Belse Heide: 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.
Belse Heide
Largest movements
- Cash +€1.5m
up €1.5m (+4287.8%), from €34,265 to €1.5m
mainly Current investments (+€900,000) and Net result for the year (+€603,831)
- Current investments -€900,000
down €900,000 (-37.5%), from €2.4m to €1.5m
- Reserves +€603,831
up €603,831 (+19.6%), from €3.1m to €3.7m
of which Distributable reserves: +€573,639
- Financial income +€57,610
up €57,610 (+8.8%), from €656,845 to €714,455
- Financial charges -€48,831
down €48,831 (-49.8%), from €98,004 to €49,174
- Gross operating margin -€24,971
down €24,971 (-32.1%), from €77,764 to €52,793
- Taxes +€20,292
up €20,292 (+27.5%), from €73,670 to €93,962
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 | €6,045,468 | €6,598,143 | +€552,675 | +9.1% |
| Fixed assets | 21/28 | €3,500,088 | €3,480,430 | -€19,657 | -0.6% |
| Tangible fixed assets | 22/27 | €56,441 | €36,785 | -€19,657 | -34.8% |
| Plant, machinery and equipment | 23 | €1,301 | €867 | -€434 | -33.4% |
| Furniture and vehicles | 24 | €55,141 | €35,918 | -€19,223 | -34.9% |
| Financial fixed assets | 28 | €3,443,647 | €3,443,646 | -€1 | 0.0% |
| Current assets | 29/58 | €2,545,380 | €3,117,712 | +€572,332 | +22.5% |
| Amounts receivable within one year | 40/41 | €14,520 | €20,000 | +€5,480 | +37.7% |
| Trade receivables | 40 | €14,520 | €20,000 | +€5,480 | +37.7% |
| Current investments | 50/53 | €2,400,000 | €1,500,000 | -€900,000 | -37.5% |
| Cash at bank and in hand | 54/58 | €34,265 | €1,503,484 | +€1.5m | +4287.8% |
| Deferred charges and accrued income | 490/1 | €96,595 | €94,228 | -€2,367 | -2.5% |
| Total equity and liabilities | 10/49 | €6,045,468 | €6,598,143 | +€552,675 | +9.1% |
| Equity | 10/15 | €4,964,224 | €5,568,055 | +€603,831 | +12.2% |
| Contributions | 10/11 | €1,877,195 | €1,877,195 | = | 0.0% |
| Capital | 10 | €1,877,195 | €1,877,195 | = | 0.0% |
| Issued capital | 100 | €3,237,195 | €3,237,195 | = | 0.0% |
| Uncalled capital | 101 | €1,360,000 | €1,360,000 | = | 0.0% |
| Reserves | 13 | €3,087,029 | €3,690,859 | +€603,831 | +19.6% |
| Non-distributable reserves | 130/1 | €153,406 | €183,598 | +€30,192 | +19.7% |
| Legal reserve | 130 | €153,406 | €183,598 | +€30,192 | +19.7% |
| Distributable reserves | 133 | €2,933,622 | €3,507,262 | +€573,639 | +19.6% |
| Amounts payable | 17/49 | €1,081,244 | €1,030,088 | -€51,156 | -4.7% |
| Amounts payable after more than one year | 17 | €936,728 | €936,728 | -€1 | 0.0% |
| Financial debts | 170/4 | €936,728 | €936,728 | -€1 | 0.0% |
| Amounts payable within one year | 42/48 | €44,663 | €42,194 | -€2,468 | -5.5% |
| Trade debts | 44 | €8,501 | €10,565 | +€2,064 | +24.3% |
| Suppliers | 440/4 | €8,501 | €10,565 | +€2,064 | +24.3% |
| Taxes, remuneration and social security | 45 | €36,161 | €31,629 | -€4,532 | -12.5% |
| Taxes | 450/3 | €36,161 | €31,629 | -€4,532 | -12.5% |
| Other amounts payable | 47/48 | €1 | €1 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €99,853 | €51,166 | -€48,687 | -48.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,722 | €19,657 | -€65 | -0.3% |
| Other operating charges | 640/8 | €607 | €624 | +€17 | +2.8% |
| Gross operating margin | 9900 | €77,764 | €52,793 | -€24,971 | -32.1% |
| Operating profit (loss) | 9901 | €57,435 | €32,512 | -€24,923 | -43.4% |
| Financial income | 75/76B | €656,845 | €714,455 | +€57,610 | +8.8% |
| Recurring financial income | 75 | €656,845 | €714,455 | +€57,610 | +8.8% |
| Financial charges | 65/66B | €98,004 | €49,174 | -€48,831 | -49.8% |
| Recurring financial charges | 65 | €98,004 | €49,174 | -€48,831 | -49.8% |
| Profit (loss) for the period before taxes | 9903 | €616,276 | €697,793 | +€81,518 | +13.2% |
| Income taxes | 67/77 | €73,670 | €93,962 | +€20,292 | +27.5% |
| Profit (loss) for the period | 9904 | €542,605 | €603,831 | +€61,225 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €542,605 | €603,831 | +€61,225 | +11.3% |
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 1 October 2026 via checked.be.