BELSKAND: what changed
Two fiscal 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.
BELSKAND
Largest movements
- Cash +€16.5m
up €16.5m (+83838.7%), from €19,708 to €16.5m
mainly Net result for the year (+€16.5m)
- Profit (loss) carried forward +€16.5m
up €16.5m (+22.9%), from €72.2m to €88.7m
- Financial income -€9.2m
down €9.2m (-35.7%), from €25.8m to €16.6m
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 | €72,277,058 | €88,799,632 | +€16.5m | +22.9% |
| Fixed assets | 21/28 | €72,257,350 | €72,257,350 | = | 0.0% |
| Financial fixed assets | 28 | €72,257,350 | €72,257,350 | = | 0.0% |
| Affiliated companies | 280/1 | €72,257,350 | €72,257,350 | = | 0.0% |
| Participating interests | 280 | €72,257,350 | €72,257,350 | = | 0.0% |
| Current assets | 29/58 | €19,708 | €16,542,282 | +€16.5m | +83838.7% |
| Cash at bank and in hand | 54/58 | €19,708 | €16,542,282 | +€16.5m | +83838.7% |
| Total equity and liabilities | 10/49 | €72,277,058 | €88,799,632 | +€16.5m | +22.9% |
| Equity | 10/15 | €72,266,657 | €88,790,451 | +€16.5m | +22.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,199,007 | €88,722,801 | +€16.5m | +22.9% |
| Amounts payable | 17/49 | €10,401 | €9,181 | -€1,219 | -11.7% |
| Amounts payable within one year | 42/48 | €10,401 | €9,181 | -€1,219 | -11.7% |
| Trade debts | 44 | €10,401 | €9,181 | -€1,219 | -11.7% |
| Suppliers | 440/4 | €10,401 | €9,181 | -€1,219 | -11.7% |
| Operating charges | 60/66A | €85,111 | €82,562 | -€2,549 | -3.0% |
| Services and other goods | 61 | €67,702 | €67,339 | -€363 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,689 | - | -€2,689 | |
| Other operating charges | 640/8 | €14,720 | €15,223 | +€503 | +3.4% |
| Operating profit (loss) | 9901 | -€85,111 | -€82,562 | +€2,549 | +3.0% |
| Financial income | 75/76B | €25,829,828 | €16,608,124 | -€9.2m | -35.7% |
| Recurring financial income | 75 | €25,829,828 | €16,608,124 | -€9.2m | -35.7% |
| Income from financial fixed assets | 750 | €25,828,554 | €16,532,726 | -€9.3m | -36.0% |
| Income from current assets | 751 | €1,124 | €75,398 | +€74,274 | +6609.1% |
| Other financial income | 752/9 | €150 | - | -€150 | |
| Financial charges | 65/66B | €585,983 | €1,767 | -€584,216 | -99.7% |
| Recurring financial charges | 65 | €585,983 | €1,767 | -€584,216 | -99.7% |
| Debt charges | 650 | €584,207 | €165 | -€584,042 | -100.0% |
| Other financial charges | 652/9 | €1,777 | €1,602 | -€174 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €25,158,733 | €16,523,794 | -€8.6m | -34.3% |
| Profit (loss) for the period | 9904 | €25,158,733 | €16,523,794 | -€8.6m | -34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,158,733 | €16,523,794 | -€8.6m | -34.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.