Dr. BELINGA Claude: 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.
Dr. BELINGA Claude
Largest movements
- Receivables within one year +€90,396
up €90,396 (+47.4%), from €190,600 to €280,996
- Cash +€16,365
up €16,365 (+8.4%), from €195,857 to €212,222
mainly Net result for the year (+€134,189) and Depreciation (+€6,540)
- Reserves +€134,189
up €134,189 (+23.5%), from €570,451 to €704,640
of which Distributable reserves: +€134,189
- Tax, wage and social debts -€14,117
down €14,117 (-29.9%), from €47,168 to €33,051
- Gross operating margin +€16,947
up €16,947 (+9.2%), from €183,276 to €200,223
- Taxes +€5,604
up €5,604 (+10.6%), from €52,691 to €58,296
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 | €654,330 | €764,644 | +€110,314 | +16.9% |
| Fixed assets | 21/28 | €14,406 | €7,866 | -€6,540 | -45.4% |
| Tangible fixed assets | 22/27 | €14,406 | €7,866 | -€6,540 | -45.4% |
| Furniture and vehicles | 24 | €14,406 | €7,866 | -€6,540 | -45.4% |
| Current assets | 29/58 | €639,924 | €756,778 | +€116,854 | +18.3% |
| Amounts receivable within one year | 40/41 | €190,600 | €280,996 | +€90,396 | +47.4% |
| Other amounts receivable | 41 | €190,600 | €280,996 | +€90,396 | +47.4% |
| Current investments | 50/53 | €228,801 | €235,847 | +€7,046 | +3.1% |
| Cash at bank and in hand | 54/58 | €195,857 | €212,222 | +€16,365 | +8.4% |
| Deferred charges and accrued income | 490/1 | €24,666 | €27,713 | +€3,047 | +12.4% |
| Total equity and liabilities | 10/49 | €654,330 | €764,644 | +€110,314 | +16.9% |
| Equity | 10/15 | €589,051 | €723,240 | +€134,189 | +22.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €570,451 | €704,640 | +€134,189 | +23.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €568,591 | €702,780 | +€134,189 | +23.6% |
| Amounts payable | 17/49 | €65,279 | €41,404 | -€23,875 | -36.6% |
| Amounts payable after more than one year | 17 | €1,418 | - | -€1,418 | |
| Financial debts | 170/4 | €1,418 | - | -€1,418 | |
| Amounts payable within one year | 42/48 | €63,839 | €41,404 | -€22,435 | -35.1% |
| Current portion of amounts payable after more than one year | 42 | €8,366 | €1,418 | -€6,948 | -83.0% |
| Financial debts | 43 | €6,800 | €6,776 | -€24 | -0.4% |
| Credit institutions | 430/8 | €6,800 | €6,776 | -€24 | -0.4% |
| Trade debts | 44 | €1,505 | €159 | -€1,346 | -89.4% |
| Suppliers | 440/4 | €1,505 | €159 | -€1,346 | -89.4% |
| Taxes, remuneration and social security | 45 | €47,168 | €33,051 | -€14,117 | -29.9% |
| Taxes | 450/3 | €47,168 | €33,051 | -€14,117 | -29.9% |
| Accrued charges and deferred income | 492/3 | €22 | - | -€22 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,540 | €6,540 | = | 0.0% |
| Other operating charges | 640/8 | €980 | €1,012 | +€32 | +3.3% |
| Gross operating margin | 9900 | €183,276 | €200,223 | +€16,947 | +9.2% |
| Operating profit (loss) | 9901 | €175,756 | €192,671 | +€16,915 | +9.6% |
| Financial income | 75/76B | €666 | €1,361 | +€696 | +105% |
| Recurring financial income | 75 | €666 | €1,361 | +€696 | +105% |
| Financial charges | 65/66B | €1,694 | €1,548 | -€146 | -8.6% |
| Recurring financial charges | 65 | €1,694 | €1,548 | -€146 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €174,728 | €192,485 | +€17,757 | +10.2% |
| Income taxes | 67/77 | €52,691 | €58,296 | +€5,604 | +10.6% |
| Profit (loss) for the period | 9904 | €122,036 | €134,189 | +€12,152 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €122,036 | €134,189 | +€12,152 | +10.0% |
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 25 October 2026 via checked.be.