BELNEX: 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.
BELNEX
Largest movements
- Cash -€18,573
down €18,573 (-32.6%), from €56,920 to €38,348
mainly Debts after one year (-€62,284) and Investment in fixed assets (net) (-€47,100)
- Debts after one year -€62,284
down €62,284 (-5.8%), from €1.1m to €1.0m
- Profit (loss) carried forward +€26,723
up €26,723 (+10.2%), from €261,660 to €288,384
- Trade debts +€17,039
up €17,039 (+840.6%), from €2,027 to €19,066
- Gross operating margin -€90,508
down €90,508 (-41.5%), from €218,012 to €127,505
- Taxes -€13,638
down €13,638 (-51.2%), from €26,650 to €13,011
- Financial charges +€2,265
up €2,265 (+10.8%), from €21,047 to €23,311
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 | €1,564,439 | €1,555,671 | -€8,768 | -0.6% |
| Fixed assets | 21/28 | €1,496,515 | €1,491,344 | -€5,171 | -0.3% |
| Tangible fixed assets | 22/27 | €1,069,733 | €1,064,562 | -€5,171 | -0.5% |
| Land and buildings | 22 | €984,130 | €980,911 | -€3,219 | -0.3% |
| Furniture and vehicles | 24 | €3,601 | €2,999 | -€601 | -16.7% |
| Other tangible fixed assets | 26 | €82,002 | €80,652 | -€1,350 | -1.6% |
| Financial fixed assets | 28 | €426,782 | €426,782 | = | 0.0% |
| Current assets | 29/58 | €67,924 | €64,327 | -€3,598 | -5.3% |
| Amounts receivable within one year | 40/41 | €8,961 | €23,713 | +€14,751 | +164.6% |
| Trade receivables | 40 | €5,611 | €20,362 | +€14,751 | +262.9% |
| Other amounts receivable | 41 | €3,350 | €3,350 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €56,920 | €38,348 | -€18,573 | -32.6% |
| Deferred charges and accrued income | 490/1 | €2,043 | €2,266 | +€224 | +11.0% |
| Total equity and liabilities | 10/49 | €1,564,439 | €1,555,671 | -€8,768 | -0.6% |
| Equity | 10/15 | €310,239 | €336,963 | +€26,723 | +8.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €29,979 | €29,979 | = | 0.0% |
| Distributable reserves | 133 | €29,979 | €29,979 | = | 0.0% |
| Profit (loss) carried forward | 14 | €261,660 | €288,384 | +€26,723 | +10.2% |
| Amounts payable | 17/49 | €1,254,200 | €1,218,708 | -€35,492 | -2.8% |
| Amounts payable after more than one year | 17 | €1,067,203 | €1,004,919 | -€62,284 | -5.8% |
| Financial debts | 170/4 | €1,067,203 | €1,004,919 | -€62,284 | -5.8% |
| Amounts payable within one year | 42/48 | €185,395 | €213,789 | +€28,394 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €50,333 | €58,291 | +€7,958 | +15.8% |
| Financial debts | 43 | €4,420 | €2,554 | -€1,866 | -42.2% |
| Credit institutions | 430/8 | €4,420 | €2,554 | -€1,866 | -42.2% |
| Trade debts | 44 | €2,027 | €19,066 | +€17,039 | +840.6% |
| Suppliers | 440/4 | €2,027 | €19,066 | +€17,039 | +840.6% |
| Taxes, remuneration and social security | 45 | €16,049 | €14,520 | -€1,529 | -9.5% |
| Taxes | 450/3 | €16,049 | €14,520 | -€1,529 | -9.5% |
| Other amounts payable | 47/48 | €112,566 | €119,358 | +€6,792 | +6.0% |
| Accrued charges and deferred income | 492/3 | €1,603 | - | -€1,603 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,972 | €52,270 | +€1,298 | +2.5% |
| Other operating charges | 640/8 | €10,521 | €12,188 | +€1,667 | +15.8% |
| Gross operating margin | 9900 | €218,012 | €127,505 | -€90,508 | -41.5% |
| Operating profit (loss) | 9901 | €156,519 | €63,046 | -€93,472 | -59.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €21,047 | €23,311 | +€2,265 | +10.8% |
| Recurring financial charges | 65 | €21,047 | €23,311 | +€2,265 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €135,472 | €39,735 | -€95,737 | -70.7% |
| Income taxes | 67/77 | €26,650 | €13,011 | -€13,638 | -51.2% |
| Profit (loss) for the period | 9904 | €108,822 | €26,723 | -€82,099 | -75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €108,822 | €26,723 | -€82,099 | -75.4% |
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 4 October 2026 via checked.be.