BELVAS: 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.
BELVAS
Largest movements
- Receivables within one year -€35,627
down €35,627 (-85.1%), from €41,877 to €6,250
of which Other amounts receivable: -€41,877
- Tangible fixed assets -€7,794
down €7,794 (-6.4%), from €120,863 to €113,069
of which Land and buildings: -€12,675
- Other debts -€67,869
down €67,869 (-12.7%), from €536,175 to €468,306
- Profit (loss) carried forward +€35,847
up €35,847 (+11.7%), from -€305,721 to -€269,875
- Trade debts -€11,749
down €11,749 (-61.1%), from €19,221 to €7,472
- Gross operating margin +€20,485
up €20,485 (+113.9%), from €17,984 to €38,470
- Financial charges -€8,659
down €8,659 (-91.8%), from €9,429 to €770
- Other operating charges -€1,950
down €1,950 (-36.8%), from €5,303 to €3,353
- Depreciation +€1,400
up €1,400 (+22.1%), from €6,337 to €7,737
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €424,185 | €380,414 | -€43,771 | -10.3% |
| Fixed assets | 21/28 | €121,215 | €113,069 | -€8,146 | -6.7% |
| Tangible fixed assets | 22/27 | €120,863 | €113,069 | -€7,794 | -6.4% |
| Land and buildings | 22 | €120,863 | €108,188 | -€12,675 | -10.5% |
| Furniture and vehicles | 24 | - | €4,881 | +€4,881 | |
| Financial fixed assets | 28 | €352 | - | -€352 | |
| Current assets | 29/58 | €302,970 | €267,345 | -€35,625 | -11.8% |
| Stocks and contracts in progress | 3 | €261,094 | €261,094 | = | 0.0% |
| Stocks | 30/36 | €261,094 | €261,094 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,877 | €6,250 | -€35,627 | -85.1% |
| Trade receivables | 40 | - | €6,250 | +€6,250 | |
| Other amounts receivable | 41 | €41,877 | - | -€41,877 | |
| Cash at bank and in hand | 54/58 | - | €1 | +€1 | |
| Total equity and liabilities | 10/49 | €424,185 | €380,414 | -€43,771 | -10.3% |
| Equity | 10/15 | -€169,325 | -€133,479 | +€35,847 | +21.2% |
| Contributions | 10/11 | €86,763 | €86,763 | = | 0.0% |
| Reserves | 13 | €49,633 | €49,633 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,718 | €3,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,718 | €3,718 | = | 0.0% |
| Distributable reserves | 133 | €45,915 | €45,915 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€305,721 | -€269,875 | +€35,847 | +11.7% |
| Amounts payable | 17/49 | €593,511 | €513,893 | -€79,618 | -13.4% |
| Amounts payable within one year | 42/48 | €593,511 | €513,893 | -€79,618 | -13.4% |
| Financial debts | 43 | €38,114 | €38,114 | = | 0.0% |
| Credit institutions | 430/8 | €38,114 | €38,114 | = | 0.0% |
| Trade debts | 44 | €19,221 | €7,472 | -€11,749 | -61.1% |
| Suppliers | 440/4 | €19,221 | €7,472 | -€11,749 | -61.1% |
| Other amounts payable | 47/48 | €536,175 | €468,306 | -€67,869 | -12.7% |
| Non-recurring operating income | 76A | - | €104 | +€104 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,337 | €7,737 | +€1,400 | +22.1% |
| Other operating charges | 640/8 | €5,303 | €3,353 | -€1,950 | -36.8% |
| Gross operating margin | 9900 | €17,984 | €38,470 | +€20,485 | +113.9% |
| Operating profit (loss) | 9901 | €6,343 | €27,379 | +€21,035 | +331.6% |
| Financial charges | 65/66B | €9,429 | €770 | -€8,659 | -91.8% |
| Recurring financial charges | 65 | €9,429 | €770 | -€8,659 | -91.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,086 | €26,608 | +€29,694 | |
| Profit (loss) for the period | 9904 | -€3,086 | €26,608 | +€29,694 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,086 | €26,608 | +€29,694 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.