BELSABLAGE: 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.
BELSABLAGE
Largest movements
- Cash +€82,756
up €82,756 (+170%), from €48,567 to €131,323
mainly Net result for the year (+€53,947) and Depreciation (+€28,576)
- Receivables within one year -€11,873
down €11,873 (-50.6%), from €23,463 to €11,591
of which Other amounts receivable: -€10,053
- Tangible fixed assets -€7,460
down €7,460 (-9.8%), from €76,046 to €68,586
of which Furniture and vehicles: -€7,886
- Profit (loss) carried forward +€44,789
up €44,789 (+38.7%), from €115,749 to €160,538
- Tax, wage and social debts +€19,217
up €19,217 (+4,033%), from €477 to €19,693
of which Taxes: +€11,664
- Advances received +€16,650
new in 2025: €16,650
- Debts after one year -€16,210
down €16,210 (-59.8%), from €27,092 to €10,882
- Current portion of long-term debt -€10,359
down €10,359 (-39.0%), from €26,569 to €16,210
- Gross operating margin +€113,202
up €113,202 (+55.3%), from €204,676 to €317,878
- Staff costs +€40,720
up €40,720 (+23.6%), from €172,639 to €213,358
- Taxes +€11,085
up €11,085 (+529%), from €2,096 to €13,182
- Depreciation +€7,074
up €7,074 (+32.9%), from €21,502 to €28,576
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 | €248,578 | €314,314 | +€65,737 | +26.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €76,046 | €68,586 | -€7,460 | -9.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €76,046 | €68,586 | -€7,460 | -9.8% |
| Plant, machinery and equipment | 23 | €3,285 | €3,870 | +€584 | +17.8% |
| Furniture and vehicles | 24 | €71,915 | €64,029 | -€7,886 | -11.0% |
| Other tangible fixed assets | 26 | €846 | €688 | -€159 | -18.7% |
| Current assets | 29/58 | €172,531 | €245,728 | +€73,197 | +42.4% |
| Stocks and contracts in progress | 3 | €500 | €2,014 | +€1,514 | +303% |
| Stocks | 30/36 | €500 | €2,014 | +€1,514 | +303% |
| Amounts receivable within one year | 40/41 | €23,463 | €11,591 | -€11,873 | -50.6% |
| Trade receivables | 40 | €2,666 | €847 | -€1,819 | -68.2% |
| Other amounts receivable | 41 | €20,797 | €10,744 | -€10,053 | -48.3% |
| Current investments | 50/53 | €100,001 | €100,767 | +€767 | +0.8% |
| Cash at bank and in hand | 54/58 | €48,567 | €131,323 | +€82,756 | +170% |
| Deferred charges and accrued income | 490/1 | - | €34 | +€34 | |
| Total equity and liabilities | 10/49 | €248,578 | €314,314 | +€65,737 | +26.4% |
| Equity | 10/15 | €182,020 | €235,966 | +€53,947 | +29.6% |
| Contributions | 10/11 | €20,555 | €20,555 | = | 0.0% |
| Reserves | 13 | €45,716 | €54,874 | +€9,158 | +20.0% |
| Tax-exempt reserves | 132 | - | €9,158 | +€9,158 | |
| Distributable reserves | 133 | €45,716 | €45,716 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,749 | €160,538 | +€44,789 | +38.7% |
| Provisions and deferred taxes | 16 | - | €3,053 | +€3,053 | |
| Deferred taxes | 168 | - | €3,053 | +€3,053 | |
| Amounts payable | 17/49 | €66,558 | €75,296 | +€8,738 | +13.1% |
| Amounts payable after more than one year | 17 | €27,092 | €10,882 | -€16,210 | -59.8% |
| Financial debts | 170/4 | €27,092 | €10,882 | -€16,210 | -59.8% |
| Amounts payable within one year | 42/48 | €39,466 | €64,414 | +€24,948 | +63.2% |
| Current portion of amounts payable after more than one year | 42 | €26,569 | €16,210 | -€10,359 | -39.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €11,066 | €3,995 | -€7,071 | -63.9% |
| Suppliers | 440/4 | €11,066 | €3,995 | -€7,071 | -63.9% |
| Advances received on contracts in progress | 46 | - | €16,650 | +€16,650 | |
| Taxes, remuneration and social security | 45 | €477 | €19,693 | +€19,217 | +4,033% |
| Taxes | 450/3 | €422 | €12,086 | +€11,664 | +2,766% |
| Remuneration and social security | 454/9 | €55 | €7,608 | +€7,553 | +13,792% |
| Other amounts payable | 47/48 | €1,354 | €7,865 | +€6,511 | +481% |
| Remuneration, social security and pensions | 62 | €172,639 | €213,358 | +€40,720 | +23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,502 | €28,576 | +€7,074 | +32.9% |
| Other operating charges | 640/8 | €2,282 | €4,663 | +€2,381 | +104% |
| Gross operating margin | 9900 | €204,676 | €317,878 | +€113,202 | +55.3% |
| Operating profit (loss) | 9901 | €8,253 | €71,280 | +€63,028 | +764% |
| Financial income | 75/76B | €0 | €806 | +€806 | +1,007,450% |
| Recurring financial income | 75 | €0 | €806 | +€806 | +1,007,450% |
| Financial charges | 65/66B | €1,601 | €1,906 | +€305 | +19.0% |
| Recurring financial charges | 65 | €1,601 | €1,906 | +€305 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | €6,652 | €70,181 | +€63,529 | +955% |
| Transfer to deferred taxes | 680 | - | €3,053 | +€3,053 | |
| Income taxes | 67/77 | €2,096 | €13,182 | +€11,085 | +529% |
| Profit (loss) for the period | 9904 | €4,555 | €53,947 | +€49,391 | +1,084% |
| Transfer to tax-exempt reserves | 689 | - | €9,158 | +€9,158 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,555 | €44,789 | +€40,233 | +883% |
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 13 October 2026 via checked.be.