BELVI: 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.
BELVI
Largest movements
- Cash -€44,997
down €44,997 (-41.6%), from €108,152 to €63,155
mainly Contributions, distributions and other (-€37,101) and Investment in fixed assets (net) (-€21,846)
- Receivables after one year -€6,600
down €6,600 (-100.0%), from €6,600 to €0
- Tangible fixed assets +€4,932
up €4,932 (+8.4%), from €58,589 to €63,520
of which Other tangible fixed assets: +€7,566
- Stocks and contracts -€4,726
down €4,726 (-18.9%), from €24,984 to €20,258
- Reserves -€32,475
down €32,475 (-58.3%), from €55,668 to €23,193
of which Distributable reserves: -€32,475
- Trade debts -€18,792
down €18,792 (-53.0%), from €35,442 to €16,649
- Profit (loss) carried forward +€13,072
up €13,072, from -€13,072 to €0
- Debts after one year -€8,822
down €8,822 (-47.6%), from €18,526 to €9,704
- Tax, wage and social debts -€3,731
down €3,731 (-10.2%), from €36,724 to €32,993
of which Taxes: -€3,616
- Gross operating margin +€13,855
up €13,855 (+5.6%), from €246,508 to €260,364
- Staff costs +€7,695
up €7,695 (+3.7%), from €206,287 to €213,982
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 | €208,993 | €157,282 | -€51,710 | -24.7% |
| Fixed assets | 21/28 | €58,876 | €63,808 | +€4,932 | +8.4% |
| Tangible fixed assets | 22/27 | €58,589 | €63,520 | +€4,932 | +8.4% |
| Plant, machinery and equipment | 23 | €4,422 | €7,369 | +€2,947 | +66.6% |
| Furniture and vehicles | 24 | €2,710 | €1,337 | -€1,373 | -50.7% |
| Leasing and similar rights | 25 | €12,844 | €8,636 | -€4,208 | -32.8% |
| Other tangible fixed assets | 26 | €38,613 | €46,179 | +€7,566 | +19.6% |
| Financial fixed assets | 28 | €287 | €287 | = | 0.0% |
| Current assets | 29/58 | €150,116 | €93,475 | -€56,642 | -37.7% |
| Amounts receivable after more than one year | 29 | €6,600 | €0 | -€6,600 | -100.0% |
| Trade receivables | 290 | €6,600 | €0 | -€6,600 | -100.0% |
| Stocks and contracts in progress | 3 | €24,984 | €20,258 | -€4,726 | -18.9% |
| Stocks | 30/36 | €24,984 | €20,258 | -€4,726 | -18.9% |
| Amounts receivable within one year | 40/41 | €5,370 | €5,048 | -€322 | -6.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €5,370 | €5,048 | -€322 | -6.0% |
| Cash at bank and in hand | 54/58 | €108,152 | €63,155 | -€44,997 | -41.6% |
| Deferred charges and accrued income | 490/1 | €5,010 | €5,014 | +€4 | +0.1% |
| Total equity and liabilities | 10/49 | €208,993 | €157,282 | -€51,710 | -24.7% |
| Equity | 10/15 | €104,569 | €85,166 | -€19,403 | -18.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €55,668 | €23,193 | -€32,475 | -58.3% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €49,471 | €16,996 | -€32,475 | -65.6% |
| Profit (loss) carried forward | 14 | -€13,072 | €0 | +€13,072 | |
| Amounts payable | 17/49 | €104,423 | €72,116 | -€32,307 | -30.9% |
| Amounts payable after more than one year | 17 | €18,526 | €9,704 | -€8,822 | -47.6% |
| Financial debts | 170/4 | €18,526 | €9,704 | -€8,822 | -47.6% |
| Amounts payable within one year | 42/48 | €85,898 | €62,412 | -€23,486 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €3,005 | €3,069 | +€64 | +2.1% |
| Financial debts | 43 | €6,534 | €6,700 | +€167 | +2.6% |
| Credit institutions | 430/8 | - | €6,700 | +€6,700 | |
| Other loans | 439 | €6,534 | €0 | -€6,534 | -100.0% |
| Trade debts | 44 | €35,442 | €16,649 | -€18,792 | -53.0% |
| Suppliers | 440/4 | €35,442 | €16,649 | -€18,792 | -53.0% |
| Taxes, remuneration and social security | 45 | €36,724 | €32,993 | -€3,731 | -10.2% |
| Taxes | 450/3 | €17,015 | €13,400 | -€3,616 | -21.2% |
| Remuneration and social security | 454/9 | €19,708 | €19,593 | -€115 | -0.6% |
| Other amounts payable | 47/48 | €4,194 | €3,001 | -€1,193 | -28.4% |
| Remuneration, social security and pensions | 62 | €206,287 | €213,982 | +€7,695 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,900 | €16,914 | +€2,015 | +13.5% |
| Other operating charges | 640/8 | €823 | €919 | +€95 | +11.6% |
| Gross operating margin | 9900 | €246,508 | €260,364 | +€13,855 | +5.6% |
| Operating profit (loss) | 9901 | €24,498 | €28,548 | +€4,050 | +16.5% |
| Financial income | 75/76B | €2 | €30 | +€28 | +1319.8% |
| Recurring financial income | 75 | €2 | €30 | +€28 | +1319.8% |
| Financial charges | 65/66B | €3,531 | €3,842 | +€312 | +8.8% |
| Recurring financial charges | 65 | €3,531 | €3,842 | +€312 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €20,969 | €24,736 | +€3,767 | +18.0% |
| Income taxes | 67/77 | €5,470 | €7,038 | +€1,567 | +28.7% |
| Profit (loss) for the period | 9904 | €15,499 | €17,698 | +€2,199 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,499 | €17,698 | +€2,199 | +14.2% |
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.