BELSHOE: 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.
BELSHOE
Largest movements
- Receivables within one year +€33,763
up €33,763 (+15.2%), from €221,543 to €255,306
of which Trade receivables: +€33,763
- Cash -€22,740
down €22,740 (-5.0%), from €454,137 to €431,398
mainly Contributions, distributions and other (-€49,902) and Receivables within one year (-€33,763)
- Tax, wage and social debts +€17,932
up €17,932 (+86.0%), from €20,849 to €38,782
of which Taxes: +€12,107
- Trade debts -€13,719
down €13,719 (-85.8%), from €15,981 to €2,263
- Financial income +€27,885
up €27,885 (+472.6%), from €5,900 to €33,784
of which Financial income: +€27,880
- Gross operating margin +€13,598
up €13,598 (+6.9%), from €197,692 to €211,290
- Taxes +€10,665
up €10,665 (+107.1%), from €9,957 to €20,622
- Staff costs +€6,787
up €6,787 (+6.0%), from €113,060 to €119,847
- Financial charges -€4,613
down €4,613 (-10.8%), from €42,569 to €37,956
of which Financial charges: -€4,674
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 | €1,014,608 | €1,021,543 | +€6,935 | +0.7% |
| Fixed assets | 21/28 | €30,175 | €20,612 | -€9,563 | -31.7% |
| Tangible fixed assets | 22/27 | €30,126 | €20,563 | -€9,563 | -31.7% |
| Furniture and vehicles | 24 | €30,126 | €20,563 | -€9,563 | -31.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €984,432 | €1,000,930 | +€16,498 | +1.7% |
| Stocks and contracts in progress | 3 | €306,270 | €314,227 | +€7,957 | +2.6% |
| Stocks | 30/36 | €306,270 | €314,227 | +€7,957 | +2.6% |
| Amounts receivable within one year | 40/41 | €221,543 | €255,306 | +€33,763 | +15.2% |
| Trade receivables | 40 | €208,454 | €242,217 | +€33,763 | +16.2% |
| Other amounts receivable | 41 | €13,089 | €13,089 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €454,137 | €431,398 | -€22,740 | -5.0% |
| Deferred charges and accrued income | 490/1 | €2,482 | - | -€2,482 | |
| Total equity and liabilities | 10/49 | €1,014,608 | €1,021,543 | +€6,935 | +0.7% |
| Equity | 10/15 | €410,614 | €414,158 | +€3,545 | +0.9% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €305,892 | €309,437 | +€3,545 | +1.2% |
| Distributable reserves | 133 | €305,892 | €309,437 | +€3,545 | +1.2% |
| Profit (loss) carried forward | 14 | €82,722 | €82,722 | = | 0.0% |
| Amounts payable | 17/49 | €603,994 | €607,384 | +€3,390 | +0.6% |
| Amounts payable after more than one year | 17 | €15,199 | €5,405 | -€9,794 | -64.4% |
| Financial debts | 170/4 | €15,199 | €5,405 | -€9,794 | -64.4% |
| Amounts payable within one year | 42/48 | €588,795 | €601,979 | +€13,185 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €12,019 | €11,082 | -€937 | -7.8% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €15,981 | €2,263 | -€13,719 | -85.8% |
| Suppliers | 440/4 | €15,981 | €2,263 | -€13,719 | -85.8% |
| Taxes, remuneration and social security | 45 | €20,849 | €38,782 | +€17,932 | +86.0% |
| Taxes | 450/3 | €7,395 | €19,501 | +€12,107 | +163.7% |
| Remuneration and social security | 454/9 | €13,454 | €19,280 | +€5,826 | +43.3% |
| Other amounts payable | 47/48 | €414,946 | €424,853 | +€9,908 | +2.4% |
| Remuneration, social security and pensions | 62 | €113,060 | €119,847 | +€6,787 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,214 | €11,782 | +€567 | +5.1% |
| Other operating charges | 640/8 | €1,682 | €1,421 | -€262 | -15.6% |
| Gross operating margin | 9900 | €197,692 | €211,290 | +€13,598 | +6.9% |
| Operating profit (loss) | 9901 | €71,735 | €78,240 | +€6,505 | +9.1% |
| Financial income | 75/76B | €5,900 | €33,784 | +€27,885 | +472.6% |
| Recurring financial income | 75 | €5,899 | €33,779 | +€27,880 | +472.6% |
| Non-recurring financial income | 76B | €1 | €6 | +€5 | +451.9% |
| Financial charges | 65/66B | €42,569 | €37,956 | -€4,613 | -10.8% |
| Recurring financial charges | 65 | €42,443 | €37,769 | -€4,674 | -11.0% |
| Non-recurring financial charges | 66B | €126 | €188 | +€61 | +48.6% |
| Profit (loss) for the period before taxes | 9903 | €35,066 | €74,069 | +€39,003 | +111.2% |
| Income taxes | 67/77 | €9,957 | €20,622 | +€10,665 | +107.1% |
| Profit (loss) for the period | 9904 | €25,109 | €53,447 | +€28,338 | +112.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,109 | €53,447 | +€28,338 | +112.9% |
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 10 October 2026 via checked.be.