BELYSSE: 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.
What changed
BELYSSE
NACE 70.100, Activities of head offices
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
-€255,942
31-12-2024 · -€11.1m+€10.8m
Equity
€64.0m
31-12-2024 · €64.3m-€255,942
Cash
€7.6m
31-12-2024 · €5.5m+€2.1m
Balance sheet total
€207.6m
31-12-2024 · €213.3m-€5.7m
Largest movements
Assets
- Financial fixed assets -€24.0m
down €24.0m (-12.4%), from €193.4m to €169.3m
- Receivables within one year +€10.0m
up €10.0m (+435%), from €2.3m to €12.3m
of which Other amounts receivable: +€8.7m
- Current investments +€6.2m
up €6.2m (+52.0%), from €12.0m to €18.2m
Equity and liabilities
- Short-term financial debts -€5.7m
down €5.7m (-99.8%), from €5.7m to €9,099
Income statement
- Financial income +€23.9m
up €23.9m (+348%), from €6.9m to €30.7m
- Financial charges +€12.5m
up €12.5m (+67.6%), from €18.5m to €31.1m
of which Non-recurring financial charges: +€13.4m
- Services and other goods -€917,052
down €917,052 (-16.8%), from €5.5m to €4.5m
- Turnover -€696,153
down €696,153 (-11.5%), from €6.1m to €5.4m
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
-€11.1m
Turnover
-€696,153
Other operating income
-€6,576
Services and other goods
+€917,052
Staff costs
+€44,538
Depreciation
-€1,486
Other operating charges
-€101
Other operating items
-€771,968
Financial income
+€23.9m
Financial charges
-€12.5m
Taxes
-€18,502
Result 31-12-2025
-€255,942
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€9.5m
Investment
+€17.8m
Financing
-€6.2m
Cash 31-12-2024
€5.5m
From operations (derived)
-€9.5m
Net result for the year
-€255,942
Depreciation
+€15,863
Receivables within one year
-€10.0m
Smaller working-capital items
+€53,256
Trade debts
+€113,113
Tax, wage and social debts
-€83,529
Other debts
+€726,589
Investment (derived)
+€17.8m
Investment in fixed assets (net)
+€24.0m
Current investments
-€6.2m
Financing
-€6.2m
Debts after one year
-€514,806
Short-term financial debts
-€5.7m
Cash 31-12-2025
€7.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €213,257,292 | €207,585,131 | -€5.7m | -2.7% |
| Fixed assets | 21/28 | €193,448,266 | €169,391,356 | -€24.1m | -12.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €68,398 | €52,535 | -€15,863 | -23.2% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €68,398 | €52,535 | -€15,863 | -23.2% |
| Financial fixed assets | 28 | €193,379,868 | €169,338,821 | -€24.0m | -12.4% |
| Affiliated companies | 280/1 | €193,379,868 | €169,338,821 | -€24.0m | -12.4% |
| Participating interests | 280 | €130,562,346 | €113,797,439 | -€16.8m | -12.8% |
| Amounts receivable | 281 | €62,817,522 | €55,541,382 | -€7.3m | -11.6% |
| Current assets | 29/58 | €19,809,025 | €38,193,775 | +€18.4m | +92.8% |
| Amounts receivable within one year | 40/41 | €2,306,484 | €12,332,106 | +€10.0m | +435% |
| Trade receivables | 40 | €1,089,970 | €2,390,608 | +€1.3m | +119% |
| Other amounts receivable | 41 | €1,216,514 | €9,941,497 | +€8.7m | +717% |
| Current investments | 50/53 | €12,000,000 | €18,234,043 | +€6.2m | +52.0% |
| Other investments | 51/53 | €12,000,000 | €18,234,043 | +€6.2m | +52.0% |
| Cash at bank and in hand | 54/58 | €5,461,216 | €7,591,088 | +€2.1m | +39.0% |
| Deferred charges and accrued income | 490/1 | €41,326 | €36,539 | -€4,787 | -11.6% |
| Total equity and liabilities | 10/49 | €213,257,292 | €207,585,131 | -€5.7m | -2.7% |
| Equity | 10/15 | €64,299,569 | €64,043,627 | -€255,942 | -0.4% |
| Contributions | 10/11 | €160,533,575 | €160,533,575 | = | 0.0% |
| Capital | 10 | €112,491,589 | €112,491,589 | = | 0.0% |
| Issued capital | 100 | €112,491,589 | €112,491,589 | = | 0.0% |
