BELISARIUS: 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.
BELISARIUS
Largest movements
- Current investments +€453,090
up €453,090 (+60.4%), from €750,641 to €1.2m
- Tangible fixed assets +€431,919
up €431,919 (+2156.8%), from €20,026 to €451,944
of which Land and buildings: +€418,737
- Receivables after one year +€201,350
up €201,350 (+142.4%), from €141,400 to €342,750
- Cash +€169,498
up €169,498 (+80.1%), from €211,634 to €381,133
mainly Net result for the year (+€722,690) and Debts after one year (+€600,000)
- Receivables within one year +€156,693
up €156,693 (+148.0%), from €105,891 to €262,584
of which Other amounts receivable: +€96,193
- Debts after one year +€600,000
new in 2025: €600,000
- Profit (loss) carried forward +€422,690
up €422,690 (+160.1%), from €264,035 to €686,725
- Reserves +€300,000
up €300,000 (+34.0%), from €881,860 to €1.2m
- Tax, wage and social debts +€82,180
up €82,180 (+90.5%), from €90,808 to €172,987
of which Taxes: +€82,032
- Gross operating margin +€467,409
up €467,409 (+85.0%), from €549,882 to €1.0m
- Taxes +€113,558
up €113,558 (+67.3%), from €168,664 to €282,222
- Depreciation +€59,993
up €59,993 (+1514.5%), from €3,961 to €63,954
- Financial income +€41,855
up €41,855 (+240.8%), from €17,384 to €59,239
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 | €1,260,115 | €2,670,309 | +€1.4m | +111.9% |
| Fixed assets | 21/28 | €20,366 | €452,284 | +€431,919 | +2120.8% |
| Tangible fixed assets | 22/27 | €20,026 | €451,944 | +€431,919 | +2156.8% |
| Land and buildings | 22 | - | €418,737 | +€418,737 | |
| Plant, machinery and equipment | 23 | €13,344 | €28,486 | +€15,142 | +113.5% |
| Furniture and vehicles | 24 | €6,682 | €4,721 | -€1,960 | -29.3% |
| Financial fixed assets | 28 | €340 | €340 | = | 0.0% |
| Current assets | 29/58 | €1,239,749 | €2,218,024 | +€978,275 | +78.9% |
| Amounts receivable after more than one year | 29 | €141,400 | €342,750 | +€201,350 | +142.4% |
| Other amounts receivable | 291 | €141,400 | €342,750 | +€201,350 | +142.4% |
| Amounts receivable within one year | 40/41 | €105,891 | €262,584 | +€156,693 | +148.0% |
| Trade receivables | 40 | €66,550 | €127,050 | +€60,500 | +90.9% |
| Other amounts receivable | 41 | €39,341 | €135,534 | +€96,193 | +244.5% |
| Current investments | 50/53 | €750,641 | €1,203,731 | +€453,090 | +60.4% |
| Cash at bank and in hand | 54/58 | €211,634 | €381,133 | +€169,498 | +80.1% |
| Deferred charges and accrued income | 490/1 | €30,183 | €27,826 | -€2,357 | -7.8% |
| Total equity and liabilities | 10/49 | €1,260,115 | €2,670,309 | +€1.4m | +111.9% |
| Equity | 10/15 | €1,164,495 | €1,887,185 | +€722,690 | +62.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €881,860 | €1,181,860 | +€300,000 | +34.0% |
| Distributable reserves | 133 | €881,860 | €1,181,860 | +€300,000 | +34.0% |
| Profit (loss) carried forward | 14 | €264,035 | €686,725 | +€422,690 | +160.1% |
| Amounts payable | 17/49 | €95,620 | €783,124 | +€687,503 | +719.0% |
| Amounts payable after more than one year | 17 | - | €600,000 | +€600,000 | |
| Financial debts | 170/4 | - | €600,000 | +€600,000 | |
| Amounts payable within one year | 42/48 | €95,620 | €183,124 | +€87,503 | +91.5% |
| Trade debts | 44 | €4,812 | €10,136 | +€5,324 | +110.6% |
| Suppliers | 440/4 | €4,812 | €10,136 | +€5,324 | +110.6% |
| Taxes, remuneration and social security | 45 | €90,808 | €172,987 | +€82,180 | +90.5% |
| Taxes | 450/3 | €90,808 | €172,840 | +€82,032 | +90.3% |
| Remuneration and social security | 454/9 | - | €147 | +€147 | |
| Remuneration, social security and pensions | 62 | €0 | €226 | +€226 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,961 | €63,954 | +€59,993 | +1514.5% |
| Other operating charges | 640/8 | €387 | €706 | +€318 | +82.2% |
| Gross operating margin | 9900 | €549,882 | €1,017,291 | +€467,409 | +85.0% |
| Operating profit (loss) | 9901 | €545,533 | €952,405 | +€406,872 | +74.6% |
| Financial income | 75/76B | €17,384 | €59,239 | +€41,855 | +240.8% |
| Recurring financial income | 75 | €17,384 | €59,239 | +€41,855 | +240.8% |
| Financial charges | 65/66B | €117 | €6,732 | +€6,615 | +5674.7% |
| Recurring financial charges | 65 | €117 | €6,732 | +€6,615 | +5674.7% |
| Profit (loss) for the period before taxes | 9903 | €562,801 | €1,004,913 | +€442,112 | +78.6% |
| Income taxes | 67/77 | €168,664 | €282,222 | +€113,558 | +67.3% |
| Profit (loss) for the period | 9904 | €394,137 | €722,690 | +€328,554 | +83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €394,137 | €722,690 | +€328,554 | +83.4% |
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 11 October 2026 via checked.be.