BELISTO: 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
BELISTO
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€56,780
2024 · €50,392-€107,172
Equity
€4.7m
2024 · €4.7m-€56,780
Cash
€6,751
2024 · €19,907-€13,156
Balance sheet total
€6.5m
2024 · €5.5m+€935,953
Largest movements
Assets
- Tangible fixed assets +€1.1m
up €1.1m (+2743.0%), from €40,024 to €1.1m
of which Land and buildings: +€1.1m
- Receivables within one year -€147,400
down €147,400 (-7.9%), from €1.9m to €1.7m
of which Other amounts receivable: -€133,002
Equity and liabilities
- Debts after one year +€467,284
new in 2025: €467,284
- Other debts +€402,928
up €402,928 (+109.1%), from €369,279 to €772,207
- Short-term financial debts +€100,000
up €100,000 (+25.0%), from €400,000 to €500,000
Income statement
- Services and other goods +€108,688
new in 2025: €108,688
- Gross operating margin -€106,012
no longer reported in 2025 (was €106,012)
- Turnover +€57,840
new in 2025: €57,840
- Financial charges -€32,387
down €32,387 (-58.2%), from €55,607 to €23,220
- Taxes -€17,764
no longer reported in 2025 (was €17,764)
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
€50,392
Turnover
+€57,840
Other operating income
+€3,572
Services and other goods
-€108,688
Depreciation
-€4,423
Other operating charges
+€34
Other operating items
-€106,012
Financial income
+€354
Financial charges
+€32,387
Taxes
+€17,764
Result 2025
-€56,780
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
+€511,318
Investment
-€1.1m
Financing
+€595,000
Cash 2024
€19,907
From operations (derived)
+€511,318
Net result for the year
-€56,780
Depreciation
+€21,616
Receivables within one year
+€147,400
Deferred charges and accrued income
+€1,348
Trade debts
+€17,780
Tax, wage and social debts
-€7,285
Other debts
+€402,928
Accrued charges and deferred income
-€15,690
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€595,000
Debts after one year
+€467,284
Current portion of long-term debt
+€27,716
Short-term financial debts
+€100,000
Cash 2025
€6,751
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,544,020 | €6,479,973 | +€935,953 | +16.9% |
| Fixed assets | 21/28 | €3,645,591 | €4,743,449 | +€1.1m | +30.1% |
| Tangible fixed assets | 22/27 | €40,024 | €1,137,882 | +€1.1m | +2743.0% |
| Land and buildings | 22 | €7,000 | €1,116,900 | +€1.1m | +15855.7% |
| Plant, machinery and equipment | 23 | €10,291 | €4,891 | -€5,400 | -52.5% |
| Furniture and vehicles | 24 | €22,733 | €16,091 | -€6,642 | -29.2% |
| Financial fixed assets | 28 | €3,605,567 | €3,605,567 | = | 0.0% |
| Affiliated companies | 280/1 | - | €3,605,567 | +€3.6m | |
| Participating interests | 280 | - | €3,605,567 | +€3.6m | |
| Current assets | 29/58 | €1,898,429 | €1,736,524 | -€161,905 | -8.5% |
| Amounts receivable within one year | 40/41 | €1,877,174 | €1,729,773 | -€147,400 | -7.9% |
| Trade receivables | 40 | €43,159 | €28,760 | -€14,399 | -33.4% |
| Other amounts receivable | 41 | €1,834,015 | €1,701,013 | -€133,002 | -7.3% |
| Cash at bank and in hand | 54/58 | €19,907 | €6,751 | -€13,156 | -66.1% |
| Deferred charges and accrued income | 490/1 | €1,348 | - | -€1,348 | |
| Total equity and liabilities | 10/49 | €5,544,020 | €6,479,973 | +€935,953 | +16.9% |
| Equity | 10/15 | €4,747,299 | €4,690,520 | -€56,780 | -1.2% |
| Contributions | 10/11 | €2,928,000 | €2,928,000 | = | 0.0% |
| Outside capital | 11 | - | €2,928,000 | +€2.9m | |
| Share premium | 1100/10 | - | €2,928,000 | +€2.9m | |
| Reserves | 13 | €1,513,463 | €1,513,463 | = | 0.0% |
| Tax-exempt reserves | 132 | €448 | €448 | = | 0.0% |
| Distributable reserves | 133 | €1,513,015 | €1,513,015 | = | 0.0% |
| Profit (loss) carried forward | 14 | €305,836 | €249,056 | -€56,780 | -18.6% |
| Amounts payable | 17/49 | €796,720 | €1,789,453 | +€992,733 | +124.6% |
| Amounts payable after more than one year | 17 | - | €467,284 | +€467,284 | |
| Financial debts | 170/4 | - | €467,284 | +€467,284 | |
| Credit institutions | 173 | - | €467,284 | +€467,284 | |
| Amounts payable within one year | 42/48 | €781,031 | €1,322,169 | +€541,138 | +69.3% |
| Current portion of amounts payable after more than one year | 42 | - | €27,716 | +€27,716 | |
| Financial debts | 43 | €400,000 | €500,000 | +€100,000 | +25.0% |
| Credit institutions | 430/8 | €400,000 | €500,000 | +€100,000 | +25.0% |
| Trade debts | 44 | €2,950 | €20,730 | +€17,780 | +602.8% |
| Suppliers | 440/4 | €2,950 | €20,730 | +€17,780 | +602.8% |
| Taxes, remuneration and social security | 45 | €8,802 | €1,516 | -€7,285 | -82.8% |
| Taxes | 450/3 | €8,802 | €1,516 | -€7,285 | -82.8% |
| Other amounts payable | 47/48 | €369,279 | €772,207 | +€402,928 | +109.1% |
| Accrued charges and deferred income | 492/3 | €15,690 | - | -€15,690 | |
| Operating income | 70/76A | - | €61,412 | +€61,412 | |
| Turnover | 70 | - | €57,840 | +€57,840 | |
| Other operating income | 74 | - | €3,572 | +€3,572 | |
| Operating charges | 60/66A | - | €131,690 | +€131,690 | |
| Services and other goods | 61 | - | €108,688 | +€108,688 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,193 | €21,616 | +€4,423 | +25.7% |
| Other operating charges | 640/8 | €1,419 | €1,385 | -€34 | -2.4% |
| Gross operating margin | 9900 | €106,012 | - | -€106,012 | |
| Operating profit (loss) | 9901 | €87,400 | -€70,277 | -€157,677 | |
| Financial income | 75/76B | €36,364 | €36,718 | +€354 | +1.0% |
| Recurring financial income | 75 | €36,364 | €36,718 | +€354 | +1.0% |
| Income from current assets | 751 | - | €36,717 | +€36,717 | |
| Other financial income | 752/9 | - | €1 | +€1 | |
| Financial charges | 65/66B | €55,607 | €23,220 | -€32,387 | -58.2% |
| Recurring financial charges | 65 | €55,607 | €23,220 | -€32,387 | -58.2% |
| Debt charges | 650 | - | €23,220 | +€23,220 | |
| Other financial charges | 652/9 | - | €0 | +€0 | |
| Profit (loss) for the period before taxes | 9903 | €68,156 | -€56,780 | -€124,936 | |
| Income taxes | 67/77 | €17,764 | - | -€17,764 | |
| Profit (loss) for the period | 9904 | €50,392 | -€56,780 | -€107,172 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,392 | -€56,780 | -€107,172 |
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.