BIRGIT BELAEN: 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.
BIRGIT BELAEN
Largest movements
- Current investments +€76,028
up €76,028 (+100.1%), from €75,938 to €151,966
- Cash -€43,475
down €43,475 (-16.9%), from €256,777 to €213,302
mainly Investment in fixed assets (net) (-€98,174) and Current investments (-€76,028)
- Tangible fixed assets +€41,862
up €41,862 (+9.4%), from €445,631 to €487,493
of which Furniture and vehicles: +€48,432
- Receivables within one year -€12,550
down €12,550 (-13.8%), from €91,113 to €78,563
of which Trade receivables: -€12,550
- Reserves +€100,835
up €100,835 (+31.6%), from €319,019 to €419,854
- Debts after one year -€62,406
down €62,406 (-26.8%), from €232,511 to €170,105
of which Other amounts payable: -€40,938
- Trade debts +€12,474
up €12,474 (+22.3%), from €55,829 to €68,303
- Gross operating margin -€40,071
down €40,071 (-15.4%), from €259,488 to €219,417
- Taxes -€13,562
down €13,562 (-22.2%), from €61,094 to €47,532
- Depreciation +€5,280
up €5,280 (+10.3%), from €51,032 to €56,312
- Financial charges -€4,639
down €4,639 (-30.5%), from €15,203 to €10,565
of which Financial charges: -€4,639
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 | €881,057 | €935,483 | +€54,427 | +6.2% |
| Fixed assets | 21/28 | €445,631 | €487,493 | +€41,862 | +9.4% |
| Tangible fixed assets | 22/27 | €445,631 | €487,493 | +€41,862 | +9.4% |
| Land and buildings | 22 | €353,572 | €351,474 | -€2,098 | -0.6% |
| Plant, machinery and equipment | 23 | €18,756 | €18,541 | -€215 | -1.1% |
| Furniture and vehicles | 24 | €2,417 | €50,849 | +€48,432 | +2003.6% |
| Other tangible fixed assets | 26 | €70,886 | €66,629 | -€4,257 | -6.0% |
| Current assets | 29/58 | €435,425 | €447,990 | +€12,565 | +2.9% |
| Amounts receivable within one year | 40/41 | €91,113 | €78,563 | -€12,550 | -13.8% |
| Trade receivables | 40 | €91,113 | €78,563 | -€12,550 | -13.8% |
| Other amounts receivable | 41 | €0 | €0 | = | 0.0% |
| Current investments | 50/53 | €75,938 | €151,966 | +€76,028 | +100.1% |
| Cash at bank and in hand | 54/58 | €256,777 | €213,302 | -€43,475 | -16.9% |
| Deferred charges and accrued income | 490/1 | €11,598 | €4,159 | -€7,439 | -64.1% |
| Total equity and liabilities | 10/49 | €881,057 | €935,483 | +€54,427 | +6.2% |
| Equity | 10/15 | €478,419 | €579,254 | +€100,835 | +21.1% |
| Contributions | 10/11 | €159,400 | €159,400 | = | 0.0% |
| Reserves | 13 | €319,019 | €419,854 | +€100,835 | +31.6% |
| Distributable reserves | 133 | €319,019 | €419,854 | +€100,835 | +31.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €57,515 | €57,515 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €57,515 | €57,515 | = | 0.0% |
| Pensions and similar obligations | 160 | €57,515 | €57,515 | = | 0.0% |
| Amounts payable | 17/49 | €345,123 | €298,714 | -€46,408 | -13.4% |
| Amounts payable after more than one year | 17 | €232,511 | €170,105 | -€62,406 | -26.8% |
| Financial debts | 170/4 | €98,293 | €76,825 | -€21,468 | -21.8% |
| Other amounts payable | 178/9 | €134,218 | €93,280 | -€40,938 | -30.5% |
| Amounts payable within one year | 42/48 | €112,612 | €128,609 | +€15,998 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €21,064 | €21,468 | +€404 | +1.9% |
| Trade debts | 44 | €55,829 | €68,303 | +€12,474 | +22.3% |
| Suppliers | 440/4 | €55,829 | €68,303 | +€12,474 | +22.3% |
| Taxes, remuneration and social security | 45 | €27,256 | €30,879 | +€3,623 | +13.3% |
| Taxes | 450/3 | €27,256 | €30,879 | +€3,623 | +13.3% |
| Other amounts payable | 47/48 | €8,462 | €7,959 | -€503 | -5.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €6,150 | +€6,150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,032 | €56,312 | +€5,280 | +10.3% |
| Other operating charges | 640/8 | €3,521 | €5,116 | +€1,595 | +45.3% |
| Gross operating margin | 9900 | €259,488 | €219,417 | -€40,071 | -15.4% |
| Operating profit (loss) | 9901 | €204,934 | €157,989 | -€46,946 | -22.9% |
| Financial income | 75/76B | €1,580 | €943 | -€637 | -40.3% |
| Recurring financial income | 75 | €1,580 | €943 | -€637 | -40.3% |
| Financial charges | 65/66B | €15,203 | €10,565 | -€4,639 | -30.5% |
| Recurring financial charges | 65 | €15,203 | €10,565 | -€4,639 | -30.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €191,311 | €148,367 | -€42,944 | -22.4% |
| Income taxes | 67/77 | €61,094 | €47,532 | -€13,562 | -22.2% |
| Profit (loss) for the period | 9904 | €130,217 | €100,835 | -€29,382 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €130,217 | €100,835 | -€29,382 | -22.6% |
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 4 October 2026 via checked.be.