BELUVAL: 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.
BELUVAL
Largest movements
- Cash +€600,686
up €600,686 (+255%), from €236,022 to €836,709
mainly Net result for the year (+€1.0m) and Depreciation (+€33,000)
- Financial fixed assets +€203,200
up €203,200 (+1.6%), from €12.6m to €12.8m
- Reserves +€1.0m
up €1.0m (+10.7%), from €9.6m to €10.6m
of which Distributable reserves: +€1.0m
- Debts after one year -€225,140
down €225,140 (-3.0%), from €7.6m to €7.3m
- Financial income -€113,353
down €113,353 (-8.5%), from €1.3m to €1.2m
- Gross operating margin -€46,342
down €46,342, from €7,574 to -€38,768
- Taxes -€15,177
down €15,177 (-12.9%), from €117,225 to €102,047
- Depreciation +€5,590
up €5,590 (+20.4%), from €27,410 to €33,000
- Financial charges +€1,659
up €1,659 (+6.9%), from €23,942 to €25,601
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.
Derived cash bridge
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 | €17,274,277 | €18,068,517 | +€794,240 | +4.6% |
| Fixed assets | 21/28 | €12,817,209 | €12,987,408 | +€170,200 | +1.3% |
| Intangible fixed assets | 21 | €179,235 | €154,235 | -€25,000 | -13.9% |
| Tangible fixed assets | 22/27 | €33,355 | €25,355 | -€8,000 | -24.0% |
| Plant, machinery and equipment | 23 | €33,355 | €25,355 | -€8,000 | -24.0% |
| Financial fixed assets | 28 | €12,604,618 | €12,807,818 | +€203,200 | +1.6% |
| Current assets | 29/58 | €4,457,069 | €5,081,109 | +€624,040 | +14.0% |
| Amounts receivable within one year | 40/41 | €310,404 | €292,882 | -€17,522 | -5.6% |
| Trade receivables | 40 | €27,438 | €28,672 | +€1,234 | +4.5% |
| Other amounts receivable | 41 | €282,966 | €264,210 | -€18,756 | -6.6% |
| Current investments | 50/53 | €3,908,814 | €3,950,212 | +€41,398 | +1.1% |
| Cash at bank and in hand | 54/58 | €236,022 | €836,709 | +€600,686 | +255% |
| Deferred charges and accrued income | 490/1 | €1,829 | €1,306 | -€523 | -28.6% |
| Total equity and liabilities | 10/49 | €17,274,277 | €18,068,517 | +€794,240 | +4.6% |
| Equity | 10/15 | €9,710,716 | €10,731,190 | +€1.0m | +10.5% |
| Contributions | 10/11 | €82,370 | €82,370 | = | 0.0% |
| Capital | 10 | €66,295 | €66,295 | = | 0.0% |
| Issued capital | 100 | €66,295 | €66,295 | = | 0.0% |
| Contributions outside capital | 11 | €16,075 | €16,075 | = | 0.0% |
| Share premium | 1100/10 | €16,075 | €16,075 | = | 0.0% |
| Reserves | 13 | €9,580,175 | €10,600,649 | +€1.0m | +10.7% |
| Non-distributable reserves | 130/1 | €6,629 | €6,629 | = | 0.0% |
| Legal reserve | 130 | €6,629 | €6,629 | = | 0.0% |
| Distributable reserves | 133 | €9,573,545 | €10,594,019 | +€1.0m | +10.7% |
| Profit (loss) carried forward | 14 | €48,172 | €48,172 | = | 0.0% |
| Amounts payable | 17/49 | €7,563,561 | €7,337,327 | -€226,235 | -3.0% |
| Amounts payable after more than one year | 17 | €7,562,467 | €7,337,327 | -€225,140 | -3.0% |
| Financial debts | 170/4 | €7,562,467 | €7,337,327 | -€225,140 | -3.0% |
| Amounts payable within one year | 42/48 | €1,094 | €0 | -€1,094 | -100% |
| Trade debts | 44 | €1,094 | €0 | -€1,094 | -100% |
| Suppliers | 440/4 | €1,094 | €0 | -€1,094 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,410 | €33,000 | +€5,590 | +20.4% |
| Other operating charges | 640/8 | €960 | €968 | +€7 | +0.8% |
| Gross operating margin | 9900 | €7,574 | -€38,768 | -€46,342 | |
| Operating profit (loss) | 9901 | -€20,796 | -€72,735 | -€51,939 | -250% |
| Financial income | 75/76B | €1,334,211 | €1,220,858 | -€113,353 | -8.5% |
| Recurring financial income | 75 | €1,334,211 | €1,220,858 | -€113,353 | -8.5% |
| Financial charges | 65/66B | €23,942 | €25,601 | +€1,659 | +6.9% |
| Recurring financial charges | 65 | €23,942 | €25,601 | +€1,659 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | €1,289,473 | €1,122,522 | -€166,951 | -12.9% |
| Income taxes | 67/77 | €117,225 | €102,047 | -€15,177 | -12.9% |
| Profit (loss) for the period | 9904 | €1,172,248 | €1,020,474 | -€151,774 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,172,248 | €1,020,474 | -€151,774 | -12.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.