INITIAL BELUX: what changed
Two fiscal 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.
INITIAL BELUX
Largest movements
- Cash +€241,095
up €241,095 (+24.9%), from €966,977 to €1.2m
mainly Depreciation (+€438,515) and Net result for the year (+€355,233)
- Tangible fixed assets +€166,187
up €166,187 (+15.3%), from €1.1m to €1.3m
of which Plant, machinery and equipment: +€166,934
- Receivables within one year +€66,007
up €66,007 (+18.4%), from €359,491 to €425,498
of which Other amounts receivable: +€48,000
- Profit (loss) carried forward +€355,233
up €355,233 (+33.7%), from -€1.1m to -€698,130
- Trade debts +€90,300
up €90,300 (+40.8%), from €221,529 to €311,829
- Accrued charges and deferred income +€40,884
up €40,884 (+25.5%), from €160,081 to €200,964
- Turnover +€756,001
up €756,001 (+32.5%), from €2.3m to €3.1m
- Staff costs +€223,278
up €223,278 (+27.2%), from €820,390 to €1.0m
- Depreciation +€134,183
up €134,183 (+44.1%), from €304,331 to €438,515
- Goods and materials +€82,080
up €82,080 (+17.4%), from €472,008 to €554,089
of which Purchases: +€95,223
- Taxes -€76,566
down €76,566, from €39,990 to -€36,576
of which Taxes: -€38,300
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.
Cash bridge derived
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 | €2,485,173 | €2,964,706 | +€479,533 | +19.3% |
| Fixed assets | 21/28 | €1,123,551 | €1,291,849 | +€168,297 | +15.0% |
| Tangible fixed assets | 22/27 | €1,088,831 | €1,255,019 | +€166,187 | +15.3% |
| Plant, machinery and equipment | 23 | €1,088,084 | €1,255,019 | +€166,934 | +15.3% |
| Furniture and vehicles | 24 | €747 | - | -€747 | |
| Financial fixed assets | 28 | €34,720 | €36,830 | +€2,110 | +6.1% |
| Other financial fixed assets | 284/8 | €34,720 | €36,830 | +€2,110 | +6.1% |
| Amounts receivable and cash guarantees | 285/8 | €34,720 | €36,830 | +€2,110 | +6.1% |
| Current assets | 29/58 | €1,361,622 | €1,672,857 | +€311,235 | +22.9% |
| Stocks and contracts in progress | 3 | €30,818 | €37,996 | +€7,178 | +23.3% |
| Stocks | 30/36 | €30,818 | €37,996 | +€7,178 | +23.3% |
| Goods purchased for resale | 34 | €30,818 | €37,996 | +€7,178 | +23.3% |
| Amounts receivable within one year | 40/41 | €359,491 | €425,498 | +€66,007 | +18.4% |
| Trade receivables | 40 | €359,491 | €377,498 | +€18,007 | +5.0% |
| Other amounts receivable | 41 | - | €48,000 | +€48,000 | |
| Cash at bank and in hand | 54/58 | €966,977 | €1,208,072 | +€241,095 | +24.9% |
| Deferred charges and accrued income | 490/1 | €4,336 | €1,291 | -€3,045 | -70.2% |
| Total equity and liabilities | 10/49 | €2,485,173 | €2,964,706 | +€479,533 | +19.3% |
| Equity | 10/15 | €1,889,954 | €2,245,187 | +€355,233 | +18.8% |
| Contributions | 10/11 | €2,943,317 | €2,943,317 | +€0 | 0.0% |
| Capital | 10 | €2,943,317 | €2,943,317 | +€0 | 0.0% |
| Issued capital | 100 | €2,943,317 | €2,943,317 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€1,053,362 | -€698,130 | +€355,233 | +33.7% |
| Amounts payable | 17/49 | €595,219 | €719,519 | +€124,299 | +20.9% |
| Amounts payable within one year | 42/48 | €435,139 | €518,554 | +€83,416 | +19.2% |
| Trade debts | 44 | €221,529 | €311,829 | +€90,300 | +40.8% |
| Suppliers | 440/4 | €221,529 | €311,829 | +€90,300 | +40.8% |
| Taxes, remuneration and social security | 45 | €213,610 | €206,726 | -€6,884 | -3.2% |
| Taxes | 450/3 | €42,547 | €26,671 | -€15,877 | -37.3% |
| Remuneration and social security | 454/9 | €171,062 | €180,055 | +€8,993 | +5.3% |
| Accrued charges and deferred income | 492/3 | €160,081 | €200,964 | +€40,884 | +25.5% |
| Operating income | 70/76A | €2,331,600 | €3,146,342 | +€814,742 | +34.9% |
| Turnover | 70 | €2,328,173 | €3,084,174 | +€756,001 | +32.5% |
| Other operating income | 74 | €3,428 | €62,169 | +€58,741 | +1713.6% |
| Operating charges | 60/66A | €2,290,971 | €2,835,961 | +€544,990 | +23.8% |
| Goods for resale, raw materials and consumables | 60 | €472,008 | €554,089 | +€82,080 | +17.4% |
| Purchases | 600/8 | €466,044 | €561,267 | +€95,223 | +20.4% |
| Change in stocks: decrease (increase) | 609 | €5,965 | -€7,178 | -€13,142 | |
| Services and other goods | 61 | €684,612 | €741,988 | +€57,376 | +8.4% |
| Remuneration, social security and pensions | 62 | €820,390 | €1,043,667 | +€223,278 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €304,331 | €438,515 | +€134,183 | +44.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,240 | €14,577 | +€18,817 | |
| Other operating charges | 640/8 | €11,750 | €43,125 | +€31,376 | +267.0% |
| Non-recurring operating charges | 66A | €2,120 | - | -€2,120 | |
| Operating profit (loss) | 9901 | €40,629 | €310,381 | +€269,752 | +663.9% |
| Financial income | 75/76B | €41,417 | €25,695 | -€15,721 | -38.0% |
| Recurring financial income | 75 | €41,417 | €25,695 | -€15,721 | -38.0% |
| Income from current assets | 751 | €41,277 | €25,280 | -€15,996 | -38.8% |
| Other financial income | 752/9 | €140 | €415 | +€275 | +196.7% |
| Financial charges | 65/66B | €14,680 | €17,420 | +€2,740 | +18.7% |
| Recurring financial charges | 65 | €14,680 | €17,420 | +€2,740 | +18.7% |
| Debt charges | 650 | €13,018 | €15,441 | +€2,423 | +18.6% |
| Other financial charges | 652/9 | €1,662 | €1,979 | +€317 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €67,366 | €318,656 | +€251,290 | +373.0% |
| Income taxes | 67/77 | €39,990 | -€36,576 | -€76,566 | |
| Taxes | 670/3 | €40,300 | €2,000 | -€38,300 | -95.0% |
| Tax adjustments and reversals of tax provisions | 77 | €310 | €38,576 | +€38,266 | +12331.5% |
| Profit (loss) for the period | 9904 | €27,376 | €355,233 | +€327,856 | +1197.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,376 | €355,233 | +€327,856 | +1197.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.