BELORIS: 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.
BELORIS
Largest movements
- Receivables after one year -€84,742
no longer reported in 2025 (was €84,742)
- Tangible fixed assets +€74,433
up €74,433 (+50.1%), from €148,692 to €223,125
of which Plant, machinery and equipment: +€81,118
- Current investments +€36,415
up €36,415 (+25.0%), from €145,896 to €182,311
- Cash -€24,998
down €24,998 (-99.8%), from €25,043 to €45
mainly Contributions, distributions and other (-€244,370) and Investment in fixed assets (net) (-€84,175)
- Receivables within one year -€6,834
down €6,834 (-33.8%), from €20,221 to €13,387
- Reserves -€106,894
down €106,894 (-50.4%), from €212,081 to €105,187
of which Distributable reserves: -€106,894
- Tax, wage and social debts +€54,899
up €54,899 (+227.8%), from €24,098 to €78,997
- Other debts +€53,811
up €53,811 (+183.6%), from €29,311 to €83,122
- Debts after one year -€10,268
down €10,268 (-10.0%), from €102,542 to €92,274
- Contributions +€6,180
up €6,180 (+49.8%), from €12,400 to €18,580
- Gross operating margin +€128,022
up €128,022 (+144.3%), from €88,742 to €216,764
- Taxes +€29,686
up €29,686 (+115.0%), from €25,803 to €55,489
- Financial income -€4,657
down €4,657 (-88.7%), from €5,252 to €595
- Financial charges -€2,729
down €2,729 (-32.4%), from €8,415 to €5,686
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 | €424,783 | €420,366 | -€4,417 | -1.0% |
| Fixed assets | 21/28 | €148,692 | €223,125 | +€74,433 | +50.1% |
| Tangible fixed assets | 22/27 | €148,692 | €223,125 | +€74,433 | +50.1% |
| Land and buildings | 22 | €144,933 | €138,387 | -€6,546 | -4.5% |
| Plant, machinery and equipment | 23 | €3,620 | €84,738 | +€81,118 | +2240.8% |
| Furniture and vehicles | 24 | €139 | - | -€139 | |
| Current assets | 29/58 | €276,091 | €197,241 | -€78,850 | -28.6% |
| Amounts receivable after more than one year | 29 | €84,742 | - | -€84,742 | |
| Other amounts receivable | 291 | €84,742 | - | -€84,742 | |
| Amounts receivable within one year | 40/41 | €20,221 | €13,387 | -€6,834 | -33.8% |
| Other amounts receivable | 41 | €20,221 | €13,387 | -€6,834 | -33.8% |
| Current investments | 50/53 | €145,896 | €182,311 | +€36,415 | +25.0% |
| Cash at bank and in hand | 54/58 | €25,043 | €45 | -€24,998 | -99.8% |
| Deferred charges and accrued income | 490/1 | €189 | €1,498 | +€1,309 | +692.6% |
| Total equity and liabilities | 10/49 | €424,783 | €420,366 | -€4,417 | -1.0% |
| Equity | 10/15 | €225,240 | €124,526 | -€100,714 | -44.7% |
| Contributions | 10/11 | €12,400 | €18,580 | +€6,180 | +49.8% |
| Reserves | 13 | €212,081 | €105,187 | -€106,894 | -50.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €210,221 | €103,327 | -€106,894 | -50.8% |
| Profit (loss) carried forward | 14 | €759 | €759 | = | 0.0% |
| Amounts payable | 17/49 | €199,543 | €295,840 | +€96,297 | +48.3% |
| Amounts payable after more than one year | 17 | €102,542 | €92,274 | -€10,268 | -10.0% |
| Financial debts | 170/4 | €102,542 | €92,274 | -€10,268 | -10.0% |
| Amounts payable within one year | 42/48 | €96,501 | €203,566 | +€107,065 | +110.9% |
| Current portion of amounts payable after more than one year | 42 | €15,993 | €10,267 | -€5,726 | -35.8% |
| Financial debts | 43 | €25,000 | €27,426 | +€2,426 | +9.7% |
| Credit institutions | 430/8 | €25,000 | €27,426 | +€2,426 | +9.7% |
| Trade debts | 44 | €2,099 | €3,754 | +€1,655 | +78.8% |
| Suppliers | 440/4 | €2,099 | €3,754 | +€1,655 | +78.8% |
| Taxes, remuneration and social security | 45 | €24,098 | €78,997 | +€54,899 | +227.8% |
| Taxes | 450/3 | €24,098 | €78,997 | +€54,899 | +227.8% |
| Other amounts payable | 47/48 | €29,311 | €83,122 | +€53,811 | +183.6% |
| Accrued charges and deferred income | 492/3 | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,360 | €9,742 | +€1,382 | +16.5% |
| Other operating charges | 640/8 | €3,810 | €2,786 | -€1,024 | -26.9% |
| Gross operating margin | 9900 | €88,742 | €216,764 | +€128,022 | +144.3% |
| Operating profit (loss) | 9901 | €76,572 | €204,236 | +€127,664 | +166.7% |
| Financial income | 75/76B | €5,252 | €595 | -€4,657 | -88.7% |
| Recurring financial income | 75 | €5,252 | €595 | -€4,657 | -88.7% |
| Financial charges | 65/66B | €8,415 | €5,686 | -€2,729 | -32.4% |
| Recurring financial charges | 65 | €8,415 | €5,686 | -€2,729 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | €73,409 | €199,145 | +€125,736 | +171.3% |
| Income taxes | 67/77 | €25,803 | €55,489 | +€29,686 | +115.0% |
| Profit (loss) for the period | 9904 | €47,606 | €143,656 | +€96,050 | +201.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,606 | €143,656 | +€96,050 | +201.8% |
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 2 October 2026 via checked.be.