BELIUM: 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.
BELIUM
Largest movements
- Tangible fixed assets -€184,859
down €184,859 (-16.8%), from €1.1m to €913,256
of which Land and buildings: -€168,407
- Receivables within one year +€141,863
up €141,863 (+31.4%), from €451,802 to €593,665
of which Other amounts receivable: +€121,956
- Profit (loss) carried forward +€239,501
up €239,501 (+23.6%), from -€1.0m to -€774,818
- Short-term financial debts -€204,377
down €204,377 (-16.6%), from €1.2m to €1.0m
- Other debts -€28,907
down €28,907 (-4.0%), from €728,081 to €699,173
- Debts after one year -€23,791
down €23,791 (-13.2%), from €179,754 to €155,963
- Current portion of long-term debt -€18,142
down €18,142 (-40.9%), from €44,325 to €26,183
- Gross operating margin +€142,204
up €142,204 (+68.7%), from €207,131 to €349,335
- Financial charges -€48,937
down €48,937 (-46.7%), from €104,839 to €55,901
- Other operating charges -€11,454
down €11,454 (-46.1%), from €24,839 to €13,384
- Depreciation -€6,373
down €6,373 (-10.6%), from €60,183 to €53,810
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 | €1,728,599 | €1,688,932 | -€39,667 | -2.3% |
| Fixed assets | 21/28 | €1,098,955 | €914,096 | -€184,859 | -16.8% |
| Tangible fixed assets | 22/27 | €1,098,115 | €913,256 | -€184,859 | -16.8% |
| Land and buildings | 22 | €1,057,841 | €889,434 | -€168,407 | -15.9% |
| Furniture and vehicles | 24 | €4,605 | €3,652 | -€954 | -20.7% |
| Leasing and similar rights | 25 | €35,669 | €20,170 | -€15,499 | -43.5% |
| Financial fixed assets | 28 | €840 | €840 | = | 0.0% |
| Current assets | 29/58 | €629,644 | €774,836 | +€145,193 | +23.1% |
| Stocks and contracts in progress | 3 | €174,663 | €174,663 | = | 0.0% |
| Stocks | 30/36 | €174,663 | €174,663 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €451,802 | €593,665 | +€141,863 | +31.4% |
| Trade receivables | 40 | - | €19,907 | +€19,907 | |
| Other amounts receivable | 41 | €451,802 | €573,758 | +€121,956 | +27.0% |
| Cash at bank and in hand | 54/58 | €1,999 | €3,430 | +€1,431 | +71.6% |
| Deferred charges and accrued income | 490/1 | €1,180 | €3,079 | +€1,899 | +161% |
| Total equity and liabilities | 10/49 | €1,728,599 | €1,688,932 | -€39,667 | -2.3% |
| Equity | 10/15 | -€491,365 | -€251,864 | +€239,501 | +48.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €503,954 | €503,954 | = | 0.0% |
| Distributable reserves | 133 | €503,954 | €503,954 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,014,319 | -€774,818 | +€239,501 | +23.6% |
| Amounts payable | 17/49 | €2,219,964 | €1,940,796 | -€279,167 | -12.6% |
| Amounts payable after more than one year | 17 | €179,754 | €155,963 | -€23,791 | -13.2% |
| Financial debts | 170/4 | €179,754 | €155,963 | -€23,791 | -13.2% |
| Amounts payable within one year | 42/48 | €2,040,210 | €1,784,834 | -€255,376 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €44,325 | €26,183 | -€18,142 | -40.9% |
| Financial debts | 43 | €1,231,835 | €1,027,458 | -€204,377 | -16.6% |
| Credit institutions | 430/8 | €1,231,835 | €1,027,458 | -€204,377 | -16.6% |
| Trade debts | 44 | €19,793 | €21,414 | +€1,621 | +8.2% |
| Suppliers | 440/4 | €19,793 | €21,414 | +€1,621 | +8.2% |
| Taxes, remuneration and social security | 45 | €16,176 | €10,605 | -€5,571 | -34.4% |
| Taxes | 450/3 | €2,838 | €1,847 | -€991 | -34.9% |
| Remuneration and social security | 454/9 | €13,338 | €8,758 | -€4,580 | -34.3% |
| Other amounts payable | 47/48 | €728,081 | €699,173 | -€28,907 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,183 | €53,810 | -€6,373 | -10.6% |
| Other operating charges | 640/8 | €24,839 | €13,384 | -€11,454 | -46.1% |
| Gross operating margin | 9900 | €207,131 | €349,335 | +€142,204 | +68.7% |
| Operating profit (loss) | 9901 | €122,109 | €282,141 | +€160,031 | +131% |
| Financial income | 75/76B | €10,874 | €13,500 | +€2,627 | +24.2% |
| Recurring financial income | 75 | €10,874 | €13,500 | +€2,627 | +24.2% |
| Financial charges | 65/66B | €104,839 | €55,901 | -€48,937 | -46.7% |
| Recurring financial charges | 65 | €104,839 | €55,901 | -€48,937 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | €28,144 | €239,740 | +€211,595 | +752% |
| Income taxes | 67/77 | €261 | €239 | -€23 | -8.6% |
| Profit (loss) for the period | 9904 | €27,883 | €239,501 | +€211,618 | +759% |
| Profit (loss) for the period to be appropriated | 9905 | €27,883 | €239,501 | +€211,618 | +759% |
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 17 October 2026 via checked.be.