BELUC: 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.
BELUC
Largest movements
- Tangible fixed assets +€362,119
up €362,119 (+39.6%), from €913,946 to €1.3m
of which Land and buildings: +€332,072
- Cash -€43,876
down €43,876 (-90.0%), from €48,737 to €4,861
mainly Investment in fixed assets (net) (-€443,167) and Debts after one year (-€63,947)
- Deferred charges and accrued income +€36,351
up €36,351 (+1241.3%), from €2,929 to €39,280
- Other debts +€418,702
up €418,702 (+1284.7%), from €32,592 to €451,294
- Debts after one year -€63,947
no longer reported in 2025 (was €63,947)
- Depreciation +€45,883
up €45,883 (+130.5%), from €35,166 to €81,048
- Gross operating margin +€16,887
up €16,887 (+19.7%), from €85,583 to €102,470
- Taxes -€9,252
down €9,252 (-94.1%), from €9,827 to €576
- Financial charges +€2,151
up €2,151 (+29.3%), from €7,334 to €9,485
- Other operating charges +€1,027
up €1,027 (+5.9%), from €17,450 to €18,477
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 | €965,611 | €1,320,555 | +€354,944 | +36.8% |
| Fixed assets | 21/28 | €913,946 | €1,276,065 | +€362,119 | +39.6% |
| Tangible fixed assets | 22/27 | €913,946 | €1,276,065 | +€362,119 | +39.6% |
| Land and buildings | 22 | €913,946 | €1,246,017 | +€332,072 | +36.3% |
| Plant, machinery and equipment | 23 | - | €2,176 | +€2,176 | |
| Furniture and vehicles | 24 | - | €27,871 | +€27,871 | |
| Current assets | 29/58 | €51,665 | €44,490 | -€7,175 | -13.9% |
| Amounts receivable within one year | 40/41 | - | €349 | +€349 | |
| Other amounts receivable | 41 | - | €349 | +€349 | |
| Cash at bank and in hand | 54/58 | €48,737 | €4,861 | -€43,876 | -90.0% |
| Deferred charges and accrued income | 490/1 | €2,929 | €39,280 | +€36,351 | +1241.3% |
| Total equity and liabilities | 10/49 | €965,611 | €1,320,555 | +€354,944 | +36.8% |
| Equity | 10/15 | €856,190 | €849,519 | -€6,671 | -0.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Outside capital | 11 | - | €20,000 | +€20,000 | |
| Other | 1109/19 | - | €20,000 | +€20,000 | |
| Reserves | 13 | €836,190 | €829,519 | -€6,671 | -0.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €827,190 | €820,519 | -€6,671 | -0.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €109,421 | €471,035 | +€361,615 | +330.5% |
| Amounts payable after more than one year | 17 | €63,947 | - | -€63,947 | |
| Financial debts | 170/4 | €63,947 | - | -€63,947 | |
| Amounts payable within one year | 42/48 | €42,223 | €456,831 | +€414,608 | +981.9% |
| Trade debts | 44 | €8,013 | €3,029 | -€4,984 | -62.2% |
| Suppliers | 440/4 | €8,013 | €3,029 | -€4,984 | -62.2% |
| Taxes, remuneration and social security | 45 | €1,617 | €2,507 | +€890 | +55.0% |
| Taxes | 450/3 | €1,617 | €2,507 | +€890 | +55.0% |
| Other amounts payable | 47/48 | €32,592 | €451,294 | +€418,702 | +1284.7% |
| Accrued charges and deferred income | 492/3 | €3,251 | €14,205 | +€10,954 | +337.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,166 | €81,048 | +€45,883 | +130.5% |
| Other operating charges | 640/8 | €17,450 | €18,477 | +€1,027 | +5.9% |
| Gross operating margin | 9900 | €85,583 | €102,470 | +€16,887 | +19.7% |
| Operating profit (loss) | 9901 | €32,968 | €2,945 | -€30,023 | -91.1% |
| Financial income | 75/76B | €366 | €445 | +€79 | +21.4% |
| Recurring financial income | 75 | €366 | €445 | +€79 | +21.4% |
| Financial charges | 65/66B | €7,334 | €9,485 | +€2,151 | +29.3% |
| Recurring financial charges | 65 | €7,334 | €9,485 | +€2,151 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | €26,001 | -€6,096 | -€32,096 | |
| Income taxes | 67/77 | €9,827 | €576 | -€9,252 | -94.1% |
| Profit (loss) for the period | 9904 | €16,173 | -€6,671 | -€22,844 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,173 | -€6,671 | -€22,844 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.