DE BELS: 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.
DE BELS
Largest movements
- Receivables after one year +€52,942
new in 2025: €52,942
- Stocks and contracts -€17,082
down €17,082 (-100%), from €17,082 to €0
- Cash +€6,773
up €6,773 (+3.1%), from €218,978 to €225,751
mainly Net result for the year (+€60,863) and Provisions (+€26,523)
- Tangible fixed assets -€6,591
down €6,591 (-24.8%), from €26,588 to €19,998
of which Furniture and vehicles: -€6,444
- Receivables within one year -€6,185
down €6,185 (-12.2%), from €50,800 to €44,616
of which Trade receivables: -€27,777
- Reserves +€48,863
up €48,863 (+36.8%), from €132,876 to €181,739
of which Distributable reserves: +€48,863
- Other debts -€29,068
down €29,068 (-41.7%), from €69,743 to €40,675
- Provisions +€26,523
up €26,523 (+100%), from €26,423 to €52,946
- Trade debts -€11,325
down €11,325 (-71.1%), from €15,923 to €4,597
- Accrued charges and deferred income -€7,606
down €7,606 (-68.8%), from €11,058 to €3,452
- Gross operating margin +€34,633
up €34,633 (+37.0%), from €93,530 to €128,164
- Provisions +€31,914
up €31,914, from -€5,392 to €26,523
- Financial charges -€28,139
down €28,139 (-85.2%), from €33,043 to €4,904
of which Financial charges: -€28,139
- Taxes +€16,716
up €16,716 (+116%), from €14,361 to €31,077
- Financial income +€3,182
up €3,182 (+1,837%), from €173 to €3,355
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 | €318,534 | €346,743 | +€28,209 | +8.9% |
| Fixed assets | 21/28 | €27,788 | €21,198 | -€6,591 | -23.7% |
| Tangible fixed assets | 22/27 | €26,588 | €19,998 | -€6,591 | -24.8% |
| Plant, machinery and equipment | 23 | €293 | €147 | -€147 | -50.0% |
| Furniture and vehicles | 24 | €26,295 | €19,851 | -€6,444 | -24.5% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €290,746 | €325,545 | +€34,799 | +12.0% |
| Amounts receivable after more than one year | 29 | - | €52,942 | +€52,942 | |
| Other amounts receivable | 291 | - | €52,942 | +€52,942 | |
| Stocks and contracts in progress | 3 | €17,082 | €0 | -€17,082 | -100% |
| Stocks | 30/36 | €17,082 | €0 | -€17,082 | -100% |
| Amounts receivable within one year | 40/41 | €50,800 | €44,616 | -€6,185 | -12.2% |
| Trade receivables | 40 | €50,800 | €23,023 | -€27,777 | -54.7% |
| Other amounts receivable | 41 | €0 | €21,592 | +€21,592 | |
| Cash at bank and in hand | 54/58 | €218,978 | €225,751 | +€6,773 | +3.1% |
| Deferred charges and accrued income | 490/1 | €3,886 | €2,236 | -€1,649 | -42.4% |
| Total equity and liabilities | 10/49 | €318,534 | €346,743 | +€28,209 | +8.9% |
| Equity | 10/15 | €177,976 | €226,840 | +€48,863 | +27.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €132,876 | €181,739 | +€48,863 | +36.8% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €131,021 | €179,884 | +€48,863 | +37.3% |
| Profit (loss) carried forward | 14 | €26,550 | €26,550 | = | 0.0% |
| Provisions and deferred taxes | 16 | €26,423 | €52,946 | +€26,523 | +100% |
| Provisions for liabilities and charges | 160/5 | €26,423 | €52,946 | +€26,523 | +100% |
| Environmental obligations | 163 | €26,423 | €52,946 | +€26,523 | +100% |
| Amounts payable | 17/49 | €114,134 | €66,957 | -€47,177 | -41.3% |
| Amounts payable within one year | 42/48 | €103,076 | €63,504 | -€39,571 | -38.4% |
| Trade debts | 44 | €15,923 | €4,597 | -€11,325 | -71.1% |
| Suppliers | 440/4 | €15,923 | €4,597 | -€11,325 | -71.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €17,410 | €18,231 | +€822 | +4.7% |
| Taxes | 450/3 | €17,410 | €18,231 | +€822 | +4.7% |
| Other amounts payable | 47/48 | €69,743 | €40,675 | -€29,068 | -41.7% |
| Accrued charges and deferred income | 492/3 | €11,058 | €3,452 | -€7,606 | -68.8% |
| Non-recurring operating income | 76A | - | €72,918 | +€72,918 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,890 | €7,972 | +€82 | +1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€5,392 | €26,523 | +€31,914 | |
| Other operating charges | 640/8 | €562 | €179 | -€382 | -68.1% |
| Gross operating margin | 9900 | €93,530 | €128,164 | +€34,633 | +37.0% |
| Operating profit (loss) | 9901 | €90,470 | €93,489 | +€3,019 | +3.3% |
| Financial income | 75/76B | €173 | €3,355 | +€3,182 | +1,837% |
| Recurring financial income | 75 | €173 | €3,355 | +€3,182 | +1,837% |
| Financial charges | 65/66B | €33,043 | €4,904 | -€28,139 | -85.2% |
| Recurring financial charges | 65 | €33,043 | €4,904 | -€28,139 | -85.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €57,601 | €91,940 | +€34,340 | +59.6% |
| Income taxes | 67/77 | €14,361 | €31,077 | +€16,716 | +116% |
| Profit (loss) for the period | 9904 | €43,240 | €60,863 | +€17,624 | +40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €43,240 | €60,863 | +€17,624 | +40.8% |
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 14 October 2026 via checked.be.