BELNEDLUX: 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.
BELNEDLUX
Largest movements
- Cash -€20,312
down €20,312 (-31.1%), from €65,325 to €45,013
mainly Investment in fixed assets (net) (-€17,219) and Net result for the year (-€4,662)
- Tangible fixed assets +€13,077
up €13,077 (+108%), from €12,161 to €25,238
of which Furniture and vehicles: +€13,498
- Receivables within one year +€2,419
up €2,419 (+354%), from €684 to €3,102
of which Other amounts receivable: +€2,417
- Profit (loss) carried forward -€4,662
down €4,662 (-197%), from -€2,361 to -€7,024
- Gross operating margin +€1,819
up €1,819 (+97.1%), from -€1,873 to -€54
- Depreciation +€1,633
up €1,633 (+65.1%), from €2,509 to €4,142
- Financial income -€237
down €237 (-40.7%), from €582 to €345
- Financial charges +€87
new in 2025: €87
- Other operating charges -€82
down €82 (-8.9%), from €920 to €838
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 | €78,945 | €74,517 | -€4,428 | -5.6% |
| Fixed assets | 21/28 | €12,161 | €25,238 | +€13,077 | +108% |
| Tangible fixed assets | 22/27 | €12,161 | €25,238 | +€13,077 | +108% |
| Plant, machinery and equipment | 23 | €1,482 | €1,060 | -€422 | -28.4% |
| Furniture and vehicles | 24 | €10,679 | €24,177 | +€13,498 | +126% |
| Current assets | 29/58 | €66,784 | €49,279 | -€17,505 | -26.2% |
| Amounts receivable within one year | 40/41 | €684 | €3,102 | +€2,419 | +354% |
| Trade receivables | 40 | €47 | €48 | +€2 | +3.2% |
| Other amounts receivable | 41 | €637 | €3,054 | +€2,417 | +379% |
| Cash at bank and in hand | 54/58 | €65,325 | €45,013 | -€20,312 | -31.1% |
| Deferred charges and accrued income | 490/1 | €775 | €1,164 | +€389 | +50.2% |
| Total equity and liabilities | 10/49 | €78,945 | €74,517 | -€4,428 | -5.6% |
| Equity | 10/15 | €75,289 | €70,626 | -€4,662 | -6.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €16,150 | €16,150 | = | 0.0% |
| Distributable reserves | 133 | €16,150 | €16,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,361 | -€7,024 | -€4,662 | -197% |
| Amounts payable | 17/49 | €3,656 | €3,890 | +€234 | +6.4% |
| Amounts payable within one year | 42/48 | €3,656 | €3,890 | +€234 | +6.4% |
| Trade debts | 44 | €1,586 | €1,899 | +€314 | +19.8% |
| Suppliers | 440/4 | €1,586 | €1,899 | +€314 | +19.8% |
| Taxes, remuneration and social security | 45 | €141 | €141 | = | 0.0% |
| Taxes | 450/3 | €141 | €141 | = | 0.0% |
| Other amounts payable | 47/48 | €1,929 | €1,850 | -€79 | -4.1% |
| Non-recurring operating income | 76A | €2,900 | €3,719 | +€819 | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,509 | €4,142 | +€1,633 | +65.1% |
| Other operating charges | 640/8 | €920 | €838 | -€82 | -8.9% |
| Gross operating margin | 9900 | -€1,873 | -€54 | +€1,819 | +97.1% |
| Operating profit (loss) | 9901 | -€5,303 | -€5,035 | +€268 | +5.0% |
| Financial income | 75/76B | €582 | €345 | -€237 | -40.7% |
| Recurring financial income | 75 | €582 | €345 | -€237 | -40.7% |
| Financial charges | 65/66B | - | €87 | +€87 | |
| Recurring financial charges | 65 | - | €87 | +€87 | |
| Profit (loss) for the period before taxes | 9903 | -€4,720 | -€4,777 | -€56 | -1.2% |
| Income taxes | 67/77 | -€37 | -€114 | -€78 | -213% |
| Profit (loss) for the period | 9904 | -€4,684 | -€4,662 | +€21 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,684 | -€4,662 | +€21 | +0.5% |
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 20 October 2026 via checked.be.