Belsac: 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.
Belsac
Largest movements
- Receivables within one year +€193,771
up €193,771 (+38.3%), from €506,326 to €700,097
of which Other amounts receivable: +€200,023
- Receivables after one year -€150,000
down €150,000 (-42.9%), from €350,000 to €200,000
- Tangible fixed assets -€120,734
down €120,734 (-4.5%), from €2.7m to €2.6m
of which Land and buildings: -€116,178
- Cash -€70,453
down €70,453 (-26.1%), from €269,513 to €199,060
mainly Receivables within one year (-€193,771) and Net result for the year (-€100,991)
- Profit (loss) carried forward -€54,165
down €54,165 (-16.6%), from -€326,441 to -€380,606
- Reserves -€46,825
down €46,825 (-1.4%), from €3.3m to €3.3m
of which Non-distributable reserves: -€150,000
- Gross operating margin +€7,423
up €7,423 (+969.0%), from €766 to €8,189
- Other operating charges -€2,720
down €2,720 (-33.7%), from €8,074 to €5,354
- Financial income +€2,384
up €2,384 (+1068.9%), from €223 to €2,607
- Depreciation -€1,852
down €1,852 (-1.4%), from €131,972 to €130,120
- Financial charges -€260
down €260 (-37.4%), from €694 to €434
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 | €4,587,436 | €4,440,021 | -€147,416 | -3.2% |
| Fixed assets | 21/28 | €3,461,597 | €3,340,863 | -€120,734 | -3.5% |
| Tangible fixed assets | 22/27 | €2,711,597 | €2,590,863 | -€120,734 | -4.5% |
| Land and buildings | 22 | €2,647,904 | €2,531,726 | -€116,178 | -4.4% |
| Plant, machinery and equipment | 23 | €38,269 | €33,069 | -€5,199 | -13.6% |
| Furniture and vehicles | 24 | €25,424 | €26,068 | +€643 | +2.5% |
| Financial fixed assets | 28 | €750,000 | €750,000 | = | 0.0% |
| Current assets | 29/58 | €1,125,839 | €1,099,157 | -€26,682 | -2.4% |
| Amounts receivable after more than one year | 29 | €350,000 | €200,000 | -€150,000 | -42.9% |
| Other amounts receivable | 291 | €350,000 | €200,000 | -€150,000 | -42.9% |
| Amounts receivable within one year | 40/41 | €506,326 | €700,097 | +€193,771 | +38.3% |
| Trade receivables | 40 | €6,252 | €0 | -€6,252 | -100.0% |
| Other amounts receivable | 41 | €500,074 | €700,097 | +€200,023 | +40.0% |
| Cash at bank and in hand | 54/58 | €269,513 | €199,060 | -€70,453 | -26.1% |
| Total equity and liabilities | 10/49 | €4,587,436 | €4,440,021 | -€147,416 | -3.2% |
| Equity | 10/15 | €3,772,662 | €3,671,671 | -€100,991 | -2.7% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Reserves | 13 | €3,299,103 | €3,252,277 | -€46,825 | -1.4% |
| Non-distributable reserves | 130/1 | €150,000 | €0 | -€150,000 | -100.0% |
| Reserves not available under the articles | 1311 | €150,000 | €0 | -€150,000 | -100.0% |
| Tax-exempt reserves | 132 | €1,221,924 | €1,175,098 | -€46,825 | -3.8% |
| Distributable reserves | 133 | €1,927,179 | €2,077,179 | +€150,000 | +7.8% |
| Profit (loss) carried forward | 14 | -€326,441 | -€380,606 | -€54,165 | -16.6% |
| Provisions and deferred taxes | 16 | €629,476 | €605,354 | -€24,122 | -3.8% |
| Deferred taxes | 168 | €629,476 | €605,354 | -€24,122 | -3.8% |
| Amounts payable | 17/49 | €185,299 | €162,996 | -€22,303 | -12.0% |
| Amounts payable within one year | 42/48 | €182,555 | €158,830 | -€23,724 | -13.0% |
| Trade debts | 44 | €14,000 | €15,582 | +€1,582 | +11.3% |
| Suppliers | 440/4 | €14,000 | €15,582 | +€1,582 | +11.3% |
| Taxes, remuneration and social security | 45 | €3,495 | €6,438 | +€2,943 | +84.2% |
| Taxes | 450/3 | €3,495 | €6,438 | +€2,943 | +84.2% |
| Other amounts payable | 47/48 | €165,059 | €136,810 | -€28,249 | -17.1% |
| Accrued charges and deferred income | 492/3 | €2,744 | €4,165 | +€1,421 | +51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,972 | €130,120 | -€1,852 | -1.4% |
| Other operating charges | 640/8 | €8,074 | €5,354 | -€2,720 | -33.7% |
| Gross operating margin | 9900 | €766 | €8,189 | +€7,423 | +969.0% |
| Operating profit (loss) | 9901 | -€139,280 | -€127,285 | +€11,995 | +8.6% |
| Financial income | 75/76B | €223 | €2,607 | +€2,384 | +1068.9% |
| Recurring financial income | 75 | €223 | €2,607 | +€2,384 | +1068.9% |
| Financial charges | 65/66B | €694 | €434 | -€260 | -37.4% |
| Recurring financial charges | 65 | €694 | €434 | -€260 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | -€139,751 | -€125,113 | +€14,639 | +10.5% |
| Transfer from deferred taxes | 780 | €24,122 | €24,122 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€115,629 | -€100,991 | +€14,639 | +12.7% |
| Transfer from tax-exempt reserves | 789 | €46,825 | €46,825 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€68,804 | -€54,165 | +€14,639 | +21.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.