BELO HOLDING: 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.
BELO HOLDING
Largest movements
- Receivables after one year +€244,106
new in 2025: €244,106
- Tangible fixed assets -€75,862
down €75,862 (-80.2%), from €94,535 to €18,673
of which Plant, machinery and equipment: -€38,413
- Receivables within one year -€66,458
down €66,458 (-71.6%), from €92,827 to €26,370
of which Other amounts receivable: -€91,385
- Intangible fixed assets -€12,773
down €12,773 (-24.6%), from €51,863 to €39,090
- Deferred charges and accrued income -€8,750
down €8,750 (-24.6%), from €35,604 to €26,854
- Other debts +€90,254
up €90,254 (+1,662%), from €5,430 to €95,683
- Debts after one year -€13,789
down €13,789 (-3.5%), from €389,789 to €376,000
of which Financial debts: -€13,789
- Current portion of long-term debt -€7,407
down €7,407 (-100%), from €7,407 to €0
- Gross operating margin +€69,748
up €69,748 (+28.4%), from €245,849 to €315,597
- Taxes +€32,136
up €32,136 (+696%), from €4,615 to €36,751
- Staff costs -€29,076
down €29,076 (-15.7%), from €185,789 to €156,713
- Depreciation -€22,764
down €22,764 (-67.6%), from €33,664 to €10,900
- Other operating charges +€3,181
up €3,181 (+82.8%), from €3,841 to €7,022
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 | €502,643 | €568,185 | +€65,542 | +13.0% |
| Formation expenses | 20 | €1,160 | €330 | -€829 | -71.5% |
| Fixed assets | 21/28 | €341,199 | €252,564 | -€88,635 | -26.0% |
| Intangible fixed assets | 21 | €51,863 | €39,090 | -€12,773 | -24.6% |
| Tangible fixed assets | 22/27 | €94,535 | €18,673 | -€75,862 | -80.2% |
| Plant, machinery and equipment | 23 | €41,235 | €2,821 | -€38,413 | -93.2% |
| Furniture and vehicles | 24 | €30,730 | €3,781 | -€26,949 | -87.7% |
| Other tangible fixed assets | 26 | €22,570 | €12,071 | -€10,500 | -46.5% |
| Financial fixed assets | 28 | €194,800 | €194,800 | = | 0.0% |
| Current assets | 29/58 | €160,285 | €315,291 | +€155,006 | +96.7% |
| Amounts receivable after more than one year | 29 | - | €244,106 | +€244,106 | |
| Other amounts receivable | 291 | - | €244,106 | +€244,106 | |
| Stocks and contracts in progress | 3 | €6,886 | €1,278 | -€5,608 | -81.4% |
| Stocks | 30/36 | €6,886 | €1,278 | -€5,608 | -81.4% |
| Amounts receivable within one year | 40/41 | €92,827 | €26,370 | -€66,458 | -71.6% |
| Trade receivables | 40 | €391 | €25,318 | +€24,927 | +6,375% |
| Other amounts receivable | 41 | €92,436 | €1,051 | -€91,385 | -98.9% |
| Cash at bank and in hand | 54/58 | €24,967 | €16,682 | -€8,285 | -33.2% |
| Deferred charges and accrued income | 490/1 | €35,604 | €26,854 | -€8,750 | -24.6% |
| Total equity and liabilities | 10/49 | €502,643 | €568,185 | +€65,542 | +13.0% |
| Equity | 10/15 | €64,859 | €64,859 | = | 0.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €39,859 | €39,859 | = | 0.0% |
| Distributable reserves | 133 | €39,859 | €39,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €437,784 | €503,326 | +€65,542 | +15.0% |
| Amounts payable after more than one year | 17 | €389,789 | €376,000 | -€13,789 | -3.5% |
| Financial debts | 170/4 | €13,789 | €0 | -€13,789 | -100% |
| Other amounts payable | 178/9 | €376,000 | €376,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €47,694 | €127,139 | +€79,446 | +167% |
| Current portion of amounts payable after more than one year | 42 | €7,407 | €0 | -€7,407 | -100% |
| Trade debts | 44 | €8,641 | €9,202 | +€561 | +6.5% |
| Suppliers | 440/4 | €8,641 | €9,202 | +€561 | +6.5% |
| Taxes, remuneration and social security | 45 | €26,216 | €22,254 | -€3,962 | -15.1% |
| Taxes | 450/3 | €6,543 | €12,933 | +€6,390 | +97.7% |
| Remuneration and social security | 454/9 | €19,673 | €9,321 | -€10,352 | -52.6% |
| Other amounts payable | 47/48 | €5,430 | €95,683 | +€90,254 | +1,662% |
| Accrued charges and deferred income | 492/3 | €301 | €186 | -€115 | -38.2% |
| Non-recurring operating income | 76A | - | €80,675 | +€80,675 | |
| Remuneration, social security and pensions | 62 | €185,789 | €156,713 | -€29,076 | -15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,664 | €10,900 | -€22,764 | -67.6% |
| Other operating charges | 640/8 | €3,841 | €7,022 | +€3,181 | +82.8% |
| Gross operating margin | 9900 | €245,849 | €315,597 | +€69,748 | +28.4% |
| Operating profit (loss) | 9901 | €22,554 | €140,961 | +€118,407 | +525% |
| Financial income | 75/76B | €85 | €76 | -€9 | -10.2% |
| Recurring financial income | 75 | €85 | €76 | -€9 | -10.2% |
| Financial charges | 65/66B | €13,167 | €11,966 | -€1,201 | -9.1% |
| Recurring financial charges | 65 | €13,167 | €11,966 | -€1,201 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €9,472 | €129,071 | +€119,600 | +1,263% |
| Income taxes | 67/77 | €4,615 | €36,751 | +€32,136 | +696% |
| Profit (loss) for the period | 9904 | €4,857 | €92,321 | +€87,464 | +1,801% |
| Profit (loss) for the period to be appropriated | 9905 | €4,857 | €92,321 | +€87,464 | +1,801% |
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 29 October 2026 via checked.be.