BELS: 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.
BELS
Largest movements
- Receivables within one year -€24,365
down €24,365 (-12.3%), from €198,226 to €173,862
of which Other amounts receivable: -€26,739
- Cash +€19,584
up €19,584 (+23.1%), from €84,952 to €104,536
mainly Receivables within one year (+€24,365) and Depreciation (+€7,985)
- Tangible fixed assets -€7,985
down €7,985 (-21.8%), from €36,677 to €28,692
of which Furniture and vehicles: -€7,441
- Profit (loss) carried forward -€65,609
down €65,609 (-100.0%), from €65,621 to €12
- Reserves +€53,083
up €53,083 (+48.7%), from €108,917 to €162,000
of which Distributable reserves: +€76,223
- Depreciation +€2,879
up €2,879 (+56.4%), from €5,106 to €7,985
- Gross operating margin +€1,468
up €1,468, from -€434 to €1,034
- Taxes +€403
up €403 (+17.8%), from €2,263 to €2,667
- Other operating charges -€376
down €376 (-11.6%), from €3,248 to €2,872
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 | €324,727 | €313,640 | -€11,086 | -3.4% |
| Fixed assets | 21/28 | €40,299 | €32,314 | -€7,985 | -19.8% |
| Tangible fixed assets | 22/27 | €36,677 | €28,692 | -€7,985 | -21.8% |
| Land and buildings | 22 | €18,295 | €18,295 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,499 | €955 | -€544 | -36.3% |
| Furniture and vehicles | 24 | €16,883 | €9,442 | -€7,441 | -44.1% |
| Financial fixed assets | 28 | €3,622 | €3,622 | = | 0.0% |
| Current assets | 29/58 | €284,428 | €281,327 | -€3,101 | -1.1% |
| Amounts receivable within one year | 40/41 | €198,226 | €173,862 | -€24,365 | -12.3% |
| Trade receivables | 40 | - | €2,375 | +€2,375 | |
| Other amounts receivable | 41 | €198,226 | €171,487 | -€26,739 | -13.5% |
| Current investments | 50/53 | - | €351 | +€351 | |
| Cash at bank and in hand | 54/58 | €84,952 | €104,536 | +€19,584 | +23.1% |
| Deferred charges and accrued income | 490/1 | €1,250 | €2,577 | +€1,328 | +106% |
| Total equity and liabilities | 10/49 | €324,727 | €313,640 | -€11,086 | -3.4% |
| Equity | 10/15 | €324,538 | €312,012 | -€12,526 | -3.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €108,917 | €162,000 | +€53,083 | +48.7% |
| Non-distributable reserves | 130/1 | €25,409 | €15,000 | -€10,409 | -41.0% |
| Legal reserve | 130 | €25,409 | €15,000 | -€10,409 | -41.0% |
| Tax-exempt reserves | 132 | €12,731 | €0 | -€12,731 | -100% |
| Distributable reserves | 133 | €70,777 | €147,000 | +€76,223 | +108% |
| Profit (loss) carried forward | 14 | €65,621 | €12 | -€65,609 | -100.0% |
| Amounts payable | 17/49 | €189 | €1,629 | +€1,440 | +762% |
| Amounts payable within one year | 42/48 | €189 | €1,629 | +€1,440 | +762% |
| Trade debts | 44 | €127 | €1,498 | +€1,370 | +1,075% |
| Suppliers | 440/4 | €127 | €1,498 | +€1,370 | +1,075% |
| Taxes, remuneration and social security | 45 | €61 | €131 | +€69 | +113% |
| Taxes | 450/3 | €61 | €131 | +€69 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,106 | €7,985 | +€2,879 | +56.4% |
| Other operating charges | 640/8 | €3,248 | €2,872 | -€376 | -11.6% |
| Gross operating margin | 9900 | -€434 | €1,034 | +€1,468 | |
| Operating profit (loss) | 9901 | -€8,788 | -€9,824 | -€1,035 | -11.8% |
| Financial income | 75/76B | €1 | €2 | +€1 | +118% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +118% |
| Financial charges | 65/66B | €38 | €37 | -€0 | -0.4% |
| Recurring financial charges | 65 | €38 | €37 | -€0 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | -€8,825 | -€9,859 | -€1,034 | -11.7% |
| Income taxes | 67/77 | €2,263 | €2,667 | +€403 | +17.8% |
| Profit (loss) for the period | 9904 | -€11,088 | -€12,526 | -€1,437 | -13.0% |
| Transfer from tax-exempt reserves | 789 | - | €12,731 | +€12,731 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,088 | €205 | +€11,293 |
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 26 October 2026 via checked.be.