BEL MAUR: 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 MAUR
Largest movements
- Stocks and contracts +€50,000
up €50,000 (+76.9%), from €65,000 to €115,000
- Receivables within one year -€24,476
down €24,476 (-50.5%), from €48,429 to €23,953
of which Trade receivables: -€27,697
- Cash -€13,391
down €13,391 (-76.7%), from €17,451 to €4,060
mainly Stocks and contracts (-€50,000) and Net result for the year (-€25,171)
- Tangible fixed assets -€7,000
down €7,000 (-26.7%), from €26,250 to €19,250
- Trade debts +€33,622
up €33,622 (+38.8%), from €86,646 to €120,268
- Profit (loss) carried forward -€25,171
down €25,171 (-83.9%), from €30,006 to €4,835
- Tax, wage and social debts -€3,318
down €3,318 (-16.6%), from €20,019 to €16,701
- Gross operating margin -€16,142
down €16,142 (-991%), from -€1,628 to -€17,770
- Depreciation +€5,250
up €5,250 (+300%), from €1,750 to €7,000
- Taxes -€4,458
no longer reported in 2025 (was €4,458)
- Other operating charges -€2,232
down €2,232 (-84.8%), from €2,633 to €401
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 | €157,130 | €162,263 | +€5,133 | +3.3% |
| Fixed assets | 21/28 | €26,250 | €19,250 | -€7,000 | -26.7% |
| Tangible fixed assets | 22/27 | €26,250 | €19,250 | -€7,000 | -26.7% |
| Furniture and vehicles | 24 | €26,250 | €19,250 | -€7,000 | -26.7% |
| Current assets | 29/58 | €130,880 | €143,013 | +€12,133 | +9.3% |
| Stocks and contracts in progress | 3 | €65,000 | €115,000 | +€50,000 | +76.9% |
| Stocks | 30/36 | €65,000 | €115,000 | +€50,000 | +76.9% |
| Amounts receivable within one year | 40/41 | €48,429 | €23,953 | -€24,476 | -50.5% |
| Trade receivables | 40 | €45,923 | €18,226 | -€27,697 | -60.3% |
| Other amounts receivable | 41 | €2,506 | €5,727 | +€3,220 | +128% |
| Cash at bank and in hand | 54/58 | €17,451 | €4,060 | -€13,391 | -76.7% |
| Total equity and liabilities | 10/49 | €157,130 | €162,263 | +€5,133 | +3.3% |
| Equity | 10/15 | €50,466 | €25,295 | -€25,171 | -49.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,006 | €4,835 | -€25,171 | -83.9% |
| Amounts payable | 17/49 | €106,665 | €136,969 | +€30,304 | +28.4% |
| Amounts payable within one year | 42/48 | €106,665 | €136,969 | +€30,304 | +28.4% |
| Trade debts | 44 | €86,646 | €120,268 | +€33,622 | +38.8% |
| Suppliers | 440/4 | €86,646 | €120,268 | +€33,622 | +38.8% |
| Taxes, remuneration and social security | 45 | €20,019 | €16,701 | -€3,318 | -16.6% |
| Remuneration and social security | 454/9 | €20,019 | €16,701 | -€3,318 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,750 | €7,000 | +€5,250 | +300% |
| Other operating charges | 640/8 | €2,633 | €401 | -€2,232 | -84.8% |
| Non-recurring operating charges | 66A | €45 | - | -€45 | |
| Gross operating margin | 9900 | -€1,628 | -€17,770 | -€16,142 | -991% |
| Operating profit (loss) | 9901 | -€6,057 | -€25,171 | -€19,115 | -316% |
| Profit (loss) for the period before taxes | 9903 | -€6,057 | -€25,171 | -€19,115 | -316% |
| Income taxes | 67/77 | €4,458 | - | -€4,458 | |
| Profit (loss) for the period | 9904 | -€10,515 | -€25,171 | -€14,656 | -139% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,515 | -€25,171 | -€14,656 | -139% |
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 27 October 2026 via checked.be.