BELINDO: 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.
What changed
BELINDO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€10,811
2024 · -€27,011+€37,821
Equity
€1.9m
2024 · €335,579+€1.6m
Cash
€2,898
2024 · €1,308+€1,590
Balance sheet total
€2.5m
2024 · €1.0m+€1.5m
Largest movements
Assets
- Tangible fixed assets +€1.5m
up €1.5m (+173.2%), from €882,777 to €2.4m
of which Land and buildings: +€1.5m
Equity and liabilities
- Revaluation surpluses +€1.5m
up €1.5m (+414.0%), from €372,000 to €1.9m
- Debts after one year -€34,506
down €34,506 (-6.0%), from €571,132 to €536,626
Income statement
- Gross operating margin +€23,031
up €23,031 (+49.7%), from €46,376 to €69,407
- Taxes -€13,864
down €13,864 (-48.9%), from €28,361 to €14,497
- Financial charges -€1,629
down €1,629 (-12.9%), from €12,665 to €11,035
of which Non-recurring financial charges: -€1,195
- Depreciation +€792
up €792 (+2.5%), from €31,445 to €32,237
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.
Result 2024
-€27,011
Gross operating margin
+€23,031
Depreciation
-€792
Other operating charges
-€275
Financial income
+€363
Financial charges
+€1,629
Taxes
+€13,864
Result 2025
€10,811
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.
From operations
+€55,771
Investment
-€1.6m
Financing
+€1.5m
Cash 2024
€1,308
From operations (derived)
+€55,771
Net result for the year
+€10,811
Depreciation
+€32,237
Receivables within one year
+€4,856
Smaller working-capital items
+€727
Trade debts
+€7,140
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.6m
Financing
+€1.5m
Debts after one year
-€34,506
Current portion of long-term debt
+€1,138
Contributions, distributions and other
+€1.5m
Cash 2025
€2,898
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,018,528 | €2,540,849 | +€1.5m | +149.5% |
| Fixed assets | 21/28 | €967,774 | €2,496,350 | +€1.5m | +157.9% |
| Intangible fixed assets | 21 | €84,997 | €84,997 | = | 0.0% |
| Tangible fixed assets | 22/27 | €882,777 | €2,411,353 | +€1.5m | +173.2% |
| Land and buildings | 22 | €751,658 | €2,273,563 | +€1.5m | +202.5% |
| Plant, machinery and equipment | 23 | €254 | €2,290 | +€2,036 | +802.2% |
| Furniture and vehicles | 24 | €130,865 | €135,500 | +€4,635 | +3.5% |
| Current assets | 29/58 | €50,754 | €44,500 | -€6,255 | -12.3% |
| Amounts receivable within one year | 40/41 | €46,330 | €41,474 | -€4,856 | -10.5% |
| Other amounts receivable | 41 | €46,330 | €41,474 | -€4,856 | -10.5% |
| Cash at bank and in hand | 54/58 | €1,308 | €2,898 | +€1,590 | +121.5% |
| Deferred charges and accrued income | 490/1 | €3,116 | €127 | -€2,989 | -95.9% |
| Total equity and liabilities | 10/49 | €1,018,528 | €2,540,849 | +€1.5m | +149.5% |
| Equity | 10/15 | €335,579 | €1,886,389 | +€1.6m | +462.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €372,000 | €1,912,000 | +€1.5m | +414.0% |
| Reserves | 13 | €131,270 | €123,161 | -€8,110 | -6.2% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €129,270 | €121,161 | -€8,110 | -6.3% |
| Profit (loss) carried forward | 14 | -€187,691 | -€168,771 | +€18,920 | +10.1% |
| Provisions and deferred taxes | 16 | €46,545 | €43,084 | -€3,461 | -7.4% |
| Deferred taxes | 168 | €46,545 | €43,084 | -€3,461 | -7.4% |
| Amounts payable | 17/49 | €636,404 | €611,376 | -€25,028 | -3.9% |
| Amounts payable after more than one year | 17 | €571,132 | €536,626 | -€34,506 | -6.0% |
| Financial debts | 170/4 | €571,132 | €536,626 | -€34,506 | -6.0% |
| Amounts payable within one year | 42/48 | €64,822 | €74,750 | +€9,928 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €33,368 | €34,506 | +€1,138 | +3.4% |
| Trade debts | 44 | €11,005 | €18,145 | +€7,140 | +64.9% |
| Suppliers | 440/4 | €11,005 | €18,145 | +€7,140 | +64.9% |
| Taxes, remuneration and social security | 45 | €2,966 | €2,966 | = | 0.0% |
| Taxes | 450/3 | €2,966 | €2,966 | = | 0.0% |
| Other amounts payable | 47/48 | €17,482 | €19,132 | +€1,650 | +9.4% |
| Accrued charges and deferred income | 492/3 | €450 | - | -€450 | |
| Non-recurring operating income | 76A | - | €6,196 | +€6,196 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,445 | €32,237 | +€792 | +2.5% |
| Other operating charges | 640/8 | €6,028 | €6,303 | +€275 | +4.6% |
| Gross operating margin | 9900 | €46,376 | €69,407 | +€23,031 | +49.7% |
| Operating profit (loss) | 9901 | €8,903 | €30,868 | +€21,965 | +246.7% |
| Financial income | 75/76B | €1,651 | €2,013 | +€363 | +22.0% |
| Recurring financial income | 75 | €1,651 | €2,013 | +€363 | +22.0% |
| Financial charges | 65/66B | €12,665 | €11,035 | -€1,629 | -12.9% |
| Recurring financial charges | 65 | €11,469 | €11,035 | -€434 | -3.8% |
| Non-recurring financial charges | 66B | €1,195 | - | -€1,195 | |
| Profit (loss) for the period before taxes | 9903 | -€2,111 | €21,846 | +€23,957 | |
| Transfer from deferred taxes | 780 | €3,461 | €3,461 | = | 0.0% |
| Income taxes | 67/77 | €28,361 | €14,497 | -€13,864 | -48.9% |
| Profit (loss) for the period | 9904 | -€27,011 | €10,811 | +€37,821 | |
| Transfer from tax-exempt reserves | 789 | €8,110 | €8,110 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,901 | €18,920 | +€37,821 |
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 5 October 2026 via checked.be.