BELUX SPAS: 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.
BELUX SPAS
Largest movements
- Stocks and contracts +€294,881
up €294,881 (+786%), from €37,530 to €332,412
- Tangible fixed assets +€81,857
up €81,857 (+51.7%), from €158,456 to €240,314
of which Furniture and vehicles: +€45,818
- Receivables within one year +€28,177
up €28,177 (+83.6%), from €33,722 to €61,900
- Cash +€15,741
up €15,741 (+46.2%), from €34,057 to €49,798
mainly Advances received (+€88,452) and Other debts (+€86,789)
- Advances received +€88,452
new in 2025: €88,452
- Other debts +€86,789
up €86,789 (+295%), from €29,388 to €116,178
- Trade debts +€84,894
up €84,894 (+169%), from €50,087 to €134,981
- Tax, wage and social debts +€73,384
up €73,384 (+154%), from €47,625 to €121,009
- Profit (loss) carried forward +€55,228
up €55,228 (+85.2%), from €64,787 to €120,015
- Gross operating margin +€33,078
up €33,078 (+45.5%), from €72,722 to €105,800
- Financial income +€21,901
up €21,901 (+21,900,730%), from €0 to €21,901
- Staff costs +€15,095
up €15,095 (+24,334%), from €62 to €15,157
- Other operating charges +€12,651
up €12,651 (+8,504%), from €149 to €12,799
- Taxes +€6,210
up €6,210 (+50.9%), from €12,212 to €18,421
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 | €269,236 | €696,865 | +€427,628 | +159% |
| Fixed assets | 21/28 | €163,926 | €245,819 | +€81,892 | +50.0% |
| Tangible fixed assets | 22/27 | €158,456 | €240,314 | +€81,857 | +51.7% |
| Land and buildings | 22 | €89,705 | €125,744 | +€36,039 | +40.2% |
| Plant, machinery and equipment | 23 | €68,129 | €68,129 | = | 0.0% |
| Furniture and vehicles | 24 | €623 | €46,441 | +€45,818 | +7,354% |
| Financial fixed assets | 28 | €5,470 | €5,505 | +€35 | +0.6% |
| Current assets | 29/58 | €105,310 | €451,046 | +€345,736 | +328% |
| Stocks and contracts in progress | 3 | €37,530 | €332,412 | +€294,881 | +786% |
| Stocks | 30/36 | €37,530 | €332,412 | +€294,881 | +786% |
| Amounts receivable within one year | 40/41 | €33,722 | €61,900 | +€28,177 | +83.6% |
| Trade receivables | 40 | €33,722 | €61,900 | +€28,177 | +83.6% |
| Cash at bank and in hand | 54/58 | €34,057 | €49,798 | +€15,741 | +46.2% |
| Deferred charges and accrued income | 490/1 | - | €6,937 | +€6,937 | |
| Total equity and liabilities | 10/49 | €269,236 | €696,865 | +€427,628 | +159% |
| Equity | 10/15 | €69,787 | €125,015 | +€55,228 | +79.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,787 | €120,015 | +€55,228 | +85.2% |
| Amounts payable | 17/49 | €199,449 | €571,849 | +€372,400 | +187% |
| Amounts payable after more than one year | 17 | €57,328 | €57,328 | = | 0.0% |
| Financial debts | 170/4 | €57,328 | €57,328 | = | 0.0% |
| Amounts payable within one year | 42/48 | €142,121 | €514,521 | +€372,400 | +262% |
| Current portion of amounts payable after more than one year | 42 | €15,020 | €53,901 | +€38,881 | +259% |
| Trade debts | 44 | €50,087 | €134,981 | +€84,894 | +169% |
| Suppliers | 440/4 | €50,087 | €134,981 | +€84,894 | +169% |
| Advances received on contracts in progress | 46 | - | €88,452 | +€88,452 | |
| Taxes, remuneration and social security | 45 | €47,625 | €121,009 | +€73,384 | +154% |
| Taxes | 450/3 | €47,625 | €121,009 | +€73,384 | +154% |
| Other amounts payable | 47/48 | €29,388 | €116,178 | +€86,789 | +295% |
| Remuneration, social security and pensions | 62 | €62 | €15,157 | +€15,095 | +24,334% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,237 | €23,413 | +€1,176 | +5.3% |
| Other operating charges | 640/8 | €149 | €12,799 | +€12,651 | +8,504% |
| Gross operating margin | 9900 | €72,722 | €105,800 | +€33,078 | +45.5% |
| Operating profit (loss) | 9901 | €50,274 | €54,432 | +€4,157 | +8.3% |
| Financial income | 75/76B | €0 | €21,901 | +€21,901 | +21,900,730% |
| Recurring financial income | 75 | €0 | €21,901 | +€21,901 | +21,900,730% |
| Financial charges | 65/66B | €1,427 | €2,683 | +€1,255 | +87.9% |
| Recurring financial charges | 65 | €1,427 | €2,683 | +€1,255 | +87.9% |
| Profit (loss) for the period before taxes | 9903 | €48,847 | €73,650 | +€24,803 | +50.8% |
| Income taxes | 67/77 | €12,212 | €18,421 | +€6,210 | +50.9% |
| Profit (loss) for the period | 9904 | €36,635 | €55,228 | +€18,593 | +50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,635 | €55,228 | +€18,593 | +50.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.