BELOWA: 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.
BELOWA
Largest movements
- Receivables within one year -€122,412
down €122,412 (-62.2%), from €196,933 to €74,521
of which Trade receivables: -€130,393
- Cash -€27,554
down €27,554 (-86.2%), from €31,973 to €4,419
mainly Tax, wage and social debts (-€102,092) and Other debts (-€58,996)
- Tangible fixed assets +€9,371
up €9,371 (+1,334%), from €702 to €10,073
- Tax, wage and social debts -€102,092
down €102,092 (-68.6%), from €148,893 to €46,801
of which Remuneration and social security: -€66,779
- Other debts -€58,996
down €58,996 (-83.8%), from €70,419 to €11,424
- Profit (loss) carried forward +€12,741
new in 2025: €12,741
- Trade debts +€6,359
up €6,359 (+24.0%), from €26,540 to €32,899
- Gross operating margin -€321,416
down €321,416 (-42.7%), from €753,072 to €431,656
- Staff costs -€268,826
down €268,826 (-39.7%), from €677,764 to €408,938
- Taxes -€21,030
down €21,030 (-77.3%), from €27,214 to €6,183
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 | €252,801 | €110,763 | -€142,038 | -56.2% |
| Fixed assets | 21/28 | €21,977 | €31,348 | +€9,371 | +42.6% |
| Tangible fixed assets | 22/27 | €702 | €10,073 | +€9,371 | +1,334% |
| Furniture and vehicles | 24 | €702 | €10,073 | +€9,371 | +1,334% |
| Financial fixed assets | 28 | €21,275 | €21,275 | = | 0.0% |
| Current assets | 29/58 | €230,824 | €79,416 | -€151,408 | -65.6% |
| Amounts receivable within one year | 40/41 | €196,933 | €74,521 | -€122,412 | -62.2% |
| Trade receivables | 40 | €184,079 | €53,686 | -€130,393 | -70.8% |
| Other amounts receivable | 41 | €12,854 | €20,835 | +€7,981 | +62.1% |
| Cash at bank and in hand | 54/58 | €31,973 | €4,419 | -€27,554 | -86.2% |
| Deferred charges and accrued income | 490/1 | €1,918 | €476 | -€1,442 | -75.2% |
| Total equity and liabilities | 10/49 | €252,801 | €110,763 | -€142,038 | -56.2% |
| Equity | 10/15 | €6,449 | €19,190 | +€12,741 | +198% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €249 | €249 | = | 0.0% |
| Distributable reserves | 133 | €249 | €249 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €12,741 | +€12,741 | |
| Amounts payable | 17/49 | €246,352 | €91,573 | -€154,779 | -62.8% |
| Amounts payable within one year | 42/48 | €245,852 | €91,123 | -€154,729 | -62.9% |
| Trade debts | 44 | €26,540 | €32,899 | +€6,359 | +24.0% |
| Suppliers | 440/4 | €26,540 | €32,899 | +€6,359 | +24.0% |
| Taxes, remuneration and social security | 45 | €148,893 | €46,801 | -€102,092 | -68.6% |
| Taxes | 450/3 | €52,717 | €17,404 | -€35,313 | -67.0% |
| Remuneration and social security | 454/9 | €96,176 | €29,397 | -€66,779 | -69.4% |
| Other amounts payable | 47/48 | €70,419 | €11,424 | -€58,996 | -83.8% |
| Accrued charges and deferred income | 492/3 | €500 | €450 | -€50 | -10.0% |
| Remuneration, social security and pensions | 62 | €677,764 | €408,938 | -€268,826 | -39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165 | €3,073 | +€2,909 | +1,766% |
| Other operating charges | 640/8 | €1,299 | €997 | -€302 | -23.2% |
| Gross operating margin | 9900 | €753,072 | €431,656 | -€321,416 | -42.7% |
| Operating profit (loss) | 9901 | €73,845 | €18,649 | -€55,197 | -74.7% |
| Financial income | 75/76B | €113 | €763 | +€650 | +573% |
| Recurring financial income | 75 | €113 | €763 | +€650 | +573% |
| Financial charges | 65/66B | -€761 | €487 | +€1,248 | |
| Recurring financial charges | 65 | -€761 | €487 | +€1,248 | |
| Profit (loss) for the period before taxes | 9903 | €74,720 | €18,924 | -€55,795 | -74.7% |
| Income taxes | 67/77 | €27,214 | €6,183 | -€21,030 | -77.3% |
| Profit (loss) for the period | 9904 | €47,506 | €12,741 | -€34,765 | -73.2% |
| Profit (loss) for the period to be appropriated | 9905 | €47,506 | €12,741 | -€34,765 | -73.2% |
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 19 October 2026 via checked.be.