BELO: 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.
BELO
Largest movements
- Tangible fixed assets -€281,682
down €281,682 (-91.3%), from €308,484 to €26,802
of which Land and buildings: -€278,685
- Cash +€36,218
up €36,218 (+137.6%), from €26,314 to €62,532
mainly Investment in fixed assets (net) (+€278,372) and Net result for the year (+€27,561)
- Receivables within one year +€34,710
up €34,710 (+27.1%), from €127,971 to €162,681
of which Other amounts receivable: +€100,507
- Current portion of long-term debt -€168,114
no longer reported in 2025 (was €168,114)
- Reserves -€58,740
down €58,740 (-20.9%), from €280,730 to €221,990
of which Distributable reserves: -€38,740
- Trade debts +€12,473
up €12,473 (+1513.7%), from €824 to €13,297
- Turnover -€41,512
no longer reported in 2025 (was €41,512)
- Gross operating margin +€18,315
up €18,315 (+62.9%), from €29,123 to €47,438
- Purchases and services -€12,388
no longer reported in 2025 (was €12,388)
- Depreciation -€10,104
down €10,104 (-75.3%), from €13,414 to €3,310
- Financial charges -€9,995
down €9,995 (-90.9%), from €11,000 to €1,005
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 | €462,769 | €252,014 | -€210,755 | -45.5% |
| Fixed assets | 21/28 | €308,484 | €26,802 | -€281,682 | -91.3% |
| Tangible fixed assets | 22/27 | €308,484 | €26,802 | -€281,682 | -91.3% |
| Land and buildings | 22 | €305,487 | €26,802 | -€278,685 | -91.2% |
| Plant, machinery and equipment | 23 | €792 | - | -€792 | |
| Furniture and vehicles | 24 | €2,205 | - | -€2,205 | |
| Current assets | 29/58 | €154,285 | €225,212 | +€70,927 | +46.0% |
| Amounts receivable within one year | 40/41 | €127,971 | €162,681 | +€34,710 | +27.1% |
| Trade receivables | 40 | €75,043 | €9,246 | -€65,797 | -87.7% |
| Other amounts receivable | 41 | €52,928 | €153,435 | +€100,507 | +189.9% |
| Cash at bank and in hand | 54/58 | €26,314 | €62,532 | +€36,218 | +137.6% |
| Total equity and liabilities | 10/49 | €462,769 | €252,014 | -€210,755 | -45.5% |
| Equity | 10/15 | €291,336 | €234,388 | -€56,948 | -19.5% |
| Contributions | 10/11 | €12,397 | €12,397 | +€0 | 0.0% |
| Outside capital | 11 | €12,397 | - | -€12,397 | |
| Other | 1109/19 | €12,397 | - | -€12,397 | |
| Reserves | 13 | €280,730 | €221,990 | -€58,740 | -20.9% |
| Non-distributable reserves | 130/1 | €22,479 | €2,479 | -€20,000 | -89.0% |
| Reserves not available under the articles | 1311 | €22,479 | €2,479 | -€20,000 | -89.0% |
| Tax-exempt reserves | 132 | €24,527 | €24,527 | = | 0.0% |
| Distributable reserves | 133 | €233,724 | €194,984 | -€38,740 | -16.6% |
| Profit (loss) carried forward | 14 | -€1,791 | - | +€1,791 | |
| Amounts payable | 17/49 | €171,433 | €17,626 | -€153,807 | -89.7% |
| Amounts payable within one year | 42/48 | €171,433 | €17,587 | -€153,846 | -89.7% |
| Current portion of amounts payable after more than one year | 42 | €168,114 | - | -€168,114 | |
| Trade debts | 44 | €824 | €13,297 | +€12,473 | +1513.7% |
| Suppliers | 440/4 | €824 | €13,297 | +€12,473 | +1513.7% |
| Taxes, remuneration and social security | 45 | €2,495 | - | -€2,495 | |
| Taxes | 450/3 | €2,495 | - | -€2,495 | |
| Other amounts payable | 47/48 | - | €4,290 | +€4,290 | |
| Accrued charges and deferred income | 492/3 | - | €39 | +€39 | |
| Turnover | 70 | €41,512 | - | -€41,512 | |
| Non-recurring operating income | 76A | - | €59,128 | +€59,128 | |
| Goods, raw materials, services and sundry goods | 60/61 | €12,388 | - | -€12,388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,414 | €3,310 | -€10,104 | -75.3% |
| Other operating charges | 640/8 | €3,116 | €1,514 | -€1,602 | -51.4% |
| Non-recurring operating charges | 66A | - | €2,301 | +€2,301 | |
| Gross operating margin | 9900 | €29,123 | €47,438 | +€18,315 | +62.9% |
| Operating profit (loss) | 9901 | €12,593 | €40,313 | +€27,720 | +220.1% |
| Financial income | 75/76B | €3,090 | €2,179 | -€911 | -29.5% |
| Recurring financial income | 75 | €3,090 | €2,179 | -€911 | -29.5% |
| Financial charges | 65/66B | €11,000 | €1,005 | -€9,995 | -90.9% |
| Recurring financial charges | 65 | €11,000 | €1,005 | -€9,995 | -90.9% |
| Profit (loss) for the period before taxes | 9903 | €4,683 | €41,486 | +€36,803 | +785.9% |
| Income taxes | 67/77 | €6,474 | €13,926 | +€7,452 | +115.1% |
| Profit (loss) for the period | 9904 | -€1,791 | €27,561 | +€29,352 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,791 | €27,561 | +€29,352 |
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.