BELU-BALEN: 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.
BELU-BALEN
Largest movements
- Tangible fixed assets -€8,356
down €8,356 (-31.2%), from €26,789 to €18,433
of which Furniture and vehicles: -€6,463
- Stocks and contracts -€2,000
no longer reported in 2025 (was €2,000)
- Deferred charges and accrued income +€1,931
up €1,931 (+279%), from €692 to €2,623
- Receivables within one year -€662
down €662 (-5.4%), from €12,269 to €11,607
of which Trade receivables: -€360
- Trade debts -€5,568
down €5,568 (-22.6%), from €24,663 to €19,095
- Other debts -€4,500
down €4,500 (-22.3%), from €20,145 to €15,645
- Profit (loss) carried forward +€4,248
up €4,248 (+9.7%), from -€43,667 to -€39,419
- Short-term financial debts -€2,964
down €2,964 (-29.6%), from €10,009 to €7,045
- Gross operating margin +€2,735
up €2,735 (+17.4%), from €15,751 to €18,486
- Financial charges -€2,373
down €2,373 (-43.0%), from €5,521 to €3,148
- Depreciation +€736
up €736 (+9.7%), from €7,620 to €8,356
- Staff costs +€735
new in 2025: €735
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 | €42,062 | €32,975 | -€9,087 | -21.6% |
| Fixed assets | 21/28 | €26,789 | €18,433 | -€8,356 | -31.2% |
| Tangible fixed assets | 22/27 | €26,789 | €18,433 | -€8,356 | -31.2% |
| Land and buildings | 22 | €2,384 | €1,788 | -€596 | -25.0% |
| Plant, machinery and equipment | 23 | €4,626 | €3,329 | -€1,297 | -28.0% |
| Furniture and vehicles | 24 | €19,779 | €13,316 | -€6,463 | -32.7% |
| Current assets | 29/58 | €15,273 | €14,542 | -€731 | -4.8% |
| Stocks and contracts in progress | 3 | €2,000 | - | -€2,000 | |
| Stocks | 30/36 | €2,000 | - | -€2,000 | |
| Amounts receivable within one year | 40/41 | €12,269 | €11,607 | -€662 | -5.4% |
| Trade receivables | 40 | €8,380 | €8,020 | -€360 | -4.3% |
| Other amounts receivable | 41 | €3,889 | €3,587 | -€302 | -7.8% |
| Cash at bank and in hand | 54/58 | €312 | €312 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €692 | €2,623 | +€1,931 | +279% |
| Total equity and liabilities | 10/49 | €42,062 | €32,975 | -€9,087 | -21.6% |
| Equity | 10/15 | -€15,905 | -€11,657 | +€4,248 | +26.7% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €262 | €262 | = | 0.0% |
| Tax-exempt reserves | 132 | €262 | €262 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,667 | -€39,419 | +€4,248 | +9.7% |
| Amounts payable | 17/49 | €57,967 | €44,632 | -€13,335 | -23.0% |
| Amounts payable within one year | 42/48 | €57,967 | €44,632 | -€13,335 | -23.0% |
| Financial debts | 43 | €10,009 | €7,045 | -€2,964 | -29.6% |
| Credit institutions | 430/8 | €10,009 | €7,045 | -€2,964 | -29.6% |
| Trade debts | 44 | €24,663 | €19,095 | -€5,568 | -22.6% |
| Suppliers | 440/4 | €24,663 | €19,095 | -€5,568 | -22.6% |
| Taxes, remuneration and social security | 45 | €3,150 | €2,847 | -€303 | -9.6% |
| Taxes | 450/3 | €3,150 | €2,847 | -€303 | -9.6% |
| Other amounts payable | 47/48 | €20,145 | €15,645 | -€4,500 | -22.3% |
| Remuneration, social security and pensions | 62 | - | €735 | +€735 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,620 | €8,356 | +€736 | +9.7% |
| Other operating charges | 640/8 | €1,491 | €1,663 | +€173 | +11.6% |
| Gross operating margin | 9900 | €15,751 | €18,486 | +€2,735 | +17.4% |
| Operating profit (loss) | 9901 | €6,640 | €7,731 | +€1,090 | +16.4% |
| Financial charges | 65/66B | €5,521 | €3,148 | -€2,373 | -43.0% |
| Recurring financial charges | 65 | €5,521 | €3,148 | -€2,373 | -43.0% |
| Profit (loss) for the period before taxes | 9903 | €1,119 | €4,582 | +€3,463 | +310% |
| Income taxes | 67/77 | €350 | €334 | -€16 | -4.5% |
| Profit (loss) for the period | 9904 | €769 | €4,248 | +€3,479 | +453% |
| Profit (loss) for the period to be appropriated | 9905 | €769 | €4,248 | +€3,479 | +453% |
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 15 October 2026 via checked.be.