BELOD: 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.
BELOD
Largest movements
- Tangible fixed assets +€349,180
up €349,180 (+157%), from €222,132 to €571,311
of which Assets under construction and advance payments: +€361,834
- Receivables within one year +€26,191
up €26,191 (+21.5%), from €121,940 to €148,131
of which Trade receivables: +€13,610
- Stocks and contracts +€14,431
up €14,431 (+68.7%), from €20,996 to €35,427
of which Stocks: +€14,919
- Deferred charges and accrued income -€10,613
down €10,613 (-18.6%), from €56,912 to €46,300
- Debts after one year +€331,064
up €331,064 (+173%), from €191,872 to €522,936
- Other debts -€88,693
down €88,693 (-87.4%), from €101,495 to €12,803
- Trade debts +€71,105
up €71,105 (+207%), from €34,386 to €105,491
- Reserves +€35,026
up €35,026 (+50.8%), from €69,003 to €104,028
of which Distributable reserves: +€35,026
- Current portion of long-term debt +€18,794
up €18,794 (+153%), from €12,257 to €31,051
- Staff costs +€76,066
up €76,066 (+45.0%), from €169,094 to €245,160
- Gross operating margin +€65,950
up €65,950 (+26.2%), from €251,634 to €317,584
- Taxes -€14,053
down €14,053 (-93.0%), from €15,118 to €1,064
- Financial charges +€7,815
up €7,815 (+78.2%), from €9,993 to €17,808
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 | €450,140 | €821,730 | +€371,590 | +82.5% |
| Fixed assets | 21/28 | €224,732 | €573,911 | +€349,180 | +155% |
| Tangible fixed assets | 22/27 | €222,132 | €571,311 | +€349,180 | +157% |
| Land and buildings | 22 | €189,232 | €182,494 | -€6,738 | -3.6% |
| Plant, machinery and equipment | 23 | €10,786 | €7,160 | -€3,626 | -33.6% |
| Furniture and vehicles | 24 | €22,114 | €19,823 | -€2,291 | -10.4% |
| Assets under construction and advance payments | 27 | - | €361,834 | +€361,834 | |
| Financial fixed assets | 28 | €2,600 | €2,600 | = | 0.0% |
| Current assets | 29/58 | €225,409 | €247,819 | +€22,410 | +9.9% |
| Stocks and contracts in progress | 3 | €20,996 | €35,427 | +€14,431 | +68.7% |
| Stocks | 30/36 | €10,244 | €25,162 | +€14,919 | +146% |
| Contracts in progress | 37 | €10,753 | €10,265 | -€488 | -4.5% |
| Amounts receivable within one year | 40/41 | €121,940 | €148,131 | +€26,191 | +21.5% |
| Trade receivables | 40 | €98,376 | €111,986 | +€13,610 | +13.8% |
| Other amounts receivable | 41 | €23,564 | €36,145 | +€12,581 | +53.4% |
| Cash at bank and in hand | 54/58 | €25,560 | €17,961 | -€7,599 | -29.7% |
| Deferred charges and accrued income | 490/1 | €56,912 | €46,300 | -€10,613 | -18.6% |
| Total equity and liabilities | 10/49 | €450,140 | €821,730 | +€371,590 | +82.5% |
| Equity | 10/15 | €94,003 | €129,028 | +€35,026 | +37.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €69,003 | €104,028 | +€35,026 | +50.8% |
| Non-distributable reserves | 130/1 | €1,500 | €1,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,500 | €1,500 | = | 0.0% |
| Distributable reserves | 133 | €67,503 | €102,528 | +€35,026 | +51.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €356,138 | €692,702 | +€336,564 | +94.5% |
| Amounts payable after more than one year | 17 | €191,872 | €522,936 | +€331,064 | +173% |
| Financial debts | 170/4 | €191,872 | €522,936 | +€331,064 | +173% |
| Amounts payable within one year | 42/48 | €164,265 | €169,766 | +€5,501 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €12,257 | €31,051 | +€18,794 | +153% |
| Trade debts | 44 | €34,386 | €105,491 | +€71,105 | +207% |
| Suppliers | 440/4 | €34,386 | €105,491 | +€71,105 | +207% |
| Taxes, remuneration and social security | 45 | €16,128 | €20,422 | +€4,294 | +26.6% |
| Taxes | 450/3 | €6,008 | €6,243 | +€235 | +3.9% |
| Remuneration and social security | 454/9 | €10,120 | €14,178 | +€4,058 | +40.1% |
| Other amounts payable | 47/48 | €101,495 | €12,803 | -€88,693 | -87.4% |
| Remuneration, social security and pensions | 62 | €169,094 | €245,160 | +€76,066 | +45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,203 | €24,227 | +€1,024 | +4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €140 | +€140 | |
| Other operating charges | 640/8 | €1,263 | €1,765 | +€502 | +39.7% |
| Gross operating margin | 9900 | €251,634 | €317,584 | +€65,950 | +26.2% |
| Operating profit (loss) | 9901 | €58,074 | €46,292 | -€11,782 | -20.3% |
| Financial income | 75/76B | €5,395 | €7,606 | +€2,212 | +41.0% |
| Recurring financial income | 75 | €5,395 | €7,606 | +€2,212 | +41.0% |
| Financial charges | 65/66B | €9,993 | €17,808 | +€7,815 | +78.2% |
| Recurring financial charges | 65 | €9,993 | €17,808 | +€7,815 | +78.2% |
| Profit (loss) for the period before taxes | 9903 | €53,476 | €36,090 | -€17,386 | -32.5% |
| Income taxes | 67/77 | €15,118 | €1,064 | -€14,053 | -93.0% |
| Profit (loss) for the period | 9904 | €38,358 | €35,026 | -€3,332 | -8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,358 | €35,026 | -€3,332 | -8.7% |
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 18 October 2026 via checked.be.