BELU CONCEPTS: 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 CONCEPTS
Largest movements
- Tangible fixed assets -€64,448
down €64,448 (-38.0%), from €169,610 to €105,162
of which Leasing and similar rights: -€43,734
- Receivables within one year +€60,524
up €60,524 (+39.6%), from €152,862 to €213,386
of which Trade receivables: +€60,524
- Cash -€20,945
down €20,945 (-24.3%), from €86,195 to €65,250
mainly Receivables within one year (-€60,524) and Current portion of long-term debt (-€44,666)
- Deferred charges and accrued income +€7,674
up €7,674 (+380%), from €2,021 to €9,695
- Current portion of long-term debt -€44,666
down €44,666 (-60.1%), from €74,365 to €29,699
- Profit (loss) carried forward +€44,589
up €44,589 (+28.7%), from €155,412 to €200,002
- Debts after one year -€25,432
down €25,432 (-30.8%), from €82,447 to €57,015
- Trade debts +€8,081
up €8,081 (+9.3%), from €86,460 to €94,541
- Tax, wage and social debts +€6,809
up €6,809 (+20.2%), from €33,697 to €40,506
of which Remuneration and social security: +€10,628
- Gross operating margin +€103,439
up €103,439 (+24.5%), from €422,233 to €525,672
- Staff costs +€89,511
up €89,511 (+35.5%), from €251,822 to €341,333
- Depreciation +€21,656
up €21,656 (+39.7%), from €54,561 to €76,217
- Other operating charges +€6,272
up €6,272 (+17.6%), from €35,667 to €41,939
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 | €464,689 | €447,493 | -€17,195 | -3.7% |
| Fixed assets | 21/28 | €223,610 | €159,162 | -€64,448 | -28.8% |
| Tangible fixed assets | 22/27 | €169,610 | €105,162 | -€64,448 | -38.0% |
| Land and buildings | 22 | €1,955 | €1,800 | -€155 | -7.9% |
| Plant, machinery and equipment | 23 | €2,726 | €4,590 | +€1,864 | +68.4% |
| Furniture and vehicles | 24 | €37,445 | €15,021 | -€22,424 | -59.9% |
| Leasing and similar rights | 25 | €127,484 | €83,750 | -€43,734 | -34.3% |
| Financial fixed assets | 28 | €54,000 | €54,000 | = | 0.0% |
| Current assets | 29/58 | €241,079 | €288,332 | +€47,253 | +19.6% |
| Amounts receivable within one year | 40/41 | €152,862 | €213,386 | +€60,524 | +39.6% |
| Trade receivables | 40 | €151,952 | €212,476 | +€60,524 | +39.8% |
| Other amounts receivable | 41 | €910 | €910 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €86,195 | €65,250 | -€20,945 | -24.3% |
| Deferred charges and accrued income | 490/1 | €2,021 | €9,695 | +€7,674 | +380% |
| Total equity and liabilities | 10/49 | €464,689 | €447,493 | -€17,195 | -3.7% |
| Equity | 10/15 | €174,012 | €218,602 | +€44,589 | +25.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €155,412 | €200,002 | +€44,589 | +28.7% |
| Amounts payable | 17/49 | €290,676 | €228,892 | -€61,785 | -21.3% |
| Amounts payable after more than one year | 17 | €82,447 | €57,015 | -€25,432 | -30.8% |
| Financial debts | 170/4 | €82,447 | €57,015 | -€25,432 | -30.8% |
| Amounts payable within one year | 42/48 | €202,598 | €171,877 | -€30,721 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €74,365 | €29,699 | -€44,666 | -60.1% |
| Trade debts | 44 | €86,460 | €94,541 | +€8,081 | +9.3% |
| Suppliers | 440/4 | €86,460 | €94,541 | +€8,081 | +9.3% |
| Advances received on contracts in progress | 46 | €1,700 | - | -€1,700 | |
| Taxes, remuneration and social security | 45 | €33,697 | €40,506 | +€6,809 | +20.2% |
| Taxes | 450/3 | €9,511 | €5,692 | -€3,819 | -40.2% |
| Remuneration and social security | 454/9 | €24,186 | €34,814 | +€10,628 | +43.9% |
| Other amounts payable | 47/48 | €6,376 | €7,130 | +€755 | +11.8% |
| Accrued charges and deferred income | 492/3 | €5,631 | - | -€5,631 | |
| Non-recurring operating income | 76A | €28,024 | - | -€28,024 | |
| Remuneration, social security and pensions | 62 | €251,822 | €341,333 | +€89,511 | +35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,561 | €76,217 | +€21,656 | +39.7% |
| Other operating charges | 640/8 | €35,667 | €41,939 | +€6,272 | +17.6% |
| Gross operating margin | 9900 | €422,233 | €525,672 | +€103,439 | +24.5% |
| Operating profit (loss) | 9901 | €80,183 | €66,182 | -€14,001 | -17.5% |
| Financial income | 75/76B | €11 | €878 | +€867 | +8,166% |
| Recurring financial income | 75 | €11 | €878 | +€867 | +8,166% |
| Financial charges | 65/66B | €10,681 | €7,164 | -€3,517 | -32.9% |
| Recurring financial charges | 65 | €10,681 | €7,164 | -€3,517 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | €69,513 | €59,896 | -€9,617 | -13.8% |
| Income taxes | 67/77 | €18,136 | €15,307 | -€2,829 | -15.6% |
| Profit (loss) for the period | 9904 | €51,377 | €44,589 | -€6,787 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,377 | €44,589 | -€6,787 | -13.2% |
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 25 October 2026 via checked.be.