BELXM: 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.
BELXM
Largest movements
- Cash +€64,389
up €64,389 (+59.4%), from €108,427 to €172,816
mainly Net result for the year (+€60,847) and Tax, wage and social debts (+€49,367)
- Current investments -€2,188
down €2,188 (-37.0%), from €5,912 to €3,724
- Tangible fixed assets -€2,180
down €2,180 (-53.6%), from €4,066 to €1,886
of which Furniture and vehicles: -€1,993
- Tax, wage and social debts +€49,367
up €49,367 (+127%), from €39,014 to €88,382
of which Remuneration and social security: +€55,702
- Trade debts +€15,426
up €15,426 (+277%), from €5,565 to €20,991
- Accrued charges and deferred income -€8,625
down €8,625 (-82.2%), from €10,487 to €1,862
- Other debts +€4,054
up €4,054 (+6.6%), from €61,081 to €65,135
- Gross operating margin +€9,667
up €9,667 (+13.1%), from €74,065 to €83,733
- Taxes -€4,506
down €4,506 (-20.1%), from €22,396 to €17,890
- Financial charges +€3,963
up €3,963, from -€1,484 to €2,480
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.
Derived cash bridge
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 | €141,067 | €201,137 | +€60,070 | +42.6% |
| Fixed assets | 21/28 | €4,566 | €2,386 | -€2,180 | -47.7% |
| Tangible fixed assets | 22/27 | €4,066 | €1,886 | -€2,180 | -53.6% |
| Plant, machinery and equipment | 23 | €243 | €57 | -€187 | -76.7% |
| Furniture and vehicles | 24 | €3,822 | €1,829 | -€1,993 | -52.2% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €136,502 | €198,752 | +€62,250 | +45.6% |
| Amounts receivable within one year | 40/41 | €22,162 | €22,212 | +€50 | +0.2% |
| Trade receivables | 40 | €22,162 | €8,438 | -€13,724 | -61.9% |
| Other amounts receivable | 41 | €0 | €13,773 | +€13,773 | |
| Current investments | 50/53 | €5,912 | €3,724 | -€2,188 | -37.0% |
| Cash at bank and in hand | 54/58 | €108,427 | €172,816 | +€64,389 | +59.4% |
| Total equity and liabilities | 10/49 | €141,067 | €201,137 | +€60,070 | +42.6% |
| Equity | 10/15 | €24,919 | €24,767 | -€153 | -0.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,659 | €10,507 | -€153 | -1.4% |
| Amounts payable | 17/49 | €116,148 | €176,370 | +€60,223 | +51.8% |
| Amounts payable within one year | 42/48 | €105,661 | €174,508 | +€68,848 | +65.2% |
| Trade debts | 44 | €5,565 | €20,991 | +€15,426 | +277% |
| Suppliers | 440/4 | €5,565 | €20,991 | +€15,426 | +277% |
| Taxes, remuneration and social security | 45 | €39,014 | €88,382 | +€49,367 | +127% |
| Taxes | 450/3 | €39,014 | €32,680 | -€6,335 | -16.2% |
| Remuneration and social security | 454/9 | - | €55,702 | +€55,702 | |
| Other amounts payable | 47/48 | €61,081 | €65,135 | +€4,054 | +6.6% |
| Accrued charges and deferred income | 492/3 | €10,487 | €1,862 | -€8,625 | -82.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,742 | €2,180 | +€438 | +25.1% |
| Other operating charges | 640/8 | €592 | €760 | +€168 | +28.4% |
| Gross operating margin | 9900 | €74,065 | €83,733 | +€9,667 | +13.1% |
| Operating profit (loss) | 9901 | €71,731 | €80,793 | +€9,062 | +12.6% |
| Financial income | 75/76B | €92 | €424 | +€331 | +359% |
| Recurring financial income | 75 | €92 | €424 | +€331 | +359% |
| Financial charges | 65/66B | -€1,484 | €2,480 | +€3,963 | |
| Recurring financial charges | 65 | -€1,484 | €2,480 | +€3,963 | |
| Profit (loss) for the period before taxes | 9903 | €73,307 | €78,737 | +€5,430 | +7.4% |
| Income taxes | 67/77 | €22,396 | €17,890 | -€4,506 | -20.1% |
| Profit (loss) for the period | 9904 | €50,911 | €60,847 | +€9,936 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,911 | €60,847 | +€9,936 | +19.5% |
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 22 October 2026 via checked.be.