Belin: 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.
Belin
Largest movements
- Receivables within one year +€141,570
up €141,570 (+89.8%), from €157,650 to €299,220
of which Trade receivables: +€141,570
- Tangible fixed assets -€71,558
down €71,558 (-8.7%), from €823,173 to €751,615
of which Land and buildings: -€70,982
- Cash -€36,529
down €36,529 (-31.3%), from €116,806 to €80,277
mainly Receivables within one year (-€141,570) and Other debts (-€4,066)
- Reserves +€36,642
up €36,642 (+3.6%), from €1.0m to €1.0m
of which Distributable reserves: +€36,642
- Gross operating margin +€174,641
up €174,641, from -€63,799 to €110,843
- Depreciation -€5,928
down €5,928 (-7.7%), from €77,485 to €71,558
- Other operating charges -€5,179
down €5,179 (-66.9%), from €7,736 to €2,557
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 | €1,097,629 | €1,131,112 | +€33,483 | +3.1% |
| Fixed assets | 21/28 | €823,173 | €751,615 | -€71,558 | -8.7% |
| Tangible fixed assets | 22/27 | €823,173 | €751,615 | -€71,558 | -8.7% |
| Land and buildings | 22 | €814,413 | €743,431 | -€70,982 | -8.7% |
| Plant, machinery and equipment | 23 | €334 | €0 | -€334 | -100.0% |
| Furniture and vehicles | 24 | €2,225 | €1,984 | -€241 | -10.8% |
| Other tangible fixed assets | 26 | €6,200 | €6,200 | = | 0.0% |
| Current assets | 29/58 | €274,456 | €379,497 | +€105,041 | +38.3% |
| Amounts receivable within one year | 40/41 | €157,650 | €299,220 | +€141,570 | +89.8% |
| Trade receivables | 40 | €7,260 | €148,830 | +€141,570 | +1950.0% |
| Other amounts receivable | 41 | €150,390 | €150,390 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €116,806 | €80,277 | -€36,529 | -31.3% |
| Total equity and liabilities | 10/49 | €1,097,629 | €1,131,112 | +€33,483 | +3.1% |
| Equity | 10/15 | €1,068,876 | €1,105,518 | +€36,642 | +3.4% |
| Contributions | 10/11 | €62,080 | €62,080 | = | 0.0% |
| Capital | 10 | €62,080 | €62,080 | = | 0.0% |
| Issued capital | 100 | €62,080 | €62,080 | = | 0.0% |
| Reserves | 13 | €1,006,796 | €1,043,438 | +€36,642 | +3.6% |
| Non-distributable reserves | 130/1 | €27,888 | €27,888 | = | 0.0% |
| Legal reserve | 130 | €27,888 | €27,888 | = | 0.0% |
| Distributable reserves | 133 | €978,908 | €1,015,550 | +€36,642 | +3.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €28,753 | €25,594 | -€3,159 | -11.0% |
| Amounts payable within one year | 42/48 | €28,753 | €25,594 | -€3,159 | -11.0% |
| Trade debts | 44 | €533 | €0 | -€533 | -100.0% |
| Suppliers | 440/4 | €533 | €0 | -€533 | -100.0% |
| Taxes, remuneration and social security | 45 | €6,120 | €7,560 | +€1,440 | +23.5% |
| Taxes | 450/3 | €6,120 | €7,560 | +€1,440 | +23.5% |
| Other amounts payable | 47/48 | €22,100 | €18,034 | -€4,066 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,485 | €71,558 | -€5,928 | -7.7% |
| Other operating charges | 640/8 | €7,736 | €2,557 | -€5,179 | -66.9% |
| Gross operating margin | 9900 | -€63,799 | €110,843 | +€174,641 | |
| Operating profit (loss) | 9901 | -€149,021 | €36,727 | +€185,748 | |
| Financial income | 75/76B | €286 | €0 | -€286 | -100.0% |
| Recurring financial income | 75 | €286 | €0 | -€286 | -100.0% |
| Financial charges | 65/66B | €359 | €85 | -€274 | -76.3% |
| Recurring financial charges | 65 | €359 | €85 | -€274 | -76.3% |
| Profit (loss) for the period before taxes | 9903 | -€149,094 | €36,642 | +€185,736 | |
| Profit (loss) for the period | 9904 | -€149,094 | €36,642 | +€185,736 | |
| Profit (loss) for the period to be appropriated | 9905 | -€149,094 | €36,642 | +€185,736 |
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 8 October 2026 via checked.be.