Belned: 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.
Belned
Largest movements
- Receivables within one year +€325,285
up €325,285 (+150.4%), from €216,348 to €541,633
- Stocks and contracts -€297,313
no longer reported in 2025 (was €297,313)
- Tangible fixed assets -€134,815
down €134,815 (-13.3%), from €1.0m to €880,523
of which Furniture and vehicles: -€85,467
- Cash +€51,550
up €51,550 (+151.1%), from €34,127 to €85,677
mainly Contributions, distributions and other (+€1.6m) and Stocks and contracts (+€297,313)
- Intangible fixed assets -€30,000
down €30,000 (-20.0%), from €150,000 to €120,000
- Contributions +€1.6m
up €1.6m (+8584.6%), from €18,600 to €1.6m
- Advances received -€1.6m
no longer reported in 2025 (was €1.6m)
- Debts after one year -€85,013
down €85,013 (-10.9%), from €779,129 to €694,115
- Profit (loss) carried forward -€76,458
down €76,458 (-9.8%), from -€783,037 to -€859,494
- Current portion of long-term debt +€42,762
new in 2025: €42,762
- Financial charges -€49,983
down €49,983 (-83.1%), from €60,182 to €10,199
of which Financial charges: -€45,196
- Staff costs -€36,578
down €36,578 (-18.4%), from €199,129 to €162,551
- Depreciation +€17,971
up €17,971 (+12.2%), from €146,844 to €164,815
- Gross operating margin -€15,718
down €15,718 (-5.5%), from €285,825 to €270,107
- Write-downs -€5,074
no longer reported in 2025 (was €5,074)
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 | €1,716,793 | €1,631,718 | -€85,074 | -5.0% |
| Fixed assets | 21/28 | €1,165,338 | €1,000,523 | -€164,815 | -14.1% |
| Intangible fixed assets | 21 | €150,000 | €120,000 | -€30,000 | -20.0% |
| Tangible fixed assets | 22/27 | €1,015,338 | €880,523 | -€134,815 | -13.3% |
| Land and buildings | 22 | €695,250 | €651,700 | -€43,550 | -6.3% |
| Plant, machinery and equipment | 23 | €8,749 | €6,301 | -€2,448 | -28.0% |
| Furniture and vehicles | 24 | €300,943 | €215,476 | -€85,467 | -28.4% |
| Other tangible fixed assets | 26 | €10,396 | €7,046 | -€3,350 | -32.2% |
| Current assets | 29/58 | €551,455 | €631,196 | +€79,741 | +14.5% |
| Stocks and contracts in progress | 3 | €297,313 | - | -€297,313 | |
| Stocks | 30/36 | €297,313 | - | -€297,313 | |
| Amounts receivable within one year | 40/41 | €216,348 | €541,633 | +€325,285 | +150.4% |
| Trade receivables | 40 | €216,348 | €541,633 | +€325,285 | +150.4% |
| Cash at bank and in hand | 54/58 | €34,127 | €85,677 | +€51,550 | +151.1% |
| Deferred charges and accrued income | 490/1 | €3,667 | €3,885 | +€219 | +6.0% |
| Total equity and liabilities | 10/49 | €1,716,793 | €1,631,718 | -€85,074 | -5.0% |
| Equity | 10/15 | -€764,437 | €755,839 | +€1.5m | |
| Contributions | 10/11 | €18,600 | €1,615,333 | +€1.6m | +8584.6% |
| Profit (loss) carried forward | 14 | -€783,037 | -€859,494 | -€76,458 | -9.8% |
| Amounts payable | 17/49 | €2,481,229 | €875,879 | -€1.6m | -64.7% |
| Amounts payable after more than one year | 17 | €779,129 | €694,115 | -€85,013 | -10.9% |
| Financial debts | 170/4 | €779,129 | €694,115 | -€85,013 | -10.9% |
| Amounts payable within one year | 42/48 | €1,702,101 | €181,764 | -€1.5m | -89.3% |
| Current portion of amounts payable after more than one year | 42 | - | €42,762 | +€42,762 | |
| Trade debts | 44 | €47,144 | €61,488 | +€14,344 | +30.4% |
| Suppliers | 440/4 | €47,144 | €61,488 | +€14,344 | +30.4% |
| Advances received on contracts in progress | 46 | €1,596,733 | - | -€1.6m | |
| Taxes, remuneration and social security | 45 | €24,693 | €32,442 | +€7,748 | +31.4% |
| Taxes | 450/3 | €13,211 | €16,203 | +€2,992 | +22.6% |
| Remuneration and social security | 454/9 | €11,483 | €16,239 | +€4,756 | +41.4% |
| Other amounts payable | 47/48 | €33,530 | €45,073 | +€11,543 | +34.4% |
| Remuneration, social security and pensions | 62 | €199,129 | €162,551 | -€36,578 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,844 | €164,815 | +€17,971 | +12.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,074 | - | -€5,074 | |
| Other operating charges | 640/8 | €8,165 | €8,594 | +€429 | +5.3% |
| Gross operating margin | 9900 | €285,825 | €270,107 | -€15,718 | -5.5% |
| Operating profit (loss) | 9901 | -€73,386 | -€65,853 | +€7,534 | +10.3% |
| Financial income | 75/76B | €1,800 | €3 | -€1,797 | -99.8% |
| Recurring financial income | 75 | €1,800 | €3 | -€1,797 | -99.8% |
| Non-recurring financial income | 76B | €1,800 | - | -€1,800 | |
| Financial charges | 65/66B | €60,182 | €10,199 | -€49,983 | -83.1% |
| Recurring financial charges | 65 | €55,394 | €10,199 | -€45,196 | -81.6% |
| Non-recurring financial charges | 66B | €4,787 | - | -€4,787 | |
| Profit (loss) for the period before taxes | 9903 | -€131,768 | -€76,048 | +€55,720 | +42.3% |
| Income taxes | 67/77 | €246 | €409 | +€163 | +66.4% |
| Profit (loss) for the period | 9904 | -€132,014 | -€76,458 | +€55,556 | +42.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€132,014 | -€76,458 | +€55,556 | +42.1% |
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 8 October 2026 via checked.be.