BELIX: 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.
BELIX
Largest movements
- Stocks and contracts +€731,483
up €731,483 (+93.5%), from €782,257 to €1.5m
- Cash -€587,595
down €587,595 (-57.7%), from €1.0m to €430,229
mainly Stocks and contracts (-€731,483) and Debts after one year (-€146,201)
- Receivables within one year +€84,438
up €84,438 (+11.4%), from €740,794 to €825,232
of which Trade receivables: +€53,665
- Tangible fixed assets -€45,269
down €45,269 (-7.2%), from €633,057 to €587,788
of which Furniture and vehicles: -€42,052
- Profit (loss) carried forward +€260,746
up €260,746 (+14.3%), from €1.8m to €2.1m
- Debts after one year -€146,201
down €146,201 (-20.4%), from €717,111 to €570,910
of which Other amounts payable: -€80,000
- Trade debts +€77,052
up €77,052 (+31.0%), from €248,492 to €325,544
- Gross operating margin -€162,644
down €162,644 (-16.1%), from €1.0m to €848,160
- Other operating charges -€67,741
down €67,741 (-81.8%), from €82,850 to €15,109
- Staff costs +€60,570
up €60,570 (+22.2%), from €272,696 to €333,266
- Financial charges -€43,839
down €43,839 (-28.1%), from €156,263 to €112,425
- Financial income +€39,303
up €39,303 (+70.6%), from €55,698 to €95,001
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 | €3,181,102 | €3,370,504 | +€189,403 | +6.0% |
| Fixed assets | 21/28 | €633,057 | €587,788 | -€45,269 | -7.2% |
| Tangible fixed assets | 22/27 | €633,057 | €587,788 | -€45,269 | -7.2% |
| Land and buildings | 22 | €436,682 | €411,286 | -€25,396 | -5.8% |
| Plant, machinery and equipment | 23 | €34,532 | €57,861 | +€23,329 | +67.6% |
| Furniture and vehicles | 24 | €153,410 | €111,358 | -€42,052 | -27.4% |
| Other tangible fixed assets | 26 | €8,433 | €7,283 | -€1,150 | -13.6% |
| Current assets | 29/58 | €2,548,045 | €2,782,716 | +€234,672 | +9.2% |
| Stocks and contracts in progress | 3 | €782,257 | €1,513,740 | +€731,483 | +93.5% |
| Stocks | 30/36 | €782,257 | €1,513,740 | +€731,483 | +93.5% |
| Amounts receivable within one year | 40/41 | €740,794 | €825,232 | +€84,438 | +11.4% |
| Trade receivables | 40 | €683,282 | €736,947 | +€53,665 | +7.9% |
| Other amounts receivable | 41 | €57,512 | €88,285 | +€30,773 | +53.5% |
| Cash at bank and in hand | 54/58 | €1,017,824 | €430,229 | -€587,595 | -57.7% |
| Deferred charges and accrued income | 490/1 | €7,170 | €13,515 | +€6,345 | +88.5% |
| Total equity and liabilities | 10/49 | €3,181,102 | €3,370,504 | +€189,403 | +6.0% |
| Equity | 10/15 | €2,046,373 | €2,305,345 | +€258,972 | +12.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €176,478 | €176,478 | = | 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% |
| Tax-exempt reserves | 132 | €25,879 | €25,879 | = | 0.0% |
| Distributable reserves | 133 | €148,739 | €148,739 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,819,368 | €2,080,114 | +€260,746 | +14.3% |
| Investment grants | 15 | €31,926 | €30,153 | -€1,774 | -5.6% |
| Amounts payable | 17/49 | €1,134,729 | €1,065,159 | -€69,570 | -6.1% |
| Amounts payable after more than one year | 17 | €717,111 | €570,910 | -€146,201 | -20.4% |
| Financial debts | 170/4 | €217,111 | €150,910 | -€66,201 | -30.5% |
| Other amounts payable | 178/9 | €500,000 | €420,000 | -€80,000 | -16.0% |
| Amounts payable within one year | 42/48 | €417,618 | €494,249 | +€76,631 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €119,806 | €125,745 | +€5,939 | +5.0% |
| Trade debts | 44 | €248,492 | €325,544 | +€77,052 | +31.0% |
| Suppliers | 440/4 | €248,492 | €325,544 | +€77,052 | +31.0% |
| Taxes, remuneration and social security | 45 | €48,046 | €42,960 | -€5,086 | -10.6% |
| Taxes | 450/3 | €16,211 | €25,426 | +€9,215 | +56.8% |
| Remuneration and social security | 454/9 | €31,834 | €17,533 | -€14,301 | -44.9% |
| Other amounts payable | 47/48 | €1,273 | - | -€1,273 | |
| Remuneration, social security and pensions | 62 | €272,696 | €333,266 | +€60,570 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,470 | €100,751 | +€11,281 | +12.6% |
| Other operating charges | 640/8 | €82,850 | €15,109 | -€67,741 | -81.8% |
| Gross operating margin | 9900 | €1,010,804 | €848,160 | -€162,644 | -16.1% |
| Operating profit (loss) | 9901 | €565,788 | €399,035 | -€166,754 | -29.5% |
| Financial income | 75/76B | €55,698 | €95,001 | +€39,303 | +70.6% |
| Recurring financial income | 75 | €55,698 | €95,001 | +€39,303 | +70.6% |
| Financial charges | 65/66B | €156,263 | €112,425 | -€43,839 | -28.1% |
| Recurring financial charges | 65 | €156,263 | €112,425 | -€43,839 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €465,223 | €381,611 | -€83,612 | -18.0% |
| Income taxes | 67/77 | €81,707 | €120,865 | +€39,157 | +47.9% |
| Profit (loss) for the period | 9904 | €383,516 | €260,746 | -€122,769 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €383,516 | €260,746 | -€122,769 | -32.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.