BELVAL: 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.
BELVAL
Largest movements
- Cash +€10,418
up €10,418 (+8.1%), from €128,370 to €138,788
mainly Depreciation (+€23,692) and Net result for the year (+€5,140)
- Tangible fixed assets -€7,047
down €7,047 (-3.3%), from €216,245 to €209,197
of which Land and buildings: -€7,030
- Profit (loss) carried forward +€5,140
up €5,140 (+51.4%), from €10,005 to €15,145
- Gross operating margin -€1,957
down €1,957 (-5.3%), from €36,993 to €35,036
- Financial income +€564
up €564 (+260.5%), from €216 to €780
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 | €344,679 | €348,266 | +€3,586 | +1.0% |
| Fixed assets | 21/28 | €216,245 | €209,197 | -€7,047 | -3.3% |
| Tangible fixed assets | 22/27 | €216,245 | €209,197 | -€7,047 | -3.3% |
| Land and buildings | 22 | €131,129 | €124,099 | -€7,030 | -5.4% |
| Plant, machinery and equipment | 23 | €84,672 | €84,803 | +€131 | +0.2% |
| Furniture and vehicles | 24 | €443 | €295 | -€148 | -33.3% |
| Current assets | 29/58 | €128,435 | €139,068 | +€10,633 | +8.3% |
| Amounts receivable within one year | 40/41 | €65 | - | -€65 | |
| Other amounts receivable | 41 | €65 | - | -€65 | |
| Cash at bank and in hand | 54/58 | €128,370 | €138,788 | +€10,418 | +8.1% |
| Deferred charges and accrued income | 490/1 | - | €280 | +€280 | |
| Total equity and liabilities | 10/49 | €344,679 | €348,266 | +€3,586 | +1.0% |
| Equity | 10/15 | €336,005 | €341,145 | +€5,140 | +1.5% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €76,000 | €76,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €71,000 | €71,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,005 | €15,145 | +€5,140 | +51.4% |
| Amounts payable | 17/49 | €8,675 | €7,121 | -€1,554 | -17.9% |
| Amounts payable after more than one year | 17 | €4,800 | €1,450 | -€3,350 | -69.8% |
| Other amounts payable | 178/9 | €4,800 | €1,450 | -€3,350 | -69.8% |
| Amounts payable within one year | 42/48 | €2,825 | €3,126 | +€301 | +10.7% |
| Trade debts | 44 | €2,825 | €226 | -€2,599 | -92.0% |
| Suppliers | 440/4 | €2,825 | €226 | -€2,599 | -92.0% |
| Other amounts payable | 47/48 | - | €2,900 | +€2,900 | |
| Accrued charges and deferred income | 492/3 | €1,050 | €2,545 | +€1,495 | +142.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,042 | €23,692 | -€350 | -1.5% |
| Other operating charges | 640/8 | €6,164 | €6,082 | -€83 | -1.3% |
| Non-recurring operating charges | 66A | - | €626 | +€626 | |
| Gross operating margin | 9900 | €36,993 | €35,036 | -€1,957 | -5.3% |
| Operating profit (loss) | 9901 | €6,787 | €4,636 | -€2,151 | -31.7% |
| Financial income | 75/76B | €216 | €780 | +€564 | +260.5% |
| Recurring financial income | 75 | €216 | €780 | +€564 | +260.5% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €6,958 | €5,371 | -€1,587 | -22.8% |
| Income taxes | 67/77 | - | €231 | +€231 | |
| Profit (loss) for the period | 9904 | €6,958 | €5,140 | -€1,819 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,958 | €5,140 | -€1,819 | -26.1% |
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 1 October 2026 via checked.be.