BELREC: 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.
BELREC
Largest movements
- Cash +€154,402
up €154,402 (+1019.7%), from €15,141 to €169,543
mainly Trade debts (+€229,136) and Investment in fixed assets (net) (+€50,000)
- Stocks and contracts +€105,252
new in 2025: €105,252
- Financial fixed assets -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Tangible fixed assets -€7,853
down €7,853 (-4.9%), from €159,652 to €151,799
- Trade debts +€229,136
up €229,136 (+5311.1%), from €4,314 to €233,450
- Debts after one year -€19,814
down €19,814 (-85.5%), from €23,170 to €3,356
- Other debts -€5,970
down €5,970 (-31.0%), from €19,253 to €13,283
- Gross operating margin +€5,461
up €5,461 (+14.1%), from €38,708 to €44,169
- Other operating charges -€2,006
down €2,006 (-33.4%), from €6,001 to €3,995
- Taxes +€1,548
up €1,548 (+30.6%), from €5,059 to €6,607
- Financial charges -€889
down €889 (-32.8%), from €2,709 to €1,820
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 | €225,446 | €429,097 | +€203,651 | +90.3% |
| Fixed assets | 21/28 | €209,652 | €151,799 | -€57,853 | -27.6% |
| Tangible fixed assets | 22/27 | €159,652 | €151,799 | -€7,853 | -4.9% |
| Land and buildings | 22 | €159,652 | €151,799 | -€7,853 | -4.9% |
| Financial fixed assets | 28 | €50,000 | €0 | -€50,000 | -100.0% |
| Current assets | 29/58 | €15,794 | €277,298 | +€261,504 | +1655.7% |
| Stocks and contracts in progress | 3 | - | €105,252 | +€105,252 | |
| Stocks | 30/36 | - | €105,252 | +€105,252 | |
| Amounts receivable within one year | 40/41 | €0 | €1,792 | +€1,792 | |
| Other amounts receivable | 41 | €0 | €1,792 | +€1,792 | |
| Cash at bank and in hand | 54/58 | €15,141 | €169,543 | +€154,402 | +1019.7% |
| Deferred charges and accrued income | 490/1 | €652 | €711 | +€58 | +8.9% |
| Total equity and liabilities | 10/49 | €225,446 | €429,097 | +€203,651 | +90.3% |
| Equity | 10/15 | €122,644 | €121,539 | -€1,105 | -0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €104,044 | €102,939 | -€1,105 | -1.1% |
| Distributable reserves | 133 | €104,044 | €102,939 | -€1,105 | -1.1% |
| Provisions and deferred taxes | 16 | €31,493 | €31,493 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €31,493 | €31,493 | = | 0.0% |
| Pensions and similar obligations | 160 | €31,493 | €31,493 | = | 0.0% |
| Amounts payable | 17/49 | €71,309 | €276,064 | +€204,756 | +287.1% |
| Amounts payable after more than one year | 17 | €23,170 | €3,356 | -€19,814 | -85.5% |
| Financial debts | 170/4 | €23,170 | €3,356 | -€19,814 | -85.5% |
| Amounts payable within one year | 42/48 | €47,752 | €272,309 | +€224,557 | +470.3% |
| Current portion of amounts payable after more than one year | 42 | €20,248 | €21,498 | +€1,250 | +6.2% |
| Trade debts | 44 | €4,314 | €233,450 | +€229,136 | +5311.1% |
| Suppliers | 440/4 | €4,314 | €233,450 | +€229,136 | +5311.1% |
| Taxes, remuneration and social security | 45 | €3,937 | €4,078 | +€140 | +3.6% |
| Taxes | 450/3 | €1,466 | €1,607 | +€140 | +9.6% |
| Remuneration and social security | 454/9 | €2,471 | €2,471 | = | 0.0% |
| Other amounts payable | 47/48 | €19,253 | €13,283 | -€5,970 | -31.0% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating income | 76A | €0 | €473 | +€473 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,853 | €7,853 | = | 0.0% |
| Other operating charges | 640/8 | €6,001 | €3,995 | -€2,006 | -33.4% |
| Non-recurring operating charges | 66A | - | €25,000 | +€25,000 | |
| Gross operating margin | 9900 | €38,708 | €44,169 | +€5,461 | +14.1% |
| Operating profit (loss) | 9901 | €24,854 | €7,320 | -€17,534 | -70.5% |
| Financial income | 75/76B | €0 | €2 | +€1 | +252.1% |
| Recurring financial income | 75 | €0 | €2 | +€1 | +252.1% |
| Financial charges | 65/66B | €2,709 | €1,820 | -€889 | -32.8% |
| Recurring financial charges | 65 | €2,709 | €1,820 | -€889 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €22,145 | €5,502 | -€16,643 | -75.2% |
| Income taxes | 67/77 | €5,059 | €6,607 | +€1,548 | +30.6% |
| Profit (loss) for the period | 9904 | €17,086 | -€1,105 | -€18,191 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,086 | -€1,105 | -€18,191 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.