GROUP BELLUX: 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.
GROUP BELLUX
Largest movements
- Receivables within one year -€88,343
down €88,343 (-60.4%), from €146,260 to €57,917
of which Other amounts receivable: -€66,720
- Current investments +€57,816
up €57,816 (+27.2%), from €212,474 to €270,290
- Tangible fixed assets -€9,418
down €9,418 (-37.2%), from €25,283 to €15,865
of which Land and buildings: -€11,438
- Trade debts -€23,012
down €23,012 (-90.6%), from €25,413 to €2,401
- Other debts -€17,042
down €17,042 (-50.5%), from €33,756 to €16,713
- Reserves +€16,254
up €16,254 (+5.7%), from €283,430 to €299,685
- Current portion of long-term debt -€12,662
down €12,662 (-83.2%), from €15,223 to €2,562
- Gross operating margin -€264,892
down €264,892 (-89.6%), from €295,599 to €30,707
- Taxes -€57,207
down €57,207 (-88.6%), from €64,548 to €7,341
- Staff costs -€28,639
down €28,639, from €28,433 to -€206
- Financial income +€5,845
up €5,845 (+114%), from €5,115 to €10,961
- Write-downs -€5,361
no longer reported in 2025 (was €5,361)
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 | €398,527 | €355,948 | -€42,580 | -10.7% |
| Fixed assets | 21/28 | €25,283 | €15,865 | -€9,418 | -37.2% |
| Tangible fixed assets | 22/27 | €25,283 | €15,865 | -€9,418 | -37.2% |
| Land and buildings | 22 | €22,876 | €11,438 | -€11,438 | -50.0% |
| Plant, machinery and equipment | 23 | €998 | €532 | -€466 | -46.7% |
| Furniture and vehicles | 24 | €1,409 | €3,895 | +€2,486 | +176% |
| Current assets | 29/58 | €373,244 | €340,082 | -€33,162 | -8.9% |
| Amounts receivable within one year | 40/41 | €146,260 | €57,917 | -€88,343 | -60.4% |
| Trade receivables | 40 | €31,719 | €10,095 | -€21,623 | -68.2% |
| Other amounts receivable | 41 | €114,541 | €47,822 | -€66,720 | -58.2% |
| Current investments | 50/53 | €212,474 | €270,290 | +€57,816 | +27.2% |
| Cash at bank and in hand | 54/58 | €1,766 | €81 | -€1,685 | -95.4% |
| Deferred charges and accrued income | 490/1 | €12,744 | €11,793 | -€950 | -7.5% |
| Total equity and liabilities | 10/49 | €398,527 | €355,948 | -€42,580 | -10.7% |
| Equity | 10/15 | €308,430 | €324,685 | +€16,254 | +5.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €283,430 | €299,685 | +€16,254 | +5.7% |
| Distributable reserves | 133 | €283,430 | €299,685 | +€16,254 | +5.7% |
| Amounts payable | 17/49 | €90,097 | €31,263 | -€58,834 | -65.3% |
| Amounts payable after more than one year | 17 | €2,562 | - | -€2,562 | |
| Financial debts | 170/4 | €2,562 | - | -€2,562 | |
| Amounts payable within one year | 42/48 | €87,535 | €30,441 | -€57,094 | -65.2% |
| Current portion of amounts payable after more than one year | 42 | €15,223 | €2,562 | -€12,662 | -83.2% |
| Financial debts | 43 | €3,381 | - | -€3,381 | |
| Other loans | 439 | €3,381 | - | -€3,381 | |
| Trade debts | 44 | €25,413 | €2,401 | -€23,012 | -90.6% |
| Suppliers | 440/4 | €25,413 | €2,401 | -€23,012 | -90.6% |
| Advances received on contracts in progress | 46 | €341 | - | -€341 | |
| Taxes, remuneration and social security | 45 | €9,422 | €8,765 | -€657 | -7.0% |
| Taxes | 450/3 | €9,422 | €7,365 | -€2,057 | -21.8% |
| Remuneration and social security | 454/9 | - | €1,400 | +€1,400 | |
| Other amounts payable | 47/48 | €33,756 | €16,713 | -€17,042 | -50.5% |
| Accrued charges and deferred income | 492/3 | - | €822 | +€822 | |
| Remuneration, social security and pensions | 62 | €28,433 | -€206 | -€28,639 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,557 | €12,847 | +€290 | +2.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,361 | - | -€5,361 | |
| Other operating charges | 640/8 | €3,539 | €2,993 | -€547 | -15.4% |
| Gross operating margin | 9900 | €295,599 | €30,707 | -€264,892 | -89.6% |
| Operating profit (loss) | 9901 | €245,709 | €15,073 | -€230,636 | -93.9% |
| Financial income | 75/76B | €5,115 | €10,961 | +€5,845 | +114% |
| Recurring financial income | 75 | €5,115 | €10,961 | +€5,845 | +114% |
| Financial charges | 65/66B | €1,630 | €1,539 | -€92 | -5.6% |
| Recurring financial charges | 65 | €1,630 | €1,539 | -€92 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €249,194 | €24,495 | -€224,699 | -90.2% |
| Income taxes | 67/77 | €64,548 | €7,341 | -€57,207 | -88.6% |
| Profit (loss) for the period | 9904 | €184,646 | €17,154 | -€167,492 | -90.7% |
| Profit (loss) for the period to be appropriated | 9905 | €184,646 | €17,154 | -€167,492 | -90.7% |
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 20 October 2026 via checked.be.