BELVIEW: 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.
BELVIEW
Largest movements
- Cash +€113,471
up €113,471 (+62.9%), from €180,380 to €293,850
mainly Receivables within one year (+€105,375) and Net result for the year (+€67,497)
- Receivables within one year -€105,375
down €105,375 (-19.1%), from €551,292 to €445,917
of which Trade receivables: -€100,663
- Tangible fixed assets -€15,098
down €15,098 (-34.2%), from €44,185 to €29,087
of which Furniture and vehicles: -€13,331
- Other debts -€85,000
no longer reported in 2025 (was €85,000)
- Profit (loss) carried forward +€67,497
up €67,497 (+17.1%), from €395,574 to €463,071
- Trade debts +€15,860
up €15,860 (+6.6%), from €239,108 to €254,967
- Debts after one year -€12,440
down €12,440 (-41.4%), from €30,081 to €17,641
- Turnover +€2.0m
new in 2025: €2.0m
- Purchases and services +€1.3m
new in 2025: €1.3m
- Staff costs +€127,986
up €127,986 (+26.9%), from €476,565 to €604,551
- Gross operating margin +€98,994
up €98,994 (+15.4%), from €641,401 to €740,395
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 | €779,592 | €772,590 | -€7,002 | -0.9% |
| Fixed assets | 21/28 | €47,921 | €32,823 | -€15,098 | -31.5% |
| Tangible fixed assets | 22/27 | €44,185 | €29,087 | -€15,098 | -34.2% |
| Plant, machinery and equipment | 23 | €2,348 | €1,342 | -€1,006 | -42.9% |
| Furniture and vehicles | 24 | €40,697 | €27,365 | -€13,331 | -32.8% |
| Leasing and similar rights | 25 | €1,141 | €380 | -€760 | -66.7% |
| Financial fixed assets | 28 | €3,736 | €3,736 | = | 0.0% |
| Current assets | 29/58 | €731,671 | €739,767 | +€8,096 | +1.1% |
| Amounts receivable within one year | 40/41 | €551,292 | €445,917 | -€105,375 | -19.1% |
| Trade receivables | 40 | €411,887 | €311,224 | -€100,663 | -24.4% |
| Other amounts receivable | 41 | €139,405 | €134,693 | -€4,712 | -3.4% |
| Cash at bank and in hand | 54/58 | €180,380 | €293,850 | +€113,471 | +62.9% |
| Total equity and liabilities | 10/49 | €779,592 | €772,590 | -€7,002 | -0.9% |
| Equity | 10/15 | €414,174 | €481,671 | +€67,497 | +16.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €395,574 | €463,071 | +€67,497 | +17.1% |
| Amounts payable | 17/49 | €365,419 | €290,919 | -€74,499 | -20.4% |
| Amounts payable after more than one year | 17 | €30,081 | €17,641 | -€12,440 | -41.4% |
| Financial debts | 170/4 | €30,081 | €17,641 | -€12,440 | -41.4% |
| Amounts payable within one year | 42/48 | €335,338 | €273,279 | -€62,059 | -18.5% |
| Financial debts | 43 | €11,230 | €13,122 | +€1,892 | +16.8% |
| Credit institutions | 430/8 | €11,230 | €13,122 | +€1,892 | +16.8% |
| Trade debts | 44 | €239,108 | €254,967 | +€15,860 | +6.6% |
| Suppliers | 440/4 | €239,108 | €254,967 | +€15,860 | +6.6% |
| Taxes, remuneration and social security | 45 | - | €5,189 | +€5,189 | |
| Remuneration and social security | 454/9 | - | €5,189 | +€5,189 | |
| Other amounts payable | 47/48 | €85,000 | - | -€85,000 | |
| Turnover | 70 | - | €2,044,676 | +€2.0m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,304,281 | +€1.3m | |
| Remuneration, social security and pensions | 62 | €476,565 | €604,551 | +€127,986 | +26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,184 | €21,156 | +€1,972 | +10.3% |
| Other operating charges | 640/8 | €7,437 | €3,378 | -€4,059 | -54.6% |
| Gross operating margin | 9900 | €641,401 | €740,395 | +€98,994 | +15.4% |
| Operating profit (loss) | 9901 | €138,214 | €111,310 | -€26,905 | -19.5% |
| Financial income | 75/76B | €1,177 | €203 | -€974 | -82.7% |
| Recurring financial income | 75 | €1,177 | €203 | -€974 | -82.7% |
| Financial charges | 65/66B | €11,741 | €13,164 | +€1,423 | +12.1% |
| Recurring financial charges | 65 | €11,741 | €13,164 | +€1,423 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €127,650 | €98,349 | -€29,301 | -23.0% |
| Income taxes | 67/77 | €19,602 | €30,852 | +€11,250 | +57.4% |
| Profit (loss) for the period | 9904 | €108,049 | €67,497 | -€40,552 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €108,049 | €67,497 | -€40,552 | -37.5% |
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 10 October 2026 via checked.be.