BELAF: 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.
BELAF
Largest movements
- Tangible fixed assets -€12,636
down €12,636 (-22.4%), from €56,453 to €43,816
of which Land and buildings: -€13,594
- Profit (loss) carried forward -€16,230
down €16,230 (-6.5%), from -€247,862 to -€264,092
- Debts after one year +€3,667
up €3,667 (+1.5%), from €246,745 to €250,412
- Depreciation +€6,923
up €6,923 (+102%), from €6,797 to €13,720
- Gross operating margin -€3,866
down €3,866 (-43.4%), from €8,904 to €5,038
- Other operating charges +€91
up €91 (+3.4%), from €2,662 to €2,753
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €75,123 | €62,496 | -€12,626 | -16.8% |
| Fixed assets | 21/28 | €74,797 | €62,160 | -€12,636 | -16.9% |
| Tangible fixed assets | 22/27 | €56,453 | €43,816 | -€12,636 | -22.4% |
| Land and buildings | 22 | €56,453 | €42,859 | -€13,594 | -24.1% |
| Plant, machinery and equipment | 23 | - | €957 | +€957 | |
| Financial fixed assets | 28 | €18,344 | €18,344 | = | 0.0% |
| Current assets | 29/58 | €326 | €336 | +€10 | +3.0% |
| Deferred charges and accrued income | 490/1 | €326 | €336 | +€10 | +3.0% |
| Total equity and liabilities | 10/49 | €75,123 | €62,496 | -€12,626 | -16.8% |
| Equity | 10/15 | -€173,494 | -€189,724 | -€16,230 | -9.4% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€247,862 | -€264,092 | -€16,230 | -6.5% |
| Amounts payable | 17/49 | €248,616 | €252,220 | +€3,604 | +1.4% |
| Amounts payable after more than one year | 17 | €246,745 | €250,412 | +€3,667 | +1.5% |
| Financial debts | 170/4 | €246,745 | €250,412 | +€3,667 | +1.5% |
| Amounts payable within one year | 42/48 | €434 | €369 | -€65 | -14.9% |
| Trade debts | 44 | €434 | €369 | -€65 | -14.9% |
| Suppliers | 440/4 | €434 | €369 | -€65 | -14.9% |
| Accrued charges and deferred income | 492/3 | €1,438 | €1,439 | +€2 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,797 | €13,720 | +€6,923 | +102% |
| Other operating charges | 640/8 | €2,662 | €2,753 | +€91 | +3.4% |
| Gross operating margin | 9900 | €8,904 | €5,038 | -€3,866 | -43.4% |
| Operating profit (loss) | 9901 | -€555 | -€11,435 | -€10,880 | -1,961% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €4,771 | €4,795 | +€24 | +0.5% |
| Recurring financial charges | 65 | €4,771 | €4,795 | +€24 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,326 | -€16,230 | -€10,904 | -205% |
| Profit (loss) for the period | 9904 | -€5,326 | -€16,230 | -€10,904 | -205% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,326 | -€16,230 | -€10,904 | -205% |
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 31 October 2026 via checked.be.