BELUB: 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.
BELUB
Largest movements
- Receivables within one year +€428,703
up €428,703 (+16.5%), from €2.6m to €3.0m
of which Trade receivables: +€327,023
- Tangible fixed assets +€125,414
up €125,414 (+122.6%), from €102,291 to €227,705
of which Land and buildings: +€153,579
- Cash +€55,216
up €55,216 (+21.6%), from €256,001 to €311,217
mainly Short-term financial debts (+€500,000) and Net result for the year (+€134,671)
- Short-term financial debts +€500,000
up €500,000 (+55.6%), from €900,000 to €1.4m
- Trade debts -€122,959
down €122,959 (-9.2%), from €1.3m to €1.2m
- Tax, wage and social debts +€114,135
up €114,135 (+59.0%), from €193,558 to €307,693
of which Taxes: +€101,133
- Other debts +€112,128
up €112,128 (+24.4%), from €459,934 to €572,062
- Gross operating margin -€212,188
down €212,188 (-13.2%), from €1.6m to €1.4m
- Staff costs +€151,577
up €151,577 (+15.7%), from €966,419 to €1.1m
- Taxes -€79,020
down €79,020 (-63.0%), from €125,485 to €46,465
- Depreciation -€33,172
down €33,172 (-43.9%), from €75,617 to €42,445
- Financial income +€27,201
up €27,201 (+248.7%), from €10,936 to €38,137
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 | €4,111,602 | €4,741,905 | +€630,303 | +15.3% |
| Fixed assets | 21/28 | €102,891 | €228,305 | +€125,414 | +121.9% |
| Tangible fixed assets | 22/27 | €102,291 | €227,705 | +€125,414 | +122.6% |
| Land and buildings | 22 | - | €153,579 | +€153,579 | |
| Plant, machinery and equipment | 23 | €90,583 | €72,584 | -€17,999 | -19.9% |
| Furniture and vehicles | 24 | €11,707 | €1,542 | -€10,165 | -86.8% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €4,008,711 | €4,513,600 | +€504,889 | +12.6% |
| Stocks and contracts in progress | 3 | €1,126,091 | €1,160,038 | +€33,947 | +3.0% |
| Stocks | 30/36 | €1,126,091 | €1,160,038 | +€33,947 | +3.0% |
| Amounts receivable within one year | 40/41 | €2,598,342 | €3,027,044 | +€428,703 | +16.5% |
| Trade receivables | 40 | €2,497,088 | €2,824,110 | +€327,023 | +13.1% |
| Other amounts receivable | 41 | €101,254 | €202,934 | +€101,680 | +100.4% |
| Cash at bank and in hand | 54/58 | €256,001 | €311,217 | +€55,216 | +21.6% |
| Deferred charges and accrued income | 490/1 | €28,278 | €15,302 | -€12,976 | -45.9% |
| Total equity and liabilities | 10/49 | €4,111,602 | €4,741,905 | +€630,303 | +15.3% |
| Equity | 10/15 | €1,203,760 | €1,248,431 | +€44,671 | +3.7% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Capital | 10 | €210,000 | €210,000 | = | 0.0% |
| Issued capital | 100 | €210,000 | €210,000 | = | 0.0% |
| Reserves | 13 | €65,159 | €65,159 | = | 0.0% |
| Non-distributable reserves | 130/1 | €41,000 | €41,000 | = | 0.0% |
| Legal reserve | 130 | €41,000 | €41,000 | = | 0.0% |
| Distributable reserves | 133 | €24,159 | €24,159 | = | 0.0% |
| Profit (loss) carried forward | 14 | €928,601 | €973,273 | +€44,671 | +4.8% |
| Investment grants | 15 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | €0 | = | |
| Deferred taxes | 168 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,907,842 | €3,493,474 | +€585,632 | +20.1% |
| Amounts payable within one year | 42/48 | €2,890,170 | €3,493,474 | +€603,304 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €0 | = | |
| Financial debts | 43 | €900,000 | €1,400,000 | +€500,000 | +55.6% |
| Credit institutions | 430/8 | €900,000 | €1,400,000 | +€500,000 | +55.6% |
| Trade debts | 44 | €1,336,678 | €1,213,718 | -€122,959 | -9.2% |
| Suppliers | 440/4 | €1,336,678 | €1,213,718 | -€122,959 | -9.2% |
| Taxes, remuneration and social security | 45 | €193,558 | €307,693 | +€114,135 | +59.0% |
| Taxes | 450/3 | €30,933 | €132,066 | +€101,133 | +326.9% |
| Remuneration and social security | 454/9 | €162,625 | €175,627 | +€13,002 | +8.0% |
| Other amounts payable | 47/48 | €459,934 | €572,062 | +€112,128 | +24.4% |
| Accrued charges and deferred income | 492/3 | €17,672 | - | -€17,672 | |
| Remuneration, social security and pensions | 62 | €966,419 | €1,117,996 | +€151,577 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,617 | €42,445 | -€33,172 | -43.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,087 | €3,772 | +€9,859 | |
| Other operating charges | 640/8 | €13,634 | €12,953 | -€680 | -5.0% |
| Gross operating margin | 9900 | €1,610,104 | €1,397,916 | -€212,188 | -13.2% |
| Operating profit (loss) | 9901 | €560,521 | €220,750 | -€339,771 | -60.6% |
| Financial income | 75/76B | €10,936 | €38,137 | +€27,201 | +248.7% |
| Recurring financial income | 75 | €10,936 | €38,137 | +€27,201 | +248.7% |
| Financial charges | 65/66B | €73,175 | €77,750 | +€4,575 | +6.3% |
| Recurring financial charges | 65 | €73,175 | €77,750 | +€4,575 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €498,281 | €181,136 | -€317,145 | -63.6% |
| Income taxes | 67/77 | €125,485 | €46,465 | -€79,020 | -63.0% |
| Profit (loss) for the period | 9904 | €372,796 | €134,671 | -€238,125 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €372,796 | €134,671 | -€238,125 | -63.9% |
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 11 October 2026 via checked.be.