BELUA: 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.
BELUA
Largest movements
- Tangible fixed assets -€373,601
no longer reported in 2025 (was €373,601)
- Stocks and contracts +€235,307
new in 2025: €235,307
- Cash +€38,298
up €38,298 (+3635.8%), from €1,053 to €39,352
mainly Investment in fixed assets (net) (+€373,601) and Net result for the year (+€197,382)
- Debts after one year -€230,635
no longer reported in 2025 (was €230,635)
of which Financial debts: -€228,685
- Other debts -€184,000
down €184,000 (-97.9%), from €188,000 to €4,000
- Reserves +€102,852
new in 2025: €102,852
- Profit (loss) carried forward +€94,530
no longer reported in 2025 (was -€94,530)
- Short-term financial debts +€75,000
new in 2025: €75,000
- Gross operating margin +€254,331
up €254,331 (+2587.0%), from €9,831 to €264,162
- Taxes +€51,545
new in 2025: €51,545
- Depreciation -€15,281
no longer reported in 2025 (was €15,281)
- Other operating charges -€3,640
down €3,640 (-34.6%), from €10,523 to €6,883
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 | €376,055 | €274,666 | -€101,388 | -27.0% |
| Fixed assets | 21/28 | €373,601 | - | -€373,601 | |
| Tangible fixed assets | 22/27 | €373,601 | - | -€373,601 | |
| Land and buildings | 22 | €373,601 | - | -€373,601 | |
| Current assets | 29/58 | €2,453 | €274,666 | +€272,213 | +11095.6% |
| Stocks and contracts in progress | 3 | - | €235,307 | +€235,307 | |
| Stocks | 30/36 | - | €235,307 | +€235,307 | |
| Cash at bank and in hand | 54/58 | €1,053 | €39,352 | +€38,298 | +3635.8% |
| Deferred charges and accrued income | 490/1 | €1,400 | €7 | -€1,393 | -99.5% |
| Total equity and liabilities | 10/49 | €376,055 | €274,666 | -€101,388 | -27.0% |
| Equity | 10/15 | -€54,530 | €142,852 | +€197,382 | |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | - | €102,852 | +€102,852 | |
| Distributable reserves | 133 | - | €102,852 | +€102,852 | |
| Profit (loss) carried forward | 14 | -€94,530 | - | +€94,530 | |
| Amounts payable | 17/49 | €430,584 | €131,814 | -€298,770 | -69.4% |
| Amounts payable after more than one year | 17 | €230,635 | - | -€230,635 | |
| Financial debts | 170/4 | €228,685 | - | -€228,685 | |
| Other amounts payable | 178/9 | €1,950 | - | -€1,950 | |
| Amounts payable within one year | 42/48 | €199,249 | €131,814 | -€67,435 | -33.8% |
| Current portion of amounts payable after more than one year | 42 | €10,022 | - | -€10,022 | |
| Financial debts | 43 | - | €75,000 | +€75,000 | |
| Credit institutions | 430/8 | - | €75,000 | +€75,000 | |
| Trade debts | 44 | €1,227 | €1,272 | +€45 | +3.7% |
| Suppliers | 440/4 | €1,227 | €1,272 | +€45 | +3.7% |
| Taxes, remuneration and social security | 45 | - | €51,542 | +€51,542 | |
| Taxes | 450/3 | - | €51,542 | +€51,542 | |
| Other amounts payable | 47/48 | €188,000 | €4,000 | -€184,000 | -97.9% |
| Accrued charges and deferred income | 492/3 | €700 | - | -€700 | |
| Non-recurring operating income | 76A | - | €290,399 | +€290,399 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,281 | - | -€15,281 | |
| Other operating charges | 640/8 | €10,523 | €6,883 | -€3,640 | -34.6% |
| Gross operating margin | 9900 | €9,831 | €264,162 | +€254,331 | +2587.0% |
| Operating profit (loss) | 9901 | -€15,972 | €257,279 | +€273,252 | |
| Financial income | 75/76B | €4 | €323 | +€319 | +7973.5% |
| Recurring financial income | 75 | €4 | €323 | +€319 | +7973.5% |
| Financial charges | 65/66B | €8,759 | €8,675 | -€84 | -1.0% |
| Recurring financial charges | 65 | €8,759 | €8,675 | -€84 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | -€24,727 | €248,927 | +€273,655 | |
| Income taxes | 67/77 | - | €51,545 | +€51,545 | |
| Profit (loss) for the period | 9904 | -€24,727 | €197,382 | +€222,109 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,727 | €197,382 | +€222,109 |
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 8 October 2026 via checked.be.