BELSIE: 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.
BELSIE
Largest movements
- Financial fixed assets +€85,500
up €85,500 (+110.8%), from €77,150 to €162,650
- Tangible fixed assets -€20,354
down €20,354 (-4.2%), from €482,873 to €462,519
- Other debts +€69,534
up €69,534 (+30.9%), from €224,945 to €294,480
- Current portion of long-term debt -€7,541
no longer reported in 2025 (was €7,541)
- Gross operating margin +€5,405
up €5,405 (+27.6%), from €19,558 to €24,963
- Depreciation +€3,000
up €3,000 (+17.3%), from €17,354 to €20,354
- Other operating charges +€845
up €845 (+38.6%), from €2,187 to €3,032
- Financial charges +€373
up €373 (+22.1%), from €1,691 to €2,064
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 | €591,016 | €653,896 | +€62,880 | +10.6% |
| Fixed assets | 21/28 | €560,023 | €625,169 | +€65,146 | +11.6% |
| Tangible fixed assets | 22/27 | €482,873 | €462,519 | -€20,354 | -4.2% |
| Land and buildings | 22 | €482,873 | €462,519 | -€20,354 | -4.2% |
| Financial fixed assets | 28 | €77,150 | €162,650 | +€85,500 | +110.8% |
| Current assets | 29/58 | €30,994 | €28,727 | -€2,266 | -7.3% |
| Current investments | 50/53 | €25,000 | €21,206 | -€3,794 | -15.2% |
| Cash at bank and in hand | 54/58 | €5,994 | €5,585 | -€408 | -6.8% |
| Deferred charges and accrued income | 490/1 | - | €1,936 | +€1,936 | |
| Total equity and liabilities | 10/49 | €591,016 | €653,896 | +€62,880 | +10.6% |
| Equity | 10/15 | €89,443 | €88,935 | -€508 | -0.6% |
| Contributions | 10/11 | €57,600 | €57,600 | = | 0.0% |
| Reserves | 13 | €48,784 | €46,751 | -€2,032 | -4.2% |
| Tax-exempt reserves | 132 | €48,784 | €46,751 | -€2,032 | -4.2% |
| Profit (loss) carried forward | 14 | -€16,941 | -€15,416 | +€1,524 | +9.0% |
| Provisions and deferred taxes | 16 | €16,261 | €15,584 | -€677 | -4.2% |
| Deferred taxes | 168 | €16,261 | €15,584 | -€677 | -4.2% |
| Amounts payable | 17/49 | €485,312 | €549,378 | +€64,066 | +13.2% |
| Amounts payable after more than one year | 17 | €250,000 | €250,000 | = | 0.0% |
| Financial debts | 170/4 | €250,000 | €250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €235,312 | €297,953 | +€62,641 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €7,541 | - | -€7,541 | |
| Trade debts | 44 | €97 | €2,627 | +€2,530 | +2614.8% |
| Suppliers | 440/4 | €97 | €2,627 | +€2,530 | +2614.8% |
| Taxes, remuneration and social security | 45 | €2,729 | €846 | -€1,883 | -69.0% |
| Taxes | 450/3 | €2,729 | €846 | -€1,883 | -69.0% |
| Other amounts payable | 47/48 | €224,945 | €294,480 | +€69,534 | +30.9% |
| Accrued charges and deferred income | 492/3 | - | €1,425 | +€1,425 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,354 | €20,354 | +€3,000 | +17.3% |
| Other operating charges | 640/8 | €2,187 | €3,032 | +€845 | +38.6% |
| Gross operating margin | 9900 | €19,558 | €24,963 | +€5,405 | +27.6% |
| Operating profit (loss) | 9901 | €18 | €1,578 | +€1,560 | +8703.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,691 | €2,064 | +€373 | +22.1% |
| Recurring financial charges | 65 | €1,691 | €2,064 | +€373 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,673 | -€486 | +€1,187 | +70.9% |
| Transfer from deferred taxes | 780 | €677 | €677 | = | 0.0% |
| Income taxes | 67/77 | €896 | €699 | -€197 | -21.9% |
| Profit (loss) for the period | 9904 | -€1,891 | -€508 | +€1,383 | +73.1% |
| Transfer from tax-exempt reserves | 789 | €2,032 | €2,032 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €141 | €1,524 | +€1,383 | +980.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.