BELYNX: 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.
BELYNX
Largest movements
- Cash -€29,961
down €29,961 (-67.3%), from €44,538 to €14,578
mainly Investment in fixed assets (net) (-€61,955) and Receivables within one year (-€12,269)
- Tangible fixed assets +€22,384
up €22,384 (+22.6%), from €98,928 to €121,312
of which Plant, machinery and equipment: +€24,824
- Receivables within one year +€12,269
up €12,269 (+157.6%), from €7,786 to €20,054
of which Trade receivables: +€11,320
- Debts after one year -€5,808
down €5,808 (-7.5%), from €77,402 to €71,594
- Tax, wage and social debts +€5,555
up €5,555 (+27.0%), from €20,571 to €26,126
of which Taxes: +€4,559
- Profit (loss) carried forward +€5,393
up €5,393, from -€4,139 to €1,254
- Accrued charges and deferred income -€3,872
no longer reported in 2025 (was €3,872)
- Current portion of long-term debt +€2,650
up €2,650 (+7.9%), from €33,333 to €35,983
- Gross operating margin +€28,824
up €28,824 (+43.6%), from €66,062 to €94,886
- Staff costs +€8,324
up €8,324 (+29.4%), from €28,350 to €36,674
- Depreciation +€6,527
up €6,527 (+19.7%), from €33,106 to €39,634
- Taxes +€3,371
up €3,371 (+140.6%), from €2,397 to €5,768
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 | €181,080 | €184,037 | +€2,958 | +1.6% |
| Fixed assets | 21/28 | €99,095 | €121,416 | +€22,321 | +22.5% |
| Intangible fixed assets | 21 | €157 | €94 | -€63 | -40.2% |
| Tangible fixed assets | 22/27 | €98,928 | €121,312 | +€22,384 | +22.6% |
| Land and buildings | 22 | €3,634 | €9,754 | +€6,120 | +168.4% |
| Plant, machinery and equipment | 23 | €58,878 | €83,702 | +€24,824 | +42.2% |
| Furniture and vehicles | 24 | €33,357 | €23,906 | -€9,450 | -28.3% |
| Other tangible fixed assets | 26 | €3,060 | €3,950 | +€890 | +29.1% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €81,985 | €62,621 | -€19,363 | -23.6% |
| Stocks and contracts in progress | 3 | €22,722 | €21,829 | -€893 | -3.9% |
| Stocks | 30/36 | €22,722 | €21,829 | -€893 | -3.9% |
| Amounts receivable within one year | 40/41 | €7,786 | €20,054 | +€12,269 | +157.6% |
| Trade receivables | 40 | €3,465 | €14,785 | +€11,320 | +326.7% |
| Other amounts receivable | 41 | €4,321 | €5,269 | +€948 | +21.9% |
| Cash at bank and in hand | 54/58 | €44,538 | €14,578 | -€29,961 | -67.3% |
| Deferred charges and accrued income | 490/1 | €6,939 | €6,161 | -€778 | -11.2% |
| Total equity and liabilities | 10/49 | €181,080 | €184,037 | +€2,958 | +1.6% |
| Equity | 10/15 | €28,268 | €33,661 | +€5,393 | +19.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,807 | €13,807 | = | 0.0% |
| Distributable reserves | 133 | €13,807 | €13,807 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,139 | €1,254 | +€5,393 | |
| Amounts payable | 17/49 | €152,812 | €150,376 | -€2,436 | -1.6% |
| Amounts payable after more than one year | 17 | €77,402 | €71,594 | -€5,808 | -7.5% |
| Financial debts | 170/4 | €77,402 | €71,594 | -€5,808 | -7.5% |
| Amounts payable within one year | 42/48 | €71,538 | €78,782 | +€7,245 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €33,333 | €35,983 | +€2,650 | +7.9% |
| Trade debts | 44 | €15,822 | €16,022 | +€201 | +1.3% |
| Suppliers | 440/4 | €15,822 | €16,022 | +€201 | +1.3% |
| Taxes, remuneration and social security | 45 | €20,571 | €26,126 | +€5,555 | +27.0% |
| Taxes | 450/3 | €16,354 | €20,912 | +€4,559 | +27.9% |
| Remuneration and social security | 454/9 | €4,218 | €5,214 | +€997 | +23.6% |
| Other amounts payable | 47/48 | €1,812 | €651 | -€1,161 | -64.1% |
| Accrued charges and deferred income | 492/3 | €3,872 | - | -€3,872 | |
| Remuneration, social security and pensions | 62 | €28,350 | €36,674 | +€8,324 | +29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,106 | €39,634 | +€6,527 | +19.7% |
| Other operating charges | 640/8 | €1,469 | €2,182 | +€713 | +48.6% |
| Gross operating margin | 9900 | €66,062 | €94,886 | +€28,824 | +43.6% |
| Operating profit (loss) | 9901 | €3,137 | €16,395 | +€13,258 | +422.7% |
| Financial income | 75/76B | €120 | €352 | +€232 | +192.8% |
| Recurring financial income | 75 | €120 | €352 | +€232 | +192.8% |
| Financial charges | 65/66B | €4,999 | €5,586 | +€587 | +11.7% |
| Recurring financial charges | 65 | €4,999 | €5,586 | +€587 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,742 | €11,161 | +€12,903 | |
| Income taxes | 67/77 | €2,397 | €5,768 | +€3,371 | +140.6% |
| Profit (loss) for the period | 9904 | -€4,139 | €5,393 | +€9,532 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,139 | €5,393 | +€9,532 |
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 29 September 2026 via checked.be.