BELOPA: 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.
BELOPA
Largest movements
- Tangible fixed assets +€448,326
up €448,326 (+443.6%), from €101,058 to €549,385
of which Land and buildings: +€448,532
- Receivables within one year -€29,377
down €29,377 (-95.1%), from €30,890 to €1,513
of which Trade receivables: -€28,184
- Cash +€10,106
up €10,106 (+7.3%), from €138,448 to €148,554
mainly Trade debts (+€412,064) and Net result for the year (+€44,824)
- Trade debts +€412,064
up €412,064 (+61303.6%), from €672 to €412,736
- Reserves +€21,000
up €21,000 (+17.8%), from €117,680 to €138,680
of which Distributable reserves: +€21,000
- Tax, wage and social debts -€11,179
down €11,179 (-32.5%), from €34,379 to €23,201
of which Taxes: -€9,979
- Other debts +€8,000
up €8,000 (+33.5%), from €23,866 to €31,866
- Gross operating margin +€36,018
up €36,018 (+72.0%), from €50,051 to €86,069
- Other operating charges +€7,676
up €7,676 (+298.9%), from €2,568 to €10,244
- Depreciation +€2,530
up €2,530 (+18.4%), from €13,769 to €16,299
- Taxes +€2,236
up €2,236 (+17.7%), from €12,608 to €14,844
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 | €297,246 | €728,353 | +€431,107 | +145.0% |
| Fixed assets | 21/28 | €101,133 | €549,460 | +€448,326 | +443.3% |
| Tangible fixed assets | 22/27 | €101,058 | €549,385 | +€448,326 | +443.6% |
| Land and buildings | 22 | €95,252 | €543,785 | +€448,532 | +470.9% |
| Furniture and vehicles | 24 | €5,806 | €5,600 | -€206 | -3.5% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €196,113 | €178,893 | -€17,220 | -8.8% |
| Amounts receivable within one year | 40/41 | €30,890 | €1,513 | -€29,377 | -95.1% |
| Trade receivables | 40 | €28,184 | - | -€28,184 | |
| Other amounts receivable | 41 | €2,707 | €1,513 | -€1,194 | -44.1% |
| Current investments | 50/53 | €26,315 | €26,315 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €138,448 | €148,554 | +€10,106 | +7.3% |
| Deferred charges and accrued income | 490/1 | €460 | €2,511 | +€2,052 | +446.4% |
| Total equity and liabilities | 10/49 | €297,246 | €728,353 | +€431,107 | +145.0% |
| Equity | 10/15 | €238,329 | €260,153 | +€21,824 | +9.2% |
| Contributions | 10/11 | €46,914 | €46,914 | = | 0.0% |
| Reserves | 13 | €117,680 | €138,680 | +€21,000 | +17.8% |
| Non-distributable reserves | 130/1 | €26,315 | €26,315 | = | 0.0% |
| Own shares acquired | 1312 | €26,315 | €26,315 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,365 | €30,365 | = | 0.0% |
| Distributable reserves | 133 | €61,000 | €82,000 | +€21,000 | +34.4% |
| Profit (loss) carried forward | 14 | €73,735 | €74,560 | +€824 | +1.1% |
| Amounts payable | 17/49 | €58,918 | €468,200 | +€409,282 | +694.7% |
| Amounts payable within one year | 42/48 | €58,918 | €467,963 | +€409,045 | +694.3% |
| Financial debts | 43 | - | €160 | +€160 | |
| Credit institutions | 430/8 | - | €160 | +€160 | |
| Trade debts | 44 | €672 | €412,736 | +€412,064 | +61303.6% |
| Suppliers | 440/4 | €672 | €412,736 | +€412,064 | +61303.6% |
| Taxes, remuneration and social security | 45 | €34,379 | €23,201 | -€11,179 | -32.5% |
| Taxes | 450/3 | €27,379 | €17,401 | -€9,979 | -36.4% |
| Remuneration and social security | 454/9 | €7,000 | €5,800 | -€1,200 | -17.1% |
| Other amounts payable | 47/48 | €23,866 | €31,866 | +€8,000 | +33.5% |
| Accrued charges and deferred income | 492/3 | - | €237 | +€237 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,769 | €16,299 | +€2,530 | +18.4% |
| Other operating charges | 640/8 | €2,568 | €10,244 | +€7,676 | +298.9% |
| Gross operating margin | 9900 | €50,051 | €86,069 | +€36,018 | +72.0% |
| Operating profit (loss) | 9901 | €33,714 | €59,526 | +€25,812 | +76.6% |
| Financial income | 75/76B | €304 | €592 | +€288 | +94.8% |
| Recurring financial income | 75 | €304 | €592 | +€288 | +94.8% |
| Financial charges | 65/66B | €491 | €449 | -€42 | -8.6% |
| Recurring financial charges | 65 | €491 | €449 | -€42 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €33,526 | €59,668 | +€26,142 | +78.0% |
| Income taxes | 67/77 | €12,608 | €14,844 | +€2,236 | +17.7% |
| Profit (loss) for the period | 9904 | €20,918 | €44,824 | +€23,906 | +114.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,918 | €44,824 | +€23,906 | +114.3% |
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 1 October 2026 via checked.be.