BELOGIC: 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.
BELOGIC
Largest movements
- Cash +€87,855
up €87,855 (+209.8%), from €41,876 to €129,730
mainly Net result for the year (+€72,749) and Current investments (+€44,990)
- Current investments -€44,990
down €44,990 (-21.9%), from €205,401 to €160,411
- Tangible fixed assets -€17,128
down €17,128 (-10.4%), from €165,388 to €148,260
of which Land and buildings: -€10,822
- Receivables within one year +€4,936
up €4,936 (+13.7%), from €36,149 to €41,085
of which Trade receivables: +€12,833
- Reserves +€50,000
up €50,000 (+26.1%), from €191,360 to €241,360
- Debts after one year -€18,468
down €18,468 (-15.1%), from €122,636 to €104,167
- Current portion of long-term debt -€6,302
down €6,302 (-25.4%), from €24,771 to €18,468
- Gross operating margin +€55,944
up €55,944 (+113.7%), from €49,207 to €105,150
- Taxes +€17,347
up €17,347 (+260.4%), from €6,662 to €24,009
- Financial income +€5,439
up €5,439 (+43.4%), from €12,535 to €17,974
- Staff costs -€2,167
down €2,167 (-100.0%), from €2,167 to €0
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 | €450,673 | €480,792 | +€30,119 | +6.7% |
| Fixed assets | 21/28 | €165,388 | €148,260 | -€17,128 | -10.4% |
| Tangible fixed assets | 22/27 | €165,388 | €148,260 | -€17,128 | -10.4% |
| Land and buildings | 22 | €140,680 | €129,858 | -€10,822 | -7.7% |
| Plant, machinery and equipment | 23 | €1,507 | €741 | -€767 | -50.9% |
| Furniture and vehicles | 24 | €23,201 | €17,661 | -€5,539 | -23.9% |
| Current assets | 29/58 | €285,285 | €332,532 | +€47,247 | +16.6% |
| Amounts receivable within one year | 40/41 | €36,149 | €41,085 | +€4,936 | +13.7% |
| Trade receivables | 40 | €5,986 | €18,820 | +€12,833 | +214.4% |
| Other amounts receivable | 41 | €30,162 | €22,265 | -€7,897 | -26.2% |
| Current investments | 50/53 | €205,401 | €160,411 | -€44,990 | -21.9% |
| Cash at bank and in hand | 54/58 | €41,876 | €129,730 | +€87,855 | +209.8% |
| Deferred charges and accrued income | 490/1 | €1,860 | €1,306 | -€554 | -29.8% |
| Total equity and liabilities | 10/49 | €450,673 | €480,792 | +€30,119 | +6.7% |
| Equity | 10/15 | €295,571 | €348,320 | +€52,749 | +17.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €191,360 | €241,360 | +€50,000 | +26.1% |
| Distributable reserves | 133 | €191,360 | €241,360 | +€50,000 | +26.1% |
| Profit (loss) carried forward | 14 | €85,611 | €88,360 | +€2,749 | +3.2% |
| Amounts payable | 17/49 | €155,102 | €132,472 | -€22,630 | -14.6% |
| Amounts payable after more than one year | 17 | €122,636 | €104,167 | -€18,468 | -15.1% |
| Financial debts | 170/4 | €122,636 | €104,167 | -€18,468 | -15.1% |
| Amounts payable within one year | 42/48 | €32,466 | €28,305 | -€4,162 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €24,771 | €18,468 | -€6,302 | -25.4% |
| Trade debts | 44 | €7,696 | €9,836 | +€2,141 | +27.8% |
| Suppliers | 440/4 | €7,696 | €9,836 | +€2,141 | +27.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €2,167 | €0 | -€2,167 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,019 | €19,620 | +€601 | +3.2% |
| Other operating charges | 640/8 | €1,448 | €1,430 | -€19 | -1.3% |
| Gross operating margin | 9900 | €49,207 | €105,150 | +€55,944 | +113.7% |
| Operating profit (loss) | 9901 | €26,572 | €84,100 | +€57,528 | +216.5% |
| Financial income | 75/76B | €12,535 | €17,974 | +€5,439 | +43.4% |
| Recurring financial income | 75 | €12,535 | €17,974 | +€5,439 | +43.4% |
| Financial charges | 65/66B | €6,162 | €5,317 | -€845 | -13.7% |
| Recurring financial charges | 65 | €6,162 | €5,317 | -€845 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €32,945 | €96,758 | +€63,813 | +193.7% |
| Income taxes | 67/77 | €6,662 | €24,009 | +€17,347 | +260.4% |
| Profit (loss) for the period | 9904 | €26,283 | €72,749 | +€46,466 | +176.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,283 | €72,749 | +€46,466 | +176.8% |
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 9 October 2026 via checked.be.