EXPERT-BEL: what changed
What changed
EXPERT-BEL
NACE 66.210, Risk and damage evaluation
filed annual accounts (NBB)
Net result for the year
-€176,974
2024 · -€94,997-€81,976
Equity
€701,552
2024 · €878,526-€176,974
Cash
€109,291
2024 · €192,206-€82,915
Balance sheet total
€859,873
2024 · €1.1m-€288,759
Largest movements
Assets
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash -€82,915
down €82,915 (-43.1%), from €192,206 to €109,291
mainly Net result for the year (-€176,974) and Debts after one year (-€44,828)
- Tangible fixed assets -€74,364
down €74,364 (-27.4%), from €271,408 to €197,044
of which Furniture and vehicles: -€76,373
- Receivables within one year +€14,707
up €14,707 (+4.0%), from €369,860 to €384,567
of which Trade receivables: +€13,435
Equity and liabilities
- Profit (loss) carried forward -€176,974
down €176,974 (-37.9%), from €467,028 to €290,054
- Debts after one year -€44,828
down €44,828 (-37.7%), from €118,927 to €74,099
- Trade debts -€30,486
no longer reported in 2025 (was €30,486)
- Tax, wage and social debts -€27,276
down €27,276 (-44.8%), from €60,934 to €33,658
of which Remuneration and social security: -€25,458
Income statement
- Gross operating margin -€248,739
down €248,739 (-48.3%), from €515,324 to €266,585
- Staff costs -€127,264
down €127,264 (-24.7%), from €516,167 to €388,903
- Financial income +€18,929
up €18,929 (+73.8%), from €25,631 to €44,560
- Other operating charges -€18,574
down €18,574 (-74.1%), from €25,082 to €6,509
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€94,997
Gross operating margin
-€248,739
Staff costs
+€127,264
Depreciation
-€3,853
Write-downs
-€40
Other operating charges
+€18,574
Other operating items
+€7,938
Financial income
+€18,929
Financial charges
-€2,169
Taxes
+€120
Result 2025
-€176,974
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€162,088
Investment
+€133,513
Financing
-€54,340
Cash 2024
€192,206
From operations (derived)
-€162,088
Net result for the year
-€176,974
Depreciation
+€81,189
Receivables after one year
+€11,327
Receivables within one year
-€14,707
Deferred charges and accrued income
-€5,477
Trade debts
-€30,486
Tax, wage and social debts
-€27,276
Other debts
-€1,109
Accrued charges and deferred income
+€1,426
Investment (derived)
+€133,513
Investment in fixed assets (net)
-€16,487
Current investments
+€150,000
Financing
-€54,340
Debts after one year
-€44,828
Current portion of long-term debt
-€9,512
Cash 2025
€109,291
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,148,632 | €859,873 | -€288,759 | -25.1% |
| Fixed assets | 21/28 | €272,027 | €207,326 | -€64,702 | -23.8% |
| Intangible fixed assets | 21 | - | €10,162 | +€10,162 | |
| Tangible fixed assets | 22/27 | €271,408 | €197,044 | -€74,364 | -27.4% |
| Plant, machinery and equipment | 23 | €5,608 | €4,850 | -€758 | -13.5% |
| Furniture and vehicles | 24 | €265,800 | €189,427 | -€76,373 | -28.7% |
| Other tangible fixed assets | 26 | - | €2,768 | +€2,768 | |
| Financial fixed assets | 28 | €619 | €119 | -€500 | -80.8% |
| Current assets | 29/58 | €876,605 | €652,548 | -€224,057 | -25.6% |
| Amounts receivable after more than one year | 29 | €162,457 | €151,130 | -€11,327 | -7.0% |
| Other amounts receivable | 291 | €162,457 | €151,130 | -€11,327 | -7.0% |
| Amounts receivable within one year | 40/41 | €369,860 | €384,567 | +€14,707 | +4.0% |
| Trade receivables | 40 | €267,716 | €281,151 | +€13,435 | +5.0% |
| Other amounts receivable | 41 | €102,143 | €103,416 | +€1,273 | +1.2% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €192,206 | €109,291 | -€82,915 | -43.1% |
| Deferred charges and accrued income | 490/1 | €2,082 | €7,559 | +€5,477 | +263% |
| Total equity and liabilities | 10/49 | €1,148,632 | €859,873 | -€288,759 | -25.1% |
| Equity | 10/15 | €878,526 | €701,552 | -€176,974 | -20.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €349,498 | €349,498 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €343,298 | €343,298 | = | 0.0% |
| Profit (loss) carried forward | 14 | €467,028 | €290,054 | -€176,974 | -37.9% |
| Amounts payable | 17/49 | €270,107 | €158,321 | -€111,785 | -41.4% |
| Amounts payable after more than one year | 17 | €118,927 | €74,099 | -€44,828 | -37.7% |
| Financial debts | 170/4 | €118,927 | €74,099 | -€44,828 | -37.7% |
| Amounts payable within one year | 42/48 | €151,180 | €82,797 | -€68,383 | -45.2% |
| Current portion of amounts payable after more than one year | 42 | €54,340 | €44,828 | -€9,512 | -17.5% |
| Trade debts | 44 | €30,486 | - | -€30,486 | |
| Suppliers | 440/4 | €30,486 | - | -€30,486 | |
| Taxes, remuneration and social security | 45 | €60,934 | €33,658 | -€27,276 | -44.8% |
| Taxes | 450/3 | €14,030 | €12,212 | -€1,818 | -13.0% |
| Remuneration and social security | 454/9 | €46,904 | €21,445 | -€25,458 | -54.3% |
| Other amounts payable | 47/48 | €5,420 | €4,311 | -€1,109 | -20.5% |
| Accrued charges and deferred income | 492/3 | - | €1,426 | +€1,426 | |
| Remuneration, social security and pensions | 62 | €516,167 | €388,903 | -€127,264 | -24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,336 | €81,189 | +€3,853 | +5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,868 | -€8,829 | +€40 | +0.4% |
| Other operating charges | 640/8 | €25,082 | €6,509 | -€18,574 | -74.1% |
| Non-recurring operating charges | 66A | €16,918 | €8,980 | -€7,938 | -46.9% |
| Gross operating margin | 9900 | €515,324 | €266,585 | -€248,739 | -48.3% |
| Operating profit (loss) | 9901 | -€111,312 | -€210,167 | -€98,855 | -88.8% |
| Financial income | 75/76B | €25,631 | €44,560 | +€18,929 | +73.8% |
| Recurring financial income | 75 | €25,631 | €44,560 | +€18,929 | +73.8% |
| Financial charges | 65/66B | €7,423 | €9,592 | +€2,169 | +29.2% |
| Recurring financial charges | 65 | €7,423 | €9,592 | +€2,169 | +29.2% |
| Profit (loss) for the period before taxes | 9903 | -€93,103 | -€175,199 | -€82,096 | -88.2% |
| Income taxes | 67/77 | €1,894 | €1,774 | -€120 | -6.3% |
| Profit (loss) for the period | 9904 | -€94,997 | -€176,974 | -€81,976 | -86.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€94,997 | -€176,974 | -€81,976 | -86.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.