BEL TERRA: 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.
What changed
BEL TERRA
NACE 46.180, Agents specialised in the wholesale of other particular products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2,345
2024 · -€33,991+€36,336
Equity
€843,011
2024 · €840,665+€2,345
Cash
€52,823
2024 · €46,438+€6,384
Balance sheet total
€1.6m
2024 · €1.7m-€35,744
Largest movements
Assets
- Tangible fixed assets -€50,179
down €50,179 (-3.2%), from €1.6m to €1.5m
of which Land and buildings: -€49,880
Equity and liabilities
- Debts after one year -€48,000
down €48,000 (-6.0%), from €803,500 to €755,500
Income statement
- Gross operating margin +€37,194
up €37,194 (+138%), from €27,042 to €64,236
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.
Result 2024
-€33,991
Gross operating margin
+€37,194
Depreciation
+€77
Other operating charges
-€192
Financial income
-€246
Financial charges
-€498
Result 2025
€2,345
raises the resultlowers the result
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.
From operations
+€56,551
Investment
-€2,167
Financing
-€48,000
Cash 2024
€46,438
From operations (derived)
+€56,551
Net result for the year
+€2,345
Depreciation
+€52,346
Stocks and contracts
-€520
Receivables within one year
-€3,515
Deferred charges and accrued income
-€4,016
Trade debts
-€810
Tax, wage and social debts
-€497
Advances received
+€10,830
Accrued charges and deferred income
+€388
Investment (derived)
-€2,167
Investment in fixed assets (net)
-€2,167
Financing
-€48,000
Debts after one year
-€48,000
Cash 2025
€52,823
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,650,582 | €1,614,838 | -€35,744 | -2.2% |
| Fixed assets | 21/28 | €1,577,925 | €1,527,746 | -€50,179 | -3.2% |
| Tangible fixed assets | 22/27 | €1,577,925 | €1,527,746 | -€50,179 | -3.2% |
| Land and buildings | 22 | €1,575,460 | €1,525,581 | -€49,880 | -3.2% |
| Furniture and vehicles | 24 | €2,465 | €2,166 | -€299 | -12.1% |
| Current assets | 29/58 | €72,657 | €87,092 | +€14,435 | +19.9% |
| Stocks and contracts in progress | 3 | €24,373 | €24,893 | +€520 | +2.1% |
| Stocks | 30/36 | €24,373 | €24,893 | +€520 | +2.1% |
| Amounts receivable within one year | 40/41 | €1,646 | €5,161 | +€3,515 | +213% |
| Trade receivables | 40 | €1,646 | €1,810 | +€163 | +9.9% |
| Other amounts receivable | 41 | - | €3,351 | +€3,351 | |
| Cash at bank and in hand | 54/58 | €46,438 | €52,823 | +€6,384 | +13.7% |
| Deferred charges and accrued income | 490/1 | €200 | €4,216 | +€4,016 | +2,012% |
| Total equity and liabilities | 10/49 | €1,650,582 | €1,614,838 | -€35,744 | -2.2% |
| Equity | 10/15 | €840,665 | €843,011 | +€2,345 | +0.3% |
| Contributions | 10/11 | €840,000 | €840,000 | = | 0.0% |
| Reserves | 13 | €50,746 | €50,746 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €50,746 | €50,746 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,080 | -€47,735 | +€2,345 | +4.7% |
| Amounts payable | 17/49 | €809,917 | €771,828 | -€38,089 | -4.7% |
| Amounts payable after more than one year | 17 | €803,500 | €755,500 | -€48,000 | -6.0% |
| Other amounts payable | 178/9 | €803,500 | €755,500 | -€48,000 | -6.0% |
| Amounts payable within one year | 42/48 | €2,829 | €12,352 | +€9,523 | +337% |
| Trade debts | 44 | €1,832 | €1,022 | -€810 | -44.2% |
| Suppliers | 440/4 | €1,832 | €1,022 | -€810 | -44.2% |
| Advances received on contracts in progress | 46 | - | €10,830 | +€10,830 | |
| Taxes, remuneration and social security | 45 | €997 | €500 | -€497 | -49.8% |
| Taxes | 450/3 | €997 | €500 | -€497 | -49.8% |
| Accrued charges and deferred income | 492/3 | €3,588 | €3,976 | +€388 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,423 | €52,346 | -€77 | -0.1% |
| Other operating charges | 640/8 | €9,800 | €9,992 | +€192 | +2.0% |
| Gross operating margin | 9900 | €27,042 | €64,236 | +€37,194 | +138% |
| Operating profit (loss) | 9901 | -€35,181 | €1,899 | +€37,080 | |
| Financial income | 75/76B | €1,281 | €1,035 | -€246 | -19.2% |
| Recurring financial income | 75 | €1,281 | €1,035 | -€246 | -19.2% |
| Financial charges | 65/66B | €91 | €589 | +€498 | +547% |
| Recurring financial charges | 65 | €91 | €589 | +€498 | +547% |
| Profit (loss) for the period before taxes | 9903 | -€33,991 | €2,345 | +€36,336 | |
| Profit (loss) for the period | 9904 | -€33,991 | €2,345 | +€36,336 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,991 | €2,345 | +€36,336 |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.