BELYDOR: 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.
BELYDOR
Largest movements
- Receivables within one year +€32,891
up €32,891 (+162.7%), from €20,222 to €53,113
of which Other amounts receivable: +€26,875
- Tangible fixed assets -€10,547
down €10,547 (-26.8%), from €39,423 to €28,876
- Cash +€3,248
up €3,248 (+8.9%), from €36,496 to €39,744
mainly Net result for the year (+€24,512) and Depreciation (+€11,767)
- Profit (loss) carried forward +€24,512
up €24,512 (+43.0%), from €56,982 to €81,494
- Tax, wage and social debts +€7,317
up €7,317 (+34.4%), from €21,262 to €28,579
of which Taxes: +€8,927
- Current portion of long-term debt -€4,846
no longer reported in 2025 (was €4,846)
- Trade debts -€1,391
down €1,391 (-13.8%), from €10,051 to €8,660
- Gross operating margin -€8,853
down €8,853 (-8.8%), from €100,125 to €91,272
- Taxes -€5,999
down €5,999 (-40.2%), from €14,926 to €8,927
- Depreciation +€5,407
up €5,407 (+85.0%), from €6,360 to €11,767
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 | €96,141 | €121,733 | +€25,592 | +26.6% |
| Fixed assets | 21/28 | €39,423 | €28,876 | -€10,547 | -26.8% |
| Tangible fixed assets | 22/27 | €39,423 | €28,876 | -€10,547 | -26.8% |
| Furniture and vehicles | 24 | €39,423 | €28,876 | -€10,547 | -26.8% |
| Current assets | 29/58 | €56,718 | €92,857 | +€36,139 | +63.7% |
| Amounts receivable within one year | 40/41 | €20,222 | €53,113 | +€32,891 | +162.7% |
| Trade receivables | 40 | €1,975 | €7,991 | +€6,016 | +304.7% |
| Other amounts receivable | 41 | €18,247 | €45,122 | +€26,875 | +147.3% |
| Cash at bank and in hand | 54/58 | €36,496 | €39,744 | +€3,248 | +8.9% |
| Total equity and liabilities | 10/49 | €96,141 | €121,733 | +€25,592 | +26.6% |
| Equity | 10/15 | €59,982 | €84,494 | +€24,512 | +40.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,982 | €81,494 | +€24,512 | +43.0% |
| Amounts payable | 17/49 | €36,159 | €37,239 | +€1,080 | +3.0% |
| Amounts payable within one year | 42/48 | €36,159 | €37,239 | +€1,080 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €4,846 | - | -€4,846 | |
| Trade debts | 44 | €10,051 | €8,660 | -€1,391 | -13.8% |
| Suppliers | 440/4 | €10,051 | €8,660 | -€1,391 | -13.8% |
| Taxes, remuneration and social security | 45 | €21,262 | €28,579 | +€7,317 | +34.4% |
| Taxes | 450/3 | €14,714 | €23,641 | +€8,927 | +60.7% |
| Remuneration and social security | 454/9 | €6,548 | €4,938 | -€1,610 | -24.6% |
| Remuneration, social security and pensions | 62 | €45,028 | €45,016 | -€12 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,360 | €11,767 | +€5,407 | +85.0% |
| Other operating charges | 640/8 | €673 | €632 | -€41 | -6.1% |
| Gross operating margin | 9900 | €100,125 | €91,272 | -€8,853 | -8.8% |
| Operating profit (loss) | 9901 | €48,065 | €33,858 | -€14,207 | -29.6% |
| Financial charges | 65/66B | €224 | €419 | +€195 | +86.7% |
| Recurring financial charges | 65 | €224 | €419 | +€195 | +86.7% |
| Profit (loss) for the period before taxes | 9903 | €47,840 | €33,439 | -€14,401 | -30.1% |
| Income taxes | 67/77 | €14,926 | €8,927 | -€5,999 | -40.2% |
| Profit (loss) for the period | 9904 | €32,914 | €24,512 | -€8,402 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,914 | €24,512 | -€8,402 | -25.5% |
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 6 October 2026 via checked.be.