | 440/4 | €7,318,096 | €1,165,151 | -€6.2m | -84.1% |
| Advances received on contracts in progress | 46 | €7,027,562 | €34,768,558 | +€27.7m | +394.7% |
| Accrued charges and deferred income | 492/3 | €40,305 | €0 | -€40,305 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,017,476 | €10,539,363 | +€7.5m | +249.3% |
| Other operating charges | 640/8 | €64,570 | €43,736 | -€20,834 | -32.3% |
| Gross operating margin | 9900 | -€352,442 | -€73,860 | +€278,582 | +79.0% |
| Operating profit (loss) | 9901 | -€3,434,487 | -€10,656,959 | -€7.2m | -210.3% |
| Financial income | 75/76B | €2,757,296 | €5,665,098 | +€2.9m | +105.5% |
| Recurring financial income | 75 | €2,757,296 | €5,665,098 | +€2.9m | +105.5% |
| Financial charges | 65/66B | €87,735 | €78,573 | -€9,163 | -10.4% |
| Recurring financial charges | 65 | €87,735 | €78,573 | -€9,163 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | -€764,926 | -€5,070,434 | -€4.3m | -562.9% |
| Transfer from deferred taxes | 780 | €483,917 | €1,695,160 | +€1.2m | +250.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€281,009 | -€3,375,274 | -€3.1m | -1101.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€281,009 | -€3,375,274 | -€3.1m | -1101.1% |
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 6 October 2026 via checked.be.