BELSHINE: what changed
BELSHINE
Largest movements
- Cash +€88,819
up €88,819 (+42.6%), from €208,270 to €297,089
mainly Other debts (+€222,050) and Net result for the year (+€165,915)
- Receivables within one year +€39,973
up €39,973 (+115%), from €34,611 to €74,584
of which Trade receivables: +€36,849
- Deferred charges and accrued income -€9,017
down €9,017 (-77.8%), from €11,596 to €2,578
- Tangible fixed assets +€6,590
up €6,590 (+39.9%), from €16,496 to €23,085
of which Furniture and vehicles: +€8,530
- Other debts +€222,050
up €222,050 (+396%), from €56,107 to €278,157
- Profit (loss) carried forward -€89,276
down €89,276 (-84.9%), from €105,190 to €15,915
- Tax, wage and social debts -€13,556
down €13,556 (-44.1%), from €30,748 to €17,193
of which Remuneration and social security: -€7,094
- Trade debts +€6,150
up €6,150 (+39.6%), from €15,540 to €21,690
- Staff costs -€37,820
down €37,820 (-70.4%), from €53,732 to €15,913
- Gross operating margin +€28,364
up €28,364 (+12.9%), from €219,722 to €248,086
- Taxes +€15,300
up €15,300 (+41.8%), from €36,589 to €51,889
- Depreciation +€5,794
up €5,794 (+155%), from €3,736 to €9,530
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €270,973 | €397,336 | +€126,363 | +46.6% |
| Fixed assets | 21/28 | €16,496 | €23,085 | +€6,590 | +39.9% |
| Tangible fixed assets | 22/27 | €16,496 | €23,085 | +€6,590 | +39.9% |
| Furniture and vehicles | 24 | €8,260 | €16,790 | +€8,530 | +103% |
| Other tangible fixed assets | 26 | €8,236 | €6,295 | -€1,941 | -23.6% |
| Current assets | 29/58 | €254,477 | €374,251 | +€119,774 | +47.1% |
| Amounts receivable within one year | 40/41 | €34,611 | €74,584 | +€39,973 | +115% |
| Trade receivables | 40 | €31,764 | €68,613 | +€36,849 | +116% |
| Other amounts receivable | 41 | €2,848 | €5,971 | +€3,124 | +110% |
| Cash at bank and in hand | 54/58 | €208,270 | €297,089 | +€88,819 | +42.6% |
| Deferred charges and accrued income | 490/1 | €11,596 | €2,578 | -€9,017 | -77.8% |
| Total equity and liabilities | 10/49 | €270,973 | €397,336 | +€126,363 | +46.6% |
| Equity | 10/15 | €167,750 | €78,475 | -€89,276 | -53.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,960 | €43,960 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,190 | €15,915 | -€89,276 | -84.9% |
| Amounts payable | 17/49 | €103,223 | €318,862 | +€215,639 | +209% |
| Amounts payable within one year | 42/48 | €102,395 | €317,039 | +€214,644 | +210% |
| Trade debts | 44 | €15,540 | €21,690 | +€6,150 | +39.6% |
| Suppliers | 440/4 | €15,540 | €21,690 | +€6,150 | +39.6% |
| Taxes, remuneration and social security | 45 | €30,748 | €17,193 | -€13,556 | -44.1% |
| Taxes | 450/3 | €16,677 | €10,216 | -€6,461 | -38.7% |
| Remuneration and social security | 454/9 | €14,071 | €6,976 | -€7,094 | -50.4% |
| Other amounts payable | 47/48 | €56,107 | €278,157 | +€222,050 | +396% |
| Accrued charges and deferred income | 492/3 | €827 | €1,822 | +€995 | +120% |
| Remuneration, social security and pensions | 62 | €53,732 | €15,913 | -€37,820 | -70.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,736 | €9,530 | +€5,794 | +155% |
| Other operating charges | 640/8 | €649 | €713 | +€64 | +9.9% |
| Non-recurring operating charges | 66A | €272 | €988 | +€715 | +263% |
| Gross operating margin | 9900 | €219,722 | €248,086 | +€28,364 | +12.9% |
| Operating profit (loss) | 9901 | €161,332 | €220,942 | +€59,610 | +36.9% |
| Financial income | 75/76B | €1 | €75 | +€74 | +7,412% |
| Recurring financial income | 75 | €1 | €75 | +€74 | +7,412% |
| Financial charges | 65/66B | €2,217 | €3,213 | +€996 | +44.9% |
| Recurring financial charges | 65 | €2,217 | €3,213 | +€996 | +44.9% |
| Profit (loss) for the period before taxes | 9903 | €159,116 | €217,804 | +€58,688 | +36.9% |
| Income taxes | 67/77 | €36,589 | €51,889 | +€15,300 | +41.8% |
| Profit (loss) for the period | 9904 | €122,527 | €165,915 | +€43,388 | +35.4% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €0 | -€42,100 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €80,427 | €165,915 | +€85,488 | +106% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.