BELSTAND: 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.
BELSTAND
Largest movements
- Stocks and contracts +€370,606
up €370,606 (+658.9%), from €56,250 to €426,856
- Tangible fixed assets -€85,262
down €85,262 (-7.7%), from €1.1m to €1.0m
of which Land and buildings: -€53,448
- Cash -€43,581
down €43,581 (-42.9%), from €101,571 to €57,990
mainly Stocks and contracts (-€370,606) and Investment in fixed assets (net) (-€32,306)
- Other debts +€147,482
up €147,482 (+27774.4%), from €531 to €148,013
- Debts after one year +€73,124
up €73,124 (+9.3%), from €783,149 to €856,273
of which Financial debts: +€69,204
- Reserves +€22,180
up €22,180 (+27.4%), from €80,966 to €103,146
of which Distributable reserves: +€22,180
- Tax, wage and social debts +€19,454
up €19,454 (+45.6%), from €42,695 to €62,149
of which Taxes: +€19,069
- Gross operating margin +€52,989
up €52,989 (+13.8%), from €384,164 to €437,153
- Financial charges +€21,625
up €21,625 (+88.3%), from €24,489 to €46,114
- Taxes +€8,014
up €8,014 (+176.5%), from €4,540 to €12,554
- Depreciation +€7,700
up €7,700 (+7.1%), from €108,568 to €116,268
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 | €1,484,563 | €1,724,480 | +€239,917 | +16.2% |
| Fixed assets | 21/28 | €1,123,077 | €1,039,115 | -€83,962 | -7.5% |
| Tangible fixed assets | 22/27 | €1,114,341 | €1,029,079 | -€85,262 | -7.7% |
| Land and buildings | 22 | €844,025 | €790,577 | -€53,448 | -6.3% |
| Plant, machinery and equipment | 23 | €248,173 | €232,812 | -€15,361 | -6.2% |
| Furniture and vehicles | 24 | €22,143 | €5,690 | -€16,453 | -74.3% |
| Financial fixed assets | 28 | €8,736 | €10,036 | +€1,300 | +14.9% |
| Current assets | 29/58 | €361,486 | €685,365 | +€323,879 | +89.6% |
| Stocks and contracts in progress | 3 | €56,250 | €426,856 | +€370,606 | +658.9% |
| Stocks | 30/36 | €56,250 | €426,856 | +€370,606 | +658.9% |
| Amounts receivable within one year | 40/41 | €200,592 | €198,731 | -€1,861 | -0.9% |
| Trade receivables | 40 | €177,662 | €172,713 | -€4,949 | -2.8% |
| Other amounts receivable | 41 | €22,930 | €26,018 | +€3,088 | +13.5% |
| Cash at bank and in hand | 54/58 | €101,571 | €57,990 | -€43,581 | -42.9% |
| Deferred charges and accrued income | 490/1 | €3,073 | €1,788 | -€1,285 | -41.8% |
| Total equity and liabilities | 10/49 | €1,484,563 | €1,724,480 | +€239,917 | +16.2% |
| Equity | 10/15 | €457,150 | €466,480 | +€9,330 | +2.0% |
| Contributions | 10/11 | €20,625 | €20,625 | = | 0.0% |
| Reserves | 13 | €80,966 | €103,146 | +€22,180 | +27.4% |
| Tax-exempt reserves | 132 | €51,000 | €51,000 | = | 0.0% |
| Distributable reserves | 133 | €29,966 | €52,146 | +€22,180 | +74.0% |
| Profit (loss) carried forward | 14 | €301,583 | €292,583 | -€9,000 | -3.0% |
| Investment grants | 15 | €53,976 | €50,126 | -€3,850 | -7.1% |
| Amounts payable | 17/49 | €1,027,413 | €1,258,000 | +€230,587 | +22.4% |
| Amounts payable after more than one year | 17 | €783,149 | €856,273 | +€73,124 | +9.3% |
| Financial debts | 170/4 | €765,599 | €834,803 | +€69,204 | +9.0% |
| Other amounts payable | 178/9 | €17,550 | €21,470 | +€3,920 | +22.3% |
| Amounts payable within one year | 42/48 | €242,814 | €401,727 | +€158,913 | +65.4% |
| Current portion of amounts payable after more than one year | 42 | €90,999 | €93,159 | +€2,160 | +2.4% |
| Trade debts | 44 | €108,589 | €98,406 | -€10,183 | -9.4% |
| Suppliers | 440/4 | €108,589 | €98,406 | -€10,183 | -9.4% |
| Taxes, remuneration and social security | 45 | €42,695 | €62,149 | +€19,454 | +45.6% |
| Taxes | 450/3 | €5,919 | €24,988 | +€19,069 | +322.2% |
| Remuneration and social security | 454/9 | €36,776 | €37,161 | +€385 | +1.0% |
| Other amounts payable | 47/48 | €531 | €148,013 | +€147,482 | +27774.4% |
| Accrued charges and deferred income | 492/3 | €1,450 | - | -€1,450 | |
| Remuneration, social security and pensions | 62 | €240,576 | €240,733 | +€157 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,568 | €116,268 | +€7,700 | +7.1% |
| Other operating charges | 640/8 | €2,108 | €3,118 | +€1,010 | +47.9% |
| Gross operating margin | 9900 | €384,164 | €437,153 | +€52,989 | +13.8% |
| Operating profit (loss) | 9901 | €32,912 | €77,034 | +€44,122 | +134.1% |
| Financial income | 75/76B | €3,851 | €3,814 | -€37 | -1.0% |
| Recurring financial income | 75 | €3,851 | €3,814 | -€37 | -1.0% |
| Financial charges | 65/66B | €24,489 | €46,114 | +€21,625 | +88.3% |
| Recurring financial charges | 65 | €24,489 | €46,114 | +€21,625 | +88.3% |
| Profit (loss) for the period before taxes | 9903 | €12,274 | €34,734 | +€22,460 | +183.0% |
| Income taxes | 67/77 | €4,540 | €12,554 | +€8,014 | +176.5% |
| Profit (loss) for the period | 9904 | €7,734 | €22,180 | +€14,446 | +186.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,734 | €22,180 | +€14,446 | +186.8% |
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 9 October 2026 via checked.be.