Dr S.Belis: 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 S.Belis
Largest movements
- Tangible fixed assets +€249,485
up €249,485 (+54.0%), from €462,229 to €711,714
of which Land and buildings: +€260,486
- Cash +€29,101
up €29,101 (+30.2%), from €96,458 to €125,560
mainly Debts after one year (+€245,807) and Other debts (+€119,449)
- Debts after one year +€245,807
up €245,807 (+68.0%), from €361,222 to €607,029
- Other debts +€119,449
up €119,449 (+432%), from €27,678 to €147,127
- Reserves -€108,778
down €108,778 (-76.4%), from €142,435 to €33,657
- Tax, wage and social debts +€17,881
up €17,881 (+215%), from €8,320 to €26,200
of which Taxes: +€18,589
- Depreciation +€34,963
up €34,963 (+93.1%), from €37,568 to €72,531
- Gross operating margin -€13,726
down €13,726 (-7.6%), from €179,866 to €166,140
- Staff costs -€6,634
down €6,634 (-16.9%), from €39,205 to €32,572
- Taxes -€6,089
down €6,089 (-32.5%), from €18,708 to €12,620
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 | €566,997 | €849,591 | +€282,594 | +49.8% |
| Fixed assets | 21/28 | €462,229 | €711,714 | +€249,485 | +54.0% |
| Tangible fixed assets | 22/27 | €462,229 | €711,714 | +€249,485 | +54.0% |
| Land and buildings | 22 | €406,438 | €666,924 | +€260,486 | +64.1% |
| Plant, machinery and equipment | 23 | €50,021 | €42,620 | -€7,401 | -14.8% |
| Furniture and vehicles | 24 | €5,771 | €2,171 | -€3,600 | -62.4% |
| Current assets | 29/58 | €104,768 | €137,877 | +€33,109 | +31.6% |
| Amounts receivable within one year | 40/41 | €309 | €5,301 | +€4,992 | +1,616% |
| Trade receivables | 40 | €309 | €2,921 | +€2,612 | +845% |
| Other amounts receivable | 41 | €0 | €2,380 | +€2,380 | |
| Cash at bank and in hand | 54/58 | €96,458 | €125,560 | +€29,101 | +30.2% |
| Deferred charges and accrued income | 490/1 | €8,000 | €7,016 | -€984 | -12.3% |
| Total equity and liabilities | 10/49 | €566,997 | €849,591 | +€282,594 | +49.8% |
| Equity | 10/15 | €147,435 | €38,657 | -€108,778 | -73.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €142,435 | €33,657 | -€108,778 | -76.4% |
| Distributable reserves | 133 | €142,435 | €33,657 | -€108,778 | -76.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €419,562 | €810,934 | +€391,372 | +93.3% |
| Amounts payable after more than one year | 17 | €361,222 | €607,029 | +€245,807 | +68.0% |
| Financial debts | 170/4 | €361,222 | €607,029 | +€245,807 | +68.0% |
| Amounts payable within one year | 42/48 | €58,340 | €203,905 | +€145,565 | +250% |
| Current portion of amounts payable after more than one year | 42 | €20,370 | €27,581 | +€7,211 | +35.4% |
| Trade debts | 44 | €1,972 | €2,997 | +€1,024 | +51.9% |
| Suppliers | 440/4 | €1,972 | €2,997 | +€1,024 | +51.9% |
| Taxes, remuneration and social security | 45 | €8,320 | €26,200 | +€17,881 | +215% |
| Taxes | 450/3 | €2,777 | €21,365 | +€18,589 | +669% |
| Remuneration and social security | 454/9 | €5,543 | €4,835 | -€708 | -12.8% |
| Other amounts payable | 47/48 | €27,678 | €147,127 | +€119,449 | +432% |
| Remuneration, social security and pensions | 62 | €39,205 | €32,572 | -€6,634 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,568 | €72,531 | +€34,963 | +93.1% |
| Other operating charges | 640/8 | €1,414 | €2,602 | +€1,188 | +84.0% |
| Gross operating margin | 9900 | €179,866 | €166,140 | -€13,726 | -7.6% |
| Operating profit (loss) | 9901 | €101,679 | €58,435 | -€43,244 | -42.5% |
| Financial income | 75/76B | €2 | €3 | +€1 | +51.1% |
| Recurring financial income | 75 | €2 | €3 | +€1 | +51.1% |
| Financial charges | 65/66B | €10,443 | €12,162 | +€1,719 | +16.5% |
| Recurring financial charges | 65 | €10,443 | €12,162 | +€1,719 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €91,238 | €46,277 | -€44,961 | -49.3% |
| Income taxes | 67/77 | €18,708 | €12,620 | -€6,089 | -32.5% |
| Profit (loss) for the period | 9904 | €72,530 | €33,657 | -€38,873 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €72,530 | €33,657 | -€38,873 | -53.6% |
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.