BEL-TUR: 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-TUR
Largest movements
- Receivables within one year +€168,403
up €168,403 (+117%), from €143,497 to €311,900
of which Trade receivables: +€164,881
- Stocks and contracts +€76,053
up €76,053 (+65.7%), from €115,717 to €191,770
- Cash +€25,574
up €25,574 (+91.6%), from €27,931 to €53,506
mainly Trade debts (+€184,926) and Net result for the year (+€75,981)
- Trade debts +€184,926
up €184,926 (+143%), from €129,257 to €314,182
- Profit (loss) carried forward +€75,981
up €75,981, from -€13,402 to €62,579
- Write-downs -€76,534
no longer reported in 2025 (was €76,534)
- Gross operating margin +€50,890
up €50,890 (+164%), from €31,097 to €81,986
- Financial income -€36,826
no longer reported in 2025 (was €36,826)
of which Financial income: -€36,826
- Other operating charges +€936
up €936 (+339%), from €276 to €1,212
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 | €312,645 | €580,425 | +€267,781 | +85.7% |
| Fixed assets | 21/28 | €25,500 | €23,250 | -€2,250 | -8.8% |
| Tangible fixed assets | 22/27 | €18,000 | €15,750 | -€2,250 | -12.5% |
| Plant, machinery and equipment | 23 | €18,000 | €14,500 | -€3,500 | -19.4% |
| Furniture and vehicles | 24 | - | €1,250 | +€1,250 | |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €287,145 | €557,175 | +€270,031 | +94.0% |
| Stocks and contracts in progress | 3 | €115,717 | €191,770 | +€76,053 | +65.7% |
| Stocks | 30/36 | €115,717 | €191,770 | +€76,053 | +65.7% |
| Amounts receivable within one year | 40/41 | €143,497 | €311,900 | +€168,403 | +117% |
| Trade receivables | 40 | €133,885 | €298,766 | +€164,881 | +123% |
| Other amounts receivable | 41 | €9,611 | €13,134 | +€3,523 | +36.6% |
| Cash at bank and in hand | 54/58 | €27,931 | €53,506 | +€25,574 | +91.6% |
| Total equity and liabilities | 10/49 | €312,645 | €580,425 | +€267,781 | +85.7% |
| Equity | 10/15 | -€8,402 | €67,579 | +€75,981 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,402 | €62,579 | +€75,981 | |
| Amounts payable | 17/49 | €321,047 | €512,847 | +€191,800 | +59.7% |
| Amounts payable within one year | 42/48 | €321,047 | €512,847 | +€191,800 | +59.7% |
| Trade debts | 44 | €129,257 | €314,182 | +€184,926 | +143% |
| Suppliers | 440/4 | €129,257 | €314,182 | +€184,926 | +143% |
| Taxes, remuneration and social security | 45 | - | €4,000 | +€4,000 | |
| Remuneration and social security | 454/9 | - | €4,000 | +€4,000 | |
| Other amounts payable | 47/48 | €191,790 | €194,665 | +€2,874 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,500 | €4,750 | +€250 | +5.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €76,534 | - | -€76,534 | |
| Other operating charges | 640/8 | €276 | €1,212 | +€936 | +339% |
| Gross operating margin | 9900 | €31,097 | €81,986 | +€50,890 | +164% |
| Operating profit (loss) | 9901 | -€50,214 | €76,024 | +€126,238 | |
| Financial income | 75/76B | €36,826 | - | -€36,826 | |
| Recurring financial income | 75 | €36,826 | - | -€36,826 | |
| Non-recurring financial income | 76B | €36,826 | - | -€36,826 | |
| Financial charges | 65/66B | €15 | €43 | +€29 | +197% |
| Recurring financial charges | 65 | €15 | €43 | +€29 | +197% |
| Profit (loss) for the period before taxes | 9903 | -€13,402 | €75,981 | +€89,383 | |
| Profit (loss) for the period | 9904 | -€13,402 | €75,981 | +€89,383 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,402 | €75,981 | +€89,383 |
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 28 October 2026 via checked.be.