Belsys concept: 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 concept
Largest movements
- Tangible fixed assets -€15,099
down €15,099 (-47.9%), from €31,526 to €16,427
of which Leasing and similar rights: -€14,799
- Receivables within one year +€3,756
up €3,756 (+10.4%), from €36,121 to €39,877
of which Trade receivables: +€6,022
- Deferred charges and accrued income -€1,083
down €1,083 (-55.1%), from €1,966 to €883
- Trade debts -€10,022
down €10,022 (-71.5%), from €14,013 to €3,991
- Short-term financial debts +€9,099
up €9,099 (+82.0%), from €11,098 to €20,196
- Current portion of long-term debt -€8,854
no longer reported in 2025 (was €8,854)
- Tax, wage and social debts -€8,035
down €8,035 (-70.1%), from €11,469 to €3,434
- Other debts +€3,160
up €3,160 (+87.8%), from €3,599 to €6,760
- Gross operating margin +€4,440
up €4,440 (+20.1%), from €22,062 to €26,501
- Financial charges +€3,680
up €3,680 (+426.5%), from €863 to €4,543
- Depreciation -€1,057
down €1,057 (-5.6%), from €19,026 to €17,969
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €70,833 | €58,406 | -€12,427 | -17.5% |
| Fixed assets | 21/28 | €32,746 | €17,647 | -€15,099 | -46.1% |
| Tangible fixed assets | 22/27 | €31,526 | €16,427 | -€15,099 | -47.9% |
| Plant, machinery and equipment | 23 | €6,113 | €1,877 | -€4,236 | -69.3% |
| Furniture and vehicles | 24 | €6,526 | €10,920 | +€4,395 | +67.3% |
| Leasing and similar rights | 25 | €14,799 | - | -€14,799 | |
| Other tangible fixed assets | 26 | €4,089 | €3,630 | -€459 | -11.2% |
| Financial fixed assets | 28 | €1,220 | €1,220 | = | 0.0% |
| Current assets | 29/58 | €38,087 | €40,760 | +€2,673 | +7.0% |
| Amounts receivable within one year | 40/41 | €36,121 | €39,877 | +€3,756 | +10.4% |
| Trade receivables | 40 | €27,270 | €33,292 | +€6,022 | +22.1% |
| Other amounts receivable | 41 | €8,851 | €6,585 | -€2,266 | -25.6% |
| Deferred charges and accrued income | 490/1 | €1,966 | €883 | -€1,083 | -55.1% |
| Total equity and liabilities | 10/49 | €70,833 | €58,406 | -€12,427 | -17.5% |
| Equity | 10/15 | €21,800 | €22,546 | +€746 | +3.4% |
| Contributions | 10/11 | €19,246 | €19,246 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,554 | €3,300 | +€746 | +29.2% |
| Amounts payable | 17/49 | €49,033 | €35,860 | -€13,173 | -26.9% |
| Amounts payable within one year | 42/48 | €49,033 | €34,381 | -€14,652 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €8,854 | - | -€8,854 | |
| Financial debts | 43 | €11,098 | €20,196 | +€9,099 | +82.0% |
| Credit institutions | 430/8 | €11,098 | €20,196 | +€9,099 | +82.0% |
| Trade debts | 44 | €14,013 | €3,991 | -€10,022 | -71.5% |
| Suppliers | 440/4 | €14,013 | €3,991 | -€10,022 | -71.5% |
| Taxes, remuneration and social security | 45 | €11,469 | €3,434 | -€8,035 | -70.1% |
| Taxes | 450/3 | €11,469 | €3,434 | -€8,035 | -70.1% |
| Other amounts payable | 47/48 | €3,599 | €6,760 | +€3,160 | +87.8% |
| Accrued charges and deferred income | 492/3 | - | €1,479 | +€1,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,026 | €17,969 | -€1,057 | -5.6% |
| Other operating charges | 640/8 | €901 | €930 | +€28 | +3.2% |
| Gross operating margin | 9900 | €22,062 | €26,501 | +€4,440 | +20.1% |
| Operating profit (loss) | 9901 | €2,134 | €7,603 | +€5,469 | +256.2% |
| Financial income | 75/76B | €2 | €0 | -€2 | -98.7% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -98.7% |
| Financial charges | 65/66B | €863 | €4,543 | +€3,680 | +426.5% |
| Recurring financial charges | 65 | €863 | €4,543 | +€3,680 | +426.5% |
| Profit (loss) for the period before taxes | 9903 | €1,273 | €3,060 | +€1,787 | +140.4% |
| Income taxes | 67/77 | €2,207 | €2,314 | +€107 | +4.8% |
| Profit (loss) for the period | 9904 | -€934 | €746 | +€1,680 | |
| Profit (loss) for the period to be appropriated | 9905 | -€934 | €746 | +€1,680 |
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 2 October 2026 via checked.be.