BELSEC: 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.
BELSEC
Largest movements
- Stocks and contracts -€65,058
down €65,058 (-48.6%), from €133,957 to €68,899
of which Contracts in progress: -€51,414
- Receivables within one year +€61,358
up €61,358 (+34.1%), from €179,817 to €241,175
of which Trade receivables: +€53,269
- Cash -€21,768
down €21,768 (-11.7%), from €186,529 to €164,761
mainly Contributions, distributions and other (-€113,441) and Other debts (-€81,000)
- Other debts -€81,000
down €81,000 (-44.8%), from €181,000 to €100,000
- Trade debts +€63,435
up €63,435 (+47.9%), from €132,344 to €195,779
- Debts after one year -€17,158
down €17,158 (-74.5%), from €23,023 to €5,865
- Tax, wage and social debts +€7,047
up €7,047 (+17.8%), from €39,540 to €46,587
of which Taxes: +€13,122
- Gross operating margin -€141,250
down €141,250 (-25.8%), from €546,623 to €405,373
- Other operating charges -€119,820
down €119,820 (-98.3%), from €121,908 to €2,088
- Provisions +€84,884
no longer reported in 2025 (was -€84,884)
- Taxes -€34,759
down €34,759 (-46.3%), from €75,036 to €40,277
- Staff costs +€14,961
up €14,961 (+7.1%), from €211,213 to €226,174
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 | €583,911 | €560,952 | -€22,959 | -3.9% |
| Fixed assets | 21/28 | €76,712 | €79,156 | +€2,445 | +3.2% |
| Intangible fixed assets | 21 | €48 | €1,389 | +€1,341 | +2797.7% |
| Tangible fixed assets | 22/27 | €76,611 | €77,714 | +€1,103 | +1.4% |
| Land and buildings | 22 | €13,572 | €10,525 | -€3,047 | -22.5% |
| Plant, machinery and equipment | 23 | €4,629 | €10,454 | +€5,824 | +125.8% |
| Furniture and vehicles | 24 | €12,841 | €24,831 | +€11,990 | +93.4% |
| Leasing and similar rights | 25 | €45,569 | €31,905 | -€13,664 | -30.0% |
| Financial fixed assets | 28 | €53 | €53 | = | 0.0% |
| Current assets | 29/58 | €507,199 | €481,796 | -€25,403 | -5.0% |
| Stocks and contracts in progress | 3 | €133,957 | €68,899 | -€65,058 | -48.6% |
| Stocks | 30/36 | €21,681 | €8,036 | -€13,644 | -62.9% |
| Contracts in progress | 37 | €112,276 | €60,863 | -€51,414 | -45.8% |
| Amounts receivable within one year | 40/41 | €179,817 | €241,175 | +€61,358 | +34.1% |
| Trade receivables | 40 | €161,834 | €215,103 | +€53,269 | +32.9% |
| Other amounts receivable | 41 | €17,983 | €26,072 | +€8,089 | +45.0% |
| Cash at bank and in hand | 54/58 | €186,529 | €164,761 | -€21,768 | -11.7% |
| Deferred charges and accrued income | 490/1 | €6,896 | €6,961 | +€65 | +0.9% |
| Total equity and liabilities | 10/49 | €583,911 | €560,952 | -€22,959 | -3.9% |
| Equity | 10/15 | €190,778 | €195,563 | +€4,785 | +2.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €115,778 | €120,563 | +€4,785 | +4.1% |
| Distributable reserves | 133 | €115,778 | €120,563 | +€4,785 | +4.1% |
| Amounts payable | 17/49 | €393,132 | €365,389 | -€27,743 | -7.1% |
| Amounts payable after more than one year | 17 | €23,023 | €5,865 | -€17,158 | -74.5% |
| Financial debts | 170/4 | €23,023 | €5,865 | -€17,158 | -74.5% |
| Amounts payable within one year | 42/48 | €370,109 | €359,524 | -€10,585 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €17,225 | €17,158 | -€67 | -0.4% |
| Trade debts | 44 | €132,344 | €195,779 | +€63,435 | +47.9% |
| Suppliers | 440/4 | €132,344 | €195,779 | +€63,435 | +47.9% |
| Taxes, remuneration and social security | 45 | €39,540 | €46,587 | +€7,047 | +17.8% |
| Taxes | 450/3 | - | €13,122 | +€13,122 | |
| Remuneration and social security | 454/9 | €39,540 | €33,465 | -€6,075 | -15.4% |
| Other amounts payable | 47/48 | €181,000 | €100,000 | -€81,000 | -44.8% |
| Non-recurring operating income | 76A | €1,141 | - | -€1,141 | |
| Remuneration, social security and pensions | 62 | €211,213 | €226,174 | +€14,961 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,053 | €26,871 | +€2,818 | +11.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€403 | -€8,318 | -€7,915 | -1963.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€84,884 | - | +€84,884 | |
| Other operating charges | 640/8 | €121,908 | €2,088 | -€119,820 | -98.3% |
| Gross operating margin | 9900 | €546,623 | €405,373 | -€141,250 | -25.8% |
| Operating profit (loss) | 9901 | €274,737 | €158,558 | -€116,178 | -42.3% |
| Financial income | 75/76B | €90 | €3,554 | +€3,464 | +3846.1% |
| Recurring financial income | 75 | €90 | €3,554 | +€3,464 | +3846.1% |
| Financial charges | 65/66B | €5,646 | €3,610 | -€2,037 | -36.1% |
| Recurring financial charges | 65 | €5,646 | €3,610 | -€2,037 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €269,180 | €158,502 | -€110,678 | -41.1% |
| Income taxes | 67/77 | €75,036 | €40,277 | -€34,759 | -46.3% |
| Profit (loss) for the period | 9904 | €194,145 | €118,225 | -€75,919 | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €194,145 | €118,225 | -€75,919 | -39.1% |
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 12 October 2026 via checked.be.