BELREO: what changed
What changed
BELREO
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€27,226
2024 · €2.2m-€2.1m
Equity
€2.1m
2024 · €2.1m+€27,226
Cash
€18,430
2024 · €5,821+€12,609
Balance sheet total
€2.1m
2024 · €2.1m+€29,593
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Reserves +€27,226
up €27,226 (+1.3%), from €2.0m to €2.1m
Income statement
- Gross operating margin -€2.1m
down €2.1m (-98.6%), from €2.2m to €29,200
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€2.2m
Gross operating margin
-€2.1m
Depreciation
-€10
Other operating charges
-€138
Financial income
-€282
Financial charges
-€110
Taxes
+€50
Result 2025
€27,226
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€14,931
Investment
-€2,322
Financing
€0
Cash 2024
€5,821
From operations (derived)
+€14,931
Net result for the year
+€27,226
Depreciation
+€10
Receivables within one year
-€14,672
Trade debts
+€3,405
Tax, wage and social debts
-€673
Other debts
-€366
Investment (derived)
-€2,322
Investment in fixed assets (net)
-€2,322
Cash 2025
€18,430
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,064,423 | €2,094,016 | +€29,593 | +1.4% |
| Fixed assets | 21/28 | - | €2,312 | +€2,312 | |
| Tangible fixed assets | 22/27 | - | €2,312 | +€2,312 | |
| Plant, machinery and equipment | 23 | - | €2,312 | +€2,312 | |
| Current assets | 29/58 | €2,064,423 | €2,091,704 | +€27,281 | +1.3% |
| Amounts receivable within one year | 40/41 | €2,058,602 | €2,073,274 | +€14,672 | +0.7% |
| Trade receivables | 40 | - | €10,146 | +€10,146 | |
| Other amounts receivable | 41 | €2,058,602 | €2,063,128 | +€4,526 | +0.2% |
| Cash at bank and in hand | 54/58 | €5,821 | €18,430 | +€12,609 | +217% |
| Total equity and liabilities | 10/49 | €2,064,423 | €2,094,016 | +€29,593 | +1.4% |
| Equity | 10/15 | €2,060,981 | €2,088,207 | +€27,226 | +1.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €2,048,581 | €2,075,807 | +€27,226 | +1.3% |
| Distributable reserves | 133 | €2,048,581 | €2,075,807 | +€27,226 | +1.3% |
| Amounts payable | 17/49 | €3,442 | €5,809 | +€2,366 | +68.7% |
| Amounts payable within one year | 42/48 | €3,442 | €5,809 | +€2,366 | +68.7% |
| Trade debts | 44 | €1,849 | €5,255 | +€3,405 | +184% |
| Suppliers | 440/4 | €1,849 | €5,255 | +€3,405 | +184% |
| Taxes, remuneration and social security | 45 | €1,227 | €554 | -€673 | -54.8% |
| Taxes | 450/3 | €1,227 | €554 | -€673 | -54.8% |
| Other amounts payable | 47/48 | €366 | - | -€366 | |
| Non-recurring operating income | 76A | €2,149,795 | - | -€2.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €10 | +€10 | |
| Other operating charges | 640/8 | €1,190 | €1,328 | +€138 | +11.6% |
| Gross operating margin | 9900 | €2,152,726 | €29,200 | -€2.1m | -98.6% |
| Operating profit (loss) | 9901 | €2,151,536 | €27,862 | -€2.1m | -98.7% |
| Financial income | 75/76B | €403 | €121 | -€282 | -70.0% |
| Recurring financial income | 75 | €403 | €121 | -€282 | -70.0% |
| Financial charges | 65/66B | €92 | €202 | +€110 | +119% |
| Recurring financial charges | 65 | €92 | €202 | +€110 | +119% |
| Profit (loss) for the period before taxes | 9903 | €2,151,846 | €27,780 | -€2.1m | -98.7% |
| Income taxes | 67/77 | €604 | €554 | -€50 | -8.3% |
| Profit (loss) for the period | 9904 | €2,151,243 | €27,226 | -€2.1m | -98.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,151,243 | €27,226 | -€2.1m | -98.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.