BELOS: 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.
What changed
BELOS
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€89,013
2024 · €225,211-€136,198
Equity
€7.1m
2024 · €7.1m+€13
Cash
€378,441
2024 · €995,546-€617,105
Balance sheet total
€7.4m
2024 · €7.6m-€202,624
Largest movements
Assets
- Cash -€617,105
down €617,105 (-62.0%), from €995,546 to €378,441
mainly Investment in fixed assets (net) (-€445,092) and Other debts (-€187,955)
- Tangible fixed assets +€487,512
new in 2025: €487,512
Equity and liabilities
- Other debts -€187,955
down €187,955 (-60.8%), from €309,358 to €121,403
Income statement
- Turnover -€572,098
no longer reported in 2025 (was €572,098)
- Services and other goods -€545,512
down €545,512 (-88.2%), from €618,797 to €73,286
- Financial income -€191,608
down €191,608 (-53.5%), from €358,351 to €166,743
- Taxes -€51,955
down €51,955 (-61.6%), from €84,358 to €32,403
- Other operating income +€29,536
new in 2025: €29,536
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
€225,211
Turnover
-€572,098
Other operating income
+€29,536
Services and other goods
+€545,512
Other operating charges
-€102
Other operating items
+€710
Financial income
-€191,608
Financial charges
-€103
Taxes
+€51,955
Result 2025
€89,013
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
-€83,013
Investment
-€445,092
Financing
-€89,000
Cash 2024
€995,546
From operations (derived)
-€83,013
Net result for the year
+€89,013
Receivables within one year
+€26,776
Deferred charges and accrued income
+€3,834
Trade debts
-€14,682
Other debts
-€187,955
Investment (derived)
-€445,092
Investment in fixed assets (net)
-€445,092
Financing
-€89,000
Contributions, distributions and other
-€89,000
Cash 2025
€378,441
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,619,310 | €7,416,686 | -€202,624 | -2.7% |
| Fixed assets | 21/28 | €43,290 | €488,382 | +€445,092 | +1028.2% |
| Intangible fixed assets | 21 | €42,420 | - | -€42,420 | |
| Tangible fixed assets | 22/27 | - | €487,512 | +€487,512 | |
| Assets under construction and advance payments | 27 | - | €487,512 | +€487,512 | |
| Financial fixed assets | 28 | €870 | €870 | = | 0.0% |
| Affiliated companies | 280/1 | €870 | €870 | = | 0.0% |
| Participating interests | 280 | €870 | €870 | = | 0.0% |
| Current assets | 29/58 | €7,576,020 | €6,928,305 | -€647,715 | -8.5% |
| Amounts receivable within one year | 40/41 | €64,562 | €37,786 | -€26,776 | -41.5% |
| Trade receivables | 40 | €64,528 | €31,279 | -€33,249 | -51.5% |
| Other amounts receivable | 41 | €34 | €6,507 | +€6,473 | +18888.2% |
| Current investments | 50/53 | €6,500,000 | €6,500,000 | = | 0.0% |
| Other investments | 51/53 | €6,500,000 | €6,500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €995,546 | €378,441 | -€617,105 | -62.0% |
| Deferred charges and accrued income | 490/1 | €15,912 | €12,078 | -€3,834 | -24.1% |
| Total equity and liabilities | 10/49 | €7,619,310 | €7,416,686 | -€202,624 | -2.7% |
| Equity | 10/15 | €7,133,815 | €7,133,828 | +€13 | 0.0% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €6,132,857 | €6,132,857 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,628 | €100,628 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €628 | €628 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,032,229 | €6,032,229 | = | 0.0% |
| Profit (loss) carried forward | 14 | €958 | €971 | +€13 | +1.4% |
| Amounts payable | 17/49 | €485,496 | €282,859 | -€202,637 | -41.7% |
| Amounts payable within one year | 42/48 | €485,496 | €282,859 | -€202,637 | -41.7% |
| Trade debts | 44 | €176,138 | €161,456 | -€14,682 | -8.3% |
| Suppliers | 440/4 | €176,138 | €161,456 | -€14,682 | -8.3% |
| Other amounts payable | 47/48 | €309,358 | €121,403 | -€187,955 | -60.8% |
| Operating income | 70/76A | €572,098 | €29,536 | -€542,562 | -94.8% |
| Turnover | 70 | €572,098 | - | -€572,098 | |
| Other operating income | 74 | - | €29,536 | +€29,536 | |
| Operating charges | 60/66A | €620,879 | €74,760 | -€546,119 | -88.0% |
| Services and other goods | 61 | €618,797 | €73,286 | -€545,512 | -88.2% |
| Other operating charges | 640/8 | €1,372 | €1,474 | +€102 | +7.4% |
| Non-recurring operating charges | 66A | €710 | - | -€710 | |
| Operating profit (loss) | 9901 | -€48,781 | -€45,223 | +€3,558 | +7.3% |
| Financial income | 75/76B | €358,351 | €166,743 | -€191,608 | -53.5% |
| Recurring financial income | 75 | €358,351 | €166,743 | -€191,608 | -53.5% |
| Income from current assets | 751 | €358,351 | €166,743 | -€191,608 | -53.5% |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1 | €104 | +€103 | +11412.2% |
| Recurring financial charges | 65 | €1 | €104 | +€103 | +11412.2% |
| Debt charges | 650 | €1 | €0 | -€1 | -73.3% |
| Other financial charges | 652/9 | - | €103 | +€103 | |
| Profit (loss) for the period before taxes | 9903 | €309,569 | €121,416 | -€188,153 | -60.8% |
| Income taxes | 67/77 | €84,358 | €32,403 | -€51,955 | -61.6% |
| Taxes | 670/3 | €84,358 | €32,403 | -€51,955 | -61.6% |
| Profit (loss) for the period | 9904 | €225,211 | €89,013 | -€136,198 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €225,211 | €89,013 | -€136,198 | -60.5% |
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 5 October 2026 via checked.be.