BEL-MAT: 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.
BEL-MAT
Largest movements
- Receivables within one year -€13,549
down €13,549 (-72.5%), from €18,679 to €5,130
of which Trade receivables: -€13,486
- Cash -€3,481
down €3,481 (-3.8%), from €90,877 to €87,396
mainly Trade debts (-€19,694)
- Trade debts -€19,694
down €19,694 (-99.4%), from €19,805 to €111
- Profit (loss) carried forward +€2,522
up €2,522 (+4.9%), from €51,980 to €54,502
- Gross operating margin +€1,960
up €1,960 (+171.3%), from €1,144 to €3,104
- Taxes +€90
new in 2025: €90
- Financial income -€80
down €80 (-38.4%), from €208 to €128
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 | €109,623 | €92,572 | -€17,051 | -15.6% |
| Current assets | 29/58 | €109,623 | €92,572 | -€17,051 | -15.6% |
| Amounts receivable within one year | 40/41 | €18,679 | €5,130 | -€13,549 | -72.5% |
| Trade receivables | 40 | €18,617 | €5,130 | -€13,486 | -72.4% |
| Other amounts receivable | 41 | €62 | - | -€62 | |
| Cash at bank and in hand | 54/58 | €90,877 | €87,396 | -€3,481 | -3.8% |
| Deferred charges and accrued income | 490/1 | €67 | €46 | -€21 | -31.1% |
| Total equity and liabilities | 10/49 | €109,623 | €92,572 | -€17,051 | -15.6% |
| Equity | 10/15 | €88,980 | €91,502 | +€2,522 | +2.8% |
| Contributions | 10/11 | €32,500 | €32,500 | = | 0.0% |
| Reserves | 13 | €4,500 | €4,500 | = | 0.0% |
| Distributable reserves | 133 | €4,500 | €4,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,980 | €54,502 | +€2,522 | +4.9% |
| Amounts payable | 17/49 | €20,643 | €1,070 | -€19,573 | -94.8% |
| Amounts payable within one year | 42/48 | €20,607 | €1,041 | -€19,567 | -95.0% |
| Trade debts | 44 | €19,805 | €111 | -€19,694 | -99.4% |
| Suppliers | 440/4 | €19,805 | €111 | -€19,694 | -99.4% |
| Taxes, remuneration and social security | 45 | €803 | €930 | +€127 | +15.9% |
| Taxes | 450/3 | €803 | €930 | +€127 | +15.9% |
| Accrued charges and deferred income | 492/3 | €36 | €29 | -€6 | -17.5% |
| Other operating charges | 640/8 | €391 | €400 | +€9 | +2.2% |
| Gross operating margin | 9900 | €1,144 | €3,104 | +€1,960 | +171.3% |
| Operating profit (loss) | 9901 | €753 | €2,704 | +€1,951 | +259.0% |
| Financial income | 75/76B | €208 | €128 | -€80 | -38.4% |
| Recurring financial income | 75 | €208 | €128 | -€80 | -38.4% |
| Financial charges | 65/66B | €241 | €220 | -€21 | -8.7% |
| Recurring financial charges | 65 | €241 | €220 | -€21 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €720 | €2,612 | +€1,892 | +262.8% |
| Income taxes | 67/77 | - | €90 | +€90 | |
| Profit (loss) for the period | 9904 | €720 | €2,522 | +€1,803 | +250.4% |
| Profit (loss) for the period to be appropriated | 9905 | €720 | €2,522 | +€1,803 | +250.4% |
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 12 October 2026 via checked.be.