BELPUB: 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.
BELPUB
Largest movements
- Tangible fixed assets -€40,328
down €40,328 (-7.4%), from €547,462 to €507,133
of which Land and buildings: -€28,004
- Cash +€39,774
up €39,774 (+57.1%), from €69,642 to €109,417
mainly Depreciation (+€40,328) and Receivables within one year (+€37,193)
- Receivables within one year -€37,193
down €37,193 (-27.8%), from €133,663 to €96,470
of which Trade receivables: -€32,535
- Debts after one year -€58,160
down €58,160 (-11.0%), from €530,867 to €472,707
- Trade debts +€16,156
new in 2025: €16,156
- Current portion of long-term debt -€13,847
down €13,847 (-19.2%), from €72,007 to €58,160
- Other debts +€12,179
up €12,179 (+112.1%), from €10,863 to €23,042
- Staff costs +€7,092
up €7,092 (+52.0%), from €13,650 to €20,742
- Financial charges -€4,979
down €4,979 (-20.0%), from €24,943 to €19,964
- Other operating charges -€1,666
down €1,666 (-25.4%), from €6,545 to €4,879
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 | €921,911 | €876,042 | -€45,870 | -5.0% |
| Fixed assets | 21/28 | €549,014 | €508,686 | -€40,328 | -7.3% |
| Tangible fixed assets | 22/27 | €547,462 | €507,133 | -€40,328 | -7.4% |
| Land and buildings | 22 | €532,638 | €504,635 | -€28,004 | -5.3% |
| Furniture and vehicles | 24 | €14,823 | €2,499 | -€12,325 | -83.1% |
| Financial fixed assets | 28 | €1,553 | €1,553 | = | 0.0% |
| Current assets | 29/58 | €372,897 | €367,356 | -€5,542 | -1.5% |
| Stocks and contracts in progress | 3 | €168,500 | €160,500 | -€8,000 | -4.7% |
| Stocks | 30/36 | €165,000 | €160,500 | -€4,500 | -2.7% |
| Contracts in progress | 37 | €3,500 | - | -€3,500 | |
| Amounts receivable within one year | 40/41 | €133,663 | €96,470 | -€37,193 | -27.8% |
| Trade receivables | 40 | €37,176 | €4,641 | -€32,535 | -87.5% |
| Other amounts receivable | 41 | €96,487 | €91,829 | -€4,657 | -4.8% |
| Cash at bank and in hand | 54/58 | €69,642 | €109,417 | +€39,774 | +57.1% |
| Deferred charges and accrued income | 490/1 | €1,092 | €969 | -€123 | -11.3% |
| Total equity and liabilities | 10/49 | €921,911 | €876,042 | -€45,870 | -5.0% |
| Equity | 10/15 | €106,605 | €108,539 | +€1,934 | +1.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €88,013 | €89,947 | +€1,934 | +2.2% |
| Distributable reserves | 133 | €88,013 | €89,947 | +€1,934 | +2.2% |
| Amounts payable | 17/49 | €815,306 | €767,502 | -€47,804 | -5.9% |
| Amounts payable after more than one year | 17 | €530,867 | €472,707 | -€58,160 | -11.0% |
| Financial debts | 170/4 | €530,867 | €472,707 | -€58,160 | -11.0% |
| Amounts payable within one year | 42/48 | €279,063 | €289,297 | +€10,235 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €72,007 | €58,160 | -€13,847 | -19.2% |
| Financial debts | 43 | €175,000 | €175,000 | = | 0.0% |
| Credit institutions | 430/8 | €175,000 | €175,000 | = | 0.0% |
| Trade debts | 44 | - | €16,156 | +€16,156 | |
| Suppliers | 440/4 | - | €16,156 | +€16,156 | |
| Taxes, remuneration and social security | 45 | €21,192 | €16,939 | -€4,253 | -20.1% |
| Taxes | 450/3 | €20,091 | €13,656 | -€6,435 | -32.0% |
| Remuneration and social security | 454/9 | €1,101 | €3,284 | +€2,182 | +198.1% |
| Other amounts payable | 47/48 | €10,863 | €23,042 | +€12,179 | +112.1% |
| Accrued charges and deferred income | 492/3 | €5,376 | €5,497 | +€121 | +2.3% |
| Remuneration, social security and pensions | 62 | €13,650 | €20,742 | +€7,092 | +52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,496 | €40,328 | -€168 | -0.4% |
| Other operating charges | 640/8 | €6,545 | €4,879 | -€1,666 | -25.4% |
| Gross operating margin | 9900 | €90,942 | €91,727 | +€785 | +0.9% |
| Operating profit (loss) | 9901 | €30,251 | €25,777 | -€4,474 | -14.8% |
| Financial income | 75/76B | €1,259 | €992 | -€267 | -21.2% |
| Recurring financial income | 75 | €1,259 | €992 | -€267 | -21.2% |
| Financial charges | 65/66B | €24,943 | €19,964 | -€4,979 | -20.0% |
| Recurring financial charges | 65 | €24,943 | €19,964 | -€4,979 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €6,567 | €6,805 | +€238 | +3.6% |
| Income taxes | 67/77 | €4,239 | €4,871 | +€632 | +14.9% |
| Profit (loss) for the period | 9904 | €2,329 | €1,934 | -€394 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,329 | €1,934 | -€394 | -16.9% |
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 1 October 2026 via checked.be.