BELSYR: 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.
BELSYR
Largest movements
- Cash +€22,367
up €22,367 (+94.8%), from €23,602 to €45,969
mainly Net result for the year (+€51,743) and Receivables within one year (+€1,766)
- Receivables within one year -€1,766
down €1,766 (-67.4%), from €2,620 to €854
- Stocks and contracts -€1,135
no longer reported in 2025 (was €1,135)
- Tangible fixed assets -€826
no longer reported in 2025 (was €826)
- Profit (loss) carried forward +€51,743
up €51,743 (+77.9%), from -€66,404 to -€14,660
- Other debts -€22,843
down €22,843 (-37.7%), from €60,604 to €37,761
- Trade debts -€11,109
down €11,109 (-73.1%), from €15,205 to €4,097
- Tax, wage and social debts +€848
up €848 (+225.1%), from €376 to €1,224
- Gross operating margin +€43,165
up €43,165 (+398.8%), from €10,823 to €53,989
- Depreciation -€899
down €899 (-52.1%), from €1,725 to €826
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 | €28,374 | €47,014 | +€18,640 | +65.7% |
| Fixed assets | 21/28 | €1,017 | €191 | -€826 | -81.2% |
| Tangible fixed assets | 22/27 | €826 | - | -€826 | |
| Furniture and vehicles | 24 | €826 | - | -€826 | |
| Financial fixed assets | 28 | €191 | €191 | = | 0.0% |
| Current assets | 29/58 | €27,357 | €46,823 | +€19,466 | +71.2% |
| Stocks and contracts in progress | 3 | €1,135 | - | -€1,135 | |
| Stocks | 30/36 | €1,135 | - | -€1,135 | |
| Amounts receivable within one year | 40/41 | €2,620 | €854 | -€1,766 | -67.4% |
| Other amounts receivable | 41 | €2,620 | €854 | -€1,766 | -67.4% |
| Cash at bank and in hand | 54/58 | €23,602 | €45,969 | +€22,367 | +94.8% |
| Total equity and liabilities | 10/49 | €28,374 | €47,014 | +€18,640 | +65.7% |
| Equity | 10/15 | -€47,812 | €3,932 | +€51,743 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,404 | -€14,660 | +€51,743 | +77.9% |
| Amounts payable | 17/49 | €76,186 | €43,082 | -€33,104 | -43.5% |
| Amounts payable within one year | 42/48 | €76,186 | €43,082 | -€33,104 | -43.5% |
| Trade debts | 44 | €15,205 | €4,097 | -€11,109 | -73.1% |
| Suppliers | 440/4 | €15,205 | €4,097 | -€11,109 | -73.1% |
| Taxes, remuneration and social security | 45 | €376 | €1,224 | +€848 | +225.1% |
| Taxes | 450/3 | €376 | €1,224 | +€848 | +225.1% |
| Other amounts payable | 47/48 | €60,604 | €37,761 | -€22,843 | -37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,725 | €826 | -€899 | -52.1% |
| Other operating charges | 640/8 | €733 | €691 | -€42 | -5.8% |
| Gross operating margin | 9900 | €10,823 | €53,989 | +€43,165 | +398.8% |
| Operating profit (loss) | 9901 | €8,365 | €52,471 | +€44,107 | +527.3% |
| Financial income | 75/76B | €37 | €31 | -€6 | -16.1% |
| Recurring financial income | 75 | €37 | €31 | -€6 | -16.1% |
| Financial charges | 65/66B | €228 | €759 | +€531 | +233.3% |
| Recurring financial charges | 65 | €228 | €759 | +€531 | +233.3% |
| Profit (loss) for the period before taxes | 9903 | €8,174 | €51,743 | +€43,570 | +533.0% |
| Profit (loss) for the period | 9904 | €8,174 | €51,743 | +€43,570 | +533.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,174 | €51,743 | +€43,570 | +533.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.