BELOS: 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.
BELOS
Largest movements
- Tangible fixed assets -€42,833
down €42,833 (-3.1%), from €1.4m to €1.3m
of which Land and buildings: -€41,896
- Cash +€24,186
up €24,186 (+196%), from €12,326 to €36,513
mainly Depreciation (+€42,833) and Net result for the year (+€11,565)
- Debts after one year -€30,739
down €30,739 (-7.8%), from €392,119 to €361,380
- Profit (loss) carried forward +€17,812
up €17,812 (+13.2%), from -€135,223 to -€117,411
- Depreciation -€12,187
down €12,187 (-22.2%), from €55,020 to €42,833
- Gross operating margin +€4,729
up €4,729 (+7.0%), from €67,811 to €72,539
- Other operating charges +€2,823
up €2,823 (+26.6%), from €10,631 to €13,454
- Financial income -€759
down €759 (-41.8%), from €1,816 to €1,057
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.
Derived cash bridge
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 | €1,468,962 | €1,451,521 | -€17,441 | -1.2% |
| Fixed assets | 21/28 | €1,371,992 | €1,329,159 | -€42,833 | -3.1% |
| Tangible fixed assets | 22/27 | €1,371,992 | €1,329,159 | -€42,833 | -3.1% |
| Land and buildings | 22 | €1,368,057 | €1,326,162 | -€41,896 | -3.1% |
| Plant, machinery and equipment | 23 | €3,934 | €2,997 | -€937 | -23.8% |
| Current assets | 29/58 | €96,971 | €122,363 | +€25,392 | +26.2% |
| Amounts receivable within one year | 40/41 | €1,889 | €2,273 | +€383 | +20.3% |
| Trade receivables | 40 | €1,345 | €1,411 | +€66 | +4.9% |
| Other amounts receivable | 41 | €545 | €862 | +€317 | +58.2% |
| Current investments | 50/53 | €81,261 | €82,001 | +€740 | +0.9% |
| Cash at bank and in hand | 54/58 | €12,326 | €36,513 | +€24,186 | +196% |
| Deferred charges and accrued income | 490/1 | €1,493 | €1,576 | +€82 | +5.5% |
| Total equity and liabilities | 10/49 | €1,468,962 | €1,451,521 | -€17,441 | -1.2% |
| Equity | 10/15 | €293,001 | €304,566 | +€11,565 | +3.9% |
| Contributions | 10/11 | €281,359 | €281,359 | = | 0.0% |
| Capital | 10 | €281,359 | €281,359 | = | 0.0% |
| Issued capital | 100 | €281,359 | €281,359 | = | 0.0% |
| Reserves | 13 | €146,866 | €140,618 | -€6,248 | -4.3% |
| Non-distributable reserves | 130/1 | €21,909 | €21,909 | = | 0.0% |
| Legal reserve | 130 | €21,909 | €21,909 | = | 0.0% |
| Tax-exempt reserves | 132 | €124,957 | €118,709 | -€6,248 | -5.0% |
| Profit (loss) carried forward | 14 | -€135,223 | -€117,411 | +€17,812 | +13.2% |
| Amounts payable | 17/49 | €1,175,961 | €1,146,955 | -€29,005 | -2.5% |
| Amounts payable after more than one year | 17 | €392,119 | €361,380 | -€30,739 | -7.8% |
| Financial debts | 170/4 | €392,119 | €361,380 | -€30,739 | -7.8% |
| Amounts payable within one year | 42/48 | €780,722 | €782,439 | +€1,717 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €30,321 | €30,739 | +€418 | +1.4% |
| Trade debts | 44 | €324 | €456 | +€132 | +40.6% |
| Suppliers | 440/4 | €324 | €456 | +€132 | +40.6% |
| Other amounts payable | 47/48 | €750,077 | €751,245 | +€1,168 | +0.2% |
| Accrued charges and deferred income | 492/3 | €3,119 | €3,136 | +€16 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,020 | €42,833 | -€12,187 | -22.2% |
| Other operating charges | 640/8 | €10,631 | €13,454 | +€2,823 | +26.6% |
| Gross operating margin | 9900 | €67,811 | €72,539 | +€4,729 | +7.0% |
| Operating profit (loss) | 9901 | €2,160 | €16,253 | +€14,093 | +653% |
| Financial income | 75/76B | €1,816 | €1,057 | -€759 | -41.8% |
| Recurring financial income | 75 | €1,816 | €1,057 | -€759 | -41.8% |
| Financial charges | 65/66B | €6,197 | €5,745 | -€452 | -7.3% |
| Recurring financial charges | 65 | €6,197 | €5,745 | -€452 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,221 | €11,565 | +€13,786 | |
| Profit (loss) for the period | 9904 | -€2,221 | €11,565 | +€13,786 | |
| Transfer from tax-exempt reserves | 789 | €6,248 | €6,248 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,027 | €17,812 | +€13,786 | +342% |
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 13 October 2026 via checked.be.