BELSYS: 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.
BELSYS
Largest movements
- Receivables within one year -€71,785
down €71,785 (-40.9%), from €175,473 to €103,688
of which Other amounts receivable: -€105,087
- Cash -€17,213
down €17,213 (-26.3%), from €65,431 to €48,218
mainly Tax, wage and social debts (-€85,231) and Investment in fixed assets (net) (-€13,666)
- Tax, wage and social debts -€85,231
down €85,231 (-99.2%), from €85,899 to €668
- Reserves -€10,652
down €10,652 (-2.2%), from €481,575 to €470,922
of which Tax-exempt reserves: -€10,652
- Gross operating margin -€451,833
down €451,833 (-97.3%), from €464,399 to €12,566
- Depreciation +€18,095
up €18,095 (+754.9%), from €2,397 to €20,492
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 | €815,749 | €720,191 | -€95,559 | -11.7% |
| Fixed assets | 21/28 | €573,835 | €567,008 | -€6,827 | -1.2% |
| Tangible fixed assets | 22/27 | €573,835 | €567,008 | -€6,827 | -1.2% |
| Land and buildings | 22 | €557,605 | €540,605 | -€16,999 | -3.0% |
| Plant, machinery and equipment | 23 | €16,231 | €25,346 | +€9,115 | +56.2% |
| Furniture and vehicles | 24 | - | €1,057 | +€1,057 | |
| Current assets | 29/58 | €241,914 | €153,182 | -€88,732 | -36.7% |
| Amounts receivable within one year | 40/41 | €175,473 | €103,688 | -€71,785 | -40.9% |
| Trade receivables | 40 | €48,602 | €81,904 | +€33,302 | +68.5% |
| Other amounts receivable | 41 | €126,871 | €21,784 | -€105,087 | -82.8% |
| Cash at bank and in hand | 54/58 | €65,431 | €48,218 | -€17,213 | -26.3% |
| Deferred charges and accrued income | 490/1 | €1,010 | €1,276 | +€266 | +26.3% |
| Total equity and liabilities | 10/49 | €815,749 | €720,191 | -€95,559 | -11.7% |
| Equity | 10/15 | €593,965 | €586,526 | -€7,439 | -1.3% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €481,575 | €470,922 | -€10,652 | -2.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €374,575 | €363,922 | -€10,652 | -2.8% |
| Distributable reserves | 133 | €107,000 | €107,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,610 | -€4,397 | +€3,213 | +42.2% |
| Provisions and deferred taxes | 16 | €124,858 | €121,307 | -€3,551 | -2.8% |
| Deferred taxes | 168 | €124,858 | €121,307 | -€3,551 | -2.8% |
| Amounts payable | 17/49 | €96,926 | €12,357 | -€84,569 | -87.3% |
| Amounts payable within one year | 42/48 | €96,926 | €12,357 | -€84,569 | -87.3% |
| Financial debts | 43 | €0 | €2,365 | +€2,365 | |
| Credit institutions | 430/8 | €0 | €2,365 | +€2,365 | |
| Trade debts | 44 | €3,934 | €2,231 | -€1,703 | -43.3% |
| Suppliers | 440/4 | €3,934 | €2,231 | -€1,703 | -43.3% |
| Taxes, remuneration and social security | 45 | €85,899 | €668 | -€85,231 | -99.2% |
| Taxes | 450/3 | €85,899 | €668 | -€85,231 | -99.2% |
| Other amounts payable | 47/48 | €7,094 | €7,094 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,397 | €20,492 | +€18,095 | +754.9% |
| Other operating charges | 640/8 | €5,060 | €2,675 | -€2,385 | -47.1% |
| Gross operating margin | 9900 | €464,399 | €12,566 | -€451,833 | -97.3% |
| Operating profit (loss) | 9901 | €456,942 | -€10,601 | -€467,543 | |
| Financial income | 75/76B | €0 | €996 | +€996 | +4979500.0% |
| Recurring financial income | 75 | €0 | €996 | +€996 | +4979500.0% |
| Financial charges | 65/66B | €2,832 | €1,044 | -€1,788 | -63.1% |
| Recurring financial charges | 65 | €2,832 | €1,044 | -€1,788 | -63.1% |
| Profit (loss) for the period before taxes | 9903 | €454,111 | -€10,649 | -€464,760 | |
| Transfer from deferred taxes | 780 | €374 | €3,551 | +€3,176 | +848.2% |
| Transfer to deferred taxes | 680 | €125,233 | €0 | -€125,233 | -100.0% |
| Income taxes | 67/77 | €287 | €341 | +€53 | +18.6% |
| Profit (loss) for the period | 9904 | €328,965 | -€7,439 | -€336,404 | |
| Transfer from tax-exempt reserves | 789 | €1,123 | €10,652 | +€9,529 | +848.2% |
| Transfer to tax-exempt reserves | 689 | €375,698 | €0 | -€375,698 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,609 | €3,213 | +€48,823 |
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 5 October 2026 via checked.be.