BELUGA IMMO: 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.
BELUGA IMMO
Largest movements
- Tangible fixed assets -€37,413
down €37,413 (-8.1%), from €460,275 to €422,862
of which Land and buildings: -€37,240
- Debts after one year -€49,483
down €49,483 (-20.6%), from €240,075 to €190,592
- Other debts +€25,529
up €25,529 (+9.3%), from €275,927 to €301,456
- Profit (loss) carried forward -€14,909
down €14,909 (-14.3%), from -€104,601 to -€119,510
- Depreciation -€4,545
down €4,545 (-10.8%), from €41,958 to €37,413
- Gross operating margin +€3,407
up €3,407 (+10.6%), from €32,263 to €35,670
- Financial charges -€1,253
down €1,253 (-10.5%), from €11,973 to €10,720
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 | €480,061 | €443,486 | -€36,574 | -7.6% |
| Fixed assets | 21/28 | €460,525 | €423,112 | -€37,413 | -8.1% |
| Tangible fixed assets | 22/27 | €460,275 | €422,862 | -€37,413 | -8.1% |
| Land and buildings | 22 | €459,641 | €422,401 | -€37,240 | -8.1% |
| Furniture and vehicles | 24 | €635 | €461 | -€173 | -27.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €19,535 | €20,374 | +€839 | +4.3% |
| Amounts receivable within one year | 40/41 | €14,124 | €13,358 | -€766 | -5.4% |
| Trade receivables | 40 | €13,222 | €12,302 | -€919 | -7.0% |
| Other amounts receivable | 41 | €903 | €1,056 | +€154 | +17.0% |
| Cash at bank and in hand | 54/58 | €1,195 | €2,871 | +€1,676 | +140.3% |
| Deferred charges and accrued income | 490/1 | €4,216 | €4,144 | -€72 | -1.7% |
| Total equity and liabilities | 10/49 | €480,061 | €443,486 | -€36,574 | -7.6% |
| Equity | 10/15 | -€84,141 | -€99,050 | -€14,909 | -17.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€104,601 | -€119,510 | -€14,909 | -14.3% |
| Amounts payable | 17/49 | €564,202 | €542,537 | -€21,665 | -3.8% |
| Amounts payable after more than one year | 17 | €240,075 | €190,592 | -€49,483 | -20.6% |
| Financial debts | 170/4 | €240,075 | €190,592 | -€49,483 | -20.6% |
| Amounts payable within one year | 42/48 | €324,127 | €351,345 | +€27,218 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €47,621 | €49,483 | +€1,862 | +3.9% |
| Trade debts | 44 | €114 | - | -€114 | |
| Suppliers | 440/4 | €114 | - | -€114 | |
| Taxes, remuneration and social security | 45 | €464 | €406 | -€58 | -12.6% |
| Taxes | 450/3 | €464 | €406 | -€58 | -12.6% |
| Other amounts payable | 47/48 | €275,927 | €301,456 | +€25,529 | +9.3% |
| Accrued charges and deferred income | 492/3 | - | €600 | +€600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,958 | €37,413 | -€4,545 | -10.8% |
| Other operating charges | 640/8 | €2,417 | €2,500 | +€83 | +3.4% |
| Gross operating margin | 9900 | €32,263 | €35,670 | +€3,407 | +10.6% |
| Operating profit (loss) | 9901 | -€12,112 | -€4,243 | +€7,869 | +65.0% |
| Financial income | 75/76B | €0 | €54 | +€54 | +35806.7% |
| Recurring financial income | 75 | €0 | €54 | +€54 | +35806.7% |
| Financial charges | 65/66B | €11,973 | €10,720 | -€1,253 | -10.5% |
| Recurring financial charges | 65 | €11,973 | €10,720 | -€1,253 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | -€24,085 | -€14,909 | +€9,176 | +38.1% |
| Profit (loss) for the period | 9904 | -€24,085 | -€14,909 | +€9,176 | +38.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,085 | -€14,909 | +€9,176 | +38.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.