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 -€11,990
down €11,990 (-19.0%), from €63,259 to €51,269
of which Plant, machinery and equipment: -€7,278
- Stocks and contracts +€7,500
up €7,500 (+535.7%), from €1,400 to €8,900
- Reserves +€7,500
up €7,500 (+4.6%), from €161,835 to €169,335
of which Distributable reserves: +€7,500
- Current portion of long-term debt -€4,131
down €4,131 (-65.7%), from €6,289 to €2,158
- Trade debts -€2,326
down €2,326 (-27.5%), from €8,462 to €6,136
- Gross operating margin -€27,602
down €27,602 (-38.9%), from €70,901 to €43,298
- Taxes -€7,284
down €7,284 (-64.0%), from €11,386 to €4,102
- Staff costs -€4,753
down €4,753 (-34.9%), from €13,607 to €8,854
- Depreciation +€2,561
up €2,561 (+19.4%), from €13,225 to €15,786
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 | €218,155 | €216,269 | -€1,887 | -0.9% |
| Fixed assets | 21/28 | €63,309 | €51,319 | -€11,990 | -18.9% |
| Tangible fixed assets | 22/27 | €63,259 | €51,269 | -€11,990 | -19.0% |
| Land and buildings | 22 | €29,718 | €24,101 | -€5,617 | -18.9% |
| Plant, machinery and equipment | 23 | €32,182 | €24,903 | -€7,278 | -22.6% |
| Furniture and vehicles | 24 | €1,360 | €2,265 | +€905 | +66.6% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €154,846 | €164,949 | +€10,103 | +6.5% |
| Stocks and contracts in progress | 3 | €1,400 | €8,900 | +€7,500 | +535.7% |
| Stocks | 30/36 | €1,400 | €8,900 | +€7,500 | +535.7% |
| Amounts receivable within one year | 40/41 | €1,030 | €2,678 | +€1,648 | +160.1% |
| Other amounts receivable | 41 | €1,030 | €2,678 | +€1,648 | +160.1% |
| Cash at bank and in hand | 54/58 | €152,417 | €153,372 | +€955 | +0.6% |
| Total equity and liabilities | 10/49 | €218,155 | €216,269 | -€1,887 | -0.9% |
| Equity | 10/15 | €177,963 | €185,533 | +€7,571 | +4.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €161,835 | €169,335 | +€7,500 | +4.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €159,975 | €167,475 | +€7,500 | +4.7% |
| Profit (loss) carried forward | 14 | €9,927 | €9,998 | +€71 | +0.7% |
| Amounts payable | 17/49 | €40,193 | €30,735 | -€9,457 | -23.5% |
| Amounts payable after more than one year | 17 | €2,158 | - | -€2,158 | |
| Financial debts | 170/4 | €2,158 | - | -€2,158 | |
| Amounts payable within one year | 42/48 | €38,035 | €30,735 | -€7,299 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €6,289 | €2,158 | -€4,131 | -65.7% |
| Trade debts | 44 | €8,462 | €6,136 | -€2,326 | -27.5% |
| Suppliers | 440/4 | €8,462 | €6,136 | -€2,326 | -27.5% |
| Taxes, remuneration and social security | 45 | €22,524 | €22,075 | -€448 | -2.0% |
| Taxes | 450/3 | €16,901 | €14,053 | -€2,848 | -16.9% |
| Remuneration and social security | 454/9 | €5,622 | €8,022 | +€2,400 | +42.7% |
| Other amounts payable | 47/48 | €759 | €366 | -€394 | -51.9% |
| Remuneration, social security and pensions | 62 | €13,607 | €8,854 | -€4,753 | -34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,225 | €15,786 | +€2,561 | +19.4% |
| Other operating charges | 640/8 | €1,332 | €1,399 | +€67 | +5.0% |
| Non-recurring operating charges | 66A | - | €4,176 | +€4,176 | |
| Gross operating margin | 9900 | €70,901 | €43,298 | -€27,602 | -38.9% |
| Operating profit (loss) | 9901 | €42,736 | €13,083 | -€29,653 | -69.4% |
| Financial income | 75/76B | €149 | €237 | +€89 | +59.5% |
| Recurring financial income | 75 | €149 | €237 | +€89 | +59.5% |
| Financial charges | 65/66B | €1,777 | €1,648 | -€129 | -7.3% |
| Recurring financial charges | 65 | €1,777 | €1,648 | -€129 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €41,108 | €11,672 | -€29,436 | -71.6% |
| Income taxes | 67/77 | €11,386 | €4,102 | -€7,284 | -64.0% |
| Profit (loss) for the period | 9904 | €29,722 | €7,571 | -€22,152 | -74.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,722 | €7,571 | -€22,152 | -74.5% |
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 7 October 2026 via checked.be.