Belsort: 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.
Belsort
Largest movements
- Receivables after one year -€1.1m
down €1.1m (-38.8%), from €2.9m to €1.8m
- Cash +€666,600
up €666,600 (+1283897.7%), from €52 to €666,652
mainly Receivables after one year (+€1.1m) and Investment in fixed assets (net) (+€386,104)
- Tangible fixed assets -€388,372
down €388,372 (-97.7%), from €397,370 to €8,997
- Receivables within one year +€213,865
up €213,865 (+246.6%), from €86,737 to €300,601
of which Other amounts receivable: +€111,148
- Debts after one year -€749,999
down €749,999 (-23.7%), from €3.2m to €2.4m
- Reserves +€78,674
up €78,674 (+2384.6%), from €3,299 to €81,974
of which Distributable reserves: +€74,741
- Tax, wage and social debts +€41,233
new in 2025: €41,233
- Gross operating margin +€111,623
up €111,623, from -€956 to €110,666
- Taxes +€28,198
up €28,198 (+6386.5%), from €442 to €28,639
- Financial income -€6,421
down €6,421 (-100.0%), from €6,421 to €0
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 | €3,374,323 | €2,744,602 | -€629,721 | -18.7% |
| Formation expenses | 20 | €1,165 | €752 | -€413 | -35.5% |
| Fixed assets | 21/28 | €397,370 | €8,997 | -€388,372 | -97.7% |
| Tangible fixed assets | 22/27 | €397,370 | €8,997 | -€388,372 | -97.7% |
| Plant, machinery and equipment | 23 | €397,370 | €8,997 | -€388,372 | -97.7% |
| Current assets | 29/58 | €2,975,789 | €2,734,853 | -€240,936 | -8.1% |
| Amounts receivable after more than one year | 29 | €2,889,000 | €1,767,600 | -€1.1m | -38.8% |
| Trade receivables | 290 | €2,889,000 | €1,767,600 | -€1.1m | -38.8% |
| Amounts receivable within one year | 40/41 | €86,737 | €300,601 | +€213,865 | +246.6% |
| Trade receivables | 40 | - | €102,717 | +€102,717 | |
| Other amounts receivable | 41 | €86,737 | €197,885 | +€111,148 | +128.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €52 | €666,652 | +€666,600 | +1283897.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €3,374,323 | €2,744,602 | -€629,721 | -18.7% |
| Equity | 10/15 | €203,299 | €281,974 | +€78,674 | +38.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €3,299 | €81,974 | +€78,674 | +2384.6% |
| Non-distributable reserves | 130/1 | €165 | €4,099 | +€3,934 | +2384.7% |
| Legal reserve | 130 | €165 | €4,099 | +€3,934 | +2384.7% |
| Distributable reserves | 133 | €3,134 | €77,875 | +€74,741 | +2384.6% |
| Amounts payable | 17/49 | €3,171,024 | €2,462,629 | -€708,396 | -22.3% |
| Amounts payable after more than one year | 17 | €3,170,656 | €2,420,656 | -€749,999 | -23.7% |
| Other amounts payable | 178/9 | €3,170,656 | €2,420,656 | -€749,999 | -23.7% |
| Amounts payable within one year | 42/48 | €53 | €41,233 | +€41,180 | +78439.0% |
| Trade debts | 44 | €53 | €0 | -€53 | -100.0% |
| Suppliers | 440/4 | €53 | €0 | -€53 | -100.0% |
| Taxes, remuneration and social security | 45 | - | €41,233 | +€41,233 | |
| Taxes | 450/3 | - | €41,233 | +€41,233 | |
| Accrued charges and deferred income | 492/3 | €316 | €739 | +€423 | +134.1% |
| Non-recurring operating income | 76A | - | €71,115 | +€71,115 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,043 | €2,681 | -€362 | -11.9% |
| Other operating charges | 640/8 | €604 | €619 | +€14 | +2.4% |
| Gross operating margin | 9900 | -€956 | €110,666 | +€111,623 | |
| Operating profit (loss) | 9901 | -€4,604 | €107,367 | +€111,970 | |
| Financial income | 75/76B | €6,421 | €0 | -€6,421 | -100.0% |
| Recurring financial income | 75 | €6,421 | €0 | -€6,421 | -100.0% |
| Financial charges | 65/66B | €51 | €53 | +€1 | +2.9% |
| Recurring financial charges | 65 | €51 | €53 | +€1 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €1,766 | €107,314 | +€105,548 | +5976.4% |
| Income taxes | 67/77 | €442 | €28,639 | +€28,198 | +6386.5% |
| Profit (loss) for the period | 9904 | €1,325 | €78,674 | +€77,350 | +5839.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,325 | €78,674 | +€77,350 | +5839.7% |
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 30 September 2026 via checked.be.