BELVU: 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.
BELVU
Largest movements
- Current investments +€100,000
new in 2024: €100,000
- Cash -€54,813
down €54,813 (-35.3%), from €155,430 to €100,616
mainly Current investments (-€100,000) and Investment in fixed assets (net) (-€4,770)
- Tangible fixed assets -€11,234
down €11,234 (-2.6%), from €435,837 to €424,602
of which Land and buildings: -€8,887
- Reserves +€32,383
up €32,383 (+566.6%), from €5,716 to €38,099
of which Distributable reserves: +€30,764
- Depreciation -€9,758
down €9,758 (-37.9%), from €25,762 to €16,004
- Gross operating margin +€4,946
up €4,946 (+7.0%), from €70,576 to €75,522
- Taxes +€3,261
up €3,261, from -€6 to €3,255
- Financial charges +€3,224
up €3,224 (+36.5%), from €8,843 to €12,067
- Financial income +€2,748
up €2,748, from €0 to €2,748
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €592,110 | €629,166 | +€37,055 | +6.3% |
| Fixed assets | 21/28 | €435,837 | €424,602 | -€11,234 | -2.6% |
| Tangible fixed assets | 22/27 | €435,837 | €424,602 | -€11,234 | -2.6% |
| Land and buildings | 22 | €432,183 | €423,295 | -€8,887 | -2.1% |
| Plant, machinery and equipment | 23 | €3,514 | €1,307 | -€2,207 | -62.8% |
| Furniture and vehicles | 24 | €140 | €0 | -€140 | -100.0% |
| Current assets | 29/58 | €156,274 | €204,563 | +€48,290 | +30.9% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €155,430 | €100,616 | -€54,813 | -35.3% |
| Deferred charges and accrued income | 490/1 | €844 | €3,947 | +€3,103 | +367.6% |
| Total equity and liabilities | 10/49 | €592,110 | €629,166 | +€37,055 | +6.3% |
| Equity | 10/15 | €426,767 | €459,518 | +€32,751 | +7.7% |
| Contributions | 10/11 | €421,419 | €421,419 | = | 0.0% |
| Capital | 10 | €421,419 | €421,419 | = | 0.0% |
| Issued capital | 100 | €421,419 | €421,419 | = | 0.0% |
| Reserves | 13 | €5,716 | €38,099 | +€32,383 | +566.6% |
| Non-distributable reserves | 130/1 | €174 | €1,793 | +€1,619 | +933.1% |
| Legal reserve | 130 | €174 | €1,793 | +€1,619 | +933.1% |
| Distributable reserves | 133 | €5,542 | €36,307 | +€30,764 | +555.1% |
| Profit (loss) carried forward | 14 | -€368 | €0 | +€368 | |
| Amounts payable | 17/49 | €165,343 | €169,647 | +€4,304 | +2.6% |
| Amounts payable within one year | 42/48 | €162,591 | €168,748 | +€6,157 | +3.8% |
| Financial debts | 43 | €155,211 | €157,704 | +€2,493 | +1.6% |
| Other loans | 439 | €155,211 | €157,704 | +€2,493 | +1.6% |
| Trade debts | 44 | €4,747 | €4,443 | -€304 | -6.4% |
| Suppliers | 440/4 | €4,747 | €4,443 | -€304 | -6.4% |
| Taxes, remuneration and social security | 45 | €2,633 | €6,600 | +€3,967 | +150.7% |
| Taxes | 450/3 | €2,633 | €6,600 | +€3,967 | +150.7% |
| Accrued charges and deferred income | 492/3 | €2,752 | €900 | -€1,853 | -67.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,762 | €16,004 | -€9,758 | -37.9% |
| Other operating charges | 640/8 | €13,605 | €14,193 | +€588 | +4.3% |
| Gross operating margin | 9900 | €70,576 | €75,522 | +€4,946 | +7.0% |
| Operating profit (loss) | 9901 | €31,209 | €45,325 | +€14,116 | +45.2% |
| Financial income | 75/76B | €0 | €2,748 | +€2,748 | |
| Recurring financial income | 75 | €0 | €2,748 | +€2,748 | |
| Financial charges | 65/66B | €8,843 | €12,067 | +€3,224 | +36.5% |
| Recurring financial charges | 65 | €8,843 | €12,067 | +€3,224 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €22,366 | €36,006 | +€13,640 | +61.0% |
| Income taxes | 67/77 | -€6 | €3,255 | +€3,261 | |
| Profit (loss) for the period | 9904 | €22,372 | €32,751 | +€10,379 | +46.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,372 | €32,751 | +€10,379 | +46.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.