BELVI: what changed
What changed
BELVI
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€238,885
2024 · -€163,100+€401,984
Equity
€24.4m
2024 · €24.1m+€238,885
Cash
€1.2m
2024 · €42,427+€1.1m
Balance sheet total
€34.7m
2024 · €33.3m+€1.3m
Largest movements
Assets
- Receivables after one year +€2.0m
up €2.0m (+214%), from €950,000 to €3.0m
- Receivables within one year -€1.4m
down €1.4m (-42.8%), from €3.2m to €1.8m
of which Other amounts receivable: -€1.2m
- Cash +€1.1m
up €1.1m (+2,636%), from €42,427 to €1.2m
mainly Receivables within one year (+€1.4m) and Current portion of long-term debt (+€1.2m)
Equity and liabilities
- Current portion of long-term debt +€1.2m
up €1.2m (+244%), from €493,665 to €1.7m
Income statement
- Gross operating margin +€424,888
up €424,888 (+60.6%), from €701,473 to €1.1m
- Financial income -€33,394
down €33,394 (-98.3%), from €33,964 to €570
- Other operating charges -€18,677
down €18,677 (-18.1%), from €103,435 to €84,758
- Financial charges +€15,746
up €15,746 (+3.8%), from €409,161 to €424,907
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€163,100
Gross operating margin
+€424,888
Staff costs
+€9,374
Depreciation
-€2,378
Other operating charges
+€18,677
Financial income
-€33,394
Financial charges
-€15,746
Taxes
+€563
Result 2025
€238,885
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€86,634
Investment
-€8,996
Financing
+€1.0m
Cash 2024
€42,427
From operations (derived)
+€86,634
Net result for the year
+€238,885
Depreciation
+€318,177
Receivables after one year
-€2.0m
Receivables within one year
+€1.4m
Deferred charges and accrued income
+€150,468
Provisions
-€409
Trade debts
+€38,417
Tax, wage and social debts
-€13,414
Other debts
-€41,195
Accrued charges and deferred income
+€56,604
Investment (derived)
-€8,996
Investment in fixed assets (net)
-€8,996
Financing
+€1.0m
Debts after one year
-€164,092
Current portion of long-term debt
+€1.2m
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,344,558 | €34,664,376 | +€1.3m | +4.0% |
| Fixed assets | 21/28 | €28,938,094 | €28,628,914 | -€309,180 | -1.1% |
| Intangible fixed assets | 21 | €2,654 | €2,174 | -€480 | -18.1% |
| Tangible fixed assets | 22/27 | €9,317,142 | €9,008,442 | -€308,700 | -3.3% |
| Land and buildings | 22 | €8,799,298 | €8,590,072 | -€209,226 | -2.4% |
| Furniture and vehicles | 24 | €5,665 | €955 | -€4,710 | -83.1% |
| Other tangible fixed assets | 26 | €512,179 | €417,415 | -€94,764 | -18.5% |
| Financial fixed assets | 28 | €19,618,298 | €19,618,298 | = | 0.0% |
| Current assets | 29/58 | €4,406,464 | €6,035,463 | +€1.6m | +37.0% |
| Amounts receivable after more than one year | 29 | €950,000 | €2,982,438 | +€2.0m | +214% |
| Other amounts receivable | 291 | €950,000 | €2,982,438 | +€2.0m | +214% |
| Amounts receivable within one year | 40/41 | €3,204,595 | €1,833,055 | -€1.4m | -42.8% |
| Trade receivables | 40 | €387,656 | €212,686 | -€174,971 | -45.1% |
| Other amounts receivable | 41 | €2,816,939 | €1,620,369 | -€1.2m | -42.5% |
| Current investments | 50/53 | €13,265 | €13,265 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €42,427 | €1,160,995 | +€1.1m | +2,636% |
| Deferred charges and accrued income | 490/1 | €196,177 | €45,709 | -€150,468 | -76.7% |
| Total equity and liabilities | 10/49 | €33,344,558 | €34,664,376 | +€1.3m | +4.0% |
| Equity | 10/15 | €24,133,383 | €24,372,267 | +€238,885 | +1.0% |
| Contributions | 10/11 | €71,889 | €71,889 | = | 0.0% |
| Capital | 10 | €71,889 | €71,889 | = | 0.0% |
| Issued capital | 100 | €71,889 | €71,889 | = | 0.0% |
| Reserves | 13 | €3,482,183 | €3,481,388 | -€795 | 0.0% |
| Non-distributable reserves | 130/1 | €7,189 | €7,189 | = | 0.0% |
| Legal reserve | 130 | €7,189 | €7,189 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,217 | €7,422 | -€795 | -9.7% |
| Distributable reserves | 133 | €3,466,777 | €3,466,777 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,579,310 | €20,818,990 | +€239,680 | +1.2% |
| Provisions and deferred taxes | 16 | €4,231 | €3,822 | -€409 | -9.7% |
| Deferred taxes | 168 | €4,231 | €3,822 | -€409 | -9.7% |
| Amounts payable | 17/49 | €9,206,944 | €10,288,288 | +€1.1m | +11.7% |
| Amounts payable after more than one year | 17 | €6,211,984 | €6,047,892 | -€164,092 | -2.6% |
| Financial debts | 170/4 | €6,211,984 | €6,047,892 | -€164,092 | -2.6% |
| Amounts payable within one year | 42/48 | €2,697,211 | €3,886,043 | +€1.2m | +44.1% |
| Current portion of amounts payable after more than one year | 42 | €493,665 | €1,698,688 | +€1.2m | +244% |
| Trade debts | 44 | €235,702 | €274,120 | +€38,417 | +16.3% |
| Suppliers | 440/4 | €235,702 | €274,120 | +€38,417 | +16.3% |
| Taxes, remuneration and social security | 45 | €24,658 | €11,245 | -€13,414 | -54.4% |
| Taxes | 450/3 | €16,085 | €11,190 | -€4,895 | -30.4% |
| Remuneration and social security | 454/9 | €8,573 | €55 | -€8,519 | -99.4% |
| Other amounts payable | 47/48 | €1,943,186 | €1,901,991 | -€41,195 | -2.1% |
| Accrued charges and deferred income | 492/3 | €297,748 | €354,352 | +€56,604 | +19.0% |
| Non-recurring operating income | 76A | - | €250 | +€250 | |
| Remuneration, social security and pensions | 62 | €69,817 | €60,443 | -€9,374 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €315,799 | €318,177 | +€2,378 | +0.8% |
| Other operating charges | 640/8 | €103,435 | €84,758 | -€18,677 | -18.1% |
| Gross operating margin | 9900 | €701,473 | €1,126,361 | +€424,888 | +60.6% |
| Operating profit (loss) | 9901 | €212,421 | €662,983 | +€450,561 | +212% |
| Financial income | 75/76B | €33,964 | €570 | -€33,394 | -98.3% |
| Recurring financial income | 75 | €33,964 | €570 | -€33,394 | -98.3% |
| Financial charges | 65/66B | €409,161 | €424,907 | +€15,746 | +3.8% |
| Recurring financial charges | 65 | €409,161 | €424,907 | +€15,746 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | -€162,776 | €238,645 | +€401,421 | |
| Transfer from deferred taxes | 780 | €409 | €409 | = | 0.0% |
| Income taxes | 67/77 | €733 | €170 | -€563 | -76.8% |
| Profit (loss) for the period | 9904 | -€163,100 | €238,885 | +€401,984 | |
| Transfer from tax-exempt reserves | 789 | €795 | €795 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€162,304 | €239,680 | +€401,984 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.