Belsov: 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.
Belsov
Largest movements
- Tangible fixed assets +€80,145
up €80,145 (+256%), from €31,259 to €111,404
of which Leasing and similar rights: +€77,333
- Cash +€42,484
up €42,484 (+303%), from €14,019 to €56,504
mainly Net result for the year (+€68,224) and Debts after one year (+€52,348)
- Receivables within one year +€19,838
up €19,838 (+64.0%), from €31,012 to €50,850
of which Other amounts receivable: +€13,459
- Deferred charges and accrued income +€3,449
up €3,449 (+566%), from €609 to €4,058
- Reserves +€68,224
up €68,224 (+140%), from €48,861 to €117,085
- Debts after one year +€52,348
new in 2025: €52,348
- Current portion of long-term debt +€11,856
new in 2025: €11,856
- Trade debts +€10,333
up €10,333 (+127%), from €8,138 to €18,471
- Tax, wage and social debts +€8,183
up €8,183 (+66.7%), from €12,273 to €20,455
- Gross operating margin +€34,223
up €34,223 (+51.1%), from €66,926 to €101,149
- Depreciation +€11,403
up €11,403 (+226%), from €5,042 to €16,445
- Taxes +€3,133
up €3,133 (+25.6%), from €12,245 to €15,378
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.
Derived cash bridge
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 | €77,299 | €223,215 | +€145,916 | +189% |
| Fixed assets | 21/28 | €31,659 | €111,804 | +€80,145 | +253% |
| Tangible fixed assets | 22/27 | €31,259 | €111,404 | +€80,145 | +256% |
| Plant, machinery and equipment | 23 | - | €13,988 | +€13,988 | |
| Furniture and vehicles | 24 | €31,259 | €20,082 | -€11,177 | -35.8% |
| Leasing and similar rights | 25 | - | €77,333 | +€77,333 | |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €45,640 | €111,411 | +€65,771 | +144% |
| Amounts receivable within one year | 40/41 | €31,012 | €50,850 | +€19,838 | +64.0% |
| Trade receivables | 40 | €30,560 | €36,939 | +€6,379 | +20.9% |
| Other amounts receivable | 41 | €452 | €13,911 | +€13,459 | +2,977% |
| Cash at bank and in hand | 54/58 | €14,019 | €56,504 | +€42,484 | +303% |
| Deferred charges and accrued income | 490/1 | €609 | €4,058 | +€3,449 | +566% |
| Total equity and liabilities | 10/49 | €77,299 | €223,215 | +€145,916 | +189% |
| Equity | 10/15 | €51,861 | €120,085 | +€68,224 | +132% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €48,861 | €117,085 | +€68,224 | +140% |
| Distributable reserves | 133 | €48,861 | €117,085 | +€68,224 | +140% |
| Amounts payable | 17/49 | €25,438 | €103,130 | +€77,692 | +305% |
| Amounts payable after more than one year | 17 | - | €52,348 | +€52,348 | |
| Financial debts | 170/4 | - | €52,348 | +€52,348 | |
| Amounts payable within one year | 42/48 | €25,438 | €50,782 | +€25,344 | +99.6% |
| Current portion of amounts payable after more than one year | 42 | - | €11,856 | +€11,856 | |
| Trade debts | 44 | €8,138 | €18,471 | +€10,333 | +127% |
| Suppliers | 440/4 | €8,138 | €18,471 | +€10,333 | +127% |
| Taxes, remuneration and social security | 45 | €12,273 | €20,455 | +€8,183 | +66.7% |
| Taxes | 450/3 | €12,273 | €20,455 | +€8,183 | +66.7% |
| Other amounts payable | 47/48 | €5,027 | €0 | -€5,027 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,042 | €16,445 | +€11,403 | +226% |
| Other operating charges | 640/8 | €778 | €579 | -€199 | -25.5% |
| Gross operating margin | 9900 | €66,926 | €101,149 | +€34,223 | +51.1% |
| Operating profit (loss) | 9901 | €61,106 | €84,125 | +€23,018 | +37.7% |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | - | €541 | +€541 | |
| Recurring financial charges | 65 | - | €541 | +€541 | |
| Profit (loss) for the period before taxes | 9903 | €61,106 | €83,602 | +€22,496 | +36.8% |
| Income taxes | 67/77 | €12,245 | €15,378 | +€3,133 | +25.6% |
| Profit (loss) for the period | 9904 | €48,861 | €68,224 | +€19,363 | +39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €48,861 | €68,224 | +€19,363 | +39.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.