BELUCE: 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.
BELUCE
Largest movements
- Tangible fixed assets -€124,905
down €124,905 (-20.5%), from €609,987 to €485,082
- Receivables within one year +€123,374
up €123,374 (+292.6%), from €42,167 to €165,540
of which Trade receivables: +€123,196
- Intangible fixed assets -€11,824
down €11,824 (-8.8%), from €135,068 to €123,243
- Stocks and contracts +€9,711
up €9,711 (+40.0%), from €24,257 to €33,967
- Debts after one year -€89,169
down €89,169 (-16.3%), from €548,371 to €459,202
- Other debts +€50,916
up €50,916 (+217.9%), from €23,364 to €74,280
- Trade debts +€33,197
up €33,197 (+141.4%), from €23,485 to €56,682
- Current portion of long-term debt -€14,417
down €14,417 (-25.4%), from €56,733 to €42,316
- Depreciation +€104,862
up €104,862 (+122.6%), from €85,535 to €190,397
- Gross operating margin +€67,495
up €67,495 (+38.9%), from €173,464 to €240,958
- Staff costs -€51,833
down €51,833 (-95.2%), from €54,449 to €2,616
- Financial charges +€9,380
up €9,380 (+45.9%), from €20,418 to €29,798
- Other operating charges +€5,784
up €5,784 (+128.4%), from €4,507 to €10,291
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €831,333 | €819,877 | -€11,456 | -1.4% |
| Fixed assets | 21/28 | €745,055 | €608,325 | -€136,729 | -18.4% |
| Intangible fixed assets | 21 | €135,068 | €123,243 | -€11,824 | -8.8% |
| Tangible fixed assets | 22/27 | €609,987 | €485,082 | -€124,905 | -20.5% |
| Land and buildings | 22 | €444,328 | €385,406 | -€58,922 | -13.3% |
| Plant, machinery and equipment | 23 | €28,654 | €20,816 | -€7,838 | -27.4% |
| Furniture and vehicles | 24 | €125,262 | €72,922 | -€52,340 | -41.8% |
| Other tangible fixed assets | 26 | €11,743 | €5,938 | -€5,805 | -49.4% |
| Current assets | 29/58 | €86,278 | €211,552 | +€125,274 | +145.2% |
| Stocks and contracts in progress | 3 | €24,257 | €33,967 | +€9,711 | +40.0% |
| Stocks | 30/36 | €24,257 | €33,967 | +€9,711 | +40.0% |
| Amounts receivable within one year | 40/41 | €42,167 | €165,540 | +€123,374 | +292.6% |
| Trade receivables | 40 | €42,132 | €165,328 | +€123,196 | +292.4% |
| Other amounts receivable | 41 | €34 | €212 | +€178 | +516.4% |
| Cash at bank and in hand | 54/58 | €17,246 | €12,044 | -€5,202 | -30.2% |
| Deferred charges and accrued income | 490/1 | €2,609 | €0 | -€2,609 | -100.0% |
| Total equity and liabilities | 10/49 | €831,333 | €819,877 | -€11,456 | -1.4% |
| Equity | 10/15 | €84,361 | €89,555 | +€5,194 | +6.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €66,887 | €66,887 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €9,712 | €9,712 | = | 0.0% |
| Distributable reserves | 133 | €55,315 | €55,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,274 | €16,468 | +€5,194 | +46.1% |
| Amounts payable | 17/49 | €746,972 | €730,322 | -€16,650 | -2.2% |
| Amounts payable after more than one year | 17 | €548,371 | €459,202 | -€89,169 | -16.3% |
| Financial debts | 170/4 | €548,371 | €459,202 | -€89,169 | -16.3% |
| Amounts payable within one year | 42/48 | €198,601 | €271,120 | +€72,520 | +36.5% |
| Current portion of amounts payable after more than one year | 42 | €56,733 | €42,316 | -€14,417 | -25.4% |
| Financial debts | 43 | €75,000 | €75,000 | = | 0.0% |
| Credit institutions | 430/8 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 44 | €23,485 | €56,682 | +€33,197 | +141.4% |
| Suppliers | 440/4 | €23,485 | €56,682 | +€33,197 | +141.4% |
| Taxes, remuneration and social security | 45 | €20,019 | €22,842 | +€2,823 | +14.1% |
| Taxes | 450/3 | €18,139 | €22,842 | +€4,702 | +25.9% |
| Remuneration and social security | 454/9 | €1,879 | - | -€1,879 | |
| Other amounts payable | 47/48 | €23,364 | €74,280 | +€50,916 | +217.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €54,449 | €2,616 | -€51,833 | -95.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,535 | €190,397 | +€104,862 | +122.6% |
| Other operating charges | 640/8 | €4,507 | €10,291 | +€5,784 | +128.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €173,464 | €240,958 | +€67,495 | +38.9% |
| Operating profit (loss) | 9901 | €28,973 | €37,654 | +€8,681 | +30.0% |
| Financial income | 75/76B | €459 | €340 | -€119 | -26.0% |
| Recurring financial income | 75 | €459 | €340 | -€119 | -26.0% |
| Financial charges | 65/66B | €20,418 | €29,798 | +€9,380 | +45.9% |
| Recurring financial charges | 65 | €20,418 | €29,798 | +€9,380 | +45.9% |
| Profit (loss) for the period before taxes | 9903 | €9,013 | €8,196 | -€818 | -9.1% |
| Income taxes | 67/77 | €129 | €3,002 | +€2,873 | +2235.8% |
| Profit (loss) for the period | 9904 | €8,885 | €5,194 | -€3,691 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,885 | €5,194 | -€3,691 | -41.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.