BELINOVA: 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.
BELINOVA
Largest movements
- Tangible fixed assets -€5,209
down €5,209 (-4.6%), from €113,557 to €108,348
of which Land and buildings: -€4,879
- Cash -€2,262
down €2,262 (-57.1%), from €3,961 to €1,699
mainly Debts after one year (-€8,034) and Net result for the year (-€2,210)
- Debts after one year -€8,034
down €8,034 (-8.7%), from €92,558 to €84,524
- Trade debts +€4,529
up €4,529 (+807%), from €561 to €5,090
- Profit (loss) carried forward -€2,210
down €2,210 (-13.8%), from -€16,016 to -€18,226
- Current portion of long-term debt -€1,867
down €1,867 (-33.0%), from €5,650 to €3,784
- Gross operating margin -€9,255
down €9,255 (-54.4%), from €17,024 to €7,769
- Financial charges -€6,333
down €6,333 (-96.2%), from €6,583 to €250
- Other operating charges -€2,787
down €2,787 (-72.8%), from €3,830 to €1,043
- Staff costs -€2,095
down €2,095 (-37.6%), from €5,572 to €3,477
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 | €122,385 | €114,789 | -€7,596 | -6.2% |
| Fixed assets | 21/28 | €113,557 | €108,348 | -€5,209 | -4.6% |
| Tangible fixed assets | 22/27 | €113,557 | €108,348 | -€5,209 | -4.6% |
| Land and buildings | 22 | €112,911 | €108,032 | -€4,879 | -4.3% |
| Furniture and vehicles | 24 | €646 | €315 | -€331 | -51.2% |
| Current assets | 29/58 | €8,829 | €6,442 | -€2,387 | -27.0% |
| Stocks and contracts in progress | 3 | €1,458 | €1,458 | = | 0.0% |
| Stocks | 30/36 | €1,458 | €1,458 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,409 | €3,285 | -€125 | -3.7% |
| Other amounts receivable | 41 | €3,409 | €3,285 | -€125 | -3.7% |
| Cash at bank and in hand | 54/58 | €3,961 | €1,699 | -€2,262 | -57.1% |
| Total equity and liabilities | 10/49 | €122,385 | €114,789 | -€7,596 | -6.2% |
| Equity | 10/15 | €4,444 | €2,234 | -€2,210 | -49.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | -€16,016 | -€18,226 | -€2,210 | -13.8% |
| Amounts payable | 17/49 | €117,942 | €112,556 | -€5,386 | -4.6% |
| Amounts payable after more than one year | 17 | €92,558 | €84,524 | -€8,034 | -8.7% |
| Financial debts | 170/4 | €92,558 | €84,524 | -€8,034 | -8.7% |
| Amounts payable within one year | 42/48 | €25,384 | €28,032 | +€2,648 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €5,650 | €3,784 | -€1,867 | -33.0% |
| Trade debts | 44 | €561 | €5,090 | +€4,529 | +807% |
| Suppliers | 440/4 | €561 | €5,090 | +€4,529 | +807% |
| Taxes, remuneration and social security | 45 | €3,400 | €3,667 | +€267 | +7.8% |
| Taxes | 450/3 | €3,179 | €3,400 | +€221 | +7.0% |
| Remuneration and social security | 454/9 | €221 | €266 | +€45 | +20.6% |
| Other amounts payable | 47/48 | €15,773 | €15,492 | -€281 | -1.8% |
| Remuneration, social security and pensions | 62 | €5,572 | €3,477 | -€2,095 | -37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,209 | €5,209 | -€0 | 0.0% |
| Other operating charges | 640/8 | €3,830 | €1,043 | -€2,787 | -72.8% |
| Gross operating margin | 9900 | €17,024 | €7,769 | -€9,255 | -54.4% |
| Operating profit (loss) | 9901 | €2,413 | -€1,960 | -€4,373 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €6,583 | €250 | -€6,333 | -96.2% |
| Recurring financial charges | 65 | €6,583 | €250 | -€6,333 | -96.2% |
| Profit (loss) for the period before taxes | 9903 | -€4,170 | -€2,210 | +€1,960 | +47.0% |
| Profit (loss) for the period | 9904 | -€4,170 | -€2,210 | +€1,960 | +47.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,170 | -€2,210 | +€1,960 | +47.0% |
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 21 October 2026 via checked.be.