BELNUR: 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.
BELNUR
Largest movements
- Cash -€48,983
down €48,983 (-98.2%), from €49,892 to €909
mainly Contributions, distributions and other (-€74,000) and Other debts (-€40,907)
- Receivables within one year +€35,455
up €35,455 (+264%), from €13,422 to €48,877
of which Other amounts receivable: +€36,158
- Tangible fixed assets -€2,776
down €2,776 (-64.7%), from €4,290 to €1,514
- Other debts -€40,907
no longer reported in 2025 (was €40,907)
- Tax, wage and social debts +€20,986
up €20,986 (+362%), from €5,805 to €26,791
of which Taxes: +€21,486
- Reserves +€3,748
up €3,748 (+125%), from €3,004 to €6,753
- Gross operating margin +€32,429
up €32,429 (+43.4%), from €74,653 to €107,083
- Taxes +€12,991
up €12,991 (+89.6%), from €14,500 to €27,491
- Financial income +€1,732
new in 2025: €1,732
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 | €68,317 | €52,144 | -€16,173 | -23.7% |
| Fixed assets | 21/28 | €4,290 | €1,514 | -€2,776 | -64.7% |
| Tangible fixed assets | 22/27 | €4,290 | €1,514 | -€2,776 | -64.7% |
| Furniture and vehicles | 24 | €4,290 | €1,514 | -€2,776 | -64.7% |
| Current assets | 29/58 | €64,027 | €50,630 | -€13,397 | -20.9% |
| Amounts receivable within one year | 40/41 | €13,422 | €48,877 | +€35,455 | +264% |
| Trade receivables | 40 | €13,422 | €12,719 | -€703 | -5.2% |
| Other amounts receivable | 41 | - | €36,158 | +€36,158 | |
| Cash at bank and in hand | 54/58 | €49,892 | €909 | -€48,983 | -98.2% |
| Deferred charges and accrued income | 490/1 | €713 | €845 | +€131 | +18.4% |
| Total equity and liabilities | 10/49 | €68,317 | €52,144 | -€16,173 | -23.7% |
| Equity | 10/15 | €21,604 | €25,353 | +€3,748 | +17.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,004 | €6,753 | +€3,748 | +125% |
| Distributable reserves | 133 | €3,004 | €6,753 | +€3,748 | +125% |
| Amounts payable | 17/49 | €46,712 | €26,791 | -€19,922 | -42.6% |
| Amounts payable within one year | 42/48 | €46,712 | €26,791 | -€19,922 | -42.6% |
| Taxes, remuneration and social security | 45 | €5,805 | €26,791 | +€20,986 | +362% |
| Taxes | 450/3 | €4,305 | €25,791 | +€21,486 | +499% |
| Remuneration and social security | 454/9 | €1,500 | €1,000 | -€500 | -33.3% |
| Other amounts payable | 47/48 | €40,907 | - | -€40,907 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,991 | €2,776 | -€215 | -7.2% |
| Other operating charges | 640/8 | €1,179 | €605 | -€574 | -48.7% |
| Gross operating margin | 9900 | €74,653 | €107,083 | +€32,429 | +43.4% |
| Operating profit (loss) | 9901 | €70,483 | €103,702 | +€33,218 | +47.1% |
| Financial income | 75/76B | - | €1,732 | +€1,732 | |
| Recurring financial income | 75 | - | €1,732 | +€1,732 | |
| Financial charges | 65/66B | €292 | €194 | -€97 | -33.4% |
| Recurring financial charges | 65 | €292 | €194 | -€97 | -33.4% |
| Profit (loss) for the period before taxes | 9903 | €70,192 | €105,240 | +€35,048 | +49.9% |
| Income taxes | 67/77 | €14,500 | €27,491 | +€12,991 | +89.6% |
| Profit (loss) for the period | 9904 | €55,692 | €77,748 | +€22,057 | +39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €55,692 | €77,748 | +€22,057 | +39.6% |
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 14 October 2026 via checked.be.