Belso Immo: 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.
Belso Immo
Largest movements
- Tangible fixed assets -€12,091
down €12,091 (-21.8%), from €55,435 to €43,344
of which Furniture and vehicles: -€10,278
- Receivables within one year +€9,526
up €9,526 (+8.9%), from €107,082 to €116,608
of which Trade receivables: +€17,752
- Deferred charges and accrued income -€4,829
no longer reported in 2025 (was €4,829)
- Trade debts -€31,240
down €31,240 (-35.5%), from €88,008 to €56,767
- Profit (loss) carried forward +€16,155
up €16,155 (+28.5%), from €56,774 to €72,929
- Tax, wage and social debts +€6,521
up €6,521 (+32.2%), from €20,225 to €26,746
- Gross operating margin -€69,097
down €69,097 (-63.2%), from €109,327 to €40,230
- Financial charges -€24,782
down €24,782 (-98.0%), from €25,276 to €494
of which Non-recurring financial charges: -€24,782
- Taxes -€12,840
down €12,840 (-66.3%), from €19,361 to €6,521
- Depreciation +€2,276
up €2,276 (+20.2%), from €11,248 to €13,524
- Other operating charges +€1,703
up €1,703 (+93.0%), from €1,832 to €3,535
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 | €170,007 | €161,442 | -€8,564 | -5.0% |
| Fixed assets | 21/28 | €55,435 | €43,344 | -€12,091 | -21.8% |
| Tangible fixed assets | 22/27 | €55,435 | €43,344 | -€12,091 | -21.8% |
| Land and buildings | 22 | €22,809 | €21,184 | -€1,625 | -7.1% |
| Plant, machinery and equipment | 23 | €1,498 | €1,311 | -€187 | -12.5% |
| Furniture and vehicles | 24 | €31,128 | €20,849 | -€10,278 | -33.0% |
| Current assets | 29/58 | €114,572 | €118,098 | +€3,526 | +3.1% |
| Amounts receivable within one year | 40/41 | €107,082 | €116,608 | +€9,526 | +8.9% |
| Trade receivables | 40 | €81,356 | €99,108 | +€17,752 | +21.8% |
| Other amounts receivable | 41 | €25,726 | €17,501 | -€8,225 | -32.0% |
| Cash at bank and in hand | 54/58 | €2,661 | €1,490 | -€1,171 | -44.0% |
| Deferred charges and accrued income | 490/1 | €4,829 | - | -€4,829 | |
| Total equity and liabilities | 10/49 | €170,007 | €161,442 | -€8,564 | -5.0% |
| Equity | 10/15 | €61,774 | €77,929 | +€16,155 | +26.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,774 | €72,929 | +€16,155 | +28.5% |
| Amounts payable | 17/49 | €108,233 | €83,514 | -€24,719 | -22.8% |
| Amounts payable within one year | 42/48 | €108,233 | €83,514 | -€24,719 | -22.8% |
| Trade debts | 44 | €88,008 | €56,767 | -€31,240 | -35.5% |
| Suppliers | 440/4 | €88,008 | €56,767 | -€31,240 | -35.5% |
| Taxes, remuneration and social security | 45 | €20,225 | €26,746 | +€6,521 | +32.2% |
| Taxes | 450/3 | €20,225 | €26,746 | +€6,521 | +32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,248 | €13,524 | +€2,276 | +20.2% |
| Other operating charges | 640/8 | €1,832 | €3,535 | +€1,703 | +93.0% |
| Gross operating margin | 9900 | €109,327 | €40,230 | -€69,097 | -63.2% |
| Operating profit (loss) | 9901 | €96,247 | €23,170 | -€73,077 | -75.9% |
| Financial charges | 65/66B | €25,276 | €494 | -€24,782 | -98.0% |
| Recurring financial charges | 65 | €494 | €494 | = | 0.0% |
| Non-recurring financial charges | 66B | €24,782 | - | -€24,782 | |
| Profit (loss) for the period before taxes | 9903 | €70,971 | €22,676 | -€48,295 | -68.0% |
| Income taxes | 67/77 | €19,361 | €6,521 | -€12,840 | -66.3% |
| Profit (loss) for the period | 9904 | €51,610 | €16,155 | -€35,455 | -68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,610 | €16,155 | -€35,455 | -68.7% |
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 10 October 2026 via checked.be.