BELSINESA: 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.
BELSINESA
Largest movements
- Receivables after one year +€170,000
new in 2025: €170,000
- Cash -€153,629
down €153,629 (-79.8%), from €192,497 to €38,868
mainly Receivables after one year (-€170,000) and Contributions, distributions and other (-€29,125)
- Current investments +€24,099
up €24,099 (+11.3%), from €213,929 to €238,027
- Tangible fixed assets -€9,641
down €9,641 (-28.0%), from €34,459 to €24,817
of which Furniture and vehicles: -€8,155
- Reserves +€59,921
up €59,921 (+14.1%), from €426,214 to €486,136
- Other debts -€18,738
down €18,738 (-42.8%), from €43,744 to €25,007
- Current portion of long-term debt -€7,400
down €7,400 (-100%), from €7,400 to €0
- Gross operating margin +€19,380
up €19,380 (+20.5%), from €94,402 to €113,781
- Financial income +€17,258
up €17,258 (+254%), from €6,802 to €24,060
- Taxes +€11,498
up €11,498 (+43.7%), from €26,284 to €37,782
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.
Derived cash bridge
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 | €491,579 | €523,545 | +€31,966 | +6.5% |
| Fixed assets | 21/28 | €34,459 | €24,817 | -€9,641 | -28.0% |
| Tangible fixed assets | 22/27 | €34,459 | €24,817 | -€9,641 | -28.0% |
| Furniture and vehicles | 24 | €26,579 | €18,424 | -€8,155 | -30.7% |
| Other tangible fixed assets | 26 | €7,880 | €6,394 | -€1,486 | -18.9% |
| Current assets | 29/58 | €457,120 | €498,727 | +€41,607 | +9.1% |
| Amounts receivable after more than one year | 29 | - | €170,000 | +€170,000 | |
| Other amounts receivable | 291 | - | €170,000 | +€170,000 | |
| Amounts receivable within one year | 40/41 | €50,695 | €51,832 | +€1,137 | +2.2% |
| Trade receivables | 40 | €34,828 | €41,356 | +€6,528 | +18.7% |
| Other amounts receivable | 41 | €15,866 | €10,476 | -€5,390 | -34.0% |
| Current investments | 50/53 | €213,929 | €238,027 | +€24,099 | +11.3% |
| Cash at bank and in hand | 54/58 | €192,497 | €38,868 | -€153,629 | -79.8% |
| Total equity and liabilities | 10/49 | €491,579 | €523,545 | +€31,966 | +6.5% |
| Equity | 10/15 | €432,414 | €492,336 | +€59,921 | +13.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €426,214 | €486,136 | +€59,921 | +14.1% |
| Distributable reserves | 133 | €426,214 | €486,136 | +€59,921 | +14.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €59,164 | €31,209 | -€27,956 | -47.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €59,164 | €31,209 | -€27,956 | -47.3% |
| Current portion of amounts payable after more than one year | 42 | €7,400 | €0 | -€7,400 | -100% |
| Trade debts | 44 | €1,274 | €209 | -€1,065 | -83.6% |
| Suppliers | 440/4 | €1,274 | €209 | -€1,065 | -83.6% |
| Taxes, remuneration and social security | 45 | €6,746 | €5,994 | -€753 | -11.2% |
| Taxes | 450/3 | €6,746 | €5,994 | -€753 | -11.2% |
| Other amounts payable | 47/48 | €43,744 | €25,007 | -€18,738 | -42.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,635 | €9,641 | +€6 | +0.1% |
| Other operating charges | 640/8 | €1,014 | €877 | -€137 | -13.5% |
| Gross operating margin | 9900 | €94,402 | €113,781 | +€19,380 | +20.5% |
| Operating profit (loss) | 9901 | €83,753 | €103,263 | +€19,510 | +23.3% |
| Financial income | 75/76B | €6,802 | €24,060 | +€17,258 | +254% |
| Recurring financial income | 75 | €6,802 | €24,060 | +€17,258 | +254% |
| Financial charges | 65/66B | €1,002 | €494 | -€507 | -50.6% |
| Recurring financial charges | 65 | €1,002 | €494 | -€507 | -50.6% |
| Profit (loss) for the period before taxes | 9903 | €89,553 | €126,829 | +€37,276 | +41.6% |
| Income taxes | 67/77 | €26,284 | €37,782 | +€11,498 | +43.7% |
| Profit (loss) for the period | 9904 | €63,268 | €89,047 | +€25,778 | +40.7% |
| Profit (loss) for the period to be appropriated | 9905 | €63,268 | €89,047 | +€25,778 | +40.7% |
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 17 October 2026 via checked.be.