Belurec: 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.
Belurec
Largest movements
- Current investments +€138,500
new in 2025: €138,500
- Cash -€40,205
down €40,205 (-57.4%), from €69,990 to €29,785
mainly Current investments (-€138,500) and Smaller working-capital items (-€163)
- Receivables within one year -€30,570
down €30,570 (-94.3%), from €32,428 to €1,858
of which Other amounts receivable: -€17,545
- Tangible fixed assets -€6,278
down €6,278 (-32.9%), from €19,110 to €12,832
- Reserves +€56,000
up €56,000 (+69.1%), from €81,000 to €137,000
- Trade debts +€3,338
up €3,338 (+309.3%), from €1,079 to €4,418
- Gross operating margin -€7,053
down €7,053 (-8.3%), from €85,050 to €77,997
- Taxes -€1,215
down €1,215 (-7.1%), from €17,048 to €15,834
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 | €123,067 | €184,662 | +€61,595 | +50.1% |
| Fixed assets | 21/28 | €19,110 | €12,832 | -€6,278 | -32.9% |
| Tangible fixed assets | 22/27 | €19,110 | €12,832 | -€6,278 | -32.9% |
| Furniture and vehicles | 24 | €19,110 | €12,832 | -€6,278 | -32.9% |
| Current assets | 29/58 | €103,956 | €171,830 | +€67,874 | +65.3% |
| Amounts receivable within one year | 40/41 | €32,428 | €1,858 | -€30,570 | -94.3% |
| Trade receivables | 40 | €14,883 | €1,858 | -€13,025 | -87.5% |
| Other amounts receivable | 41 | €17,545 | - | -€17,545 | |
| Current investments | 50/53 | - | €138,500 | +€138,500 | |
| Cash at bank and in hand | 54/58 | €69,990 | €29,785 | -€40,205 | -57.4% |
| Deferred charges and accrued income | 490/1 | €1,539 | €1,687 | +€148 | +9.6% |
| Total equity and liabilities | 10/49 | €123,067 | €184,662 | +€61,595 | +50.1% |
| Equity | 10/15 | €86,742 | €142,387 | +€55,645 | +64.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €81,000 | €137,000 | +€56,000 | +69.1% |
| Distributable reserves | 133 | €81,000 | €137,000 | +€56,000 | +69.1% |
| Profit (loss) carried forward | 14 | €742 | €387 | -€355 | -47.9% |
| Amounts payable | 17/49 | €36,325 | €42,275 | +€5,950 | +16.4% |
| Amounts payable within one year | 42/48 | €36,310 | €42,275 | +€5,965 | +16.4% |
| Trade debts | 44 | €1,079 | €4,418 | +€3,338 | +309.3% |
| Suppliers | 440/4 | €1,079 | €4,418 | +€3,338 | +309.3% |
| Taxes, remuneration and social security | 45 | €19,562 | €21,312 | +€1,750 | +8.9% |
| Taxes | 450/3 | €19,562 | €21,312 | +€1,750 | +8.9% |
| Other amounts payable | 47/48 | €15,668 | €16,545 | +€877 | +5.6% |
| Accrued charges and deferred income | 492/3 | €15 | - | -€15 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,003 | €6,278 | +€275 | +4.6% |
| Other operating charges | 640/8 | €1,412 | €919 | -€494 | -34.9% |
| Gross operating margin | 9900 | €85,050 | €77,997 | -€7,053 | -8.3% |
| Operating profit (loss) | 9901 | €77,634 | €70,800 | -€6,834 | -8.8% |
| Financial income | 75/76B | €106 | €734 | +€628 | +593.9% |
| Recurring financial income | 75 | €106 | €734 | +€628 | +593.9% |
| Financial charges | 65/66B | €644 | €55 | -€589 | -91.4% |
| Recurring financial charges | 65 | €644 | €55 | -€589 | -91.4% |
| Profit (loss) for the period before taxes | 9903 | €77,096 | €71,479 | -€5,617 | -7.3% |
| Income taxes | 67/77 | €17,048 | €15,834 | -€1,215 | -7.1% |
| Profit (loss) for the period | 9904 | €60,047 | €55,645 | -€4,402 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €60,047 | €55,645 | -€4,402 | -7.3% |
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 28 September 2026 via checked.be.