BELOTEL: 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.
BELOTEL
Largest movements
- Tangible fixed assets -€74,809
down €74,809 (-3.8%), from €1.9m to €1.9m
- Profit (loss) carried forward +€137,946
up €137,946 (+66.1%), from €208,553 to €346,499
- Debts after one year -€122,052
down €122,052 (-12.4%), from €981,059 to €859,007
- Other debts -€90,000
down €90,000 (-35.2%), from €255,331 to €165,331
- Revaluation surpluses -€86,280
down €86,280 (-4.8%), from €1.8m to €1.7m
- Reserves +€86,280
up €86,280 (+12.0%), from €716,579 to €802,859
of which Distributable reserves: +€86,280
- Financial income -€491,250
down €491,250 (-70.1%), from €701,250 to €210,000
- Gross operating margin -€29,890
down €29,890 (-28.8%), from €103,925 to €74,035
- Depreciation -€19,119
down €19,119 (-20.4%), from €93,928 to €74,809
- Taxes -€11,553
down €11,553, from €5,000 to -€6,553
- Financial charges -€5,488
down €5,488 (-9.7%), from €56,512 to €51,024
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,212,385 | €4,111,575 | -€100,809 | -2.4% |
| Fixed assets | 21/28 | €3,948,377 | €3,873,569 | -€74,809 | -1.9% |
| Tangible fixed assets | 22/27 | €1,948,377 | €1,873,569 | -€74,809 | -3.8% |
| Land and buildings | 22 | €1,948,377 | €1,873,569 | -€74,809 | -3.8% |
| Financial fixed assets | 28 | €2,000,000 | €2,000,000 | = | 0.0% |
| Current assets | 29/58 | €264,007 | €238,007 | -€26,001 | -9.8% |
| Amounts receivable within one year | 40/41 | €172,658 | €146,657 | -€26,001 | -15.1% |
| Other amounts receivable | 41 | €172,658 | €146,657 | -€26,001 | -15.1% |
| Deferred charges and accrued income | 490/1 | €91,350 | €91,350 | = | 0.0% |
| Total equity and liabilities | 10/49 | €4,212,385 | €4,111,575 | -€100,809 | -2.4% |
| Equity | 10/15 | €2,782,273 | €2,920,219 | +€137,946 | +5.0% |
| Contributions | 10/11 | €63,381 | €63,381 | = | 0.0% |
| Capital | 10 | €63,381 | €63,381 | = | 0.0% |
| Issued capital | 100 | €63,381 | €63,381 | = | 0.0% |
| Revaluation surpluses | 12 | €1,793,760 | €1,707,480 | -€86,280 | -4.8% |
| Reserves | 13 | €716,579 | €802,859 | +€86,280 | +12.0% |
| Non-distributable reserves | 130/1 | €6,339 | €6,339 | = | 0.0% |
| Legal reserve | 130 | €6,339 | €6,339 | = | 0.0% |
| Distributable reserves | 133 | €710,240 | €796,520 | +€86,280 | +12.1% |
| Profit (loss) carried forward | 14 | €208,553 | €346,499 | +€137,946 | +66.1% |
| Amounts payable | 17/49 | €1,430,112 | €1,191,356 | -€238,755 | -16.7% |
| Amounts payable after more than one year | 17 | €981,059 | €859,007 | -€122,052 | -12.4% |
| Financial debts | 170/4 | €981,059 | €859,007 | -€122,052 | -12.4% |
| Amounts payable within one year | 42/48 | €449,053 | €332,350 | -€116,703 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €142,272 | €122,052 | -€20,220 | -14.2% |
| Financial debts | 43 | €42,512 | €43,533 | +€1,021 | +2.4% |
| Credit institutions | 430/8 | €42,512 | €43,533 | +€1,021 | +2.4% |
| Trade debts | 44 | - | €1,434 | +€1,434 | |
| Suppliers | 440/4 | - | €1,434 | +€1,434 | |
| Taxes, remuneration and social security | 45 | €8,938 | - | -€8,938 | |
| Taxes | 450/3 | €8,938 | - | -€8,938 | |
| Other amounts payable | 47/48 | €255,331 | €165,331 | -€90,000 | -35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,928 | €74,809 | -€19,119 | -20.4% |
| Other operating charges | 640/8 | €23,317 | €26,809 | +€3,492 | +15.0% |
| Gross operating margin | 9900 | €103,925 | €74,035 | -€29,890 | -28.8% |
| Operating profit (loss) | 9901 | -€13,320 | -€27,583 | -€14,263 | -107% |
| Financial income | 75/76B | €701,250 | €210,000 | -€491,250 | -70.1% |
| Recurring financial income | 75 | €701,250 | €210,000 | -€491,250 | -70.1% |
| Financial charges | 65/66B | €56,512 | €51,024 | -€5,488 | -9.7% |
| Recurring financial charges | 65 | €56,512 | €51,024 | -€5,488 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €631,418 | €131,393 | -€500,025 | -79.2% |
| Income taxes | 67/77 | €5,000 | -€6,553 | -€11,553 | |
| Profit (loss) for the period | 9904 | €626,418 | €137,946 | -€488,472 | -78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €626,418 | €137,946 | -€488,472 | -78.0% |
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.