BELOR: 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.
What changed
BELOR
NACE 71.209, Other technical testing and analysis
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€36,907
2024 · €43,054-€6,147
Equity
€1.2m
2024 · €1.2m+€36,907
Cash
€776,049
2024 · €768,162+€7,887
Balance sheet total
€1.7m
2024 · €1.6m+€31,989
Largest movements
Assets
- Receivables within one year +€73,796
up €73,796 (+12.0%), from €614,498 to €688,294
of which Trade receivables: +€78,783
- Tangible fixed assets -€50,871
down €50,871 (-22.1%), from €230,222 to €179,352
of which Furniture and vehicles: -€46,429
Equity and liabilities
- Profit (loss) carried forward +€36,907
up €36,907 (+3.1%), from €1.2m to €1.2m
Income statement
No income-statement line moved by more than 1% of the activity.
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.
Result 2024
€43,054
Gross operating margin
-€15,019
Staff costs
-€6,115
Depreciation
-€954
Write-downs
+€1,821
Other operating charges
+€8,767
Financial income
-€520
Financial charges
+€3,651
Taxes
+€2,222
Result 2025
€36,907
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.
From operations
+€35,333
Investment
-€27,446
Financing
€0
Cash 2024
€768,162
From operations (derived)
+€35,333
Net result for the year
+€36,907
Depreciation
+€80,608
Receivables within one year
-€73,796
Deferred charges and accrued income
-€3,468
Debts within one year
-€4,122
Accrued charges and deferred income
-€797
Investment (derived)
-€27,446
Investment in fixed assets (net)
-€27,446
Cash 2025
€776,049
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,642,926 | €1,674,915 | +€31,989 | +1.9% |
| Fixed assets | 21/28 | €246,432 | €193,270 | -€53,162 | -21.6% |
| Intangible fixed assets | 21 | €11,860 | €9,568 | -€2,291 | -19.3% |
| Tangible fixed assets | 22/27 | €230,222 | €179,352 | -€50,871 | -22.1% |
| Plant, machinery and equipment | 23 | €24,123 | €20,542 | -€3,581 | -14.8% |
| Furniture and vehicles | 24 | €203,733 | €157,303 | -€46,429 | -22.8% |
| Other tangible fixed assets | 26 | €2,366 | €1,507 | -€860 | -36.3% |
| Financial fixed assets | 28 | €4,350 | €4,350 | = | 0.0% |
| Current assets | 29/58 | €1,396,494 | €1,481,645 | +€85,151 | +6.1% |
| Amounts receivable within one year | 40/41 | €614,498 | €688,294 | +€73,796 | +12.0% |
| Trade receivables | 40 | €609,511 | €688,294 | +€78,783 | +12.9% |
| Other amounts receivable | 41 | €4,987 | - | -€4,987 | |
| Cash at bank and in hand | 54/58 | €768,162 | €776,049 | +€7,887 | +1.0% |
| Deferred charges and accrued income | 490/1 | €13,835 | €17,302 | +€3,468 | +25.1% |
| Total equity and liabilities | 10/49 | €1,642,926 | €1,674,915 | +€31,989 | +1.9% |
| Equity | 10/15 | €1,193,412 | €1,230,319 | +€36,907 | +3.1% |
| Profit (loss) carried forward | 14 | €1,193,412 | €1,230,319 | +€36,907 | +3.1% |
| Amounts payable | 17/49 | €449,514 | €444,596 | -€4,918 | -1.1% |
| Amounts payable within one year | 42/48 | €446,835 | €442,713 | -€4,122 | -0.9% |
| Trade debts | 44 | €252,401 | €247,990 | -€4,411 | -1.7% |
| Suppliers | 440/4 | €252,401 | €247,990 | -€4,411 | -1.7% |
| Taxes, remuneration and social security | 45 | €194,180 | €193,852 | -€328 | -0.2% |
| Taxes | 450/3 | €55,864 | €50,223 | -€5,641 | -10.1% |
| Remuneration and social security | 454/9 | €138,315 | €143,628 | +€5,313 | +3.8% |
| Accrued charges and deferred income | 492/3 | €2,680 | €1,883 | -€797 | -29.7% |
| Remuneration, social security and pensions | 62 | €1,340,382 | €1,346,497 | +€6,115 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,654 | €80,608 | +€954 | +1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,961 | €1,140 | -€1,821 | -61.5% |
| Other operating charges | 640/8 | €19,005 | €10,238 | -€8,767 | -46.1% |
| Gross operating margin | 9900 | €1,541,088 | €1,526,069 | -€15,019 | -1.0% |
| Operating profit (loss) | 9901 | €99,087 | €87,587 | -€11,500 | -11.6% |
| Financial income | 75/76B | €2,276 | €1,756 | -€520 | -22.9% |
| Recurring financial income | 75 | €2,276 | €1,756 | -€520 | -22.9% |
| Financial charges | 65/66B | €12,427 | €8,777 | -€3,651 | -29.4% |
| Recurring financial charges | 65 | €12,427 | €8,777 | -€3,651 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €88,935 | €80,566 | -€8,369 | -9.4% |
| Income taxes | 67/77 | €45,881 | €43,659 | -€2,222 | -4.8% |
| Profit (loss) for the period | 9904 | €43,054 | €36,907 | -€6,147 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,054 | €36,907 | -€6,147 | -14.3% |
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 10 October 2026 via checked.be.