BELS: 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.
BELS
Largest movements
- Receivables within one year -€118,406
down €118,406 (-50.2%), from €235,728 to €117,323
of which Trade receivables: -€129,183
- Cash +€33,266
up €33,266 (+48.7%), from €68,342 to €101,608
mainly Receivables within one year (+€118,406) and Depreciation (+€7,749)
- Tangible fixed assets -€7,749
down €7,749 (-46.0%), from €16,857 to €9,108
of which Furniture and vehicles: -€6,750
- Stocks and contracts -€5,736
down €5,736 (-28.6%), from €20,072 to €14,336
- Reserves -€77,028
down €77,028 (-33.7%), from €228,679 to €151,650
of which Distributable reserves: -€77,028
- Other debts -€14,655
down €14,655 (-18.1%), from €80,764 to €66,109
- Accrued charges and deferred income -€10,518
down €10,518 (-87.9%), from €11,966 to €1,448
- Gross operating margin -€190,842
down €190,842 (-96.5%), from €197,856 to €7,014
- Taxes -€43,898
no longer reported in 2025 (was €43,898)
- Staff costs -€20,729
down €20,729 (-57.8%), from €35,869 to €15,140
- Financial charges -€4,221
down €4,221 (-54.0%), from €7,824 to €3,603
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 | €344,742 | €243,856 | -€100,886 | -29.3% |
| Fixed assets | 21/28 | €16,857 | €9,108 | -€7,749 | -46.0% |
| Tangible fixed assets | 22/27 | €16,857 | €9,108 | -€7,749 | -46.0% |
| Land and buildings | 22 | €9,867 | €8,867 | -€999 | -10.1% |
| Furniture and vehicles | 24 | €6,990 | €240 | -€6,750 | -96.6% |
| Current assets | 29/58 | €327,885 | €234,748 | -€93,137 | -28.4% |
| Stocks and contracts in progress | 3 | €20,072 | €14,336 | -€5,736 | -28.6% |
| Stocks | 30/36 | €20,072 | €14,336 | -€5,736 | -28.6% |
| Amounts receivable within one year | 40/41 | €235,728 | €117,323 | -€118,406 | -50.2% |
| Trade receivables | 40 | €199,488 | €70,305 | -€129,183 | -64.8% |
| Other amounts receivable | 41 | €36,240 | €47,017 | +€10,777 | +29.7% |
| Cash at bank and in hand | 54/58 | €68,342 | €101,608 | +€33,266 | +48.7% |
| Deferred charges and accrued income | 490/1 | €3,742 | €1,481 | -€2,261 | -60.4% |
| Total equity and liabilities | 10/49 | €344,742 | €243,856 | -€100,886 | -29.3% |
| Equity | 10/15 | €248,679 | €171,650 | -€77,028 | -31.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €228,679 | €151,650 | -€77,028 | -33.7% |
| Tax-exempt reserves | 132 | €1,829 | €1,829 | = | 0.0% |
| Distributable reserves | 133 | €226,850 | €149,822 | -€77,028 | -34.0% |
| Amounts payable | 17/49 | €96,063 | €72,206 | -€23,858 | -24.8% |
| Amounts payable within one year | 42/48 | €84,098 | €70,758 | -€13,340 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €3,333 | - | -€3,333 | |
| Trade debts | 44 | - | €1,454 | +€1,454 | |
| Suppliers | 440/4 | - | €1,454 | +€1,454 | |
| Taxes, remuneration and social security | 45 | - | €3,195 | +€3,195 | |
| Taxes | 450/3 | - | €3,195 | +€3,195 | |
| Other amounts payable | 47/48 | €80,764 | €66,109 | -€14,655 | -18.1% |
| Accrued charges and deferred income | 492/3 | €11,966 | €1,448 | -€10,518 | -87.9% |
| Remuneration, social security and pensions | 62 | €35,869 | €15,140 | -€20,729 | -57.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,094 | €7,749 | -€1,345 | -14.8% |
| Other operating charges | 640/8 | €638 | €185 | -€453 | -71.1% |
| Gross operating margin | 9900 | €197,856 | €7,014 | -€190,842 | -96.5% |
| Operating profit (loss) | 9901 | €152,255 | -€16,060 | -€168,315 | |
| Financial income | 75/76B | €5,397 | €3,472 | -€1,925 | -35.7% |
| Recurring financial income | 75 | €5,397 | €3,472 | -€1,925 | -35.7% |
| Financial charges | 65/66B | €7,824 | €3,603 | -€4,221 | -54.0% |
| Recurring financial charges | 65 | €7,824 | €3,603 | -€4,221 | -54.0% |
| Profit (loss) for the period before taxes | 9903 | €149,827 | -€16,191 | -€166,019 | |
| Income taxes | 67/77 | €43,898 | - | -€43,898 | |
| Profit (loss) for the period | 9904 | €105,929 | -€16,191 | -€122,120 | |
| Profit (loss) for the period to be appropriated | 9905 | €105,929 | -€16,191 | -€122,120 |
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 4 October 2026 via checked.be.