BELSA: 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.
BELSA
Largest movements
- Receivables within one year +€85,559
up €85,559 (+27.6%), from €310,328 to €395,887
of which Other amounts receivable: +€67,129
- Debts after one year -€141,161
down €141,161 (-10.5%), from €1.3m to €1.2m
- Profit (loss) carried forward +€109,439
up €109,439 (+11.9%), from -€921,547 to -€812,108
- Other debts +€72,300
up €72,300 (+20.0%), from €361,660 to €433,960
- Gross operating margin +€14,452
up €14,452 (+10.0%), from €144,959 to €159,411
- Financial charges -€3,178
down €3,178 (-12.6%), from €25,224 to €22,047
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 | €2,181,171 | €2,230,926 | +€49,755 | +2.3% |
| Fixed assets | 21/28 | €1,850,744 | €1,830,299 | -€20,445 | -1.1% |
| Tangible fixed assets | 22/27 | €900,744 | €880,299 | -€20,445 | -2.3% |
| Land and buildings | 22 | €900,744 | €880,299 | -€20,445 | -2.3% |
| Financial fixed assets | 28 | €950,000 | €950,000 | = | 0.0% |
| Current assets | 29/58 | €330,427 | €400,626 | +€70,200 | +21.2% |
| Amounts receivable within one year | 40/41 | €310,328 | €395,887 | +€85,559 | +27.6% |
| Trade receivables | 40 | €3,879 | €22,309 | +€18,430 | +475.2% |
| Other amounts receivable | 41 | €306,450 | €373,579 | +€67,129 | +21.9% |
| Cash at bank and in hand | 54/58 | €18,890 | €3,424 | -€15,467 | -81.9% |
| Deferred charges and accrued income | 490/1 | €1,208 | €1,316 | +€108 | +8.9% |
| Total equity and liabilities | 10/49 | €2,181,171 | €2,230,926 | +€49,755 | +2.3% |
| Equity | 10/15 | €276,712 | €386,151 | +€109,439 | +39.5% |
| Contributions | 10/11 | €446,208 | €446,208 | = | 0.0% |
| Capital | 10 | €446,208 | €446,208 | = | 0.0% |
| Issued capital | 100 | €446,208 | €446,208 | = | 0.0% |
| Revaluation surpluses | 12 | €707,430 | €707,430 | = | 0.0% |
| Reserves | 13 | €44,621 | €44,621 | = | 0.0% |
| Non-distributable reserves | 130/1 | €44,621 | €44,621 | = | 0.0% |
| Legal reserve | 130 | €44,621 | €44,621 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€921,547 | -€812,108 | +€109,439 | +11.9% |
| Amounts payable | 17/49 | €1,904,459 | €1,844,774 | -€59,684 | -3.1% |
| Amounts payable after more than one year | 17 | €1,344,392 | €1,203,231 | -€141,161 | -10.5% |
| Financial debts | 170/4 | €1,344,392 | €1,203,231 | -€141,161 | -10.5% |
| Amounts payable within one year | 42/48 | €560,067 | €641,543 | +€81,476 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €198,242 | €202,081 | +€3,839 | +1.9% |
| Trade debts | 44 | €165 | €3,198 | +€3,033 | +1835.6% |
| Suppliers | 440/4 | €165 | €3,198 | +€3,033 | +1835.6% |
| Taxes, remuneration and social security | 45 | - | €2,304 | +€2,304 | |
| Taxes | 450/3 | - | €2,304 | +€2,304 | |
| Other amounts payable | 47/48 | €361,660 | €433,960 | +€72,300 | +20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,255 | €25,961 | +€706 | +2.8% |
| Other operating charges | 640/8 | €968 | €1,973 | +€1,006 | +104.0% |
| Gross operating margin | 9900 | €144,959 | €159,411 | +€14,452 | +10.0% |
| Operating profit (loss) | 9901 | €118,736 | €131,477 | +€12,741 | +10.7% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €25,224 | €22,047 | -€3,178 | -12.6% |
| Recurring financial charges | 65 | €25,224 | €22,047 | -€3,178 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €93,512 | €109,439 | +€15,928 | +17.0% |
| Profit (loss) for the period | 9904 | €93,512 | €109,439 | +€15,928 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,512 | €109,439 | +€15,928 | +17.0% |
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 6 October 2026 via checked.be.