BELRESCO: 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.
BELRESCO
Largest movements
- Financial fixed assets +€191,284
new in 2025: €191,284
- Current investments -€59,873
down €59,873 (-100.0%), from €59,873 to €0
- Tangible fixed assets -€47,874
down €47,874 (-24.4%), from €196,451 to €148,577
of which Land and buildings: -€97,250
- Receivables within one year +€12,463
up €12,463 (+49.6%), from €25,130 to €37,593
of which Other amounts receivable: +€28,819
- Cash -€7,259
down €7,259 (-14.9%), from €48,564 to €41,305
mainly Investment in fixed assets (net) (-€148,112) and Contributions, distributions and other (-€23,682)
- Short-term financial debts +€48,851
up €48,851 (+95.5%), from €51,149 to €100,000
of which Other loans: +€50,000
- Other debts +€20,383
up €20,383 (+1777.1%), from €1,147 to €21,530
- Current portion of long-term debt +€7,634
up €7,634 (+73.0%), from €10,452 to €18,087
- Reserves +€7,377
up €7,377 (+6.1%), from €121,852 to €129,229
- Gross operating margin +€9,474
up €9,474 (+10.2%), from €92,580 to €102,054
- Taxes -€4,375
down €4,375 (-19.0%), from €23,086 to €18,711
- Financial charges +€4,095
up €4,095 (+63.3%), from €6,471 to €10,566
- Depreciation -€2,385
down €2,385 (-33.7%), from €7,087 to €4,702
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 | €331,658 | €420,608 | +€88,950 | +26.8% |
| Fixed assets | 21/28 | €196,451 | €339,861 | +€143,410 | +73.0% |
| Tangible fixed assets | 22/27 | €196,451 | €148,577 | -€47,874 | -24.4% |
| Land and buildings | 22 | €187,559 | €90,309 | -€97,250 | -51.9% |
| Furniture and vehicles | 24 | €3,375 | €23,199 | +€19,824 | +587.4% |
| Other tangible fixed assets | 26 | €5,517 | €4,337 | -€1,179 | -21.4% |
| Assets under construction and advance payments | 27 | - | €30,731 | +€30,731 | |
| Financial fixed assets | 28 | - | €191,284 | +€191,284 | |
| Current assets | 29/58 | €135,207 | €80,747 | -€54,460 | -40.3% |
| Amounts receivable within one year | 40/41 | €25,130 | €37,593 | +€12,463 | +49.6% |
| Trade receivables | 40 | €25,130 | €8,773 | -€16,356 | -65.1% |
| Other amounts receivable | 41 | - | €28,819 | +€28,819 | |
| Current investments | 50/53 | €59,873 | €0 | -€59,873 | -100.0% |
| Cash at bank and in hand | 54/58 | €48,564 | €41,305 | -€7,259 | -14.9% |
| Deferred charges and accrued income | 490/1 | €1,641 | €1,849 | +€209 | +12.7% |
| Total equity and liabilities | 10/49 | €331,658 | €420,608 | +€88,950 | +26.8% |
| Equity | 10/15 | €122,046 | €129,422 | +€7,377 | +6.0% |
| Contributions | 10/11 | €194 | €194 | = | 0.0% |
| Reserves | 13 | €121,852 | €129,229 | +€7,377 | +6.1% |
| Distributable reserves | 133 | €121,852 | €129,229 | +€7,377 | +6.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €209,612 | €291,186 | +€81,574 | +38.9% |
| Amounts payable after more than one year | 17 | €124,172 | €122,584 | -€1,587 | -1.3% |
| Financial debts | 170/4 | €124,172 | €122,584 | -€1,587 | -1.3% |
| Amounts payable within one year | 42/48 | €82,881 | €162,354 | +€79,473 | +95.9% |
| Current portion of amounts payable after more than one year | 42 | €10,452 | €18,087 | +€7,634 | +73.0% |
| Financial debts | 43 | €51,149 | €100,000 | +€48,851 | +95.5% |
| Credit institutions | 430/8 | €1,149 | €0 | -€1,149 | -100.0% |
| Other loans | 439 | €50,000 | €100,000 | +€50,000 | +100.0% |
| Trade debts | 44 | €6,247 | €4,908 | -€1,338 | -21.4% |
| Suppliers | 440/4 | €6,247 | €4,908 | -€1,338 | -21.4% |
| Taxes, remuneration and social security | 45 | €13,886 | €17,829 | +€3,943 | +28.4% |
| Taxes | 450/3 | €13,886 | €17,829 | +€3,943 | +28.4% |
| Other amounts payable | 47/48 | €1,147 | €21,530 | +€20,383 | +1777.1% |
| Accrued charges and deferred income | 492/3 | €2,559 | €6,248 | +€3,688 | +144.1% |
| Non-recurring operating income | 76A | - | €2,845 | +€2,845 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,087 | €4,702 | -€2,385 | -33.7% |
| Other operating charges | 640/8 | €1,950 | €2,729 | +€779 | +39.9% |
| Non-recurring operating charges | 66A | - | €34,493 | +€34,493 | |
| Gross operating margin | 9900 | €92,580 | €102,054 | +€9,474 | +10.2% |
| Operating profit (loss) | 9901 | €83,543 | €60,130 | -€23,413 | -28.0% |
| Financial income | 75/76B | €64 | €205 | +€141 | +219.7% |
| Recurring financial income | 75 | €64 | €205 | +€141 | +219.7% |
| Financial charges | 65/66B | €6,471 | €10,566 | +€4,095 | +63.3% |
| Recurring financial charges | 65 | €6,471 | €10,566 | +€4,095 | +63.3% |
| Profit (loss) for the period before taxes | 9903 | €77,136 | €49,769 | -€27,367 | -35.5% |
| Income taxes | 67/77 | €23,086 | €18,711 | -€4,375 | -19.0% |
| Profit (loss) for the period | 9904 | €54,050 | €31,059 | -€22,992 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €54,050 | €31,059 | -€22,992 | -42.5% |
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 7 October 2026 via checked.be.