BELVIR: 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.
What changed
BELVIR
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.2m
2024 · €17.6m-€15.4m
Equity
€30.4m
2024 · €38.1m-€7.8m
Cash
€442,792
2024 · €466,075-€23,283
Balance sheet total
€95.5m
2024 · €107.1m-€11.6m
Largest movements
Assets
- Receivables within one year -€11.6m
down €11.6m (-15.5%), from €74.5m to €62.9m
of which Other amounts receivable: -€11.6m
Equity and liabilities
- Profit (loss) carried forward -€7.8m
down €7.8m (-30.8%), from €25.3m to €17.5m
- Other debts -€3.8m
down €3.8m (-5.5%), from €68.9m to €65.1m
Income statement
- Financial income -€15.9m
down €15.9m (-77.7%), from €20.5m to €4.6m
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.
Result 2024
€17.6m
Other operating charges
-€97
Other operating items
+€3,175
Financial income
-€15.9m
Financial charges
+€479,166
Result 2025
€2.2m
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.
From operations
+€10.0m
Investment
€0
Financing
-€10.0m
Cash 2024
€466,075
From operations (derived)
+€10.0m
Net result for the year
+€2.2m
Receivables within one year
+€11.6m
Smaller working-capital items
-€22
Other debts
-€3.8m
Financing
-€10.0m
Contributions, distributions and other
-€10.0m
Cash 2025
€442,792
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €107,060,017 | €95,461,191 | -€11.6m | -10.8% |
| Fixed assets | 21/28 | €32,092,576 | €32,092,576 | = | 0.0% |
| Financial fixed assets | 28 | €32,092,576 | €32,092,576 | = | 0.0% |
| Affiliated companies | 280/1 | €32,092,576 | €32,092,576 | = | 0.0% |
| Participating interests | 280 | €32,092,576 | €32,092,576 | = | 0.0% |
| Current assets | 29/58 | €74,967,442 | €63,368,615 | -€11.6m | -15.5% |
| Amounts receivable within one year | 40/41 | €74,501,117 | €62,925,531 | -€11.6m | -15.5% |
| Trade receivables | 40 | €551 | €605 | +€54 | +9.8% |
| Other amounts receivable | 41 | €74,500,566 | €62,924,926 | -€11.6m | -15.5% |
| Cash at bank and in hand | 54/58 | €466,075 | €442,792 | -€23,283 | -5.0% |
| Deferred charges and accrued income | 490/1 | €250 | €292 | +€42 | +16.7% |
| Total equity and liabilities | 10/49 | €107,060,017 | €95,461,191 | -€11.6m | -10.8% |
| Equity | 10/15 | €38,148,300 | €30,352,453 | -€7.8m | -20.4% |
| Contributions | 10/11 | €11,544,910 | €11,544,910 | = | 0.0% |
| Capital | 10 | €11,544,910 | €11,544,910 | = | 0.0% |
| Issued capital | 100 | €11,544,910 | €11,544,910 | = | 0.0% |
| Revaluation surpluses | 12 | €139,885 | €139,885 | = | 0.0% |
| Reserves | 13 | €1,154,491 | €1,154,491 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,154,491 | €1,154,491 | = | 0.0% |
| Legal reserve | 130 | €1,154,491 | €1,154,491 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,309,014 | €17,513,167 | -€7.8m | -30.8% |
| Amounts payable | 17/49 | €68,911,717 | €65,108,738 | -€3.8m | -5.5% |
| Amounts payable within one year | 42/48 | €68,911,717 | €65,108,738 | -€3.8m | -5.5% |
| Trade debts | 44 | €463 | €482 | +€20 | +4.2% |
| Suppliers | 440/4 | €463 | €482 | +€20 | +4.2% |
| Taxes, remuneration and social security | 45 | €0 | - | -€0 | |
| Taxes | 450/3 | €0 | - | -€0 | |
| Other amounts payable | 47/48 | €68,911,254 | €65,108,256 | -€3.8m | -5.5% |
| Operating charges | 60/66A | €26,671 | €23,592 | -€3,078 | -11.5% |
| Services and other goods | 61 | €24,786 | €21,611 | -€3,175 | -12.8% |
| Other operating charges | 640/8 | €1,885 | €1,981 | +€97 | +5.1% |
| Operating profit (loss) | 9901 | -€26,671 | -€23,592 | +€3,078 | +11.5% |
| Financial income | 75/76B | €20,508,113 | €4,581,505 | -€15.9m | -77.7% |
| Recurring financial income | 75 | €20,508,113 | €4,581,505 | -€15.9m | -77.7% |
| Income from financial fixed assets | 750 | €20,508,111 | €4,572,215 | -€15.9m | -77.7% |
| Other financial income | 752/9 | €2 | €9,290 | +€9,288 | +491434.9% |
| Financial charges | 65/66B | €2,832,927 | €2,353,760 | -€479,166 | -16.9% |
| Recurring financial charges | 65 | €2,832,927 | €2,353,760 | -€479,166 | -16.9% |
| Debt charges | 650 | €2,768,958 | €1,928,266 | -€840,692 | -30.4% |
| Other financial charges | 652/9 | €63,969 | €425,494 | +€361,525 | +565.2% |
| Profit (loss) for the period before taxes | 9903 | €17,648,515 | €2,204,153 | -€15.4m | -87.5% |
| Profit (loss) for the period | 9904 | €17,648,515 | €2,204,153 | -€15.4m | -87.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,648,515 | €2,204,153 | -€15.4m | -87.5% |
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 4 October 2026 via checked.be.