BELSORG: what changed
What changed
BELSORG
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€20.9m
2024 · €12.1m-€33.0m
Equity
€55.7m
2024 · €80.8m-€25.2m
Cash
€1.4m
2024 · €510,065+€909,816
Balance sheet total
€65.8m
2024 · €94.2m-€28.4m
Largest movements
Assets
- Financial fixed assets -€32.1m
down €32.1m (-35.5%), from €90.5m to €58.4m
- Current investments +€3.9m
new in 2025: €3.9m
- Receivables after one year -€1.0m
down €1.0m (-50.0%), from €2.0m to €1.0m
Equity and liabilities
- Profit (loss) carried forward -€21.2m
down €21.2m, from €258,037 to -€20.9m
- Other debts -€12.4m
no longer reported in 2025 (was €12.4m)
- Debts after one year +€9.8m
new in 2025: €9.8m
- Contributions -€4.0m
down €4.0m (-5.2%), from €77.8m to €73.8m
Income statement
- Financial charges +€21.0m
up €21.0m (+4,247%), from €494,165 to €21.5m
of which Non-recurring financial charges: +€21.3m
- Financial income -€12.2m
down €12.2m (-94.8%), from €12.9m to €667,506
of which Financial income: -€12.4m
- Gross operating margin +€182,096
up €182,096 (+68.5%), from -€265,841 to -€83,745
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€12.1m
Gross operating margin
+€182,096
Other operating charges
+€380
Financial income
-€12.2m
Financial charges
-€21.0m
Result 2025
-€20.9m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€32.8m
Investment
+€28.2m
Financing
+€5.5m
Cash 2024
€510,065
From operations (derived)
-€32.8m
Net result for the year
-€20.9m
Receivables after one year
+€1.0m
Receivables within one year
+€201,099
Smaller working-capital items
+€38,119
Tax, wage and social debts
-€217,038
Other debts
-€12.4m
Accrued charges and deferred income
-€445,287
Investment (derived)
+€28.2m
Investment in fixed assets (net)
+€32.1m
Current investments
-€3.9m
Financing
+€5.5m
Debts after one year
+€9.8m
Contributions, distributions and other
-€4.3m
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €94,197,515 | €65,755,320 | -€28.4m | -30.2% |
| Fixed assets | 21/28 | €90,481,151 | €58,381,315 | -€32.1m | -35.5% |
| Financial fixed assets | 28 | €90,481,151 | €58,381,315 | -€32.1m | -35.5% |
| Current assets | 29/58 | €3,716,363 | €7,374,005 | +€3.7m | +98.4% |
| Amounts receivable after more than one year | 29 | €2,000,000 | €1,000,000 | -€1.0m | -50.0% |
| Other amounts receivable | 291 | €2,000,000 | €1,000,000 | -€1.0m | -50.0% |
| Amounts receivable within one year | 40/41 | €1,205,452 | €1,004,353 | -€201,099 | -16.7% |
| Trade receivables | 40 | €205,452 | - | -€205,452 | |
| Other amounts receivable | 41 | €1,000,000 | €1,004,353 | +€4,353 | +0.4% |
| Current investments | 50/53 | - | €3,949,731 | +€3.9m | |
| Cash at bank and in hand | 54/58 | €510,065 | €1,419,882 | +€909,816 | +178% |
| Deferred charges and accrued income | 490/1 | €845 | €40 | -€805 | -95.3% |
| Total equity and liabilities | 10/49 | €94,197,515 | €65,755,320 | -€28.4m | -30.2% |
| Equity | 10/15 | €80,829,914 | €55,650,199 | -€25.2m | -31.2% |
| Contributions | 10/11 | €77,812,299 | €73,788,674 | -€4.0m | -5.2% |
| Capital | 10 | €77,812,299 | €73,788,674 | -€4.0m | -5.2% |
| Issued capital | 100 | €77,812,299 | €73,788,674 | -€4.0m | -5.2% |
| Reserves | 13 | €2,759,578 | €2,759,578 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,759,578 | €2,759,578 | = | 0.0% |
| Legal reserve | 130 | €2,759,578 | €2,759,578 | = | 0.0% |
| Profit (loss) carried forward | 14 | €258,037 | -€20,898,053 | -€21.2m | |
| Amounts payable | 17/49 | €13,367,601 | €10,105,121 | -€3.3m | -24.4% |
| Amounts payable after more than one year | 17 | - | €9,801,741 | +€9.8m | |
| Financial debts | 170/4 | - | €9,801,741 | +€9.8m | |
| Amounts payable within one year | 42/48 | €12,659,011 | €40,077 | -€12.6m | -99.7% |
| Trade debts | 44 | €2,764 | €40,077 | +€37,313 | +1,350% |
| Suppliers | 440/4 | €2,764 | €40,077 | +€37,313 | +1,350% |
| Taxes, remuneration and social security | 45 | €217,038 | - | -€217,038 | |
| Taxes | 450/3 | €217,038 | - | -€217,038 | |
| Other amounts payable | 47/48 | €12,439,208 | - | -€12.4m | |
| Accrued charges and deferred income | 492/3 | €708,590 | €263,303 | -€445,287 | -62.8% |
| Other operating charges | 640/8 | €1,378 | €998 | -€380 | -27.5% |
| Gross operating margin | 9900 | -€265,841 | -€83,745 | +€182,096 | +68.5% |
| Operating profit (loss) | 9901 | -€267,219 | -€84,743 | +€182,476 | +68.3% |
| Financial income | 75/76B | €12,873,806 | €667,506 | -€12.2m | -94.8% |
| Recurring financial income | 75 | €12,873,806 | €440,519 | -€12.4m | -96.6% |
| Non-recurring financial income | 76B | - | €226,986 | +€226,986 | |
| Financial charges | 65/66B | €494,165 | €21,480,815 | +€21.0m | +4,247% |
| Recurring financial charges | 65 | €334,972 | €7,145 | -€327,827 | -97.9% |
| Non-recurring financial charges | 66B | €159,193 | €21,473,671 | +€21.3m | +13,389% |
| Profit (loss) for the period before taxes | 9903 | €12,112,421 | -€20,898,053 | -€33.0m | |
| Profit (loss) for the period | 9904 | €12,112,421 | -€20,898,053 | -€33.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €12,112,421 | -€20,898,053 | -€33.0m |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.