| Contributions outside capital | 11 | €48,041,986 | €48,041,986 | = | 0.0% |
| Share premium | 1100/10 | €48,041,986 | €48,041,986 | = | 0.0% |
| Reserves | 13 | €5,763,580 | €5,763,580 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,763,580 | €5,763,580 | = | 0.0% |
| Legal reserve | 130 | €5,763,580 | €5,763,580 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,997,586 | -€102,253,528 | -€255,942 | -0.3% |
| Amounts payable | 17/49 | €148,957,723 | €143,541,504 | -€5.4m | -3.6% |
| Amounts payable after more than one year | 17 | €137,458,316 | €136,943,510 | -€514,806 | -0.4% |
| Financial debts | 170/4 | €137,458,316 | €136,943,510 | -€514,806 | -0.4% |
| Other loans | 174 | €137,458,316 | €136,943,510 | -€514,806 | -0.4% |
| Amounts payable within one year | 42/48 | €6,978,160 | €2,028,278 | -€4.9m | -70.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €5,715,155 | €9,099 | -€5.7m | -99.8% |
| Other loans | 439 | €5,715,155 | €9,099 | -€5.7m | -99.8% |
| Trade debts | 44 | €650,524 | €763,637 | +€113,113 | +17.4% |
| Suppliers | 440/4 | €650,524 | €763,637 | +€113,113 | +17.4% |
| Taxes, remuneration and social security | 45 | €211,694 | €128,165 | -€83,529 | -39.5% |
| Taxes | 450/3 | €8,618 | €6,376 | -€2,242 | -26.0% |
| Remuneration and social security | 454/9 | €203,076 | €121,790 | -€81,286 | -40.0% |
| Other amounts payable | 47/48 | €400,787 | €1,127,376 | +€726,589 | +181% |
| Accrued charges and deferred income | 492/3 | €4,521,247 | €4,569,716 | +€48,469 | +1.1% |
| Operating income | 70/76A | €6,886,764 | €5,412,067 | -€1.5m | -21.4% |
| Turnover | 70 | €6,074,043 | €5,377,890 | -€696,153 | -11.5% |
| Other operating income | 74 | €40,753 | €34,177 | -€6,576 | -16.1% |
| Non-recurring operating income | 76A | €771,968 | - | -€771,968 | |
| Operating charges | 60/66A | €6,292,596 | €5,332,592 | -€960,004 | -15.3% |
| Services and other goods | 61 | €5,453,939 | €4,536,887 | -€917,052 | -16.8% |
| Remuneration, social security and pensions | 62 | €820,490 | €775,952 | -€44,538 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,377 | €15,863 | +€1,486 | +10.3% |
| Other operating charges | 640/8 | €3,790 | €3,891 | +€101 | +2.7% |
| Operating profit (loss) | 9901 | €594,168 | €79,474 | -€514,693 | -86.6% |
| Financial income | 75/76B | €6,866,001 | €30,746,476 | +€23.9m | +348% |
| Recurring financial income | 75 | €6,866,001 | €30,746,476 | +€23.9m | +348% |
| Income from financial fixed assets | 750 | €5,809,730 | €29,898,649 | +€24.1m | +415% |
| Income from current assets | 751 | €0 | - | = | |
| Other financial income | 752/9 | €1,056,271 | €847,828 | -€208,443 | -19.7% |
| Financial charges | 65/66B | €18,541,482 | €31,080,962 | +€12.5m | +67.6% |
| Recurring financial charges | 65 | €15,215,616 | €14,316,055 | -€899,561 | -5.9% |
| Debt charges | 650 | €13,966,836 | €12,997,600 | -€969,236 | -6.9% |
| Other financial charges | 652/9 | €1,248,779 | €1,318,455 | +€69,676 | +5.6% |
| Non-recurring financial charges | 66B | €3,325,866 | €16,764,907 | +€13.4m | +404% |
| Profit (loss) for the period before taxes | 9903 | -€11,081,313 | -€255,011 | +€10.8m | +97.7% |
| Income taxes | 67/77 | -€17,571 | €931 | +€18,502 | |
| Taxes | 670/3 | €1,187 | €4,240 | +€3,053 | +257% |
| Tax adjustments and reversals of tax provisions | 77 | €18,758 | €3,309 | -€15,449 | -82.4% |
| Profit (loss) for the period | 9904 | -€11,063,742 | -€255,942 | +€10.8m | +97.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,063,742 | -€255,942 | +€10.8m | +97.7% |
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 13 October 2026 via checked.be.