Belnan: 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.
Belnan
Largest movements
- Cash +€156,047
up €156,047 (+411%), from €37,934 to €193,981
mainly Investment in fixed assets (net) (+€150,000) and Net result for the year (+€21,269)
- Financial fixed assets -€150,000
down €150,000 (-10.7%), from €1.4m to €1.3m
- Profit (loss) carried forward +€21,269
up €21,269 (+4.8%), from -€442,881 to -€421,612
- Other debts -€18,649
down €18,649 (-9.6%), from €193,362 to €174,713
- Gross operating margin -€391
down €391 (-5.4%), from -€7,197 to -€7,588
- Taxes -€168
down €168 (-2.2%), from €7,540 to €7,372
- Other operating charges +€107
up €107 (+8.8%), from €1,221 to €1,327
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 | €1,440,814 | €1,445,013 | +€4,199 | +0.3% |
| Fixed assets | 21/28 | €1,401,032 | €1,251,032 | -€150,000 | -10.7% |
| Financial fixed assets | 28 | €1,401,032 | €1,251,032 | -€150,000 | -10.7% |
| Current assets | 29/58 | €39,782 | €193,981 | +€154,199 | +388% |
| Amounts receivable within one year | 40/41 | €1,798 | €0 | -€1,798 | -100% |
| Other amounts receivable | 41 | €1,798 | €0 | -€1,798 | -100% |
| Cash at bank and in hand | 54/58 | €37,934 | €193,981 | +€156,047 | +411% |
| Deferred charges and accrued income | 490/1 | €50 | €0 | -€50 | -100% |
| Total equity and liabilities | 10/49 | €1,440,814 | €1,445,013 | +€4,199 | +0.3% |
| Equity | 10/15 | €993,144 | €1,014,413 | +€21,269 | +2.1% |
| Contributions | 10/11 | €1,413,532 | €1,413,532 | = | 0.0% |
| Reserves | 13 | €22,493 | €22,493 | = | 0.0% |
| Distributable reserves | 133 | €22,493 | €22,493 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€442,881 | -€421,612 | +€21,269 | +4.8% |
| Amounts payable | 17/49 | €447,670 | €430,600 | -€17,070 | -3.8% |
| Amounts payable after more than one year | 17 | €250,000 | €250,000 | = | 0.0% |
| Financial debts | 170/4 | €250,000 | €250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €197,670 | €180,600 | -€17,070 | -8.6% |
| Trade debts | 44 | €27 | €1,539 | +€1,512 | +5,681% |
| Suppliers | 440/4 | €27 | €1,539 | +€1,512 | +5,681% |
| Taxes, remuneration and social security | 45 | €4,282 | €4,348 | +€66 | +1.6% |
| Taxes | 450/3 | €4,282 | €4,348 | +€66 | +1.6% |
| Other amounts payable | 47/48 | €193,362 | €174,713 | -€18,649 | -9.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €1,221 | €1,327 | +€107 | +8.8% |
| Gross operating margin | 9900 | -€7,197 | -€7,588 | -€391 | -5.4% |
| Operating profit (loss) | 9901 | -€8,418 | -€8,916 | -€498 | -5.9% |
| Financial income | 75/76B | €37,551 | €37,602 | +€52 | +0.1% |
| Recurring financial income | 75 | €37,551 | €37,602 | +€52 | +0.1% |
| Financial charges | 65/66B | €38 | €45 | +€7 | +17.2% |
| Recurring financial charges | 65 | €38 | €45 | +€7 | +17.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €29,095 | €28,641 | -€453 | -1.6% |
| Income taxes | 67/77 | €7,540 | €7,372 | -€168 | -2.2% |
| Profit (loss) for the period | 9904 | €21,555 | €21,269 | -€285 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,555 | €21,269 | -€285 | -1.3% |
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 13 October 2026 via checked.be.