BELVEST: 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.
BELVEST
Largest movements
- Tangible fixed assets +€4.0m
up €4.0m (+3,933%), from €101,773 to €4.1m
- Debts after one year +€3.8m
new in 2025: €3.8m
- Current portion of long-term debt +€235,730
new in 2025: €235,730
- Contributions -€67,000
down €67,000 (-93.1%), from €72,000 to €5,000
- Depreciation -€4,065
down €4,065 (-46.6%), from €8,732 to €4,666
- Gross operating margin +€3,671
up €3,671, from -€1,932 to €1,738
- Financial charges +€561
up €561 (+64.2%), from €874 to €1,435
- Other operating charges +€224
up €224 (+127%), from €176 to €400
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 | €102,630 | €4,106,682 | +€4.0m | +3,901% |
| Fixed assets | 21/28 | €101,773 | €4,104,392 | +€4.0m | +3,933% |
| Tangible fixed assets | 22/27 | €101,773 | €4,104,392 | +€4.0m | +3,933% |
| Land and buildings | 22 | €101,773 | €4,104,392 | +€4.0m | +3,933% |
| Current assets | 29/58 | €857 | €2,290 | +€1,433 | +167% |
| Cash at bank and in hand | 54/58 | €857 | €2,290 | +€1,433 | +167% |
| Total equity and liabilities | 10/49 | €102,630 | €4,106,682 | +€4.0m | +3,901% |
| Equity | 10/15 | €60,287 | -€11,476 | -€71,763 | |
| Contributions | 10/11 | €72,000 | €5,000 | -€67,000 | -93.1% |
| Profit (loss) carried forward | 14 | -€11,713 | -€16,476 | -€4,763 | -40.7% |
| Amounts payable | 17/49 | €42,343 | €4,118,158 | +€4.1m | +9,626% |
| Amounts payable after more than one year | 17 | - | €3,815,854 | +€3.8m | |
| Financial debts | 170/4 | - | €3,815,854 | +€3.8m | |
| Amounts payable within one year | 42/48 | €42,343 | €301,904 | +€259,561 | +613% |
| Current portion of amounts payable after more than one year | 42 | - | €235,730 | +€235,730 | |
| Trade debts | 44 | - | €1,449 | +€1,449 | |
| Suppliers | 440/4 | - | €1,449 | +€1,449 | |
| Other amounts payable | 47/48 | €42,343 | €64,726 | +€22,382 | +52.9% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,732 | €4,666 | -€4,065 | -46.6% |
| Other operating charges | 640/8 | €176 | €400 | +€224 | +127% |
| Gross operating margin | 9900 | -€1,932 | €1,738 | +€3,671 | |
| Operating profit (loss) | 9901 | -€10,840 | -€3,328 | +€7,512 | +69.3% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €874 | €1,435 | +€561 | +64.2% |
| Recurring financial charges | 65 | €874 | €1,435 | +€561 | +64.2% |
| Profit (loss) for the period before taxes | 9903 | -€11,713 | -€4,763 | +€6,950 | +59.3% |
| Profit (loss) for the period | 9904 | -€11,713 | -€4,763 | +€6,950 | +59.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,713 | -€4,763 | +€6,950 | +59.3% |
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 20 October 2026 via checked.be.