BELSOL: 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.
BELSOL
Largest movements
- Tangible fixed assets -€23,694
down €23,694 (-68.5%), from €34,589 to €10,895
of which Furniture and vehicles: -€23,441
- Cash +€22,239
up €22,239 (+2.4%), from €917,190 to €939,428
mainly Depreciation (+€24,449) and Other debts (+€11,751)
- Current portion of long-term debt -€13,297
down €13,297 (-60.5%), from €21,962 to €8,666
- Other debts +€11,751
up €11,751 (+5.4%), from €216,497 to €228,248
- Gross operating margin -€2,387
down €2,387 (-4.1%), from €58,042 to €55,655
- Taxes +€1,588
up €1,588 (+25.7%), from €6,180 to €7,767
- Financial charges -€1,345
down €1,345 (-7.8%), from €17,169 to €15,824
- Depreciation -€987
down €987 (-3.9%), from €25,436 to €24,449
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 | €967,658 | €967,534 | -€125 | 0.0% |
| Fixed assets | 21/28 | €34,589 | €10,895 | -€23,694 | -68.5% |
| Tangible fixed assets | 22/27 | €34,589 | €10,895 | -€23,694 | -68.5% |
| Plant, machinery and equipment | 23 | €279 | €26 | -€253 | -90.7% |
| Furniture and vehicles | 24 | €34,310 | €10,870 | -€23,441 | -68.3% |
| Current assets | 29/58 | €933,069 | €956,638 | +€23,569 | +2.5% |
| Amounts receivable within one year | 40/41 | €12,235 | €13,377 | +€1,142 | +9.3% |
| Trade receivables | 40 | €9,379 | €11,056 | +€1,677 | +17.9% |
| Other amounts receivable | 41 | €2,855 | €2,320 | -€535 | -18.7% |
| Cash at bank and in hand | 54/58 | €917,190 | €939,428 | +€22,239 | +2.4% |
| Deferred charges and accrued income | 490/1 | €3,645 | €3,833 | +€188 | +5.2% |
| Total equity and liabilities | 10/49 | €967,658 | €967,534 | -€125 | 0.0% |
| Equity | 10/15 | €692,730 | €697,574 | +€4,844 | +0.7% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €192,730 | €197,574 | +€4,844 | +2.5% |
| Distributable reserves | 133 | €192,730 | €197,574 | +€4,844 | +2.5% |
| Amounts payable | 17/49 | €274,929 | €269,959 | -€4,969 | -1.8% |
| Amounts payable after more than one year | 17 | €10,534 | €1,868 | -€8,666 | -82.3% |
| Financial debts | 170/4 | €10,534 | €1,868 | -€8,666 | -82.3% |
| Amounts payable within one year | 42/48 | €247,234 | €251,660 | +€4,426 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €21,962 | €8,666 | -€13,297 | -60.5% |
| Trade debts | 44 | €5,683 | €7,447 | +€1,764 | +31.0% |
| Suppliers | 440/4 | €5,683 | €7,447 | +€1,764 | +31.0% |
| Taxes, remuneration and social security | 45 | €3,092 | €7,300 | +€4,207 | +136.1% |
| Taxes | 450/3 | €3,092 | €7,300 | +€4,207 | +136.1% |
| Other amounts payable | 47/48 | €216,497 | €228,248 | +€11,751 | +5.4% |
| Accrued charges and deferred income | 492/3 | €17,161 | €16,432 | -€729 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,436 | €24,449 | -€987 | -3.9% |
| Other operating charges | 640/8 | €2,623 | €2,771 | +€148 | +5.6% |
| Gross operating margin | 9900 | €58,042 | €55,655 | -€2,387 | -4.1% |
| Operating profit (loss) | 9901 | €29,984 | €28,435 | -€1,548 | -5.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €17,169 | €15,824 | -€1,345 | -7.8% |
| Recurring financial charges | 65 | €17,169 | €15,824 | -€1,345 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €12,815 | €12,612 | -€203 | -1.6% |
| Income taxes | 67/77 | €6,180 | €7,767 | +€1,588 | +25.7% |
| Profit (loss) for the period | 9904 | €6,635 | €4,844 | -€1,791 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,635 | €4,844 | -€1,791 | -27.0% |
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 29 September 2026 via checked.be.